Chapter CCXXIV. *to incorporate the United States Freehold Land and Emigration Company, and to confirm certain Legislation in Colorado Territory*
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CHAP. CCXXIV.— An Act *to incorporate the United States Freehold Land and Emigration Company, and to confirm certain Legislation in Colorado Territory*. July 8, 1870. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, United States Freehold Land and Emigration Company incorporated in Colorado and New Mexico. That William Gilpin, Ambrose E. Burnside, S. L. M. Barlow, Charles A. Lombard. William H. Reynolds, Hiram Hitchcock, Henry W.
Gray, Morton C. Fisher, and such other persons as may be associated with them and their successors, are hereby created a body politic and corporate, in the Territories of Colorado and New Mexico, by the name, style, and title of the “United Powers.States Freehold Land and Emigration Company,” and by that name shall have succession, and shall be able to sue and be sued, plead and be impleaded, defend and be defended, in all proper courts of law and equity, Seal.and may make and have a common seal.
Sec. 2. *And be it further enacted*, That the capital stock of the said Capital stock.corporation shall be two and one half millions of dollars, divided into shares of one hundred dollars each, and the same shall be deemed to be Shares, and how transferable.personal property and transferable on the books of the company only, and such capital stock may be increased from time to time to the extent necessary to carry out the objects for which said company is formed, not exceeding in the whole the sum of ten million dollars, upon a vote of two thirds in amount of the stock for the time being in favor of such increase.
Sec. 3. *And be it further enacted*, That the said company shall have By-laws.power to make such by-laws as it deems proper for the disposition of its property and estate, and for the management of its business and affairs, for the regulation of the term of office of its officers and their duties, and to carry out the general objects of the corporation, and the same to amend Proviso.or repeal at pleasure : *Provided*, That such by-laws shall not conflict with any law of the United States, or of the Territories of Colorado and New Mexico, or the States which may be formed therein.
Sec. 4. Corporators to be first directors.*And be it further enacted*, That the corporators named in this act shall be the directors for the first year from the organization of the company, and until others are elected; and thereafter annual elections ofFORTY-FIRST CONGRESS. Sess. II. Ch. 224, 225. 1870.193 directors, not less than five or more than nine in number, shall be held byNumber of directors.Proxies. the stockholders, at meetings to be called for that purpose, at which each share of stock present in person or by proxy shall be entitled to one vote, and the majority thereof shall elect.
Sec. 5. *And be it further enacted*, That the general objects of such corporation are, and are hereby declared to be, as follows: To promoteObjects of corporation. and encourage emigration to and establish settlements on the lands of said company in the San Louis Park, in the Territories of Colorado and New Mexico, and in connection therewith, to establish such agencies as it may deem desirable ; to purchase, hold, lease, sell, and mortgage any real estate situate in the San Louis Park in said Territories, or either of them, now owned or contracted for by any of the persons named in the first section of this act, with any co-tenant thereof, his or their heirs or assigns; to survey, lay out, and improve the same; to establish, maintain, and operate wagon roads to and upon its property; to construct and maintain a railroad and telegraph line from any point on lands of said company in the San Louis Park, to the nearest and most practicable point on either the Kansas Pacific railroad, the Union Pacific railroad, the Denver Branch railroad, or the Atchison, Topeka and Santa Fe railroad, and the said company, for the purpose of building and operating such railroad, shall have the right of way through the public lands of the United States from and between the points aforesaid, the said right of way being to the extent of two hundred feet on each side of said railroad line; and such corporation shall possess all the franchises necessary to enable it to build and operate such railroad for the transportation of freight and passengers, and to collect and receive compensation therefor ; and the powers, privileges, and franchises conferred on corporations by and under the provisions of chapter eighteen of the revised statutes of Colorado, or of any and all amendments thereto, are hereby confirmed to and invested in said corporation, subject to said statutes for the purposes of this act: *Provided*,Proviso.
That this act shall not be construed to permit said company to acquire title to any other lands or real estate than such as is above mentioned. Sec. 6. *And be it further enacted*, That such corporation may make andCorporation may issue bonds secured by mortgage; dispose of its bonds or other obligations in such amounts, at such rates, and on such terms as it may deem most for its interest, for the purpose of borrowing money for the purposes aforesaid, and may secure the same by a mortgage upon all or any part of its property and all its franchises, and may make the same and the interest thereon payable at such place or places as it may deem proper, and may hold and transfer such real estate aforesaid and personal property as may be necessary for the carrying out of its general purposes, and may issue its stock and bonds for propertymay issue stock. and again exchange its property for its bonds or stock, and may convert any of its obligations, at the option of the holders, into stock of the company without further action of the stockholders.
Sec. 7. *And be it further enacted*, That this act shall take effect immediately,Act when to take effect, and to be subject to State laws. and shall at all times be subject to amendment or repeal by Congress, and said corporation shall be subject to the general laws of said Territories, and the States formed therein, operating upon all corporations equally. Approved, July 8, 1870.