OCR Text |
Show REPORT OF THE COMMISSIONEB OF INDIAX AFFAIRS. 101 SEC. 2. That the permanent officers of the corporation shall be: The President of the United States, ex officio president; the Secretary of the Interior, ex oficio treasurer and transfer agent, and the Commissioner of Indian Mairs, ex officio secretary; and these officers, together with the Secretaw of the Treasury and the Secretary of Commerce and Labor, shall be ex offieio directors of the corporation, and they and two persons elected by the stockholders of the corpo-ration, one of whom shall be a Choctaw and the other a Chickasaw by blood, shall constitute the board of directors thereof; and until such time as the citizenship rolls of the Choctaws and Chickasaws have been completed and finally approved by the Secretary of the Interior said directors shall be elected by the persons whose names appear on the approved partial rolls, and their terms of office shall expire ninety days from the date on which the final rolls are approved. Should any ex o5clo director be unable, for any reason, to attend a meeting of the directors or perform any of the duties required of him by this act, he shall author i~es ome person connected with the Government of the United States to represent him, such authority to he in writing and to he made a part of the permanent records of the corporation; and the acts of the person so authorized shall be held to he the acts of the ex oficio director repre-sented. The term of office of the members of the board of directors elected by the stockholders shall be four years, and until their successors are elected and qualified; and the ex officio members of the board of directon shall not he entitled to pay for their services, nor shall there he any liability on the part of the directors, ex officio or others, for the debts of the corporation. SEC. 3. That the principal office of the corporation shall be the office of the Secretary of the Interior, in the city of Washington, Dlstrict of Columbia, and the princlpal chief of the Choctaw Nation and the governor of the Chickasaw Nation are hereby anthorfml, with the approval of the Secretary of the Interior, for and on behalf af the citizens of the Choctaw and Chickasaw nations, respec-tively, to convey to the corporation legal title to said segregated coal and asphalt lands and deposits; and if the principal chief of the Choctaw Nation and the governor of the Chickasaw Nation, or either, fail, refuse, or neglect to convey to the corporation title to the property, as provided herein, the Secretary of the Interior may, with the approval of the President of the United States, convey to the corporation title to the segregated Lands and deposits, and either convey-ance, made and approved as hereln provided, shall vest full legal title to the segregated lands and deposits, and ail right, title, interest, and equity of the Choctaw and Chickasa+ nations and the citizens thereof in and to the lands ' and deposits, in the corporation, in trust, for the purposes set forth in this act. SEc. 4. That the corporation shall have.authority to explore far, mine, pro-duce, purchase, sell, and transport coal and asphalt, both crude and refined: to prospect for, extract, refine, and transport oil; to lease, for the mining of coai and asphalt, and the extraction of oil, any of the deposits in or under the segregated lands, and to lease or sell and convey the surface of any of them, whether within the limits of incorporated or unincomorated town sites or otherwise. in tracts not exceeding one hundred and sixty acres to any one purchaser, on such terms and conditions as tlle hoard of directors may determine: to coiled all rovalties. rents, and profits arising from any of the segregated lands heretofore leased for coai and asphalt mining purposes and from any deposits in or under them hereafter leased, and all rents and profits derived from the surface of any of the segregated lands that may be leased for agricultural, grazing, or other pur-poses; to borrow money; to purchase, own, sell, and convey real estate; to mortgage property ; to purchase mortgages, bonds, and stocks ; to issue bonds of the corporation ; to sue 'and he sued ; to adopt by-laws not inconsistent here-with, and to do and perform any and all other acts necessary or incident to CanYiUg into effect the purposes of this act. The surface of the land shall be |