Semi-weekly Louisianian. [volume] (New Orleans, La.) 1871-1872, 1871-08-27

initISdsto them; and said commits
siqneH shall cause books to be kept
open in New Orleans, and at such
other places as they may deem pro-
peeaqr0ive subscriptions to the
capital stock OF said company, ard
shall fx the amount of the first in
stannsnt payable on such subscrip-
tons, and may cause to be made a
preliminary survey Of the railway
by this.act authorized to be con-
vtructed, with estimates Of the cost
thereof. Said Board Of Commits
sioners shah keep a recordof its pro-
esedinas, and itsacts shall be deter
mined by a vote of its members,
each member being entitled to one
vote. A majority Of said commits
sioners shall constitute a quorum
for business.
Sec. 8. Be it further enacted, ETC.,
That in order to provide means to
d4fray the expenses Of said Board
0fOommissi6ners in executing, the
txpst by this act committed to
thsm, they are hereby authorized
aissue in the name of said COM
pany certificates Of Indebtedness
signed by the president, secretary
and treasurer of said Board Of Com
missioners to such an amount, and
to sell and dispose Of the same at
such rates of discount as they may
deem proper and expedient, and
such certificates, shall be receivable
at par in payment of any subscrip-
tons to the capital stock Of said
company.
Sec. 6. Be it further enacted, etc. I,
That's soon as ten per centum OF the
capital stock of said company shall
be subscribed It shall be the duty Of
the said Board OF Commissioners %
call a meeting Of the stockholders
of said company for the election Of
a board of nine directors, and such
meeting shall be held at time and
placs,to be specied in such call for
the purposes of such meeting. AL
persons who shall then have sub
scribed to the capital stock of said
company shall be deemed stock
holders, and shall be entitled to cast
one vote, either in person or by
ureRy, for every share of said stock
suDsciibed for and held by them
respectively; TpaI az Al ssl.r ond
subsequent meetings of the stock
holders OF said company. every
stockbolder shall he allowed to cast,
in person or by proxy, one vote
only on each share OF capital stock
which he has owned and held for
the period OF three months last pre-
csding such meeting. Said board
OF commissioners shall prescribe
rules for tho election Of directors at
said first meeting OF stockholders,
and shall receive and count the
votes cast at such election, and shall
certify the result thereof over their
signature, and such nine stock
holders voted for as shall receive the
highest number of votes cas-, at such
election shall be direcNrs Of said
company until their successors are
chosen and qualified; provided, that
no person shall be eligible as such
director who is not the owner OF at
least fifty shares ofsaid capital stock.
The directors 50 elected shall, be-
fore entering upon their duties, take
md subscribe an oath or affirmation
that they will faithfully and to the
best of their ability perform their
duties as such directors; and there
upon the functions of said Board of
Commissioners shall cease and ter
and thereupon the directors
shall choose from their own number
4 president, and shall have power
to appoint such other officers and
agents as in their judgment the in
terests Of the company may require,
and may make such rules, regula-
hons and bylaws for the govern
ment Of its officers and the manage
ment Of it's business as they may
deem expedient, and may determine
when the subscription books hereby
authorized to be opened for sub
,cription to the capital stock shall J
De closed, and may fx the time and
place for holding annual meetings
IF stockholders for the election of