|
{From the minutes of the
Directors' Meeting of the Alabama & Mississippi Rivers RR, December
9, 1861} |
| |
| At a meeting of the Board of Directors of
the Alabama & Mississippi Rivers Rail Road Company, convened in the City
of Selma on this 9th day of December 1861, composed of G G Griffin
President and Directors P J Brown Jas L Price Charles Walker and Jno W
Lapsley, the following proceedings were had and Resolutions adopted To
wit The President informed the Board of the Provisions of the Act
of the Legislature of this State entitled "An Act as related to the
Selma & Gulf Rail Road Company approved the 5th day of December 1861,
authorizing a loan to said Company of Forty thousand dollars of the
three per cent fund, on terms and conditions as such Act provided, When
upon the following proceedings were had and mortgages adopted by the
board of Directors, to wit "Resolved that this Company hereby accepts
the Loan of Forty thousand Dollars, authorized by the Legislature of
this state, entitled "An Act in relation to the Selma & Gulf Rail Road
Company, Approved Dec 5th 1861, and that the President of this Company
be and he is hereby Authorized and instructed to execute the Bond of
this Company, in such proper form as may be acceptable to the Governor
of the state, bonding the Company to repay to the state, the said sum of
Forty thousand dollars, with the interest thereon, in conformity with
the provisions & requirements of said Act. And as security for the
performance of the obligations of said bond, that the said President,
also cause to be executed the Mortgage or deed of Trust of this Company
to the state of Alabama, on the Rail Road of this Company as constructed
and to be constructed; and all Engines and Cars, and machinery, and
Machine Shops, and Depots, and Stations, and Ware Houses, and including
all other property real and permanent of the Company; Giving in said
Deed, power to sell said Property, or so much as may be required, at
Public Auction to the highest bidder for cash, in case of default of the
Company in regard to said Bond; providing that Sixty Days published
notice of the Sale be given, by advertising in such News Paper or Papers
the Government of this state may direct. And that the Proceeds of said
Sale, or as much as may be required, be applied toward the payment and
satisfaction of said Bond, principal and interest, and all costs and
expenses, caused by the proceedings in relation to the sold, and with
such other stipulations and processes, as to the said President may
secure proper, and as shall be satisfactory to his Excellency the
Governor. |
| And the President is authorized on
attestation of said Bond and deed to cause the Corporate Seal of this
Company to be affixed, and attested by the Secretary of the Company, and
that he sign said Instruments as President, and that he acknowledge the
execution of the same, for and on behalf of this Company, before a
proper officer. |
| Resolved farther that W S Knox, the Sec &
Treasurer of this Company, as the agent of this Company, be and he is
hereby authorized, to receive and receipt for the said sum of Forty
thousand dollars, authorized by the Act afore said, to be loaned to this
Company, and that he deliver to his Excellency the Governor the Bond and
deed aforesaid, when executed, and also a certifyer transcript of them
proceedings and Resolutions. |
|