The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1851-07-08
A P P E N D x.

The Committee appointed to draw up an Agree
ment for the Charter and Organization of a
NtwOrleans and Jackson Railroad Company
have the honor to report
That, after the most earnest efforts, they have
been utterly unable to devise any means for form
ing organization, under the present legislation
of the Stale, that will afford the slightest prospect
of success in obtaining subscriptions, and they
now lay before you the difficulties Which embar-
rass any undertaking of this nature, and, in fact,
render any scheme of internal improvement utterly
HOPELESS until some modification of the corporation
law of The State shall have been made.
The Constitution of Louisiana provides that
Corporations shall not be created in this State by
special laws except for political municipal pur.
poses bu' the Legislature shall provide, by general
laws for the organization of all other corporations,
except corporations with banking or discounting
privileges, the creation of which is prohibited"
In compliance with The obligation thus imposed
the Legislature enacted, in lS4S law to provide
for the organization of corporations in this State"
The whole spirit of this law reveals the state Of
public feeling at the time of its passage. 1t is
comp sed of twenty six sections, filled with the
most minute provisions relative TO formaies 10 be
observed, and restrictions 10 be imposed on the
companies formed under its enactm.ns. So far
as regards such companies as are intended TO for
ward works similar to that which we propose to
undertake, the little Of the law would form better
index its provisions If the act had been declared
| to be intended "to prohibit the organization of
corporations in the Stae."
We proceed to refer specially to some of the
| sections alluded 10 in the preceding remarks
| The third section requires the agreement of the
parties who propose to form a company 10 specify
g the time when, and the place at which, the book
J or books of subscription to such stock shall bs
| opened, and the period during which the same
shall remain open, aud the names Of the Commits
sioners who shall open said book or books, and
superinend the subscription therein 10 said stock ="
This provision clearly precludes The Obtaining of
subscriptions by lists, TO be carried round 10 the
Inhabitants of the Parishes where the line Of the
road is to pass, and prohibits any other mode of
subscribing than by entry on the special books
kept by Commissioners, and at The special place
! where the books are kept. 1t is true that a
mode might be found of euading this prohibition,
by sending out blank powers of attorney, to author.
| ze persons to subscribe in the name of Others on
the books kept by the Commissioners; but it is
| evident that, in many cases, subscriptions would
be refused, on such terms, that would otherwise
be readily granted.
The same section requires "That the Act o.
Incorporation be publ-hed (as soon as passed anc
signed) twice week for thirty days, together witt
the names of The corporalors and stockholders, ant
the amount of stock or number of shares held ant
owned by each, before said corp ration shall con,
nenCe business" and the sixteenth section require
that the persons, not less than six in number, win
may desire 10 constitute Themselves into corpora
ton, shall cause to be passed before Notar
Public of the parish wherein the corporation is t
be located, an Act of Incorporation, which sha
contain all the clauses and requisites enumerate
in the third section, and shall be in all other respect
in conformity with the provisions of this act, an
shall present certified copy of the act to Distric
Judge of the district with petition, that it may
examined and inquired into by said Judge that
copy shall be served on The District Attorney tbs
he be allowed ten days to file his written opposiio
it, if in any respect contrary to law; that h,rt
days previous notice of the application TO the Jue
shall be published and that any citizen of The Sta
or any person interested, may make oppositio
, which shall be heard and determined by Il
7 Judge"
Il is perfectly obvious, that, even without oppos
ton from any source, we should reach the ensuir
winter before getting through with these adverts
ments and formaliies, because, after obtaining Il
o charter, We are prohibited from commencing to
under it, until thirty days advertisement shall ha
f been made of the list of subscribers, and son
!. weeks at least must be occupied in procuring su
scriptons. If opposition be made by any one inc