The Laws of Texas, 1927 [Volume 25] Page: 23 of 1,111
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GENERAL AND SPECIAL LAWS. 7
said companies are hereby vested with power to make and execute
all deeds, contracts and agreements necessary to effect such
purchases and sales.
SEC. 2. In lieu of the purchases and sales authorzied in Section
1 hereof, Wichita Falls and Southern Railroad Company is
hereby authorized to lease the said lines of railroad, including
branches and extensions, together with all such properties,
franchises and appurtenances, of Wichita Falls and Southern
Railway Company and Wichita Falls, Ranger and Fort Worth
Railroad Company for a term of not exceeding ninety-nine years,
with the right at any time during said term to purchase such
lines of railroad, properties, franchises and appurtenances, and
after said leases or purchases to control and operate or own and
operate said railroads, with the railroad now owned by it, as
a single line of railroad, and to complete or extend said railroads
or either of them as contemplated and provided in the respective
charters of said companies, with the right to make such other
extensions and construct such branches as may hereafter be authorized
by amendment of the charter of said Wichita Falls and
Southern Railroad Company; and said Wichita Falls and Southern
Railway Company; and Wichita Falls, Ranger and Fort
Worth Railroad Company, respectively, are hereby authorized to
lease their said lines of railroad, together with such properties,
franchises and appurtenances, to said Wichita Falls and Southern
Railroad Company; and said companies are hereby vested
with power to make and execute all contracts, deeds and agreements
necessary to effect said leases and purchases.
SEC. 3. The said lines of railroad of Wichita Falls and
Southern Railway Company and Wichita Falls, Ranger and Fort
Worth Railroad Company, including the properties, franchises
and appurtenances pertaining thereto, after such purchases or
sales, shall, in the hands of Wichita Falls and Southern Railroad
Company, be subject to all just and legal encumbrances,
suits or actions for damages or right of way, liens, judgments
and debts subsisting at the time of purchase or lease, contracted
and incurred by said Wichita Falls and Southern Railway Company
and Wichita Falls, Ranger and Fort Worth Railroad Company,
respectively, upon or against their properties or any part
thereof, as well as to the payment and discharge of all and singular
the legal liabilities and obligations of every sort whatsoever
of the said companies, to the same extent that they would respectively
be liable therefor and their properties be subject
thereto but for said purchases and sales or leases; and said
Wichita and Southern Railroad Company shall take the said
lines of railroad subject to such indebtedness, liens and encumbrances.
SEC. 4. The purchases and sales and leases herein authorized
shall be upon such terms and conditions as the parties may agree
upon, subject to the approval thereof by the Inter-State Commerce
Commission or other public authority having jurisdiction
in the premises.
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1927 [Volume 25], book, 1927; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth16125/m1/23/: accessed April 27, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .