New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-11-11

ARTICLE II,


dons Of said grants knowna the Garay and soo and
river according to the terms and conditions Of said grants and
their assigns shall pay
stock upon terms and conditions hereinafter provided
ARTICLE III.
capital Of Company shall be ten millions of
dollars divided into shares of dollars each which
$1,000 shares eight millions dollars shall be subscribed
~ ooo and and paid for a. hseaae s PTpyided
paid stock, and delivered the trustees who hold
rst K aarg5ns hnss and ssa Il
[sPTseg 9aa the rights tss Of r nov holder
Government.
100000 shares.
ARTICLE ".
Lists Of subscriptions shall be opened at the times and places
and places as The Beeto may determine for
much of said eight millions of cash stock remain
charter.
ARTICLE Y.
payments stock subscribed and to
be subscribed aforesaid follows per the
time of sqbscrbing ten cent in sixty days tn reafer
for by the Direction in nments exceeding per cent
payments shall be made BY adyeriseets f not les siTy
days in at least two in New Orleans
ARTICLE VI.
On the conveyance this Company by Trustees the
rights said Garay Soo grants in accordance with
said deed Of trust the Board Of Directors shall said
for the purposes of said trust and said stock shall be consd
cred in all respects paid in cash. and the execution Of
said conveyance said Board Of Directors shall
said Trustees for the Purposes of said the eight per
That portion said which under lie provisions Of said
contracted urder the soo Grant Shall be appropriae 10 be
satisfaction Of such debts and liabilities the parties
convey same in the exercise Of their sole and Uncontrolled
stood that Company the payment Of no debt what
soever contracted by company persons
either the said soo Garay grant except provided
eighth article of this charter.
ARTICLE VII.
No dividend shall be declared before the railroad com
D1at iarra
than per omts tolls and whenever hereceipsfrom
S Sad S o of n aoF sg 81
tolls keep the dividends down Is per per
nun n1 at most
Its lands any source Of revenue tolls for the
portaton Oftreght and passengers.
ARTICLE VIII.
The six hundred Thousand dollars by F. Falcon.
net the Mexican Cove nment for the sloo grant shall paid
on The Company viii reimburse itself out Of the share Of
sloo grant
The business of the Company shall be conducted office m
the city of New Orleans which shall forever be remain
domc by nine Directors Of whom at least shall
quorum The Directors Shall elect President and Vice Pres
dent out of their body and shall have elect Direct
and At
each S be P gn H VOTE IT, s S 3 d
ton and al process against the Company be made the
pany, in the hands Of any of its officers.
ARTICLE K.
Emile Lasere, John Nj Bell, Alfred Penn, W. B. starke
and Duncan Kenner shall compose the first Board Of Direct
Snn and eae Board SHALL ~ ne afe ON sf b
Monday Of April Of each year and enter on the discharge its
eligible Director unless owns % shares of stsck
ARTICLE xI.
failure to elect Directors shall not dissolve the corporation
but the Board in Office shall continue the exercise of its functions
until new Board can be eeeed Al notices Of election and
days in advance in at least of the newspapers Of New
leans.
ARTICLE XII.
of failure on the part OF any subscriber pay the in
stamens his stock required the Board Directors may
and sell for the benefit of the Company Of may with.
such previous notice advertisement compel payment by
default
ARTICLE XIII.
AT all meetings of the stockholders and at all elections ma
oTiy of the stock represented such meetings shall govern
such gre called for the purpose Of i4ereas
the purposes enumerated in the fifth section Of the act of the
of corporations for works of public and utiy
approved March h 1865 shall be composed of hold
ing in their right agents for others, three.
fourth of the stock of the Company order take valid
holders and at all elections majority of those and
ARTICLE XIV.
The President and Directors shall have power make all by
laws necessary for the proper aud regular transaction OF bust
rate name any property personal doany thing
sary for the construction repair maintenance Of the roads
herenbeiore described with as many tracks they may deem
necessary determine the line and location of the roads and
no all aps yehes bi y
and steamboats, and all equipments deemed by them necessary
every thing necessary and proper to effect the objects of this
taon of passengers treghtand mails.
ARTICLE Ky.
The Directors shall power appoint all officers and ser
peasre may borrow money and issue therefor bonds notes
may deem mortgage properly Of the Company
secure the payment thereof.
ARTICLE XVI
of he
before the eleton0 Directors report
into the condition Of The affairs at Which meeting full state
ment Of the financial and other affairs Of the Company shall be
laid before the meeting by the President and Directors then in
office Besides this meeting the President and Directors may
SS m % the RPe aaS
oneh of the stock Of the Company to call meeting of the
stockholders luke into consideration matters affecting the
held lie oce Of Tie Company ii tie city Of New Or
ARTICLE XVII.
Stcck books shall be kept in the offices Of the Company
transfer of stock shall be binding on the Company until made
ARTICLE XVIII.
The Board Directors contracspeclay
The Company payable whole, part The Of Tie
Company until the whole amount Of the capital stock Of the
ARTICLE XIX.
AS 1t will be necessary some arrangements with
the Government Of Mexico and that Of the United States
either Or both Of said ovse n su or sTe 70 %
eous securing full and perfect protection the rights and
interests Of this Company.
ARTICLE Xxx.
Athe expiration of the charter wheneverthe dissolution
OF the corporation stall render its liquidation three
shall be elected by the stockholders duty
shall be to take possession Of the property of the Company
u such manner q shall be determined by meeting IF stock
holders regularly convened for that purpose and IL at the
expiration OF the charter majority of the stockholders
~ amount and NUMBER shall desire the for q
further term the stockholders dissenting from sHch arenewa
shall be bound transfer their stock those desiring the
neWa At its fair yaue to be affixed by appraisers mutually
chosen for that purpose
New 0fieaus July 80, 1857.
Emile iaSere, slAEes-
john NJ Bell lily hIlhieos
ID. Nv Burbridge. Eilly slAEess
j. H. Warner. NY sllates-
Lionel G. Levy ftlty ellhtes
W. f. Sfarke ...... ltty ShAfeE.
r ...-..- Il
Alfred Penn per pro, Emile LaSere Fifty shares.
John SGell, per pro. EmiieIiaSere. Fifty shares
p. A. Hargous,
Perpro. ]. p. Benjamin. One hundred shares,
j. ?. benjamin. .lIty shares.
ID. ileneEre. Z lIty shares.
p U. Heberts.. FIFTY shares.
The undersigned Recorder Of Mortgages in and for the parish
city of New Orleans, cees that the within charter was
recorded this day in his office in book society No folio &c.
JOHN HOLMES, Recorder
New Orleans, August 4, 1851. aus
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