New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-06-08

real or personal, by virtue of any
gift, purchase, devise or bequest necessary
for the purposes of said society, as stated
in said certificate, or in any other manner.
The trustees, directors or stockholders
of any existing benevolent, charitable,
educational, musical, literary, scientific,
religious or missionary corporation, in
GLIDING societies formed for mutual inn
provement, may, by conforming to the
requirements of the several sections Of this
act, reincorporate themselves, or continue
their existing corporate powers under this
act, or may change their name, stating in
their certificate the original name of such
corporation, as we'll as their new name
assumed; and all the property and effects
of such existing corporation shall vest in
and belong to the corporation SO reincor-
porated or continued. Corporations under
this division may be organized for any
term not exceeding twenty years, the term
| to be stated in the certificate mentioned
in the first section.
| The corporations formed under this act
may sell aud dispose of any real estate
they may acquire by purchase, gift or de-
wise, as follows: Whenever any lot pur-
chased for the use of the corporation, or
| any building erected thereon, shall be-
come ineligible for the uses for which said
| lot was purchased, or said building erectSl
to be determined by vote Of two-thirds
| of the shares of the stock of said corpora
ton or the members of said corporation,
at meeting of the stockholders, CT cor
porators or members of said corporation
specially called for that purpose, the pro-
ceedings of which meeting shall be duly
entered in the records of said corporation,
said LOT or building may be sold, and the
proceeds thereof may be vested in another
lot, or in the erection of another building,
or both.
When any real estate shall have been de-
vised or given TO any such corporation for
any specified benevolent purpose afore-
said, and where, by vote of three-fourths
of the stock held by the stockholders, or
three-fourths of the corporators, if no
shares of stock have been created, of any
corporation formed under this act, then
by a vote of three-fourths Of the members
thereof at meeting called tor the pur-
pose, of which such stockholders or cor
porators or members as aforesaid, shall
have at least ten days notice, the said cor
their corporate powers and cease to act
under the same, said real and personal es-
tate, so acquired as aforesaid, shall be
sold at public auction, proper notice of the
time and place of said sale having been
given, and the proceeds of said sale equi-
tably distributed among the stockholders
or corporators aforesaid, or disposed of
for the promotion and advancement of the
objects for which such corporation was
originally organized: Provided, That no
corporation created by this section shall
hold real estate more than five years, ex-
cept so much as shall be necessary for the
purposes named in its certificate.
MANUFACTURING, AGRICULTURAL. MINING, AND
MECHANICAL CORPORATIONS.
SEC. 4. And be it further enacted, That
at any time hereafter any three or more
persons who may desire to form a COM
pany for the purpose of carrying on any
kind of manufacturing, agricultural, min
ing, mechanical business, insurance. mer-
CATTLE transportation, or marketing in the
District of Columbia, may make, sign, and
acknowledge, before some officer compe-
tent to take the acknowledgement of deeds,
and file in the Office of the register of deeds
a certificate in writing. in which shall be
stated the corporate name Of the said COM
pany and the objects for which said COM
pany shall be formed; the amount of the
capital stock Of said company; the term
of it's existence, not to exceed twenty
years; the number of shares of which
the said stock shall consis; the num-
Der of trustees, and their names, who
shall manage the concerns of said COM
pany for the first year; and the name of
the place in said district in which the
operations Of said company are to be car
ried on.
When the certificate shall have been
filed, as aforesaid, the persons who shall
have signed and acknowledged the same,
and their successors, shall be a body poll
tic and corporate in fact and in name, by
the name stated in such certificate, and by
that name have succession, and be capable
of suing and being sued in any court of
law or equity in this District of Columbia;
and they and their successors may have
common seal, and make and alter the
same at pleasure; and they shall by their
corporate name be capable in law of pur-
chasing, holding and conveying any real
or personal estate whatever which may be
necessary to enable the said company to
carry on their operations named in such
certificate, but shall not mortgage the
same, or give any lien thereon, except in
said company.
The stock, property and concerns Of
such company shall be managed by not
less than three nor more than nine trust
ees, who shall, respectively, be stockhold-
ers, and majority of whom shall be citi-
zens of the District of Columbia, who
shall, except for the first year, be annu-
ally elected by the stockholders, at such
time and place as shall be determined by
the bylaws of the company; and
public notice of the time and place of
holding such election shall be published,
not less than thirty days previous thereto,
in the newspaper printed nearest to the
place where the operations of the said
company shall be carried on, and the cleo
ton shall be made by such of the stock
holders as shall attend for that purpose,
either in person or by proxy. All the
elections shall be by ballot, and each stock
holder shall be entitled to as many votes
as he owns shares of stock in said COM
pany, and the persons receiving the great
est number of votes shall be trustees; and
when any vacancy shall happen among
the trustees, by death, resignation, or
otherwise, it shall be filed for the remain
der of the year in such manner as may be
provided for by the bylaws of the said
company.
In case it shall happen at any time that
an election of trustees shall not be made
on the day designated by the bylaws of
said company, when it ought to have been
made, the company for that reason shall