The Laws of Texas, 1913-1914 [Volume 16] Page: 55 of 1,574
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GENERAL LAWS. 45
and Gulf Railway Company, and the Gulf and Interstate Railway Company
of Texas, or by either of them, as the case may be, have been satisfied
and cancelled; provided, that before approval of any bonds or stocks
under this Act, the Railroad Commission may require the filing of all
agreements relating to the purchase price of either or any of said Railway
Companies and all other data pertaining thereto.
SEC. 3. The said Gulf, Colorado and Santa Fe Railway Company
shall have the right to either purchase and pay for such railroads, or
either or any of them, and all their properties provided in Section 2 of
this Act, or it may purchase the said railroads, or any or either of them,
and the properties thereof subject to all bonds and mortgages of said
Companies, or either or any of them, then owing or outstanding, and the
Gulf, Colorado and Santa. Fe Railway Company may issue a sufficient
amount of stock to pay. for the said railroads, or either or any of them,
and the properties thereof subject to the bonds and mortgages then outstanding;
such stock so issued by the Gulf, Colorado and Santa Fe Railway
Company to be first approved by the said Railroad Commission;
provided, that should the Gulf, Colorado and Santa Fe Railway Company
purchase the properties of The Concho, San Saba and Llano Valley
Railroad Company, The Texas and Gulf Railway Company, the Gulf
and Interstate Railway Company of Texas, or the property of any or
either of said companies, such purchaser shall not create any greater
indebtedness which would be a lien against the properties of the railroad
or railroads so purchased than that now or hereafter to be allowed
by the Railroad Commission of Texas under the provisions of the stock
and bond law. In the. event a purchase shall be made under this section,
the Gulf, Colorado and Santa Fe Railway Company may at any
time hereafter issue its bonds in exchange for the bonds. outstanding on
the railroad or railroads so purchased hereunder; provided, that the said
bonds so to be issued in exchange shall be approved by the said Railroad
Commission, which shall require satisfactory evidence of the cancellation
.of the bonds of the railroad or railroads so purchased hereunder
before approving the bonds so to be issued in exchange by the Gulf,
Colorado and Santa Fe Railway Company.
SEC. 4. Until a purchase shall have been made by the Gulf, Colorado
and Santa Fe Railway Company under this Act of the property or properties
described in Section 1 hereof, the Gulf, Colorado and Santa Fe
Railway Company is hereby authorized and empowered to lease the properties
of The Concho, San Saba and Llano Valley Railroad Company,
The Texas and Gulf Railway Company, The Gulf and Interstate Railway
Company of Texas, and of each or either of same, for a term or
terms not exceeding fifty (50) years upon such terms as may be agreed
upon between the Gulf, Colorado and Santa Fe Railway Company and
the owner or owners of said railroad or railroads and-other properties,
and. operate the same during any such lease as a part of its own line.
During the existence of such lease the properties of the railway company
so leased hereunder shall remain liable upon all valid contracts,
claims and for all debts and liabilities of every character existing at the
time such lease is executed to the same extent as though such lease had
not been executed.
SEC. 5. In the event of the purchase of the property described in
,Section 1, or of any of same, by the Gulf, Colorado and Santa Fe Rail
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1913-1914 [Volume 16], book, 1914; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth10838/m1/55/?rotate=90: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .