New Orleans Republican., 1871-03-21
No. H..
AN ACT

AN ACT
To promote the intcres. of commerce by
establishing the louisiana Warehouse
Company, and guaranteeing the bonds
thereof
SECTION /. Be it enacted by the Senate
and House OF Representatives OF the State
OF Louisiana in General Assembly v convened
That l.. A. Sheldon, j. X. West, 4. Parish
Joseph Hernandez, Lewis Wotley. James
+. Casey, w. X. Young, and their associates.
and all other persons who may hereafter be
holders of the stock herein mentioned are
hereby constituted body polite and cor
porate, by the name of the Louisiana Ware
house Company, whose domicile shall be
in the city of New Orleans. for the purpose
Of owning, leasing holding, erecting and
maintaining warehouses. and for the carry
ing the general business Of warehouse
men and tOrwarders, within the limits Of
the State Of Louisiana. The corporation
hereby created shall exist for twenty-five
years, with power to sue and be sued. to
make and use il common seal and alter the
same II pleasure.
SEC. :. BE it further enacted. etc. That
the corporation hereby created in and by
their corporate name, shall have power in
and for the prosecution of the aforesaid
business. to hold and acq uire any real or
personal property, by purchase or lease:
and from time to time to sell assign transfer
: bat this corporation is hereby expressly pro-
hbitcd from buying or selling any goods
wares or merchandise, or other property as
dealers or on commission.
SEC 3. BE it further enacted, etc. That
the sa, corporation is hereby authorized to
charge. receive and collect the usual and
customary rates Of storage for the use of
their warehouses. and the machinery or
elevators Herewith connected. or means of
transportation by it employed; and is also
authorized to charge and receive and collect
all other charges and expenses incurred or
to be incurred for labor or otherwise. in the
receipt. delivery, storage. keeping. or Gus
tody OF goods, wares, merchandise. or other
property received by. or stored with it: and
is a. 30 authorized to make advances upon
all goods, wares. merchandise. or other
property which may be received by or stored
with it. or upon any bill of atling, store
keepers or inspectors certificate. order for
the delivery of goods, or other document
showing possession. or the right thereto
upon such terms may be lawfully
agreed upon by the citizens of this
State. except that said corporation may
charge not to exceed one per cent per
month on all moneys advanced by them in
the usual course of its business: and it is
also authorized to charge such commissions
ami to make such other charges as are usual
and customary; and it is hereby enacted
that all of such charges, expenses. advances
and commissions and interest shall be lien
on the said goods. wares. merchandise. bills
Of lading, stOrekeeper's or inspectors GER
tificates. order for the delivery OF goods or
other documents showing possession or the
right thereto, or other property, or upon
any goods, wares, merchandise, bills of
lading, stOrekeepers or inspectors certiti
Gates. orders for the delivery Of goods, or
other documents showing possession or the
right thereto, or other property belonging
to the party or parties by whom said
charges. expenses, advances and commits
sions and interest are due. or accruing.
which may be in the custody or possession
of the Louisiana Warehouse Company. or
to which the said Louisiana Warehouse
Company may have the right of possessions:
and if the said charges expenses. advances,
commissions and interest, or any Of them.
or part of any of them, shall remain unpaid
when the same are or Is payable. or If there
has been any breach of any of the terms
of any agreement made i'll relation
to advances, or in relation to any of
the particulars hereinbefOre referred to. the
said goods. wares, merchandise or other
property in possession OF said Louisiana
Warehouse Company. either in fact or by
virtue of documents as aforesaid. showing
possession or the right thereto. and upon
which the said charges, expenses. advances:
commissions and interest. or any part OF
them, or either of them, may be lien as
aforesaid. or so much thereof as may be
sufficient to satisfy the said amount OF said
charges, advances, expenses, commissions
and interest, may be sold at public auction
in one or more lots, or parcels on one or
more days: and ten days notice OF
the time and place Of such sale or
sales shall be given i'll at least three
of the daily newspapers printed Ill the
city of New Orleans. except in cases
where said sale or sales having been once
how 1,nn do
which case or cases notice shall be given OF
sucii deferred sale or sales, twice week. III
three daily papers as aforesaid. until the
day or days of sale. and on SAID day OF
sale. or such other means of public notice
as the city or town or place OF business may
afford; and after making such salc or sales,
ami receiving the proceeds thereof. the
SAID Louisiana Warehouse Company. after
satisfying the amount of its claim or claims
as aforesaid, and all expenses of said sale
or sales. may retain the balance until the
whole account between the parties is closed.
or. if the same can then be closed. then
shal. forthwith close the same, and. after
satisfying all its claims as aforesaid. shall
pay over the balance. if any. to the party
or parties entitled to receive the same.
SEC L. Be it further enacted. etc. That
the capital stock Of said corporation shall
consist of three hundred thousand dollars.
divided into three thousand shares OF one
hundred dollars eacn. Whlcn snail DC
deemed personal property. and be transfer
able as such in the manner the bylaws may
prescrihe Said corporation may commence
business and shall be deemed fully organ
lied when the sum of twenty thousand dol
lars shall have been paid in on the capital
stock. in cash The capital stock may. by
atwo-thirds vote Of stock, be increased not
to exceed five times the original stock.
SEC ). BE it further enacted. etc. mat
tho fnan lf.,rs
Of this act as soon as two hundred thousand
dollars of the capital stock shall be sub
scribed, are hereby authorized to caii "a
Meeting OF the stockholders of this corpora
ton, and said incorporators shall be eX ON
clio directors of said corporation until
permanent organization shall be effected. as
Prescribed ia the preceding section: there
shall then be an election Of directors, nine
IN number; each director must hold in his
own name, or in the name of the corpora
ton or firm Of which he is a member, at
least twenty shares Of stock of this corpora