New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-01

OF SAID directors may appoint pfesl0en
pro tempore; and . majority Of said di
rectors shall constitute quorum for tn
transaction of business.
SEC. 4. And be it further enacted, Tha
said directors may fill any vacancy whicl
may happen in their own body during tn
time for which they are elected. and j,
case of the death, resignation, or disquali
ficttion of the president or treasurer, t,
fill the vacancy, to serve for the residue 0
the term and the stockholders, on tn
first Monday of January in each and ever,
year thereafter, shall elect by ballot, q
the Office of the said company, a new boart
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 and qualified
Each stakeholder shall be entitled to ont
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 par
Of this act, and as set forth in the draw
ings referred to in said schedule, shall be
adopted for such new buildings aud 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. And 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 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 stockholder in like manner
as other personal property may be.
Sec. s. And be it further enacted. That
the said president and direc[t]ors of said
company shall have power to 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 sucn 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
within thirty days after said
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 affix the amount of
for labor, as well as for all
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
he 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-
lis, within a reasonable time after the
passage of this act, the price of which
hall be agreed upon by the president and
directors of said company and the
,wners SHOULD they demand any
Jay therefor) of the aforesaid buildings
md fixtures and whenever the president
md directors and the owners of said pro-
,erty can not agree as to the price of said
buildings or fixtures, then in such case the
company shall select one competent per-
on, and the owner shall select one COM
'etent person, and they, the two, shall
hoose third one, who shall proceed to
alue the buildings and fixtures, and de-
ision Of a majority of the three shall be
nal as to the value of said properly, and
he amount so agreed upon shall be paid
D the owner thereof before the same is re-
noved from the grounds aforesaid. That
n case the owner of said property will
either sell said property nor choose an ar
itrator, as aforesaid, to value said pro-
erty, after ten days notice SO to do, then,
4 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.
SEC. II. And be it further enacted. That
he said company shall, within sixty days
'om the time it gets quiet and peaceable
osses zion of the real estate men,
oned in this act, commence work thereon,
nd so prosecute the same that buildings
,r stores, halls, market grounds, stands,
talls, and other purposes, and all market
uildings, 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
foresaid, or, having commenced, shall fail
} complete the same within the time afore-
aid, or lhaving completed the same,
hall permit the same to get out Of repair
r become dilapidated, and should the said
ompany fail to comply with any of the
onditions of this act for the space of six
onsecutive months, the franchise hereby
ranted to said company shall be forfeited,
nd the rights and privileges hereby
ranted shall revert to the United States.
Sec. IL. And be it further enacted,
hat the privileges conferred by
lis act shall be enjoyed by said company
" the term of ninety-nine years, unless
,oner terminated for a noncompliance or
ouse of the conditions herein imposed |
pom said company, which may be done
? suit in the name of the United States,
} recover possession of said property. |
t the end of said period of ninety-nine
sars, the said lands, with all the erec-
ons and improvements thereon, shall
vert to the United States, unless Con-