New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-10-03

time to time n like amount of State bonds for
every mile of single track thus completed
until said railroad is finished: Provided
Ihat tne hrst hVe miles of said railroad
shall be completed within twelve months
from the date of the passage of this act:
Provided further, That said railroad, fix
lures and appurtenances shall be and are
hereby mortgaged and Hypothetical to the
State of louisiana, with the force and effect
OF second mortgage. for the full and final
payment of the bonds so issued, together
with the interest thereon at the rate of
eight per cent per annum, payable semi-an-
nually: Audit is further provided, That the
said railroad company shall have the right
to borrow money and pledge or mortgage
SAID railroad ana to secure the payment Of
the same, with the force and effect of a first
mortgage, to the amount of fifteen thousand
| dollars per mile. .'f fiH
SEC. II. Be it further enacted, etc., That
the bonds so issued shall be coupon bonds
IN the name of the State of louisiana to the
order OF the President of the North Louisi-
ana and Texas Railroad Company, signed
| ny the governor VI the State OF Louisiana,
c0untersigned by the Treasurer, the Auditor
OF Puonc Accounts and the Secretary of
State, and un1er the seal OF the State, paya-
bic forty years after the date thereof and
bearing interest at the rate of eight per
cent per annum, the coupons to be paid
| semi Annually in New Orleans, Louisiana
or New York, at the option of the holder.
and said bonds shall be transferable by the
| Endorsement of the President of the Board
| OF Directors of said Railroad COMPANY, and
that said railroad company shall on or
before the maturity of any of the interest
| coupons on any OF said bonds, deposit the
amount thereof in the State treasury for the
| payment thereof, and III the event of the
| failure of SAID railroad company to make
| such deposit for the payment Of the in
| tetcst coupons or any bonds so issued t.
them, that no further Issue of bonds shall
| be made to said railroad company, and the
State shall have the right to foreclose the
mortgage herein given to secure the paw
ment of the bonds aud interest issued 10
said Board according to the provisions Of
this act.
Sec. 10. Be it further enacted, etc. That
the capital stock ofsaid company shall be ex.
empted from taxation, and its road and prop.
erty shall be exempted from taxation for
ten years after the passage OF this act.
SEC. IA. Be 1t further enacted. ETC., That
the company shall have the right of wav
through all lands owned by Tue State of
Louisiana to the extent of $50 feet on each
side of said railroad: Provided that this
right shall not prevent the sale of said
lands and shall not exit after said lands are
sold by the State of l. ,uisiana: and they
are hereby authorized TO cut and use tim
Der and such other materials on the lands
Of the State as they choose tor the purposes
of said road.
SEC Is. Be it further enacted, ETC., That
the company shall have the right to keep a
ferry at its eastern terminus for the
transportation OF freights and passengers.
and over all streams on the route of said
railroad to the Texas line, and to build
bridges over such streams as they NAV
deem proper on said route.
SEC. IL. BE it further enacted, etc., That
the President and all other officers and EN-
ployes of the company shall be exempt
from jury military ana road duty, except
IN case OF invasion or instruction.
Sec. II. Be it further enacted, ETC., That
all rules relative TO the declaring of divi-
bends ana all other bylaws deemed neces-
sary for the proper and regular transaction
OF business of the company may be made
by the President and Board of Directors,
but they shall be subject to repeal or
meeting.
SEC. Is. Be it further enacted, etc., That
stated annual meeting of the stockholders
shall be held one week before the election
OF the Directors to receive the report of the
last years operations and business, and
and affairs of said corporation. At this
meeting full statement of the financial |
and other affairs of the company shall be |
laid before the meeting by the President |
and Directors. The Board of Directors may |
call other meetings of the stockholders, |
duty to Call meeting of the stockholders |
whenever requested in writing to do SO by |
stockholders representing one.tourth Of the |
stock issued.
SEC, 10, Be itfurther enacted, etc, = That |
stock books shall be kept in the office of the /
company. Certificates of stock shall be |
issued to the stockholders, which shall be |
signed by the President of the Company. and |
no transfer of stock shall be binding ON the |
company until made on Its stock books.
SEC 20. Be it further enacted, etc, That |
the Board of Directors may sell stock of the |
company, TO be paid in i've equal install.
ments-the first when the stock is taken,
and the others at intervals of six months. In |
case any stockholders should fail to pay any |
OF the lnstallments at maturity, the Direct. |
ors, by vote OF two-thirds of the whole |
Board, may declare the stock forfeited to
the Company without any further formal.
ity; provided, that the delinquent stock.
holder shall be restored to bis rights, in the |
event that he should pay all sums due by
him to the company within ninety days al.
ter the falling due OF his installments; and
no stockholder shall be permitted to vote
or hold office when any amount due by him
or his stock is unpaid.
SEC. 81. Be it further enacted, ETC., That
said company shall make no rules or regu.
lations contrary to the intents and purpo-
ses OF article NH Of the Constitution of |
the State. .1
oEC. ~. De IL lurbner enacted, etc, That
the North Louisiana and Texas Railroad
Company shall have perpetual existence,
unless said corporation be dissolved by
vote of four tifths of the whole stock, at a
meeting called especially Tor the purpose,
in which event the President and
Directors of said company to be elect
ed by the stockholders expressly
for that purpose shall be created
Commissioners to hquidate the affairs of
said company, but with powers limited to |
the collections and payment of the debts of
said company, the preservation of its prop
erty and the distribution of its effects to
those who may be entitled to it.
SEC. %, BE it further enacted, etc., That
this act shall take effect from and after its
passage.
(Signed) CHAS. ". LOWELL.
Speaker Of the House of Representatives.
(Signed) OSCAR j. DUNN,
Lieutenant Governor and President OF the
Senate.
Approved September 26, 1868.
(Signed) H. Q. WARM0TH,
Governor of the State OF Louisiana.
A trnn cOnv. |