New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-06-25


pro tempore; and a majority of said d
rectors shall constitute q quorum for tn
transaction of business.
said directors may fill any vacancy whic
may happen in their own body during tn
time for which. they are elected. and j
case Of the death, resignation, or disqual
tication of the president or treasurer, t
fill the vacancy, to serve for the residue c
the term and the stockholders, on tn
first Monday of January in each aud ever
year thereafter, shall elect by ballot, a
! the Office OF the said company, a new boar
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 yea
from the time Of their election, and unit
their successors are elected ard qualified
Each stakeholder shall be entitled to on
vote for every share of stock held by hin
OF, her at the time, which may be giveE 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 tt
this act, and which schedule is made par
of this act and as 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.
SEC. 6. Aud be it further enacted, That
the treasurer of said company shall, be-
fore he acts as such, give 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 TIE 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.
SEC. s. And be it further enacted, That
the said president and direct ors OF ea;d
company shall have power to demand and
receive of the stockholders the remaining
of said stock from time to
time as they shall deem necessary: Pro-
7ided, That sucn calls shall not exceed
;he rate of fifteen per centum thereof per
month; and if any stakeholder shall neg
ect or refuse to pay the amount due and
demanded, within thirty days after said
lemand, the said shares may be forfeited,
" not, by said directors at their option.
SEC. 9. And be it further enacted, That
he said president and directors shall have
'ower to contract with any person or per-
ons for the necessary work on the grounds,
nd for the construction of buildings,
lands, stalls, and all necessary fixtures;
o appoint general superintendent and
ther laborers, and to affix the amount of
for labor, as well as for all
materials furnished said company, and to
10 all acts which by this act and the by
avs of said company they may be author
zed to do.
SEC. 10. And be it further enacted, That
be said company is hereby required to
purchase and pay for all buildings and
xtures which may be upon the above
,entioned ground belonging to indi7idu-
Is, within a reasonable time after the
assage of this act, the price of which
ball be agreed upon by the president and
irectors of said company and the
wners Should they demand any
ay therefor) of the aforesaid buildings
nd fixtures and whenever the president
nd directors and the owners of said pro-
erty can not agree as to the price of said
uildings or fixtures, then in such case the |
ompany shall select one competent per-
IN, and the owner shall select one COM
etent person, and they, the two, shall |
loose third one, who shall proceed to |
alue the buildings and fixtures, and de-
sion Of majority of the three shall be
,al as to the value of said properly, and
le amount SO agreed upon shall be paid
the owner thereof before the same is re- !
owed from the grounds aforesaid. That |
case the owner of said property will
either sell said property nor choose an ar
traitor, as aforesaid. to value said pro-
,rty, after ten days notice so to do, then,
such case, the said company may pro-
ed to remove the same to some place Off
i'd grounds without being liable to an
ton for damages.
Sec. II. And be it further enacted. That
e said company shall, within sixty days
om the time it gets quiet and peaceable
uses zion of the real estate men
,ned in this act, commence work thereon,
ID SO prosecute the same that buildings
r stores, halls, market grounds. stands,
Ais, and other purposes, and all market
lildings. shall be fully completed within
70 years or less from the commencement
ereof; or in case said company shall not
said buildings within the time
0resaid, or, having commenced, shall fail
complete the same within the time afore-
i'd, or ihaving completed the same,
all permit the same to get out Of repair
become dilapidated, and should the said
mpany fail to comply with any of the
nditions of this act for the space of six
months, the franchise hereby
anted to said company shall be forfeited,
d the rights and privileges hereby
anted shall revert to the United States.
Sec. -. And be it further enacted,
lat the privileges conferred by
is act shall be enjoyed by said company
r the term Of rinety-nine years, unless
oner terminated for a noncompliance or
use of the conditions herein imposed
on said company, which may be done
suit in the name OF the United States,
recover possession of said properly. +,
the end of said period OF ninety-nine
ars, the said lands, with all the cree
rs and improvements thereon, shall 1
yert TO the TInited States unless Con. .