New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-03-22
LAWS OF THE STATE OF LOUISIANA.
PUBLISHED BY AUTHORITY.
No. 40.
A ~ AlT


Fulton Railroad Company, and to grant
State aid thereto.
SECTION l. BE it enacted by the Senate
and House Of Representatives. of the State
of Louisiana in general assembly CON
vened, That j. {. Meadows, Montford
Wells. J. {. Egan, John c. Blackman and
A. }. Russell. and their associates. be and
are hereby specially made a body cor
pOratc and polite, under the name and
style of the alexandria, Homer and Full
ton Railroad Company" to run from Alex
andria. through the parish of Rapldfs' IN !.
northerly direction. through the parishes OF
Grant VIM and Benvile. to the town OF
Homer. in the parish of Claiborne: thence
to the Arkansas State line in the direction
of Fulton. in said State, and under this
maine shall exist for the term of nnetv-nlne
wears. and shall he capable for the pur-
poses enumerated in this act, and for all
other purposes incident to like incorpor;l
tons OF buying. selling and mortgaging all
kinds of real estate and other kinds of
property. of suing aud being sued i'll any
of the courts of law and equity of this
State. of having Il common seal. and of al
tering it az pleasure.
SEC >. BE it further enacted. etc. That
the capital stock of the company is hereby
fixed ut two millions of dollars. to be di
vided into shares of one hundred dollars
each, to be paid in such manner rs the first
board of directors of said company shall
deem proper
SEC. 3. Be it further enacted, etc. That
the said company is hereby authorized and
empowered to survey. locate and fix. con
struct, alter. maintain. work and repair.
with one or more tracks from and to com
mence opposite Alexandria. on the Red
river. and run through the parishes OF
Grant. Vim. BienNille and Claiborne. to
the Arkansas line, i'll the direction OF Full
ton. Arkansas, with such other branches AS
the company may deem proper and expe-
dent to create and facilitate business. 10
carry. transport and convey property and
persons and the mails troops and muni-
lions OF WAL OF the United States, any OF
the States thereof upon said road and
branches. by steam power, or any other
power or combination of powers proper to
be used thereon, and to hold and own said
road and branches, and the lands and tcne
ments attached thereto.
SEC. 1. Be it further enacted. etc. That
the said company Is authorized to accept
and receive to its use, for the purpose of
constructing. using and keeping i'll repair
said railroad, any grant. gift Donation
loan, power. franchise. aid or assistance
which may be granted to or conferred upon
il bv the Legislature of this State, or any
Of the federal States. or of the United States,
or by any person, persons or corporation,
on such terms and conditions as MAY he
annexed to or imposed on the grant thereof
SEC. D. Be il further enacted etc. That
the said company shall have the right of
way through all the lands owned by the
State of Louisiana, for the breadth of three
hundred feet on each side: and be author
lied to cut and use the timber, and such
other materials therein. rs they may require
or see fit. within one mile on either side, for
the purposes OF said road: Provided. That
this privilege OF cutting timber shall con
tinue so long as the lands shall remain the
property of the State.
SEC. +. Be it further enacted. etc. That
the business of said company shall be con
Quoted at its domicile. at Alexandria.
Rapides parish, in this State. by Il board
composed of seven directors who shall be
stockholders. five of whom shall form II
quorum to transact business. and any five
of the incorpOrators named in this act shall
open books in order to obtain subscriptions
to the capital stock of said COMPANY and
as soon as two hundred and fifty thousand
dollars is subscribed or taken. the books
shall be closed. and IA meeting called for the
purpose of electing directors to serve for
four wears, by giving five DAYS notice in
any newspaper published either at Alrxan-
dria. Homer. State of Louisiana, or Fulton
State of Arkansas: they shall hold their
office for four years. OF until their successors
in office are elected and qualified. At all
elections by the stockholders. and all their
meetings. each share shall be entitled to one
vote. Votes may be given i'll person or by
proxy.
SEC. l. BE it further enacted. etc. That
the directors, at their first meeting. shall
elC ct il president. treasurer, secretary and
superintendent, and their term of office
81, nil hat ,,t he
the end OF every four years: at their first
meeting they shall decide on the manner of
paying for the subscription of the stock Of
the company; provided that not more than
ten per cent shall he called for every month,
and in of any subscriber failing to
pay any installment on his stock as re-
quired, the board of directors shall have
the option. after thirty days noticc to the
defaulter OF torfciting the stock and selling
it for the benefit of the company. and com
polling by suit payment of so much of the
amount subscribed by him as his stock so
sold fails 10 pay and no stakeholder shall
be permitted to vote. either i'll his own
right or as proxy. nor to serve as director
while in default
SEC. s. BE it further enacted, etc. That
the said railroad company, if necessary.
may issue and dispose of the bonds bearing
such interest a. it may deem proper to
allow. payable in any city of the United
States. and having such time to run as the
hoard OF directors NAV fix. in order to raise
the necessary funds to build said road and
its branches. 1t may contract tor the fur
nlShlng OF IRON. equipments and other nrccs-
sary materials, supplies or labor, on such
credit as 1t may deem proper; NAV mort
gage the property Of the company, if ncccs-
sary to secure the payment oi such con
tracts; may make payments Of stock, and
may hypothecatc the road itself to secure
the payment of the bonds issued bv the
company
SEC. 9. Be it further enacted. etc. That
in the event of the State of Louisiana or
any one of the federal States or tho United
States, towns of Alexandria. Homer or
Fulton, should become subscribers to
capital stock of said company, that said
company may receive payment for stock in
the bonds of the State OF Louisiana. or any |
,t the federal States or the United States. |
Of the towns Of Alexandria. Homer and |
Fulton, or any other town, village or city. |
SEC. 10 BE It further enacted, etc. That |
all rules relating to the declaring of divi- |
bends or divisions of profits. and all other !
rules or bylaws for the proper and regular !
of business may be made bv |
the board of directors. Stock books shall |
be kept i'll the office Of the company. at its |
domicilc Certificates of stock shall be |
issued to the stockholders, and 10 transfer
OF stock shall be binding on the company
until made on its stock book
SEC. ii. Be il further enacted etc. That /
the president of the company. or its secre-
tary, shall be the proper persons upon
whom all citations shall be served in all
suits against the company. and may be
made. either in person, or by leaving "A
copy OF the citation or notices at the office
OF the company, i'll the hands of any of its
employees in the said office.
SEC. II BE it further enacted. etc. That