New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-16
No. 20.
AN ACT
Relstive to the Atlas Company.

AN AL
Relstive to the Atlas Company.
SECTION l. Be it enacted by the Senate
and House of Representatives OF the State
of Louisiana in General Assembly convened,
| That the Atlas Company may go into oper-
alton and into the exercise OF It's functions
when fifty thousand dollars shall have been
subscribed and secured, to the satisfaction
of majority of the corporators electing to
act, who may, with the assign[e les OF any,
| appoint to vacancies, where corporators re-
| fuse to act Or assign, or to like satisfaction
| OF a majority of all SO voting or empowered
| to act, or to that of such person or persons
| as they, or majority OF them. may have
| delegated, or may hereafter delegate, and
| empowered to organize the same, and to
receive subscriptions to the stock, and to
| fix the terms of paying the same, whose
action, after having been so delegated shall
| be valid and final, and the newspaper OF the
company shall be deemed established when
one hundred thousand dollars shall be
| secured and devoted thereto, and to the
business of printing and publishing.
or when its current expense during
the six months, beginning the first OF May
| and ending on the thirty-frst day Of Octo-
Der, or during the average of an entire
year, shall equal it's receipts, and it shall
| possess means equal to fifty thousand dol
| lars, which. or the revenue therefrOm,
| shall be devoted, or held liable to be de-.
voted to the business of printing and pub
fishing. II the newspaper shall be farmed
| out, or published by contract, as provided
| for by section third of the supplement act,
approved March nine Co., one thousand
eight hundred and sixty-pine Q869), the
company shall not be liable for the acts,
sayings, writings and doings, contracts or
engagements of the contractor or farmer,
or of those acting under him, or for any,
thing contained in the newspaper or other
publications.
SEC. 2. Be it further enacted. etc, That
at all meetings of, and all elections by
the stockholders of the company, or ma
jority in and of the stock represented, shall
be adequate to carry any vote therein; pro.
vided, that all elections shall be by ballot,
and that the polls remain open at least six
hours 10 receive votes, and that notice Of the
election, or OF the meeting, II an annual
one, or of the OBJECT thereof, if a special
| one, shall be given in all daily publications
of the newspapers OF the company for two
weeks. If there fan to be an election of di
rectors, for any canse, the old directors shall
hold over until their successors are chosen;
they may cause special meetings of the
stockholders to be called fer this or any 9TH
er purpose, and may supply vacancies in
their own body, when such intervene be-
tween the elections of full boards of direct
ors. But the existence and succession of
the company is vested in the owners of
stock, and the failure of the election or the
continuance of the directory, for any cause,
will not affect the existence of the company;
| aid the stockholders may provide for such
contingency, or tor the calling of meetings
of stockholders, when the directory does
not act or cause the same to be called, and
prescribe the qualifications of directors and
their powers, and the limitations there
of, not inconsistent with this act, and
the acts heretofore passed relating to
this company, and such agreements as may
be made in organizing the same.
SEC. 3. Be it further enacted, etc., That
the shares held by any one in said company
shall not be subject to any imposts sell
cures or forced sales; nevertheless. when
the holders Of those from whom or through
whom they may derive the same shall
have tailed to comply with the terms of
subscriptions thereof, the Board of Directors
may cause the same to be sold by any pub.
lie auctioneer to make up such residue as
may be due thereon, or may sue the original
subscriber or his assignee, or others claim.
ing under him if bound therefor, in any
case of default for such residue; or may de.
clare the shares, and all money paid there.
on, forfeited for failure to comply with the
terms of subscription, and thereafter re-
issue shares to those who shall make full
satisfaction for the same, but from the
holder who has made full satisfaction or
payment no further demand can be made.
Sec. 4. Be it further enacted. etc, That
said Atlas Company may, by purchase or
cessiOn from ANY body corporate, Or natural
person possessing property, franchises,
powers or immuDlties, or under any sale of
the same made by authority oflaw, acquire,
and thereafter it shall possess, enjoy, exer-
else, use and have, all such property, fran.
chises. powers and immunities, and these
II n tharGnnny rnot1 I'M fv,l1r
pletely as heretofore they did in the
body corporate or person SO having pos
sessed the same.
SEC. S. Be it further enacted, ETC., That
whenever it shall be desired by any of the
stockholders to form sub associations or de-
partmen,s for special purposes within the
purview and compass of the charter and
statutes relative to this company, without
participation in the general profits and liza
Dilities of the company, and they shall Pc
tition the stockholders for the same,
majority of the stockholders may authorize
such association or department to be so
formed, upon such terms, conformable to
the requirements of the charter and
of the agreements made in organizing
the Atlas Company, as such majority of the
stockhol ders may stipulate for the said
company, and for the good faith and wise
management of such suo.association or de-
partmeut; and the required stock, already
subscribed or to be subscribed for such
purpose, shall thereupon be set apart for
that purpose, and advertisement shall be
duly made for six months in the newspaper
of the company, by the president and sec
rotary of the company, that such suo-asso-
ton or department does not participate in
the general profits or liabilities Of the COM
pany, but solely in its own.
(Signed) MORTIMER CARR,
Speaker of the House of Representatives.
(SignedD OSCAR J. DUNN,
Lieutenant Governor and President of the
Senate.
Approved March S, 1870.
(Signed) II. G. WARMOTH,
Governor Of the State of Louisiana.