Page:United States Statutes at Large Volume 28.djvu/531

 502 FIFTY-THIRD CON GBESS. Sess. II. Ch. 330. 1894. A¤€¤¤* 2L 189*- CHAP. 330.-nn act To authorize purchasers of the property_and franchises of "lj; the Choctaw Coal and Railway Company to organize a corporation and to confer ' upon the same all the powers privileges, and franchises vested m that company. Prumblg, Whereas the Choctaw Goal and Railway Company, a corporation created under and by virtue of th; lawns of the Stalteog and now doing business in the In ian erritory an a a erm ry under and by virtue of certain Act  of Congress empowering it so to do, is insolvent, and in order to enable the creditors and stockholdelrs of the same to reorganize said company in suc a way as to secure the completion of the railroad authorized to be constructedrrby said 00m· pany a sale of its property and iranchises is necessary: herefore Beat enacted by the Senate and House of Representatives of the Uriited cnomw can and States of America in Congress assembled, That the purchasers of the B‘“‘“" °°""‘“" rights of way, railroads, mines, coal leasehold estates, and other propmgmt mw v,,,,,,, erty, and the franchises of the said Choctaw Coal and Railway Company mpmnuu. at any sale made under or by virtue of any process orbdecree of any court having jurisdiction theme02 shall be, and are here y, constitute a corporation and shall be_v with ah the right, title, interest property, possession, claim, and demand in law and equity, oi in, and to such rights of way, railroads, mines, coal leasehold estates, and property of the said Choctaw Coal and Railway Company, and with all the lggvv-QQ_ rights, powers, immunities, privileges, and franchises which have been Ante, PW}. ’ heretoigore granted to or conferred upon said company by any Act or _ Acts o ongress or which it possesses by virtue of its charter under Pg}, smh my the laws of Minnesota: Provided, That such new corporation shall not nam. have the right to acquire and hold any houses or buildings at South Mcglester situate off the right of way and depot grounds of said Choc- _ taw Coal and Railway Company. °' "' Sec. 2. That the said purchasers of the hereiubefore-mentioned prop— erty of the said Choctaw Coal and Railway Company shall meet within thirty days after the conveyance thereof shall have been delivered to them, and organize such new corporation by electing a president and board of nine directors (to continue in office untnl the second Monday of January succeeding such meeting, when, and annually thereafter, on the said day, a like election for a president and nine directors shall be held to serve for one year), and shall adopt a corporate name and ¢>·1¤¤•1, wv- common seal, determine the amount of capital stock and bonds to be issued to the persons for or on whose account said property may have been purchased, and shall have power and authority to make and issue eertincat? for the said capital stock in shares of fifty dollars each and nds an may then or atanytime thereafter creuteand issue >ref·rred c stock to such an amount and on such terms as’they may deem necessary, and from time to time may issue bonds, and may secure all bonds by one or more mortgages upon the real and personal property and corporate rights and franchises, or either or any part or parts thereof: p,.,,;,,,_ Prm·ir1ed. That the capital stock shall not be iixed at an amount in s*°°¥ umn- excess of the capital of the said Choctaw Coal and Railway Company, and that no bonds shall be issued except for value received in cash or property. _ cqmnmwr o ¤-Sec. 3. That it shall be the duty of su ·l1 new. f 'th` ‘“"°‘*°*°·*““;£“· calendar mon th alter its organization, bto iiiaégryziiigiicate thtererotz under its common seal. attested by the signature of its president, specifying the date of such organization, the name so adopted, the amount of capital stock. and the names of its president and directors, and tralrismiitl the saild eertiiicate to the Secretary of the Interior, to be tiled in is o `ce an there remain of record: and a certified c f l h certitlcate so tiled shall be evidence of the corporate existegcetof said new corporation. And such new corporation shall also, within the said calendar month, cause to be filed in the oiliee of the Secretary of the Interior a copy certified to as correct by the clerk of the court under whose orders or decrees said sale shall have been made, of any conveyance made to it under or by virtue of said sale of the rights of way,