The New Orleans crescent., 1868-10-28

-f-A frso 1891
AN ACT 70 INCORPORATE THE MASDEvILLE AND
SULPHUR SPRINGS RAILROAD COMPANY.
sEcrron 1. BE 10 enacted by 1te Senate and
House Of Representatives of lte State Of Louis
lana In General Assembly c0nUe1aed. That IL.
Alexander. W. s. Mount, John Roches. q. M.
Soris, N. Page, NJ. Candron and their associates
be and are hereby specially made body corpo-
and Sulphur Springs Railroad Company. and
under this name shall exist for the term Of fifty
years and shall be capable, for the purpose emu
merated In this act and for all other purposes
and morigsging all kinds OF real estate and other
kinds of property, Of suing and being sued In any
of The courts of law and equity of this State, OF
having a common seal and OF altering Is az
SEC. j. Be IL further enacted, etc., That the
capital ltock of the company is fixed at the sum
of cne!hundred thousand dollars, to be divided
INTO sh Ies of one hundred dollars each, to be
paid in such manner as the first board OF directors
Of said company shall deem proper.
Sec 5. BE a further enacted, etc., That the
said company Is hereby authorized and empow-
cred t0 survey, locate and fix, construct alter,
more tracks from the lake shore, at Man melville, to
Sulphur Springs, with such other branches as the
company may deem proper or expedientto create
and facilitate business, to carry, transport ana
convey property and persons, and the mails.
troops and smmunitions Of war Of the United
States, or any of the States thereof, upon said
road and branches by steam power or any other
power or combination OF power, proper TO be
used thereon and to hold and own said road and
branches, and the lands and tenements attached
thereto:
SEC. 1. Be IL further enacted, ETC., That the
saId company is authorized to accept and receive
10 its rse for the purposes of constructing, using
and keepD in repair said railroad any grant,
gift donation, loan, power, franchise, aid or as
sistance which may be granted to or conferred
upon It by the Legislature Of this State or OF any
III lar NJ Tho nit nd
States or by any person or persons on such terms
and conditions as may be annexed to or imposed
on the grant thereof.
SEC. 3. Be Il further enacted. etc.. That said
company shall have the right Of way through all
lands owned by the State Of Louisiana for the
breadth of one hundred feet on each side. and be
authorized TO cut and use the timber and such
other materials therein as they see ft within one
mile ON either side for the purposes of saidroad;
Provided That this privilege of cutting timber
shall continue so long as the land shall remain the
property of the State.
SHc. s. BE IL further enacted, etc., That the
business of said company shall be conducted at
its domicie at Sulphur Springs BY board com
posed Of five directors who shall be stockhodep,
three of whom shall form quorum to transact
business, and three of the incorporators named 10
This act shall open books in order to obtain SUBJ
scriptions to the capital stock OF said company,
and as soon as oDe-quarter or the whole 10 taken,
the books shall be closed and meeting called for
the purpose of eiecting directors to serve for two
paper published in the city OF New Orleans.
They shall hold their Office for two years or un.
til their successors in Office elected and quali-
fed. At all elections by the stockholders, and
all their meetings. each share shall be entitled to
one vote. Votes may be given in person or by
proxy, - o-s.,
directors at their first meeting shall elect pres
dent, treasurer and secretary, from amongst
their number, and their term OF Office shall ex-
pire with that Of the directors az the end OF
every two years; at their first meeting they shall
decide on the manner of paying for the subscrip-
tions to the stock Of the company: Provided,
That not more than twenty per cent. shall be
called for every six months, and In case of any
subscriber failing to pay any instalment on his
stock as required, the board OF directors shall
have the option, after thirty days written notice
to the defsuler, of forfeiting the stock and sell
ing II for the benefit of the company, and COM
pelling by suit payment OF so much of the
amount subscribed by him as his stock so sold,
fails 10 pay, and no stockholder shall be permit
ted TO vote either in his own right or as proxy,
nor 10 serve as a director, while In default.
SEr. 8. BE IL further enacted, etc., That the
said railroad company, If necessary, may issue
and dispose of its bonds. bearing not more than
eight per cent interest payable in New York, Lon.
don, Paris, Amsterdam or elsewhere, aud having
such time TO the board of directors may fix,
in order 10 raise the necessary funds to build said
road and branches. Said bond shall only be is
sued by a vote of two thirds of the stock repre-.
sented at q called meeting for that purpose. 1t
may contract for the furnishing of iron, equip
ments and other necessary materials. supplies or
labor, on such credit as II may deem proper may
mortgage the property of the company, if neces-
saryl to secure the payment Of such contracts !;
Tnsy-make payments of stocks, and may hypothe-
cate the road itself to secure the payment of the
bonds issued by the company.
SE.y. g. Be IL furfie1. enacted, etc., That in
. the event of the State Of Louisiana, city of New
Orleans or any other Incorporated body in this
State should become subscribers to the capital
q ~.sI eha&o oas1
receive payment for stocks in bonds of the State
of Louisiana or city Of New Orleans; Provided,
That said subscriptions shall amount in each case
to twenty-five thousand dollars.
SIC. 10. Be IL further enacted. ETC., That all
rules relating to the declaring of dividends or d.
vision Of profits, and all other rules bylaws for
tho proper and regular transaction Of business may
be made by the board Of directors. Stock books
shall be kept in the Office of the company at its
domicile. Certificates Of stock shall be issued to
the stockholders, and transfer of stock shall be
binding on the company until made on its stock
books.
sac. IL. Be il further enacted. etc.. That the
president Of the company shall be the proper off.
Ger upon whom ell citations shall be served in all
suits brought against the company. and may be
made either on him in person or by leaving q
copy TO his address at the Office of the company
in rhe hands OF any of its officers.
sEc. IL. Be ii further enacted. etc., That no
stakeholder shall be held liable for losses of the
company to any greater amount or extent in the
whole than the amount Of stock subscribed for or
taken by such stockholder.
SIC. IL. BE IL further enacted. etc.. That said
company may extend their road in q north or
northeasterly direction, and increase the capital
STOCK OF the company one hundred thousand dol
lars for every ten miles Of road to be built. by
vote OF two.thirds Of the stock represented at a
called meeting for that purpose.
sHc: -; BE Il further enacted. etc., That |,
nish detailed statement Of the afsirs of the
company to the stockholders once a wear and
dividends, If any, declared and paid over sem
annually or annually, as the case may be, and i,
keep printed copies of this charter and Of their
laws. placed in conspicuous places in their Office
or offices, so that the public may know and bs
kept advised as to the rights and duties of saii
company, which company shsll have the right L
Keep an cftce in or out of this State.
ERc. L. Re n f,..-tl o.. o., .,l,Ltod e. 1ha4 -