The true Democrat., 1855-02-14
LAWS OF ARKANSAS.
AN ACT in relation to the Mississippi, Ouachita
 and Read River Railroad Company.

OCaCe or ArkanSaS, That WhereaS John DOckery and others, on the 29th day of November, A. D. 1852
 filed in the office of the Secretary of State the char ter or the Mississippi Ouachita and Red River Rail- road Company, drawn up under an act of the Gene ral Assembly of this State entitled act granting corporate powers for certain purposes approved Jan uary oth 1851" signed by them and bearing date the !zCh gay of August, A. D. 1852; and which charter is as follows viz: :
 We, the undersigned, agree to form ourselves into acolPoratlon under the laws of the State of Arkan sas, as contained in of the General Assembly of the State, entitled act granting corporate powers for certain purposes approved the Sth day of January A. D. 1851 and which hereto annexed for the pur- pose of constructing railroad from point on the bank or the Mississippi river at or near Gaines Land ing, ln the State of Arkansas, through Cam den on the Ouachlta river, thence to some point on Ked River at or near Fulton to some point on the boundary line between the State of Arkansas and the State ot Texas, and for that purpose have thoriZed John Dockery to file in the office of the Se- cretary of State charter drawn up for the govern ment of said corporation to be called the Mississippi Ouachita and Red River Railroad Company: said charter is dated the 18th day of August A. D. 1852 [shares in said company to be of fine value of one hundred dollars each to be paid in such nstallments and at such periods shall be designated by Board of Directors to be hereafter elected by majority of the stockholders. No stockhoder to be allowed to vote for officers of the company until he has first paid in cash to the agent one half of one per cent 1.-two dollars each share-and severally take the num- Der of shares annexed to our on the terms aforesaid provided the calls shall not exceed thirty three and one-thlrd per cent. per annum.
 Charter of the Company.
 l. The said corporation shall be called Mississip- pi, Ouachita and Red River Railroad Company. and its domcil shall be fixed by the Directory of said Com pany.
 s2. The said corporation shall be composed of Jonn Dockery whose name is subscribed hereto, and of other persons who may hereafter subscribe to the same, all being citizens of the State of Arkansas with intent that the shall be filed in the office of the Secretary of State of that State evidence of the for nation and existence of such corporation and of the acceptance by said subscribers of the privilege grant ed by said act, and shall also be composed of such persons corporations states counties, and cities as may subscribe to stock in said company and comply With the provisions contained in this agreement and same, and also with the bylaws rules and regulations of said company and the general law of the land re- specting the same.
 B. The said corporation is formed for the purpose of constructing and maintaining a railroad from a point the bank of the Mississippi river at or near Gaines Landing, through near Camden on the Ouachlta river, to some point Red river or near Fulton, thence to some point the boundary line be- tween the State of Arkansas and the State of Texas
 4. The said railroad shall be built such scale and of such guage may be thought most advisa- ble by the Directory of said company.
 $ }. The corporation hereby created by it's corpo- rate name and style aforesaid is meant and intended to have perpetual succcssiOn and to be e1npowered and entitled to sue and be sued, plead and be i'm pleaded, grant and take by grant contract or release purchase and hold lands and chattes and have com mon seal with the power of and all other such ordi- nary and necessary powers, liberties franchises and privileges and incidents of bodies polite and corpo- rate under the said act of the General Assembly, aud the general law of the lunG it may legally take obtain, hold possess and enjoy.
 5. The capital stock of the company Is fixed at one million five hundred thousand dollars divided into fifteen thousand shares hundred dollars each payments shall be made in such sums and at such De riods as shall be fixed by the Board of Directors: PF0rided, That the calls shall not exceed hrty-thr and per cent per annum and that sixty days notice De given of each call published in Ut least two newspapers in South Arkansas and one in the city of Little Rock.
 7 The State of Arkansas and the counties in said State, are solicited to become stockholders in said company by subscribing to stock therein, and in the event that any of them do they shall be represen ted in the Directory hereinafter provided.
 $ s. The said company shall go into operation and be organized on or before the 2d Monday of Novem- Der next, ensuing.
 g. The business of the company shall be con- ducted by Board of Directors composed of twelve members besides the Directors for the State who shall be stockholders. quorum shall consist of at. least seven Directors at all elections by the stockholders and all their meetings Each share shall be entitled to one Vote with the exception the election for the Directors of the State hereinafter mentioned.- Voters may vote in person or by proxy. Counties becoming stockholders shall vote by such person or
 
 order upon their record The State shall vote by such person officer shalll be designated by the Cover nor. or by law ii any law the subject be enacted Other votes may be given in person by proxy bat no person shall vote more than five hundred votes by proxy. The President of the company is the officer designated aS the one whom legal service of all process citations, wrts notices against or to the company may be made and the company agrees to be bound by such service, whether made the pres dent in person left in writing his address at the hands of of officers.
 $ 10. The first Board of Directors shall be chosen and appointed on the second Monday in November The election for the first board shall be held at the court-hous of Ouachta county, in the city of Cam den and shall be held under the Superntendance ofthe commissioners appointed to hold the presidential elec- ton in November next for the county of Ouachita and State of Arkansas; all subsequent elections under the supcrntendence of three commissioners to beapponted from amongst the stockholders by the Board of Drec tors The election for Drecsors shall be annual and each Board shall be elected the second Monday in November failure to elect or appoint Directors shall not dissolve the corporation, but the Board in office shall continue the exercise of its functions until new Board can be elected and appointed. All notices of elections and meetings of stockholders shall be given by publication thirty days in advance in two news papers in South Arkansas, and in the city of Little Rock.
 $ H. Whenever the State shall have subscribed for stock she shall be entitled one Director for every two hundred thousand dollars be elected and appointed Ill such manner as shall be prescribed by law to their term of service at the same time with the other Directors elected by the stockholders. The State shall have no vote in the election of such other Directors but in all other votes and at all other meetings of the stockholders she shall have vote for every share of stock subscribed by her to be cast in such manner and by such officer or officers, person persons she shall by law direct
 l2 John Dockery is hereby appointed general agent for the purpose of receiving to the stock of said corporation. The said Dockery shall have power to appoint deputies or agents in such places as he may think advisable for receiving sub scriptions until said corporation is organized, and Board of Directors appointed All subscription lists shall be returned to the general agent and he is qured to report to the first meeting of the stockho ders held for the purpose of eectng Directors to be disposed of directed by the first Board of Directors
 l3 The Directors shall elect of their body as President of the company at their first meeting after their election, and each subsequent Board shall elect of themselves President at the first meeting held by such Board. The President shall vote only where there is tie.
 A. In case of failure on the part of any subscr- Der to pay any instalment on his stock when and as required the amount due shall bear interest at the rate of ten per cent per from the time it falls due The Board of Directors shall have the option after thirty days written notice to the defauter to forfeit his stock and sell it at auction for the benefit and at the risk of the said defaulter and sue him for the deficit afterwards remaining or to cOmpe1 bv shit tho nav