Chapter 66. To amend and supplement the Act entitled “An Act to incorporate the Texas and Pacific Railroad Company, and to aid in the construction of its road, and for other purposes,” approved March 3, 1871, and Acta supplemental thereto, approved, respectively, May 2, 1872, March 3, 1873, and June 22, 1874
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CHAP. 66.— An Act To amend and supplement the Act entitled “An Act to incorporate the Texas and Pacific Railroad Company, and to aid in the construction of its road, and for other purposes,” approved March 3, 1871, and Acta supplemental thereto, approved, respectively, May 2, 1872, March 3, 1873, and June 22, 1874. February 9, 1923.[[S. 4029](/us/bill/67/s/4029).][[Public, No. 407](/us/67/pl/407).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That in additionTexas Pacific Railway Company.Issue of bonds by, authorized. to the powers conferred by the Act entitled “An Act supplementary to an Act entitled ‘An Act to incorporate The Texas Pacific Railroad Company and to aid in the construction of its road, and for other purposes,’ approved March 3, 1871,” approved May 2, 1872, The Texas and Pacific Railway Company shall have power and authority at any time, or from time to time, by resolution of its board of directors, duly adopted at a meeting thereof held in accordance with its by-laws, and with the consent of the holders of a majority in amount of its then outstanding capital stock, expressed by vote in person or by proxy at a special meeting ofPurposes. said stockholders called for the purpose upon such notice as its by-laws require for the calling of such special meeting, to authorize an issue, or issues, of its bonds for the completion, equipment, maintenance, or repair of its lines of railroad, the funding of any debt, the making of any additions, extensions, or betterments to its property, or for any other lawful corporate purpose, withoutFormer limitation removed. limitation in amount to $40,000 per mile of its lines of railroad as1224Vol. 17, p. 59. prescribed by said Act of Congress approved May 2, 1872, and to secure said bonds, or any of them, by mortgage or other lien upon Security.all or any portion of its franchises and property.
Sec. 2. Capital stock.Authorized amount of, increased.Vol. 16, p. 575, amended. That the capital stock of The Texas and Pacific Railway Company, heretofore fixed by its board of directors pursuant to the provisions of said Act of Congress approved March 3, 1871, at $50,000,000, may be increased at any time, or from time to time, not to exceed in the aggregate $75,000,000, by resolution of its board of directors duly adopted at a meeting thereof held in accordance Consent of stockholders.with its by-laws and with the consent of the holders of a majority in amount of its then outstanding capital stock, expressed by vote in person or by proxy at a meeting of said stockholders called for the purpose upon such notice as its by-laws require for the calling of such special meeting.
Rights, etc., of additional shares.Any additional share of capital stock so authorized shall be entitled to such rights, privileges, and priorities and preferences and be subject to such limitations and restrictions as may be determined by resolution of the board of directors with like consent of the holders of majority in amount of the then outstanding capital stock *Proviso*.Voting power of shares.of The Texas and Pacific Railway Company: *Provided*, That each share of outstanding capital stock, preferred or common, shall be entitled to one vote at every stockholders’ meeting, which may be voted in person or by written proxy.
Sec. 3. Subject to interstate commerce laws. That all power and authority granted by this Act, or by any of the aforesaid Acts, shall be subject in its exercise to the provisions of the Interstate Commerce Act, or any Act amendatory thereof or supplemental thereto from time to time in force. Sec. 4. Notice of action authorizing issue to be filed in Interior Department. That a copy of the resolution of the board of directors and of the stockholders, or of the proceedings at a stockholders’ meeting, authorizing any such increase in capital stock, or the issuance of any such bonds, and of the order of the Interstate Commerce Commission or other governmental agency authorizing the same, certified by the secretary of The Texas and Pacific Railway Company, shall be filed and recorded in the Department of the Interior, and when so filed shall be sufficient evidence of the power and authority of The Texas and Pacific Railway Company to issue such additional stock or bonds.
Sec. 5. Company deemed citizen of Texas, for legal purposes. That The Texas and Pacific Railway Company, for the purposes of all actions at law by or against it, real, personal, or mixed, and all suits in equity, shall be deemed a citizen of the State of Texas and an inhabitant of the county of Dallas, in said State: *Provided*, *Proviso*.Restriction on removal of suits to Federal courts.That no civil suit in tort brought against said railway company in the State courts of Louisiana or Arkansas may be removed by said railway company to any court of the United States on account of diverse citizenship.
Approved, February 9, 1923.