The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-10-15


AN ACT TO NcoRPoRArE AND ESTABLISH THE NEW
is's.s1l ORLEANS NEWS ASSOCIATION. e. x
SECTION 1. Be 10 enacted by the Senate and
House of Representatives of the State of L0uisl-
ana IN General assembly concened. That Paul
Tulane, John Grant, John McDougal, Richard
Lloyd, A. B. Bacon, James n. Saunders, L. F. &C.
neres, DIR. W. N. Mercer Jules A. Blanc, their as
sociates and SUCCESSORS, and such persons as to-
gether with them shall under this act become
stockholders In the company thereby created, shall
be and are hereby declared to be q body corpo-
rate and polite under the name and style Of the
New Orleans News Association, and as such II
ehall have perpetual succession, and may have
common seal and plead and be implicated in any
SEC. 2. Be IL further enacted etc.. That the capt.
ta stock of said company shall be two hundred
and fifty Thousand dollars, with the privilege OF
increasing the same to one million dollars ey
directors Of said company. attested by their pre-.
tident under the seal of the, company, declaring
what additional smount of capital, within said
limit. they shall then desire to add thereto, and
this they may continue to dountil the said amount
of one million of dollars shall be attained In the
amount of original value and cost Of shares In said
company but this shall net limit the possible sc-
cumulation and value Of the property OF the said
SIC. 8. BE " JuuTe7 eruc-eu, ETC., rnsy cscn
share in said company shall be ofthe original value
and amount of twenty five collars, four OF which
ehall give vote In all elections by the stock
in such form and manner rs may be prescribed BY
the board Of directors said shares may be paid
for in services whenever the board OF directors
may 20 permit and upon such terms Is they may
prescribe; assignments thereof, to be valid. must
be made on the books of the company AMI not
Otherwise, and subject to all forfeitures. foes, OF
sets, or other claims due to the company, and In
such mode and manner as the board Of directors
shall prescribe. Subscriptions to the capital stock
of said company may be received by the herein
named corporators or by majority Of them, or
by such person or persons az may be authorized
by them or by majority of them to receive the
same on their behalf, and no person 80 sub.
scribing shall have q vote thereon until he shall
have paid or secured, to the satisfaction of ma.
jority of said corporators, until directory is
chosen, and to that Of the directory afterward,
the amount so subscribed or such portion thereof
as he shall offer to vote upon and they shall have
the right to prescribe the amount of installments
to be paid on shares and the time Of paying them,
and to declare the forfeiture of the sum so sub.
scribed upon which the installments are not paid
comfortable thereto. Said company may go
into operation whenever one hundred thousand
dollars shall be subscribed and one-tenth of that
sum paid in or secured to their satisfaction.
SEC. 4. Be 10 further enacted, etc.. That the
affairs of said company shall be conducted by
Board Of Directors, the above named corporstors
acting as such until successors are elected, and
unless otherwise directed by the stockholders; it
shall consist OF five members, to be stockholders.
from and after the first election, which shall be
held annually, and when and where shall be de-
termiDed by the stockholders at the first and sub.
sequent annual meetings. but the number Of the
members Of said Board Of Directors may be in
creased or diminished by the stockholders. they
msy see it at ell elections and meetings of stock
holders q majority 10 paid up shares must govern
and be essential to carry any election or question
requiring decision by them.
SIC. s. Be il further enacted, etc., That the
said company shall establish in the city Of New
Orleans a newspaper, to be published at rate Of
price not to exceed two and one. haf cents for
each daily issue of the same, and such weekly,
monthly or other issues, periodical or otherwise,
as the directors thereof may see 1T. may enter
upon and conduct the manufacture of paper, or
other things whatever either alone or in c0mbina-
ton with others, and In the same way establish
and take part in liues of telegraph or other COM
muDication and In general may do all other things
which bodies corporate and polite OF natural per-
sons may do and to maintain the same, and in the
exercise Of the powers herein granted may ao'
quire by purchase, gift, exchange, devise or in
any other lawful way any movable or immovable
property and may receive buy. take, emit, make,
issue, subscribe TO. receive assignments Of: or
otherwlse acquire any share or shares OF stock or
stocks, bonds or coupons, bills Of exchange, pro-
missory notes, subscriptions TO stock, scrip,
money or other chsses in action whatever and the
and such things may at will through the Board
Of Directors OF said company, or their duly author
lied agent lease grant, bargain. sell, convey loan,
exchange, discount. or alien as the case may
be, to such person persons as they may see ut,
and may make or receive deposits or pledges
under such regulations as snail De Dy sald COM
paDy made respecting the same and the said
company may receive from and execute to the
stockholders thereof or their employees or other
dealers with them any trust or trusts, may gr ant
annuities to them or any Of them and may insure
them or any of them or cause them to be Insured,
or any other person in whom they may have or
may take interest, against any and all accidents
and losses whichever of life, health, strength,
property or estate; Prorided, That 10 all such
cases such power shall be executed BY the board
of directors of said company or BY agents duly
authorized thereto.
SIC. g., Be it flu fer enacted, etc.. That said
company eha pay such tax as shall be levied by
the State of Louisiana al udlorem upon real estate
and goods and chattels and no other. But should
at any future time such manufacture, mechanic,
arts or other business In which IL shall be en-
gagged. when conducted by any other company
or individual have exemption upon any of their
real estate, goods or chattels then the company
by this act created shall enjoy like exemption.
SIC Z. Be IL further enacted, ETC., That should
any OF the corporators named in the frat section
decline to accept or act under the same, II shall
be competent for the residue of them to proceed
and organize the company under the same.
SIC. s. BE IL further enacted etc., That this act
shsll take effect and be in force from and after its
passage. 81. -r 4.r.r g.rr rr.rl f
(Signed) CHAs. W. LowELL.l
Speaker Of the House of Representatives.
(Signed) OSCAR ]. DUNN.
Lieutenant Governor and President Of the Senate.
Approved September 30, 1868.
(Signed) H. G. WARMorH,
~ koC fafa If fat.