New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-06-29

diately appoint one Of their number to be
president of the board of directors, and
also appoint Q treasurer of said company.
In the absence Of the president, q majority
of said directors may appoint president
pro tempore; and majority of said d.
rectors shall constitute quorum for the
transaction of business.
SEC. 4. And be it further enacted, That
said directors may fill any vacancy which
may happen in their own body during the
time for which they are elected, and in
| case of the death, resignation, or disquali-
ficttion of the president or treasurer, to
| fill the vacancy, to serve for the residue OF
the term and the stockholders, on the
first Monday of January in each and every
year thereafter, shall elect by ballot. at
the Office of the said company, a 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 year
from the time Of their election, and until
their successors are elected and 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 Get 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 aud height, for the accommoda-
ton of pedestrians.
SEC. 6. And be it further enacted, That
the treasurer of said company shall, be-
fore be acts as such, give a 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 direct lors 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
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 To grounds,
and for the construction Of buildings.
stands, stalls, and all necessary fixtures;
to appoint general superintendent and
other laborers, and to atfix 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
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 therefor) of the aforesaid buildings
and fixtures and whenever the president
md directors and the owners Of said pro-
oerty 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
choose third one, who shall proceed to
7alue the buildings and fixtures, and de-
'ision Of majority of the three shall be
inal as to the value of said properly, and
he amount SO agreed upon shall be paid
o the owner thereof before the same is re-
moved from the grounds aforesaid. That
n case the owner of said property will
leither sell said property nor choose an ar
'itrator, as aforesaid. to value said pro-
erty, after ten days notice so to do, then,
n 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. IL. And be it further enacted. That
he said company shall, within sixty days
rom the time it gets quiet and peaceable
osses zion of the real estate men
Toned 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
uildings. shall be fully completed within
wo years or less from the commencement
hereof; or in case said company shall not
commence said buildings within the time
fOresaid, 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, and should the said
ompany fail to comply with any of the
onditions of this act for the space of six
consecutive 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. IL. And be it further enacted,
hat the privileges conferred by
MS act shall be enjoyed by said company
Dr. the term of ninety-nine years, unless
ooner terminated for noncompliance or
buse Of the conditions herein imposed A.,
pom said company, which may be done
Of he |
} recover possession of said property.
the end of said nerind of ninetv-nina