Page:United States Statutes at Large Volume 16.djvu/611

 FOB.TY—FIRST CONGRESS. Sess. III. Ch. 122. 1871. 577 Sec. 11. That the Texas Pacific Railroad Company shall have power corporation and authority to issue two kinds of bonds, secured by mortgage, namely: “‘“Y i?°“°°°" first, construction bonds; second, land bonds. Construction bonds shall mwww be secured by mortgage, first, on all or any portion of the franchises, ziizv of¤‘0¤·d: road-bed, or track of said railroad, and all the appurtenances thereto belonging, when constructed or in the course of construction, from a point. at or near Marshall, to ship’s channel, in the bay of San Diego, in the State of California, as 8.fol'8S3.id.* Land bonds shall be secured by 1andbo¤du•· mortgage, first, on all or any portion of the lands hereby granted in aid °“"°° {IW {“°£‘ of the construction of said railroad as is provided for in this act; second, gap ° lu an ' on lands acquired by any arrangement or purchase or terms of consolidation with any railroad company or companies to whom grants of lands may have been made, or may hereafter be made, by any congressional, State, or territorial authority, or who may have purchased the same previous to any such arrangement or consolidation: Provided, That A11 its mortall the mortgages made and executed by said railroad company shall §f°§n°‘Qh';°]§£d· be filed and recorded in the Department of the Interior, which shall artmont of the be a. sufficient evidence of their legal execution, and shall confer all f¤*°*i°'· =* the rights and property of said company as therein expressed: And pro- Pr¤¤¢¢d¤ ¤f vided also, That the proceeds of the sales of the aforesaid construction ff£fy°;¤?;“g“ °‘° and land bonds shall be applied only in the construction, operation, and what. equipment of the contemplated railroad line : And provided further, That Existing liens said mortgage shall in no wise impair or afect any lien existing on the “°° ”f°°°°d' property of said company or companies at or before the time of such consolidation. Sec. 12. That whenever the said company shall complete the first and, P“?°*i md each succeeding section of twenty consecutive miles of said railroad and Q;S`Q$,G;;y?,;iF° put it in running order as a. first-class road in all its appointments, it sections cfrond shall be the duty of the Secretary of the Interior to cause patents to be ““’ °°mPl°’°d· issued conveying to said company the number of sections of land opposite to and coterminous with said completed road to which it shall be entitled for each section so completed. Said company, within two years Genera} route after the passage of this act, shall designate the general route of its said :3 :;°‘;f;§;";’;g road, as near as may be, and shall file a map of the same in the Depart- map filed, ’ ment of the Interior; and when the map is so filed, the Secretary of the Interior, immediately thereafter, shall cause the lands within forty miles Lands to be on each side of said designated route within the Territories, and twenty ;£;tgg;‘nf‘£$ miles within the State of California, to be withdrawn from pre-emption, ’ ` private entry, and sale: Provided, however, That the provisions of the act Provisipus or of September, eighteen hundred and forty-one, granting pre-emption E;°n;';g;;";c‘;‘d rights, and the acts amendatory thereof, and of the act entitled, "An Act extended to, gm, to secure homesteads to actual settlers on the public domain," approved 1Q¢1i°h-1Q5g0- May twenty, eighteen hundred and sixty-two, and the amendments 1§é£'c£;i,5 ' thereto, shall be, and the same are hereby, extended to all other lands Vol. xii. p.ssz. 0f' the United States on the line of said road when surveyed, except those hereby granted to said company. Sec. 13. That the president of the company shall annually, by the };A¤¤¤¤§¤‘¤r£¤¢, irst day of July, make a report and file it with the Secretary of the :;f;£;d;m°fQ° Interior, which report shall be under oath, exhibiting the financial to state what. situation of the company, the amount of money received and expended, and the number of miles of road constructed each year; and further, the names and residences of the stockholders, of the directors, and of all other officers of the company, the amount of stock subscribed, and the amount thereof actually paid in, a description of the lines of road surveyed and fixed upon for construction, the amount received from passengers and for freight, respectively, on the road, n statement of the expenses of said road and its iixtures, and a true statement of the indebtcdrzess of said company and the various kinds thereofi Sec. 14. That the certificates of the capital stock must be signed by VOL. xvx. PU1s.—37