New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-06-22

Ol0Coly 0ppOluE one Oi tuolT uuWOoI W ~
president of the board OF directors, an,
also appoint treasurer of said company
In the absence OF the president, majorit.
Of said directors may appoint a presiden
pro tempore; and majority of said di
rectors shall constitute a quorum for tn
transaction Of business.
Sec. 4. And be it further enacted, Tha
said directors may fill any vacancy which
may happen in their own body during tn
time for which they are elected. and il
case Of the death, resignation, or disquali
fication of the president or treasurer, tt
fill the vacancy, to serve for the residue o
! the term and the stockholders, on tn
first Monday of January in each and ever.
year thereafter, shall elect by ballot, a
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 stockholder 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 to
this act. and which schedule is made part
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. 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 stakeholder in like manner
as other personal property may be.
SEC s. And be it further enacted, That
the said president and direc[tlors 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
demanded, within thirty days after said
demand, 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 a general superintendent and
other laborers, and to affix the amount of
compensation for labor, as well as for all
materials furnished said company, aud to
do all acts which by tits act and the by
laws of said company they may be author
lied to do.
SEC. 10. And be it further enacted, That
the 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-
ais, within a reasonable time after the
passage of this act, the price of which
shall be agreed upon by the president and
directors of said company and the
owners Should they demand any
pay theretor) of the aforesaid buildings
and fixtures and whenever the president
and directors and the owners of said pro-
perty can not agree as to the price of said
buildings Or fixtures, then in such case the
company snail select one competent per-
son, and the owner shall select one COM
petent person, and they, the two, shall
choose third one, who shall proceed to
value the buildings and fixtures, and de-
cision of majority Of the three shall be
final as to the value of said property, and
the amount SO agreed upon shall be paid
to the owner thereof before the same is re-
moved from the grounds aforesaid. That
in case the owner of said property will
neither sell said property nor choose an ar
bitrator, as aforesaid. to value said pro-
perty, after ten days notice so to do, then,
in such case, the said company may pro-
coed to remove the same to some place off |
said grounds without being liable to an |
action for damages.
Sec. II. And be it further enacted. That |
the said company shall, within sixty days
from the time it gets quiet and peaceable |
possession Of the real estate MEL
toned in this act, commence work thereon,
and SO prosecute the same that buildings
for stores, halls, market grounds, stands,
stalls, and other purposes, and all market |
buildings. shall be fully completed within
two years or less from the commencement
thereof or in case said company shall not |
said buildings within the time
aforesaid, or, having commenced, shall fail |
TO complete the same within the time afore-
said, or Having completed the same,
shall permit the same to get out of repair
Or become dilapidated, and should the said
company fail to comply with any of the
conditions Of this act for the space of six
months, the franchise hereby
granted to said company shall be forfeited,
md the rights and privileges hereby
granted shall revert to the United States.
Sec. II. And be it further enacted
That the privileges conferred by
his act shall be enjoyed by said company
or the term of ninety-nine years, unless
sooner terminated for noncompliance or
lbuse of the conditions herein imposed
lpon said company, which may be done
~ suit in the name of the United States.