Le Louisianais. [volume] (Convent, La.) 1865-1883, 1869-05-22

proxy. a majority ot the votes cast shall b,
necessary TO elect. Any vacancy in the bo, I'd
Of directors may by filled by the directors.
SIC. s. Be i, further enacted. etc. Tina,
the board Of directors shall elect one of Their
body president Of the company, and they sIaII
elect a secretary aud Il treasurer from amono
The s'"'kh"jderS OF the company. These Off
GERS shall he elected annually on The frs,
Monday Of October, bn, in case of f,ilure ia
hold an election on said day, they shall continue
in oiiircnn,ti their successors are elected md
qualified The board OF directors shall require
the treasurer to give bond and %secnri'y in such
amount as may be fixed ~ the bylaws Of the
company. They sIall have the rioh, TO fix the
compensation of these officers and 10 remove
any OF them by a vote of ,hreefour,hs Of rhc
board Of directors.
SEC, 9 Be il f4r}Rer enacted, etc. That
the president and directors cf said corporation
shall have power TO do everything necessary
Tor the construction, repair. maintenance ard
operation OF the railroal aforesaid, with as
many tracks as may be necessary 10 deter
NINE the terminus thereof on the Mississippi
river, and the location Of the railroad west.
ward through Orachita and Callo parishes to
The Texas State line anlto make Or construct,
all works Whatsoever which they may deem
Necessary inr the proper completion aud work.
ing Of said rallrold. They Shall have the rinh,
to construct and use II magnetic telegraph
along the me OF >aid railgoad. They shalt have
the power TO make all contracts nnccssary for
the purposes aforesaid, aud 10 purchase all
property deemed to he necessary OF useful for
the purposes of the company. They shall have
the right to appoint policemen to preserve
order and protect the interest Of OF said com
pany on SAID railroad, and said policemen
shall have all the powers aud authority vested
IN policemen IN the city of New OtIeans. They
Shall heve powet 10 buy or accep, the conve.
vance or lease Of the charter and propcrty Of
any railroad company, within or without he
limits OF ihIs Stale, and 10 make all contracts
IN relation thereto which they may deem
necessary. They shall have the power Ia
accept all donations made to The company.
lti"N shall have power le borrow such sums Of
money as may be required tor the construction
of SAID railroad; provided, thai, the ar. ,,,,
borrowed" do not exceed sly million: d dollars
"'''' " secure such loan !, ioaas hy mortgag,
'Hs 'hS property Of The company, real or per
Sohal, m whole or in pant, as we'll as all the
franchises, rights and privileges Of this cor.
poraiion; and it shall only be necessary to
record The mortgage or mortgages executed by
the company IN the office OF ,hc r@ecor1er Of
mortgages IN the parish of Ounclila, wherein
is sirtnated the domiciIe of The company, and
such mortgage need not be reinscribeI in
order TO Continue i in t3tcc. The president
and directors Of the company, when Authorized
10 do so by a vote Of threc.tontth< OF all the
stock, shall have power to lease OF sell the
charter OF HE company, with al lis franchises
rights and privileges, and all property If sand
corporation or any portion thereof 10 any cor.
p@oration or 10 any individual or individuals,
within or without The State.
The board OF directors. shall be authorized 10
contract for work, materials and properly FOR
the use Of The company, payable III whole OF N
part in stock.
SEC. 10. BE ii further enacted, &C.. Tia.
the Norit. Louisiana and Texas Railroad Com
pany shall have the right TO Construct and
operate a railroad and magnetic telegraph
from the Mississippi river, in Madison parish,
westward through the Parishes OF Onachita
and Caddo to the Texas State line, and srcbz
branch roads as The company may deem
necessary.
SEC II. BE il further enacted, &C., Tia,
whenever five miles OF SAID North Louisiana
and TEXAS Railroad shall have been completed
and constructed with the iron track thereon
laid and in good running order from the Mis-.
slsslppi river westward, and the fact made
known 10 the Governor Of the State of Loui.
sIana IN a written certificate Of the president,
supported by the affidavit OF The engineer Of
the said railroad company, then, and in such
case, the Governor OF The State of Louisiana
shall cause to be issued 10 said railroad com.
pany six thousand dollars VI +5 7.77!z- u -. S+-+-
OF Louisiana for each and every mile of single
track of said railroad so actually completed.
and continue 70 Issue or cause TO be issued
rom time 10 time a like amount of State bonds
for every mile of single track thus completed
until said railroad is finished provided, that
the first five miles Of said railroad shall be
completed within twelve months form the date
of the passage of This act; prorided further,
that said railroad, fixtures and appurtenances
shall be and are hereby mortgaged and hypo.
thecateu to the State of Louisiana with the
force and effect of a second mortgage. for The
full and final payment of the bonds so Isl sued.
together with the interest thereon at the rate
OF eight per cent, per annum, payable semi.
annually and IL is further prorided, that the
said railroad company-shall have the right to
borrow money and pledge or mortgage said
railroad and to secure the payment of the
same: with the force and effect of a frs, mort.
gage, to the amount of fifteen thousand dollars