The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1851-05-01

who are willing to embark IN enterprises OF public
improvement utility.
Your committee would remark that this mode of |
preparing for the construction OF railroads is not
novel. Indeed, in England, railroad charters are
never granted until preliminary surveys, and re-
ports OF engineers, have furnished the necessary |
data for the action of the Legislature, and the
stock is almost invariably subscribed in advance,
and attains frequently large premium in the mar
ket before the sanction of the Government is pro-
cured There seems to be sound objection to a
similar plan here under the circumstances in which
we are placed, and the committee, therefore, sub
init the project of charter and agreement in ac-
cordance with what they have above mentioned.
Respectfully submitted by
J. P. BENJAMIN. Chairman.
AGREEMENT for the Incorporation of a
Company, to be c0tief the Netc Orleans, Jack
son and Northern Railroad Company
/. The company shall be called the New Or
leans, Jackson and Northern Railroad Company
Its object and purpose shall be the construction of
railroad from New Orleans to Jackson, in the
State OF Mississippi, such scale shall serve
Tor the main trunk of continuous line of commu-
nicatlon between New Orleans and the Northern
and w Western portions of the contederacy.
= The capital of the company is fixed at two
millions of dollars, to be divided into shares of
| twenty-five dollars each. payment Of five per
cent on the amount of each share shall be made at
the time of subscribing. The subsequent pay
ments shall be made in such sums and at such
periods shall be fixed by the directors provided
| that no call shall be made for than ten per
cent at one time, and that sixty days notice of
each shall be given by publication in two newspa-
| pers IN New Orleans.
| 3. The dnmic OF the company is fixed at New
Orleans, where its business shall be conducted by
Board OF Directors, to be composed OF nine drec-
tors, who shall choose President out of their body
at their hrst meeting after their election. At each
meeting OF stockholders each share shall be entitled
to one vote. Votes may be given in person by
proxy. Legal service of all process against the
| company may be made on the President in person,
or by being left to his address at the office of the
company in the hands of any OF its officers
4. Said corporation shall be organized
as shares OF stock to the amount of three hundred
| thousand dollars shall have been subscribed, Its
operations shall be confined to the construction of
that part of said railroad from New Orleans towards
the town of Jackson, in Mississippi, which lies
within the limits of Louisiana, until this charter
shall have obtained the sanction of the State of
Mississippi shall any portion of the subscrip-
tons made IN Louisiana, be expended in Missls-
sppi, until the road shall have been finished far
as the line dividing the two States.
.. The first board of directors shall be chosen as
soon as the books of subscription shall be closed,
provided three hundred thousand dollars shall have
been subscribed. The election shall be held at the
time and place to be designated by the commission
ers charged with receiving the subscriptions. The
notices tor this election, and all notices for elections
OF directors and meetings of stockholders, shall be
by publications made fifteen days in advance Gin two
newspapers published in New Orleans. The first
election shall be held under the superintendent of
the commissioners aforesaid all subsequent cleo
tons, under the superintendent of three commits
sloners, to be appointed from amongst the stock
holders, by the board of directors for the time being
he first board of directors shall hold office until
the first Monday OF May oft he year 1882 each sub
sequent board shall be elected on the Monday next
preceding that which the term of the existing
board will expire. A failure to elect directors shall
not dissolve the corporation, but the board in office
shall continue in the exercise OF their functions
until new board can be elected. A majority of
board shall form quorum
q. Messrs - are hereby appointed commits
sloners for receiving subscriptions to the stock o
; this company in the city of New Orleans any two
of them may act. Sad commissioners shall have
power to appoint deputies or agents for receiving
subscriptions at such other places they may de
sgnats the books OF subscription shall remain
open for sixty days public notice of opening then
shall be given in two newspapers in New Orleans
As soon as the term of sixty days shall have expired
the books shall be closed all subscriptions mad,
at any other place, than New Orleans, shall be en-
h tered on the books there kept. If the total amour
4 of subscrp tons shall exceed the capital required
. the number OF shares shall be reduced by deduc
tons from the largest subscriptions, in such
l. | as not to diminish the number OF shares OF an
IS subscriber whilst there remains any other subscri
10 Der of larger number of shares. Ii the numbe
. OF shares at the closing of the books, shall not b.
:, equal to the whole capital stock of the company
| the books may be re-opened immediately after thu
. | election of the first board of directors and KEEP
| open till the whole capital is subscribed.
! T. In case of failure the part of any subscri-
her to pay the instruments his stock as they
may fall due, the Board of Directors, at their op
tIon may, after thirty days service of written no
tlce to the deaulter, forfeit the stock and sell it fol
/ the benefit of the company, compel, by suit, the
d payment Of such instruments; nor shall any stock
Il holder be permitted to vote whilst IN d4fsut
q 8 At all elections, and at all meetings of stock
: | holders, majority OF stock shall be represented
Ii those present such election, or meeting shal
J. not hold III person, or proxies, majority of tht
It stock, they shall adjourn the meeting for week
l. | at such adjourned meeting the vote of ma jorit
j. of the stock, represented the meeting shall bint
the company in the same manner, as if ma iort
Of the stockholders Were present.
J. 9. Any vacancy in the Board of Directors, oc
J. curing during the year. may be filled by vote
l. the majority Of the remaining Directors.
10. The President and Directors of said compa
j. ny shall be, and they are hereby invested with al
C. the powers necessary for the construction, repair
e. and maintaining OF railroad from New Orleans
IL Jackson, as aforesaid, with MANY tracks they
in or majority OF them, may deem neces- airy, an
may make and construct all works whasoeve
le which may be necessary and expedient for the PR
81 per completion and working of the said railroad.
IS ii. The said President and Directors shall NJ
| borrow money Tor the objects OF this charter uni
= the Whole capital stock subscribed shall have bee
Vi paid Nor even then shall any loan be contracte
SIS Tor sum exceeding fifty thousand dollars, unle
authorized by vote OF two.thlrds of the stock r.
ito presented at meeting of the stockholders, reg
l. larry convened for that purpose.
ID" 10. The said President and Directors, or a m
Iory OF them, shall have power to purchase wi
les he funds OF the company, and place on said raj
road, all machines, wagons, vehicles, carriages
rv leans, of any description, whatever, which tn,
may deem necessary for the purpose of transport
lion.
to 10. The rules relative to the division OF prof
his declaring OF dividends and all other bylaws deer
nm ed necessary, may be made by the Presdent al
Board of Directors; but shall be subject to repea
'''' change, amendment by any meeting of stoc
M holders duly called for that purpose.
on The Board OF Directors shall, at any time on t
ip- requislton, in writing, of stockholders represeI
mid ing onetth of the stock, call meeting of stoc
os holders, to take into consideration any matte
" affecting the interest OF the company.
ISL A regular meeting of the stockholders shall
rs, held in each year, week before the annual ele
as ton OF directors, to receive the report of the Boa
he OF Directors of the year just expiring, and exa
inc into the condition of the affairs of the Compar
80 iull statement OF the financial and other atfa
Co. of the Company, shall be laid before said ami
rk meeting of stockholders, by the President and
rectors then in office.
c IA Stock books shall be kept in the office of t
- Company. Certificates of stock shall be issued
" the share holders, and transfer of stock shall
u binding on the Company, until made on it's stoc
~ books. No transfer OF stock shall exempt the par
he transferring it from the obligations of paying inst
or ments afterwards called for until fifty per cent
80 each share shall have been paid
N 10 IL shall be lawful for the stock holders to