New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-02

may happen in their own bedy during tn
time for which they are elected. and i
case of the death, resignation, or disquali
fc.tion OF the president or treasurer, x
ill the vacancy, to serve for the residue O.
the term; and the stockholders, on thu
6rst Monday Of January In each and every
year thereafter, shall elect BY ballot, o.
the Office OF the said company, q new board
| 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 yeal
from the time Of their election, and unit
their successors are elected aud qualified
Each stakeholder shall be entitled to one
vote for every share of stock held by him
or her at the time, which may be given by
the stakeholder, or by proxy, at any gen
eral or special election, of which general
or special election notice shall be given by
advertisements in one or more of the daily
newspapers in said city ten days previous
thereto.
SEC. 5. And be it further enacted, That
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 Is
the bylaws of the company shall pre-
scribe; and the shares held by any indi-
viduai 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. 8. And be it further enacted, That
the said president and Direct lors Of said
company shall have power to demand and
receive of the stockholders the remaining
nire-tenths of said stock from time 10
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 Ssockholder 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 general superintendent and
other laborers, and to afix the amount of
for labor, as we'll as for all
furnished said company, aud to
DO 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 q 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
nd 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 a de-
ision Of majority of the three shall be
nal as to the value of said properly, and
be amount so agreed upon shall be paid
moved from the grounds aforesaid. That
a 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 noticeso to dc. then,
q 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
or stores, halls, market grounds, stands,
tails, and other purposes, and all market I
uildings, shall be fully completed within
wo years or less from the commencement
hereof or in case said company shall not
ommence said buildings within the time
or, having commenced, shall fail
D complete the same within the time afore-
aid. or ihaving completed the same,
hall permit the same to get out of repair
r become dilapidated, ana should the said
ompany fail to comply with any of the
onditions Of this act for the space Of six
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. II. And be it further enacted,
hat the privileges conferred by
his act shall be enjoyed by said company
Or the term Of ninety-nine years, unless
ooner terminated for noncompliance or
buse of the conditions herein imposed
pom said company, which may be done
y suit in the name OF the United States,
, recover possession of said property.
It the end of said period of ninety-nine
ears, the said lands, with all the erec-
ons and improvements thereon, shall
evert to the United States, unless Con.
ress shall by law extend the period of
ccupation thereof by said company: Pro-
ided, That if the corporation of the city
Washington shall, after a period of
,irty years from the approval of this act,
Y vote of the councils thereof express q
esire to possess itself of the said market
uildings and grounds, Congress may au-
nor,za the cornorato autbor;tio, IN +ako