New Orleans Republican., 1871-03-21

ton. and shall, in the first instance. be
erected TO serve one year; and thereafter
the directors shall be elected annually, at
such time and in snch manner as the by
laws OF the corporation may prescribe; and
said directors shall, at their first meeting.
proceed to elect two of their number. who
shall be respectively president and vice
president of the corporation forthe year.
SCI. D. lie it further enacted. etc. That
the directors shall have power to make all
such bylaws not inconsistent with the laws
of the State or United States as they NAV
deem necessary for the conduct and man
agcment of the business and affairs of the
corporation, the holding Of tn" elections.
the transfer of stock and of subscriptions
thereto: which bylaws from time to time
may be amended, added to or altered by
the directors for the time being. A ma
lority OF SAID directors shall constitute a
quorum Tor the transaction of business. and
shall nave power to appoint and remove all
clerks or labOrcrs necessary or requisite to
carry ca the business of said corporation,
ana TO tlli any vacancies in their number
occasIoncd by death or csiyuation. or
otherwise
SEC. !. BE it further enacted, etc. That
{. +. Crcecy. l.. A. Sheldon, Lewis Wolf
ley. George +. Sherman. j. w. Fairfax, Is.
Is. Campbell are hereby appointed cominiS-
>lonerS To receive subscriptions to the cap
ital stock OF this corporation, at such time
and place rs they may appoint, 10y giving
one week. notice thereof by publication i'll
two daily papers Published IN the city of
New Orleans. Louisiana; and such sub
scriptons shall be payable at such time
and III such manner and installmrnts as the
said commissioners may determine: and in
case of default the corporation may enforce
The pa ymrnt of such subscription by action
or the stock with all payments which have
been made thereon shall be forfeited to the
Use of said corporation.
SE.'. :. BE it further enacted ETC. Tha.
said corporation shall have power to issue
bonds. payable twenty-five years from date
of lSslc thereof. or redecnabr at pleasure
by giving thirty days public notice in at
least two daily papers i'll the city of New
York, and two i'll the city OF New Orleans
Louisiana: said bonds to bear eight per cent
interest, payable annually, at the office of
the corporation. i'll the city of New Orleans.
Louisiana. Each bond shall be for the sum
OF one thousand dollars. and the amount So
issued shall not at any time exceed the cap
ltal stock of said corporation. The president.
superintendent and secretary of the corpora
ton shall sign each and every bond. and to
each shall be attached the corporation seal:
and said bonds shall bea first lien and mort
gage on all the property, right, title or inter
est belonging to said corporation.
u.
there shall be retained. annually. from the
profits of the corporation. an amount equal
to five per cent of all outstanding corpora
tion bonds. The fund thus established shall
be known as the sinking fund.- and there
shall be Il separate and distinct account
kept of the same. If. from any cause there
should be IA failure of annual profits. an
assessment shall be made [uponl the stock
to provide for the said sinking fund such def
pia St ball
be enforced as provided for subscriptions in
section seven: provided. that whenever said
fund shall equal the outstanding bonds. no
retention or assessment shall be made there
for. Said fund is for the redemption of the
bonds provided for i'll section eight, and
may be used for that purpose at any time
BY order OF Il majority OF the directors.
SEC. 10. Be ii further enacted etc. That
when there shall be deposited with the
Treasurer of the State. security given TO
and approved by the Governor. and in
amount equal 10 the principal OF the bonds
issued and outstanding. and the interest OF
the same for one year. the Governor shall
indorse upon the back of each bond The
payment OF the principal of the within
bond. when due, and of the interest there
on was ii accrues, is guaranteed by the
State OF louisiana, pursuant to the pro-
visions OF the act Of the General Assembly
authorizing such guarantee. The great
seal of the State shall then be affixed and
certified by the Secretary of State. The
Governor shall have power az any time tor
good and valid reasons. - cause said Securi-
ties to be changed or rene wed. and in case
OF falire on the part OF the corporation to
change or renew said securities. 10 maintain
the sinking fund. provided i'll section nine.
or 70 pay the interest as it falls due official
notice shall be given by the Governor to the
corporation OF such failure. and thirty DAYS
thereafter. such failure still existing. the
Governor shall be and is hereby empowered
10 appoint receiver. and through him. at
the expense of the corporation. to admins
ter upon the effects OF said corporation. and
to cali in the outstanding bonds. ANY de-
fcency that exists over ani above the cor
poration assets shall be collected from the
securities deposited with the State Treas
urer. Should surplus remain from said |
assets. it shall he transferred from the re. |
ceiver to the president OF the corporation. |
SEC. Ii. Be it further enacted. etc. That |
the security may consist OF either bank i'll |
dor>emment or other good and solvent |
bonds and shall be given in the form FOL
lowing. viz
For and in consideration of the indorse-
ment and guarantee OF the State of Lou
isiana. to be given under section ten OF the |
act approved Oh the - day OF --.
1871, to the bonds of the Louisiana Ware
house Company, numbered from one to
inclusive. and for the sum of one |
dollars. we -- do hereby |
bind ourselves. our heirs and legal repre- |
sentatives, i'll accordance with said section |
Of said act, to the Governor of the State.
for the sum of one thousand aud eighty |
(Sl0SO) dollars. to secure the State against |
any loss whatsoever. that may arise bv |
reason of said Endorsement and guarantee
In witness whereof. we have this -
day of ----. 1871. signed our names |
and attached our seals.
Witnesses --$$::::: !: ;: ;:
Each surety to this bond shall take oath |
before an authorized officer. follows:
---- of the city of Now Orleans |