New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-06-21

oAosoAy 2pPOA0t Vuo VI t0olI uumUoI W "
ERfegidntepf the boardzof directors, and
also appoint treasurer Sof said company
In the absence OF the president, Q majority
Of said directors may appoint presiden
pro tsmpere; and a majority Of said di
reotsrs shall constitute o quorum for tn
transaction of business.
Sec x~And be ii further enacted, Tha
said directors may fill any vacancy which
may happen in their own body during tn.
time for which they are elected. and il
case of the death, resignation, or disquali
icltion oil the president or treasurer, tx
fill the Vacancy, to serve for the residue O
the termt and the stockholders, on tn
first Mondsy Of January in each and every
year thereafter, shall elect, by ballot, o
the Office IT the said company, = new boarc
Of thirteen directors from among the stock
holders, ftom whom president and treas
,urer shall be appointed as above men
toned, to hold their Offices for one yea
from the time Of their election, and unit
their SUCCESSORS are elected and qualified
Each stakeholder shall be entitled to on,
vote for every share Of stock held by hin
or her at the time, which may be given by
the stakeholder. or by proxy, at any gen
eral or special election, Of which genera
or special election notice shall be given BY
advertisements in one or more of the daily
newspapers in said city ten days previous
thereto. i'%o e4t 80 AaiFi - Ai.4 -
SEC. 5. And be it further enacted, Tha
the plans submitted by the incorporators
as set forth in the schedule annexed Il
this act, md which schedule is made par,
of this act, and as set forth in the draw
isgs referred to in said schedule, shall bt
adopted ilr such new buildings and mar.
ket square. There shall be one or more
entrancest to said market grounds between
Seventh md Ninth streets, on Pennsylva'
MIA avenue or Louisiana avenue, Of snita.
BILE width and height, for the accommoda
ton of pedestrians.
SEC. 6. sAnd be it further enacted, That
the treasurer Of said company shall, be-
fore be acts as such, give bond to the
such penalty and with euch
security o the president and directors
shall require, conditional for the faithful
discharge of the duties and trusts com.
mitted to him. All salaries shall be fixed
BY the PRECEDENT and directors.
Sec. z. And be il further enacted, That
the share in said company shall be
deemed personal and not real estate, and
shall be transferable in such manner as
the bylaws of the company shall pre-
scribe; and tie shares held by any indi-
vidual shall be liable to be attached OF
taken in execution to satisfy the debts due
from any such stakeholder in like manner
as other personal property may be. [
Sec. 8. And be it further enacted. That
the said president and direc[t1ors Of said
company shall have power to demand and
receive of the stockholders the remaining
nineteenth of said stock from time to
time as they shall deem necessary: Pro-
vided, That suca calls shall not exceed
the rate of fifteen per centum thereof per
month; and if any stakeholder shall neg.
lect or refuse to pay the amount due and
demanded, within thirty days after said
demand, q the said shares may be forfeited
or not, by said directors at their option.
SEC. 8. And be it further enacted, That
the said president and directors shall have
power to contract with any person or per-
sons for the necessary work on the grounds,
and for the construction of buildings,
stands, stalls, and all necessary fixtures;
to appoint general superintendent and
other laborers, and to afiix the amount of
compensation for labor, as we'll as for all
materials furnished said company, and to
do all acts which by this act and the by
laws Of said company they may be author
lied to do. ID - .f-.,s,.,. t....
SEC. 10. And be it further enacted, That
the said company is hereby required to
purchase and pay for all buildings and
fixtures which may be upon the above
mentioned ground belonging TO individu-
ais, within q reasonable time after. the
passage Of this act, % the price of which
shall be agreed upon by the president and
directors of said company and the
owners should they demand any
pay therefor) of the aforesaid buildings
and fixtures and whenever the president
and directors and the owners of said pro-
perty can not agree as to the price of said
buildings or fixtures, then in such case the
company shall select one competent per-
son, and the owner shall select one COM
petent person, aad they, the two, shall
choose third one, who shall proceed to
value the buildings and fixtures, and de-
cision of majority of the three shall be
final as to the value of said property, and
the amount so agreed upon shall be paid
to the owner thereof before the same is re-
moved from the grounds aforesaid. That
in case the owner of said property will
neither sell said property nor choose an ar
bitrator, as aforesaid, to value said pro-
perty, after ten days notice so to do, then,
in such case, the said company may pro-
coed to remove the same to some place off
said grounds without being liable to an
action for damages. -...4
SEC. II. And be it further enacted. That
the said company shall, within sixty days
from the time it gets quiet and peaceable
TONED in this act, commence work thereon,
and so prosecute the same that buildings
for stores, halls, market grounds, stands,
stalls, and other purposes, and all market
buildings, shall be fully completed within
two years or less from the commencement
thereof or in case said company shall not
commence said buildings within the time
aforesaid, or, having commenced, shall fail
to complete the same within the time afore-
said. or Having completed the same,
shall permit the same to get out of repair
Or become dilapidated, and should the said
company fail to comply with any of the
conditions of this act for the space of six
consecutive months, the franchise hereby
granted to said company shall be forfeited,
and the rights and privileges hereby
granted shall revert to the United States.
Sec. II. And be it further enacted,
That the privileges conferred by
this act shall be enjoyed by said company
for the term of ninety nine years, unless
sooner terminated for noncompliance or
abuse OF the conditions herein imposed
upon said company, which may be done
oy suit in the name of the United States,
20 recover possession CT said property.