New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-05
LAWS OF THE STATE OF LOUISIANA.
PUBLISHED BY AUTHORITY.
EXTRA SESSION OF 1870.
AN ACT

Railroad Company, and granting aid t.
the same.
SECTION /. Be it enacted by the Senat
and House of Representatives of the Stat,
of Louisiana in general assembly convened
That M. M. Grady, r. G. Short, Jame
johnson, George C. Benham, w. r. Fish,
b. Guthrie and A. j. Berlin, their associate
and successors, are hereby created bod,
corporate in deed and in law, to be know
by the name and title of the Arkansas ant
Delta Railroad Company, and by that nam,
shall be able to sue and be sued, plead ant
be implicated, shall have perpetual success
sion,- and make and have common seal
and the said corporation is hereby author
lied and empowered to lay out, locate con
struct, equip and thereafter to own, main
tain, operate and enjoy continuous single
or double track railway from point on the
line of Arkansas and Louisiana, which is
the proposed Southern terminus of the
Little Rock, Pine Bluff and New Orleans
railroad, between the Ouachita and Missis-
sippi rivers, in the State of Louisiana, to
Delta, in the parish of Madison, Louisiana,
and by such route as said company shall
deem most direct and practicable, the object
of this act being to facilitate and secure
the establishment, within the shortest prac-
ticable time, of a continuous railway com
munication between the city of New Orleans
and the city of st. Louis.
SEC. 2. Be it further enacted, etc, That
the capital stock of said company shall be
fixed at five millions of dollars, in shares of
one hundred dollars each, and the stock of
said company shall be deeIued personal
property, and shall be transferable on the
books of the company at such transfer
office as the company may establish, and
under such rules and regulations as the
company may prescribe.
SEC z Re IL furthar acfad That
the president of the company is the officer
designated as the person on whom legal
service of all process against the company
may be made, and said service may be
made on the president in person, or left to
his address, at the office of the company at
its domicile, with any of its officers.
SEC. 4. Be it further enacted. etc.. That
said corporators, or their assigns, shall be
and they are hereby constituted Board of
Commissioners, with the powers herein pre-
scribed for them, and shall act as such com
missioners until Board of Directors shall
be elected by said company, as hereinafter
provided, and no longer; and said commits
sloners shall have power to appoint, from
their own number, a president, secretary
and treasurer, and may appoint and fix the
compensation of all such agents as they may
deem needful to enable them to perform the
duties hereby committed to them; and said
commissioners shall cause books to be kept
open in New Orleans, and at such other
places as they may deem proper, to receive
subscriptions to the capital stock of said
company, and shall fix The amount of the
first installment payable on such subscrip-
tons, and may cause to be made prelim-
nary survey of the railway by this act au-
thorized to be constructed, with estimates
of the cost thereof. Said Board of Commits
'sioners shall keep record of its proceed
ings, and its acts shall be determined by
vote of its members, each member being en-
titled to one vote. A majority of said COM
missioners shall constitute a quorum for
business.
Sec. 5. Be it further enacted, etc., That
in order to provide means to defray the ex-
penses of said Board of Commissioners in
executing the trust.by this act committed
to them, they are hereby authorized to issue
in the name of said company certificates of
Indebtedness signed by the president, sec
rotary and treasurer of said Board OF Com
mlssloners to such an amount, and to sell
and dispose of the same at such rates of
discount as they may deem proper and ex-
pedient, and such certificates shall be re-
ceivable at par in payment of any subscrip-
tons to the capital stock of said company
SEC. 6. Be it further enacted, etc, That
so 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 to call a meeting of the
stockholders of said company for the cleo
ton OF a board of nine directors, and such
meeting shall be held at a time and place
to be specified in such call for the
purposes of such meeting. All persons who
shall then have subscribed to the capital
stock of said company shall be deemed
stockholders, and shall be entitled to cast
one vote, either in person or by proxy, for
every share of said stock subscribed for and
held by therl respectively; but at all other
and subsequent meetings of the stockholders
of said company, every stakeholder shall be
allowed TO cast. in person or by proxy, one
vote only on each share q capital stock
which he has owned and held for the period |
of three months last preceding such meet |
ing. Said Board of Commissioners shall |
prescribe rules for the election of directors
at said first meeting of stockholders,
and shall receive and count the votes
cast at such election, and shall GER
tify the result thereof over their signature,
and such nine stockholders voted for as
shall receive the highest number of votes
cast at such election shall be directors of
said company until their successors are
chosen and qualified; provided, that no per-
son shall be eligible as such director who is
not the owner of at least fifty shares of said
capital stock. The directors so elected shall,
before entering upon their duties, take and
an oath or affirmation that they |
will faithfully and to the best of their |
ability perform their duties as such direct |
ors; and thereupon the functions of said |
Board of Commissioners shall cease and |
and thereupon the directors shall |
choose from their own number president, |
and shall have power to appoint such other
officers and agents as in their judgment the |
of the company may require, and I
may make such rules, regulations and by |
laws for the government of its officers and
the management. of its business as they
may deem expedient, and may determine
when the subscription books hereby |
authorized to be opened for subscrip-
ton to the capital stock shall be
closed, and may fix the time and
place for holding annual meetings of
for the election of directors,
may fill vacancies that may occur IN their
board, and may in the name and on behalf
of said company make such contracts, enter
into such engagements, and do and perform
all such acts as they or a majority of them
may deem proper, convenient or necessary
for the accomplishment of the objects for
which said company is created. The Board
of Directors shall require the treasurer to
give bond and security in such amount as
may be fixed by the bylaws of the company;
they shall have the right to fix the compen
sation of the officers, and to remove any of
them by vote of three-fourths of the
Board of Directors.
SEC T. Be it further enacted, ETC., That
said Arkansas and Delta Railroad Company
be and the same is hereby authorized and
empowered to enter upon, purchase, take
and hold any lands that may be necessary
and proper for the construction and uses
of said railroad not exceeding one hundred
feet on each side of its centre line, together
with such other lands and premises as may