The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-10-04

road Company, signed by the governor OF the
State Of Louisiana, countersigned By the treasure
the suditor OF public accounts and the secretary
o. state ana under the seal Of the State, payable
terest at the rate of eight per cent. per ann1m,
| the coupons to be paid mfannually in New
Orleans, Louisiana, or New York, ct 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, aud that
| SAID railroad company shall on or before the ma.
turity OF any Of said bonds, deposit the amount
thereof in the interest coupons on any Of
and IN the event OF the failure of said
| railroad company to make such deposit for th e
| payment Of the interest coupons or any bonds so
issred TO them, that no further issue Of bonds
State shall have the right to forecose the m ,rt-
gage herein given to secure the payment of the
bonds and interest Issued to said board according
to the provisions Of this act.
Sec. Ii. Be IL further enacted, etc., That the
capital stock of said company shall be exempted
from taxation and its roads and property shall be
exempted from taxation for ten years after the
passage Of this act.
kEo. IA. Be Il further enacted, etc., That the
company shall have the right of way through all
lands owned BY the State of Louisiana to the ex-
tent OF $50 feet on each side of said railroad
ProUided, that this right shall not prevent the
sale Of said lands and shall not exist after said
lands are sold by the State of Louisiana and they
are hereby authorized to cut and use timber and
such other materials on the lands Of the State as
they choose for the purposes of said road.
SEC. Is. BE further enacted, etc., That the
company shall have the right to keep 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 stresms az they may deem
SEC. 16. Be d further enacted, &C.. That the
president and all other officers and employees of
the company shall be exempt from jury, military
and road duty, except in case OF invasion or in
SEC. IL. Be IL further enacted, etc., That all
rules relative to the declaring of dividends and all
other by-laws deemed necessary for the proper
and regular transaction of business of the COM
pany may be made by the president and board of
directors, but they shall be subject to repeal or
amendment by the stockholders at their meeting.
SEC Is. BE Il further enacted. ETC., That a
stated annual meeting of the stockholders shall
be held one week before the election of the d.
rectors to receive the report of the last years
operations and business. and for examining into
the conditions 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
when they think proper, and IL shall
ers " henever requested in writing to do so by
Issued. rrI0
sEc. 10. Be Il further enacted. etc., That stock
".
Certificates Of stock shall be issued to the stock.
holders, which shall be signed by the president of
me company, and no transfer of stock shall be |
blnd:ng on the company until made on its stock |
books. |
SEC. 20. Be ii further enacted, etc., That the |
board OF directors may sell stock of the company
10 be paid In five equal installments-the first |
when the stock is TAKEN and the others at inter.
rails OF SIX months. In case any stockholders |
hould fail to pay any Of the installments at ma.
urity, the directors, by vote of two-thirds of |
he whole board, may declare the stock forfeited
Q the company without any further Formally: |
Prorided, That the delinquent stakeholder shall |
De restored to his rights, in the event that he L
hould pay all sums due by him to the company |
within ninety days after the falling due of his in.
and no stockholder shall be permitted
o vote or hold Office when any amount due by |
i'm or his stock Is unpaid.
SEC. 81. BE ii further enacted, etc., That said
company shall make no rules regulations con.
Iary to the intents and purposes of article XIII
Il the Constitution Of the State.
SEC. y. Be IL further enacted, etc., That the |
Worth Louisiana and Texas Railroad Company
hall have perpetual existence, unless said corpo-
alton be dissolved by a vote Of four ifths of the
'hole stock, at meeting called especially for the
purpose, in which event the president and direct
RS of said company to be elected by the stock
olders expressly for that purpose. shall be crea-
ed commissioners to liquidate the affairs of said
onpsny, but with powers limited to the colIec.
any. the preservation Of its property and the dis.
bution OF its effects to those who may be entitled
, Ii.
SEC. %. Be IL further enacted, etc.. That this act
ball take effect from and after its passage.
(Signed) CHARLES W. LOWELL,
Speaker of the House of Representatives.
(Signedl OSCAR j. DUNN,
lieutenant Governor and President of the Senate.
Approved September 26. 1865.
(Signed) H. C. WARNorH.
Governor Of the State of Louisiana.
A true copy:
GEO. E. BovEE,
Secretary of State.