New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-10-27

tions by the stockholders, and all their
meetings, each share shall be emitted 10
one vote. Votes may be given in person CT
by proxy.
SEC. I. Be it further enacted, etc, That
the directors at their first meeting shall
elect President Treasurer and Secretary
from amongst their number, and thelf term
of office shall expire with that OF the d.
rectOrs at the end of every TWO years, at
their first meeting they snail decide on the
manner of paying for the subscriptions to
the stock of the company; provided that not
more than twenty per cent. shall be called
for every six months, aud in case of any sub
scriber falling to pay any instalment on his
stock as reqn red, the Board of Directors
shall have the option, after thirty days
written notice to the defaulter, of torfeitlng
the stock and selling 1t for the benefit ofthe
company, and compelling by suit payment
of SO much of the amount subscribed by
him as his stock so sold, fails to pay, and no
stockholder shall be permitted to vote either
in his own right or as proxy, nor to serve as
a director while in default.
sE5. 5. Be it further enacted, ETC., That
the said railroad company, it necessary, may
issue and dispose of its bonds, bearing not
more than eight per cent interest payao'e
in New York, London, Paris, Amsterdam OF
elsewhere, aud having such time to run as
the board of directors may fix, in order TO
I "
| aud branches. Said bond she'll only be IS
sued by vote Of two thirds of the stock
| represented at a called meeting LOT that
purpose. II may contract for the furnlsh-
| ing Of iron, equipments and other necessary
materials, supplies or labor, on sueh crealt
as it may deem proper; may mortgage the
| property of the company. il necessary TO
secure the paytlent Of such contracts; may
make PAYMENTS of stock, and may hypoihe-
| cate the road itselfto secure the payment OF
the bonds is'ued by the company.
SEC. 8. Be it further eDar' d, etc., mat
| in the event Of the State OF Louisiana city
| of New Orleans or any other Incorporated
| body in this state should become subs1ri
| bers to the capital stock Of said company,
that said company may receive payment Tor
| 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.
SEC. 10. Be it further enacted, etc, That
| all rules relating to the declaring of divi
dends or division of profits, and all other
rules or By laws for the 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 domi'
cile. Certificates of stock shall be issued to
the stockholders, and no transfer OF stock
shall be binding on the company until made
on its stock books.
the President of the company shall be the
proper officer upon whom all citations shall
be served in all suits brought against the
company, and may be made either on him
in person or by leaving a copy to his ad-
dress at the Office of the company IN the
hands of any of its officers.
Sec. II. Be il further enacted, ETC., That
no stockholder shall be held liable for losses
Of the company to aHy greater amount or
extent in the whole than the amount of
stock subscribed for or taken by such stock
holder.
SEC Is. Be it further enacted, etc, That
said company may extend their road IN a
north or northeasterlY direction. and in.
crease the capital stock of the company one
miles of road to be built, by vote'ot two
thirds Of the stock represented at called
meetingIfor that purpose.
SEC. IA. Be it further enacted, ETC., That
it shall be the duty of the Board of DireC-
tors to furnish detailed statement of the
affairs OF the Company to the stockholders
once year, and dividends, if any, declared
and paid over semi-annually or annually,
as the case may be, and it shall be the duty
of the Company, at all times, to keep printed
copies of this charter and of their bylaws
placed in conspicuous places in their office
or offices, so that the public may know and
| be kept advised as to the rights and duties
| vi stlu Yum lhlgI WulCu Shall nave
the right to keep an Office in or out of this
State.
SEC. Is. Be it further enacted, ETC., That
whenever the dissolution of the corporation
shall render necessary its liquidation, three
commissioners shall be elected by the stock.
holders, whose duty it shall be to take pos.
session of the road and other property of
the Company aud conduct its business to a
final liquidation on such terms and in such
manner as shall be determined by a meeting
of stockholders, regularly convened for that
purpose, and if at the expiration Of the
present charter majority of the stock
holders in number and amount shall desire
TO renew the same for further term, the
stockholders dissenting from the renewal
shall be bound to transfer their stock to
those desiring the renewal, at its fair value,
to be fixed by appraisers mutually chosen
tor the purpose.
SEC, l6. Be it further enacted, etc, That
this act shall take effect and be in force
from and after its passage. .--
(Signed) CHAS. W. LOWELL,
Speaker of the House of Representatives.
(Signed) OSCAR ]. DUNN,
Lieutenant Governor and President OF the
Senate.
Approved October IA, 1868.
(Signed) H. G. WARMOTH,
Governor of the State of Louisiana.
A true CODY: