The Laws of Texas, 1903-1905 [Volume 12] Page: 59 of 1,968
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1903.]
GENERAL LAWS OF TEXAS.
29
CORPORATIONS-AUTHORIZING THE ISSUANCE OF STOCKS
AND BONDS UNDER CERTAIN CONDITIONS.
H. B. No. 6.] CHAPTER XXI.
An Act to authoize corporations incorporated as local suburban railways, under
Title 94, of the Revised Statutes of Texas, of which the Railroad Commission
have heretofore or shall hereafter decide they have no control in reference to
the issuance of stock and bonds, or either, to issue or increase their stock and
bonds, or either, without complying with the provisions of Chapter 50, of the
Acts of the Legislature of 1893, being Chapter 14, Title 94, of the Revised Statutes
of Texas.
SECTION 1. Be it enacted by the Legislature of the State of Texas:
That in all cases in which the Railroad Commission of the State of Texas
have heretofore decided or may hereafter decide that any corporation
created under Chapter 1, Title 94, of the Revised Statutes of the State
of Texas for the purpose of operating a local suburban railway not
exceeding ten miles from the corporate limits of any city or town, in
addition to such mileage as it may have within the same, is not for any
reason subject to the control of said Railroad Commission in reference to
the issuance of stock and bonds, or either, under the Act of the Legislature
of this State entitled, "An Act to define franchises, to make public
the value of railroads, to make effective Section 6, Article 12, of the
constitution of the State of Texas; to declare the effect of judicial and
other sale of railroads; to limit the amount of stocks and bonds and
other indebtedness that may be issued by railroad companies, and to
regulate the manner of issuing, registering and securing the same; to
prescribe penalties for violating the provisions of this Act, and to prescribe
the duties of the Railroad Commission and the Attorney General
in relation thereto," being Chapter 50, of the Acts of the Legislature of
Texas of 1893, and Chapter 14, Title 94, of the Revised Statutes of the
State of Texas, said corporation after such decision of said Railroad
Commission, shall have the right to issue its said stock and bonds, or
either, and also to increase its stock and bonds, or either, without the
control of said Railroad Commission, and without complying with the
Acts aforesaid in reference thereto; and said stock and bonds, when so
issued, shall in all respects be as valid and binding as they would be if
there were no such Acts.
SEC. 2. Whereas, there is now no law in the State of Texas whereby
corporations formed as aforesaid have adequate power to issue or increase
their stocks and bonds; and, whereas, it is to the interest of the people
of the State that such power should exist; therefore an imperative public
necessity and emergency exist, and require that the constitutional rule
that bills be read on three several days be suspended, and this bill be
placed on its final passage without being so read; and that this Act take
effect and be in force from its passage; and it is so enacted.
[NoTE.-The enrolled bill shows that the foregoing act passed the
House of Representatives by a two-thirds vote, yeas 104, nays 1; and
passed the Senate by a two-thirds vote, yeas 27, nays 0.]
Approved February 21, 1903.
Became a law February 21, 1903.
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1903-1905 [Volume 12], book, 1906; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth6695/m1/59/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .