New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-06-24

president of the board of directors. az
also appoint q treasurer of said compan
In the absence of the president, maiori
OF said directors may appoint q presidel
pro tempore; and a majority of said d
rectors shall constitute q quorum for Il
transaction of business.
| SEC. 4. And be it further enacted, Tn,
said directors may fill any vacancy whic
may happen in their own body during tt
time for which they are elected. and j
case OF the death, resignation, or disqual
fication of the president or treasurer,
I'LL the vacancy, to serve for the residue
the term and the stockholders, on til
first Monday of January in each and ever
year thereafter, shall elect by ballot, 6
the Office of the said company, a new boar
| OF thirteen directors from among the stocl
holders, from whom a president and treas
urer shall be appointed as above mer
toned, to hold their offices for ore 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 b.
the stakeholder, or by proxy, at any gen
eral or special election, of which genera
or special election notice shall be given b,
advertisements in one or more of the dali,
newspapers in said city ten days previous
thereto.
SEC. 5. And be it further enacted, Tha
the plans submitted by the incorporators
as set forth in the schedule annexed tc
this act, and which schedule is made part
OF this act, and as set forth in the draw.
lDgs 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.
Sec. G. Aud be it further enacted, That
the treasurer of said company shall, be-
fore be acts as such, give a 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. Z. 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 as
the bylaws Of the company shall pre-
scribe; and the shares held by any indi.
Vidual shall be liable to be attached or
aiken in execution to satisfy the debts due
from any such stakeholder in like manner
is other personal property may be.
Sec. s. And be it further enacted. That
he said president and direc[t1ors of said
company shall have power to demand and
eceive of the stockholders the remaining
llne-tenths of said stock from time to
lme as they shall deem necessary: Pro-
lded, That such calls shall not exceed
ne rate OF fifteen per centum thereof per
month; and if any stakeholder shall neg
sct or refuse to pay the amount due and |
emanded, within thirty days after said
emand, the said shares NAV be forfeited.
r not, by said directors at their option.
SEC. 9. And be it further enacted. That |
ne SAID president and directors shall have
over to contract with any person or per-
'ns for the necessary work on the grounds,
nd for the construction of buildings.
ands, stalls, and all necessary fixtures;
appoint general superintendent and
her laborers, and to atfix the amount of
improvisation for labor, as we'll as for all
aterials furnished said company, and to
all acts which by tits act and the by-
VS. OF said company they may be author
ed to do.
SEC. 10. And be it further enacted, That
said company is hereby required to
lrchase and pay for all buildings and
lures which may be upon the above
ground belonging to individu-
J, within a reasonable time after the
ssage of this act, the price of which
all be agreed upon by the president and
'ectors of said company and the
ners Should they demand any !
therefor) of the aforesaid buildings .
fixtures and whenever the president a
d directors and the owners of said pro- |
rty can not agree as to the price of said '
lldings or fixtures, then in such case the
npany shall select one competent per- a
!, and the owner shall select one COM S
'ent person, and they, the two, shall S
pose third one, who shall proceed to i,
ne the buildings and fixtures, and a de- $,
lon OF majority of the three shall be
u as to the value of said properly, and
amount so agreed upon shall be paid -
he owner thereof before the same is re- 1
Ved from the grounds aforesaid. That p
case the owner of said property will P
Their sell said property nor choose an ar q
'ator, as aforesaid, to value said pro- 81
ty, after ten days notice so to do, then. al
uch case, the said company may pro- M
d to remove the same to some place off CT
grounds without being liable to an g
on for damages. L
&c. IL. And be it further enacted. That Ell
said company shall, within sixty days Jee
the time it gets quiet and peaceable u
'es elon of the real estate men Je
ed in this act, commence work thereon.
SO prosecute the same that buildings pl
stores, halls, market grounds, stands. CO
IS, and other purposes, and all market co
dlngs. shall be fully completed within Ia
years or less from the commencement OF
eof /; or In case said company shall not IA
mence said buildings within the time ne
esald, or, having commenced, shall fail co
'mplete the same within the time afore- Tx
or .having completed the same, an
permit the same to get out Of repair 10!
ecome dllapidated, and should the said no
pany fail to comply with any of the Al
ltions of this act for the space of six pr
ecutive months, the franchise hereby me-
ted to said company shall be forfeited, OF
the rights and privileges hereby ste
ted shall revert to the United States. Pu
C. II. And be it further enacted. a aai
the privileges conferred by s ON
act shall be enjoyed by said company r rln
be term of ninety-nine years, unless r roe
or terminated for noncompliance or WI, WI.
9 of the conditions herein imposed W., W.,
said company, which may be done ~ I
ut In the name of the United States. ~,
ecover possession of said property: tuh
and Of enid x,ar:aI &c | teAo