Compiled and edited by Charles J. Kappler. Washington : Government Printing Office, 1904.
|Chap. 111||Choctaw, Oklahoma and Gulf Railroad. Repeal of limitation as to constructing brances.
Ante pp. 549 and 595.
|Sec. 2||Construction through Indian reservations, etc.|
|Sec. 3||Company may purchase, etc., railroads forming continuous lines with it.|
|Sec. 4||may increase its stock.|
|Sec. 4||may guarantee bonds, etc., of property acquired.|
|Sec. 5||Increase of stock authorized.|
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the limitation imposed by the proviso to section four of the Act approved August twenty-fourth, eighteen hundred and ninety-four, entitled An Act to authorize the purchasers of the property and franchises of the Choctaw Coal and Railroad Company to organize a corporation, and to confer upon the same all the powers, privileges, and franchises vested in that company, or by any Act amendatory of said Act upon the power of the Choctaw, Oklahoma and Gulf Railroad Company, the corporation organized thereunder, to construct branches authorized by said section four of said Act of August twenty-fourth, eighteen hundred and ninety-four, are hereby repealed, except in so far as these limitations require the filing of maps of the said branches with the Secretary of the Interior and his approval of the same.
That the powers heretofore conferred upon the said Choctaw, Oklahoma and Gulf Railroad Company by the said act of August twenty-fourth, eighteen hundred and ninety-four, and the Acts amendatory thereof, shall be so construed as to authorize the construction and operation of the railroad and branches thereby or hereby authorized through and over any Indian reservations, subject to the payment of the compensation provided for in said Acts as to land in the Indian Territory, and through and over any Indian allotments, subject to the compensation provided by the laws of Oklahoma.
That it shall and may be lawful for the Choctaw, Oklahoma and Gulf Railroad Company to purchase the franchises, railroad and other property of, or to consolidate with, any other railroad company incorporated under the laws of any State or Territory o the United States whose lines may now or hereafter form a continuous line of railroad with it, either directly or by means of an intervening railroad, upon complying with the regulations and requirements of the laws of the State or Territory in which such road is located, applicable to such purchase or consolidation.
That for the purpose of perfecting such purchase or consolidation it shall be lawful for said Choctaw, Oklahoma and Gulf Railroad Company to increase its stock, either preferred or common or both, and to guarantee the payment of the principal and interest of the bonds and other obligations of any company whose property is thus acquired, or of dividends on its preferred or guaranteed stock: Provided also, That the power conferred by this section shall also extend to like guaranties of the bonds, obligations, and dividends on stocks of companies whose roads may now or hereafter be leased to the said Choctaw, Oklahoma and Gulf Railroad Company.
That for the purpose of providing means for the construction of its railroad and branches, the acquisition of additional property, the payment of its obligations, or for other corporate purposes, the said Choctaw, Oklahoma and Gulf Railroad Company is authorized to increase from time to time its issue of preferred and common stock, and to dispose of the same upon such terms as may be deemed necessary. Before any such increase shall be made the same shall have been authorized by the holders of a majority of the then outstanding stock of the company, voting in person or by proxy, at a meeting duly called by the board of directors of the company, which shall be held at the general office of the company, of which meeting notice shall have been given by advertisement once a week for sixty days prior to such meeting, in at least one newspaper published in the city or county wherein such principal office is situate.
Approved, March 28, 1900.