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Show 102 BEPORT OF TEE COMMISSIONER OF INDIAN AFFDS. leesed and sold subject to the rlght of future le6- of mi, asphalt, and oil deposits to remove tbe mal, asphalt, and oil in or under the land without being accountable to the owner of the surface because of subsidence of the surface or other damage ineldent to removing coal, asphalt, or oil, or operatlug coke ovena A majorlty of the board of dimtara shall constitute a quorum and shall have authority to transact the business of the mrporatlou. 860. 5. That this act shall be in eE& for not exceeding twenty-five years from the date of the approval hereof, unless extended by Congress; and the Capital stock of the corporatlon shall be in an amount to be fixed by the board of directors, dlvlded into such number of shares as wlll enable the board of dlreetors to issue to each citizen of the Choctaw and Chickasaw nations, in the Indian Territory, whose name shall appear on the citleenshlp rolls finalty approved by the Secretary of the Interior, a certificate for his per capita share of the capltal stock of the eorporation. It shall be unlawful for a cithen owner to sell, transfer, or assign any interest or use in his stock, directly or indirectly, or to encumber it in aw way, without the written consent and approval of the Secretary of the Interior, as transfer agent of the corporatlon, Indorsed thereon. SEO. 6. That the capital stock of the corporation and the segregated coal and asphalt lands and coal, asphalt, and oil deposits shall not be subject to taxation by a w State, Territorial, district, county, municipal, or other government while the title to the stock remains in the Indians, and the title to the coal and asphalt lands and coal, asphalt, and oil deposits remains in the corporation, except that the stock in the corporation shall be subject to taxation for school purposes only, by tbe proper officials of the county or. counties in which the lands and deposits are situate, at the same rate and on the same conditions as personal property of citizens in such county or counties Is taxed; and the tax thus levied shall be a charge against the income of the corporation and be paid by the board of directors therefrom. After all expenses of managing the mrpora-tlon have been paid and such amount reserved as surplus as the hoard of directors may deem proper, the income of the corporation shall be distributed,. in the form of dividends, to the holders oi stock in the corporatlon, at such times as the board of directors may direct SEC. 7. That the first meeting of the ex officio directors of the corporation shall be held at such time as the President of the United States may direct, but not later than sixty days from the date of the approval of this act. SEC. 8. That Congress shall have power to continue the provisions of this act beyond the period of twenty-five years: and if at the expiration of twenty-five years from the date of the 'approval hereof the provlsiops of the act have not been continued by Congress the aEairs of the corporation shall he wound up by the board of directors and the property distribllted by them in accordance wlth the interests of the respective stockholders. SEO. 9. That the right to at any and all times amend, modify, or repeal .this act is hereby reserved by Congress. SEC. 10. That all acts gnd parts of acts Inconsistent wlth this act are hereby repealed. This bill embodies in all respects my incorporation plan as applied to these particular tribes. In the House, almast simultaneously, the Hon. James S. Sherman, Representative from New York and chair-man of the House Committee on Indian Affairs, introduced a bill containing substantially the same provisions, but constituting the officers of the corporation as follows: The Secretary of the Interior, ex oBicio president: the Commissioner of Indian AfPairs, ex omcio secretary and treasurer and transfer agent; * |