The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1871-05-27

chises and privileges, in the same manner
as If the said deed or act had been made or
done before his death by the deceased or by
legal owner of full age, and such execu-
tors, administrators, guardians and trustees
shall account to those interested in the
same manner in which they are bound to
do for any other act of their administration
Sec. s. Be it further enacted, ETC., That
said company be and is hereby authorized
and empowered, from time to time, to bor-
row money or to purchase property, as
aforesaid, upon its own credit, for the pur-
pose for which it is organized and as evi-
dence of the indebtedness of said company.
for such loans, or the purchase of property,
may issue its corporated bonds or prom
| issory notes, bearing interest at the rates
to be fixed by the direction, and to secure
| the payment of said bonds and notes, may
mortgage or pledge its capital stock, fran
| chises, rights and privileges, and its real
and personal property, Of whatever nature it
may be, or any part or portion of the same !;
and that itmay be by its president, Or 9TH
er officers or agents duly authorized, sell
| and transfer its charter of incorporation,
with all its capital stock, rights privileges
| and franchises, and all its real and personal
assets, at such times and places, and at
such rates, and for such prices, either
| within or without the limits of the State,
| as in the judgment of said company, or its
directors shall best advance it's interests !;
and ifsuch bonds, notes or stock are thus
sold at discount such sales shall be in
all respects valid and binding upon the
company, and such stock, bonds or notes
shall be as valid for the par value thereof
as if the same had been sold at par value
Sec 9. Be it further enacted, etc, That
if any person or persons shall willfully or
maliclously do Or cause to be done any act
or acts whatever, whereby any building,
construction or work Of said company, or
any machinery, engine, canal, or dam [or1
pipes, or any structure whatever, or any
matter or thing appertaining to said com
pany shall be stopped, obstructed, impaired,
weakened, injured Or destroyed, the person
so acting shall be deemed guilty of a mis-.
demeanor, and shall forfeit and pay to the
company double the ssamount of damages
sustained in consequence of such otfenses
or injuries, to be recovered in the name of
the company with costs of suit, by action
of debt, and such offender shall also be
subject to indictment, and shall be SEN
fenced on conviction, at the discretion of
the court, to imprisonment in the parish
Jail or the State penitentiary, for a period
not exceeding two years, and to fine
not exceeding one thousand dollars, for the
benefit Of the State, in all cases where such
offenses shall not have been provided for
by existing laws.
SEC 10. Be it further enacted, etc, That
this act shall be favorably and liberallv
construed, so as to serve all the purposes
and objects of the same, and the fulfillment
of the provisions thereof.
Sec. II. Be it further enacted, etc.. That
the directors of this company, when pur-
chasing property, rights, privileges, fran
chises and servitudes necessary for the
business of said company, are hereby au-
thorized and empowered, should they deem
it advisable, to issue stock to the amount
of the value thereof in payment therefor;
and the stock so issued shall be declared
and taken to befull stock, and not liable
to any further calls; but in all statements
and reports of the company, to be published
or submitted to the stockholders, this stock
shall not be stated or reported as being is
sued for cash paid in to the COMPANY. but
shall be reported in this respect according
to the fact. The stock of this company
shall be deemed personal estate, and shall
be transferable in such manner as shall
be prescribed by the by laws of said COM
pany but no share shall be transferable
until all previous calls thereon shall have
been fully paid in, or shall have been de-
clared forfeited for the non-payment of calls
thereon.
Sec. -. Be it further enacted, etc, That
this company shall annually, within twenty
days from the first day Of January, make a
report, which shall state the amount of
capital, and the proportion actually paid in,
and the amount of its existing depts, which
report, embracing particular amount of
all its assets and liabilities, in minute de.
tail, and full statement of its affairs, shall
be signed by the president and majority
of the directors, and shall be certified by
the oath of the president Or secretary of
said company, and filed in it's office, sub
ject to the inspection of any one of its stock
holders and if said company shall fail to
do so, all the directors of the company, ex-
cept those who have protested in writing
against such omission, shall be jointly and
severally liable for all the debts of the
company then existing, and for all that
shall be contracted before said report shall
be made.
Sec. 10. Be it further enacted, etc., That
if the directors of this company shall de-
clare and pay any dividend when the COM
pany is insolvent, or which would diminish
the amount of its capital stock, they shall
be jointly and severally liable for all the
debts of the company then existing, and
for all chat shall be thereafter contracted,
while they shall respectively continue in
office provided that if any Of the directors
shall object TO the declaring of such divi-
dend, or to the payment of the same, and
shall, at any time before the time fixed for
the payment thereof, file certificate of
their objection in writing with the secfeta.
ry of the company, they shall be exempt
from the said liability.
SEC. IA. Be it further enacted, 4c., That
if any certificate Or report made, or public
notice given by the officers of this company,
in pursuance of the provisions of this act,
shall be false in any material representa-
ton, all the officers who shall have signed
the same knowing it to be false, shall be
jointly and severally liable for all debts
of the company contracted while they are
stockholders or officers thereof If the in
debtedness of this company shall at any
time exceed the amount of its capital stock,
the directors of said company asserting
thereto shall be personally and Individually
liable for such excess to the creditors of
the company. !
Sec. Is. Be itfurther enacted etc, That
it shall be the duty Of the directors of this