New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-10
N O. Z
AN ACT


To authorize the sale Of the stock in the
New Orleans, Jackson and Great Northern
Railroad Company held by the State of
Louisiana and the city of New Orleans.
SECTION /. Be it enacted, by the Senate
and House of Representatives of the State
of Louisiana in General Assembly convened,
That the Governor of the State be and he is
hereby directed, within ten days after the
| passage Of this act, to sell all the stock now
owned by the State in the New Orleans,
Jackson and Great Northern Railroad Com
pany, acquired by virtue of an act entitled
an act to grant the aid of the State to the
New Orleans, jackson and Great Northern
Railroad Company by subscription to the
| stock thereof, approved the twenty eighth
day of April, one thousand eight hundred
| and fifty-three.
| SEC. 2. Be it further enacted, ETC., That
| the city of New Orleans be and it is hereby
authorized to sell, in such manner as its
| Common Council may determine, the stock
in the New Orleans, Jackson and Great
Northern Railroad Company, acquired by
virtue of an act of the Legi lature of Louisi
ana approved March Is, 1854. entitled IAN
act for the subscription by the city of New
Orleans to the stock of the New Orleans,
Jackson and Great Northern Railroad Com
pany."
SEC. 3. Be it further enacted, etcs, That
the purchaser Of the State stock shall ex-
ecute bond, with good and solvent sureties.
in the sum ct three hundred thousand dol
lars, in favor Of the Governor OF the State
of Louisiana, conditioned to maintain the
pledge in favor of the bondholders of the
bonds issued by the State by virtue of the
aforesaid act Of April %, 1853, who may
desire to convert said bonds into the stock
of said company provided fer by section two
of said act.
Sec. 4. Be it further enacted, ETC., That
the purchaser of the city stock shall ex-
ecute bond, with good and solvent sureties,
in the sum of five hundred thousand dol
lars, in favor of the Mayor of the city, con.
ditioned to maintain the pledge in favor Of
the bondholders Of the bonds issued by the
city of New Orleans, by virtue of the afore-
said act of March Is, 1854, who NAV desire
to convert said bond into the stock of said
company, provided for by section three Of
said act.
SEC. 5. Be it further enacted, ETC., That
the bonds executed by the purchaser of the
State and city stock shall remain in force
for the term OF one year only, at the end of
which time the securities thereon may be
released by showing on the part of the pur-
chaser of the State stock certificate from
the Secretary of State that no opposition
thereto has been fled in bis office. and by
the purchaser Of the city stock producing
certificate from the Mayor Of the city
that no opposition thereto has been filed in
his Office.
Sec. 6. Be it further enacted, ETC., That
the Governor ard the City Council are here
by authorized to make all necessary trans
fers on the books of the New Orleans,
jackson and Great Northern Railroad Com
pany, in favor of the purchaser of the
stock held by the State and city respectively:
and said purchaser is hereby authorized to
vote as any other stakeholder in said com.
pany, according to the number of shares
held by him, that is, one vote for each
share.
Sec. Z. Be it further enacted, ETC., That
all laws or parts of laws in conflict here
approved , March is. is54. Authorizing the
appointment Of directors by the city Of New
Orleans in said New Orleans, Jackson and