New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-19
NO. ts:s.
AN ACT
To incorporate the Mississippi River .Packe
Company.

To incorporate the Mississippi River Packet
Company.
SECTION l. Be it enacted by the Senate
and House OF Representatives OF the State
of louisiana General Assembly convened.
That Benjamin Montgomery, g. q. Ar
.oine, Anderson Lewis, George l. ke'so, ).
.CammacH, z. B. S. Pinchback, James W.
Mason. Charles D. FreIson, S. P. Wilson,
~. j. Monette, Il. j. Bontsiner. William
) johnson, P. G. Deslonde, Curtis Pollard,
y A. E. Barber and their associates. success
sors and assigns, are hereby created ana
constituted a body corporate. tor the pur-
poses and with the privileges and rights AS
hereinafter set forth.
Article l. The said body corporate sha'l
be known under the name and title OF the
Mississippi River Packet Company, and by
this title il shall acquire property, sue ana
be sued, and shall enjoy and exercise all
the powers and rights OF u body corporate
under the laws Of Louisiana
art. II. The domicil Of the company
shall be in the city Of New Orleans.
Art. III The object of this company is
to construct or otherwise to procure and
maiatain one or more STEAMBOATS, to run
and navigate the Mississippi river. or its
tributaries, for the purpose OF carrying
freight and passengers.
Art. ". The capital stock of this conf
pany is hereby fixed at five hundred tnGu-
sand dollars, represented By five thousand
shares of one hundred dollars each, trans
ferable on the books of the company, and
each share shall be entitled to one vote in
all meetings OF stockholders. Ten per cent
to be paid when the amount OF two hun
dred thousand dollars is subscribed, and
the remainder shall be paid at the time and
in the manner prescribed by the Board
of Directors: Provided, That no more
than ten per cent OF said sub
scription shall be called for at any time, and
not oftener than once in sixty days. The
capital stock may be Increased 20 an amount
. not exceeding one million of dollars by a
y vote representing two-thirds Of the capital.
Art. Y. Three-fourths of the stockholders
in CAPITAL shall have the power to W nd up
and settle all affairs of the company at any
time during its existence, or Of making
eucn notifications, additions or changes to
this act, on giving thirty days previousno'
tice in two of the newspapers published Ia
this city.
Art w The Board of Directors at an
early day shall proceed to elect the officers
of the company, which shall consist OF q
President, President, Treasurer, Secre-
tary, ana such other officers as they may
deem necessary.
Art WI. The term for which this CON-
pauyis formed shall be twenty-five years,
A'9. VII. The regular meetings OF tne
stockholders of the company shall De heid
annually, commencing ON the first Monday
of December, 1871, at which time major
ity, IN capital, shall choose fifteen of their
number to serve as directors for the ensuing
year, who shall form and constitute Board
of Directors for the management of the af-
fairs of the company for the following year,
Or until their successors are elected as afOre
said. The persons named in section one ofthis
act shall constitute the first Board OF Direct.
Ors, who shall serve until their successors
are elected, as provided for in this section.
Art. X. A failure to elect Directors at q
regular meeting of the stockholders Shall
not dissolve the CO rpany, but the Directors
then il otce shall continue to exercise
their functions until a new board is elected.
Seven members of the Board of Directors
shall fern a quorum TO do business,
!. and the Board of Directors shall have
power to make and adopt all Heces
sary rules and bylaws for the govern
ment of the company; provided the same dc
not conflict with the true intent and mean
ing of this " act of incorporation" and the
laws of this State. The Board of Directors
may declare dividends from time to time, as
they may deem advisable.
Dirt. <. If any director shall cease to Do q
stakeholder during his term of Office, it shall
be declared vacant; or in the event of the
death, permanent absence or resignation oi