New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-05


f1rst Monday Of January in each and every
year thereafter, shall elect by ballot, at
the Office of the said company, . new board
of thirteen directors from among the stock
holders, from whom president and treas
urer shall be appointed as above men
toned, to hold their Offices for one year
from the time Of their election, and until
their successors are elected ADD quailneo'
Each stockholder shall be entitled to one
vote for every share of stock held by him
or her at the time, which may be given BY
the stakeholder, or by proxy, at any gen.
eral or special election, of which general
or special election notice shall be given BY
advertisements in one or more OF the daily
newspapers in said city ten days previous
thereto.
SEC. 5. And be it further enacted, That
the plans submitted by the incorporators,
as set forth in the schedule annexed to
this act, and which schedule is made part
of this act, and a. set forth in the draw
ings referred to in said schedule, shall be
ADOPTED for such new buildings and mar
ket square. There shall be one or more
entrances to said market grounds between
Seventh and Ninth streets, on Pennsylva-
mia avenue or Louisiana avenue, of suita-
BILE width and height, for the accommoda.
ton of pedestrians. : ~ - ,J
SEC. 6. And be it further enacted, That
the treasurer of said company shall, be-
fore be acts as such, give q bond to the
company, in such penalty and with such
security as 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 president and directors.
SEC. 2. And be it further enacted, That
the shares in said company shall be
deemed personal and not real estate and
shall be transferable in such manner IS
the bylaws of the company shall pre-
scribe; and the shares held by any indi-
vidual shall be liable to be attached or
taken in execution to satisfy the debts due
from any such stakeholder in like manner
as other personal property may be. $50
SEC. 8. And be it further enacted. That
the said president and direc[tlors Of said
company shall have power 10 demand and
receive Of the stockholders the remaining
nine-tenths of said stock from time to
time as they shall deem necessary: Pro-
vided, That such 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, the said shares may be forfeited,
or not, by said directors at their option.
SEC. 9. 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 affix the amount Of
compensation for labor, as well 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. 3.-e.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
ground belonging to individu-
ais, within 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
shall select one competent per-
'0n, and the owner shall select one COM
petent person, and they, the two, shall
;hoose third one, who shall proceed to
7alue the buildings and fixtures, and 8 de-
.ision of majority of the three shall be
lnat as to the value of said property, and
he amount 20 agreed upon shall be paid
o the owner thereof before the came is re-
moved from the grounds aforesaid. That
n case the owner OF said property will
leither sell said property nor choose an ar
'itrator, as aforesaid, to value said pro-
'erty, after ten days notice SO to do, then,
q such case, the said company may pro-
eed to remove the same to some place off |
aid grounds without being liable to an
ction for damages. ...... -. ag8t %
SEC. II. And be it further enacted. That !
he said company shall, within sixty days |
RON the time it gets quiet and peaceable |
osses sion Of the real estate men
i0ned in this act, commence work thereon,
nd SO prosecute the same that buildings |
Or stores, halls, market grounds, stands,
tails. and other purposes, and all market |
buildings. shall be fully completed within |
wo years or less from the commencement |
hereof or in case said company shall not |
commence said buildings within the time |
OF, having commenced, shall fail |
o complete the same within the time afore-
aid, or thaving completed the same,
hall permit the same to get out of repair |
c bacome dilapidated,s and should the said |
ompany fail to comply with any of the |
onditions of this act for the space of six |
months, the franchise hereby
granted to said company shall be forfeited,
md the rights and privileges hereby |
granted shall revert to the United States. !
SEC II. And be it further enacted,
That the, privileges conferred by
ms act shall be enjoyed by said company
or the term OF ninety-nine years, unless
'ooner terminated for a non-comp liance or
Ibuse of the conditions herein imposed
lpon said company, which may be done
~ suit in the name of the United States.
o recover possession of said property.
At the end of said period OF ninety-nine
ears, the said lands, with all the cree
ions and improvements thereon. shall
evert to the United States, unless Con.
,ress shall by law extend the period Of
thereof by said company: Pro.
ided, That if the corporation of the citv
# Washington shall, after period Of
hirty years from the approval Of this act.
y vote Of the councils thereof express a
esire to possess itself of the said market
uildings and grounds, Congress may au-
horlze the corporate authorities to take
ossession of the same upon payment to
,e said Market House Company OF sum
+ money equal to fair and just valuation
the buildings and Improvements then
,andinp on said grounds. and the mode