The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1871-04-15

ercise and enjoy all rights and privileges in
cident to corporations. and, in general, to
do all other things which bodies corporate
and polite or natural persons may do, and
to maintain the same, and in the exercise
Of the powers herein granted may acquire
by purchase, gift, exchange, devise, or any
other lawful way, any movable or immova-
bic property, and may receive, buy, emit,
make, issue, subscribe to. receive assign
mentS OF, or otherwise acquire any movable
and immovable property or shares Of stocks,
bonds or oupon bills of exchange. promis.
sorry notes, subscription of stocks, scrip.
money or other chooses in action whatever,
AMI the same and such things may, at will,
through the Board of Directors OF said cor
pora:ion, or their duly authorized agents,
lease, grant, bargain, sell, convey, loan, en-.
| change, discount. or alien, as the case may
be, to such person Or persons as they may
see fiji, ana may make or receive deposits
or pledges, under such regulations as the
said Board of Directors may deem fitting
and proper for the interests of the stock.
holders. And the said corpo' alton may re
ccive from AMI execute to the stockholders
thereof, or iotheir employees rr other deal
= "l'i tifSib, any "'Nt " htSiS, may
grant annuities to them, or any Of thtm,
and my insure them, or cause them to be
insured, or an other person in whom they
may have Or take an Interest, against any
and all incidents of life, health. strength,
property or estate; and Shall be, and is
hereby, authorized to lease, purchase and
dispose Of real estate of every description
whatsoever, and shall have power to erect,
construct, operate and establish factories
and manufactures of every description on
such lands, tenements and real estate as
they may acquire or become in possession
Of by such purchase, negotiation or con
tracl, and shall have full discretionary
power to sell, dispose of or negotiate such
real estate or property in such Quantity and
parcels of latd as they maV deem suitable
to actual settlers, mutually consulting the
interests OF said company and said settlers !;
and shall have power to mortgage and make
advances on real estate, personal property,
and al collateral securities ; provided, that
in I'll such cases snch powers be executed
by the board of directors of said corpora
ton, or By agents duly authorized thereto.
SEC. 2. Be it further enacted, etc, That
tbs capital stock of Ibis corporation shall
be one hundred thouSsndd liars, which may
be increased at any time, at the will Of the
directors, to an amount not exceeding TWEEN,
ty millions Of dollars. Said capital stock
shall be divided into shares of one hundred
dollars each, which shall be deemed per.
sonal property, and shall be transferable on
the books of the corporation in such man,
l,er as il by law may prescribe.
SEC. j. Be it f4tler enacted, etc, That
this corporation shall have power to Com
mence and continue their business opera.
tons, in conformity with the powers granted
in this act, as soon as the capital stock o.
one hundred Thousand dollars shall be sub
scrihed, and of which fifty thousand dollars
shall be paid into the hands or treasury O
said directors. -ry
SEC. 4. BE it further enacted, etc, Thai
the affairs of this CORPORATION shall be man
aged by a board of twenty directors, a ma
jority of whom shall form a quorum for the
transaction Of business. The persons namef
in the first section of this act shall form the
Board of DIrec or>, from the date of The
passage If this at uttil the expiration Of
five " ars thereafter" and until their SIC
cessors shall have been daily elected With
in thirty days prior to the expiration of said
service as directors, notice If not less thar
ten days shall be given to the stockholders,
by public advertisement in any two news
papers published in the city Of New Orleans,
to meet, at such time and place as the ex.
listing directors may designate, for the pur
pose OF electlng persons to form a board Of
direct Rs, to take the place of those whose
term of office is about to expire. The per
sons chosen at any such election must be
stockholders, holding at least ten shares OF
The capital stock If this corporation, and
shall hold their places for FIVE years and un
til their successors nave been duly elected.
All elections shall be by ballot, and the
name and number of shares of each stock
holder voting shall be indorsed on his bal
lot. Every stockho der shall he e.titled to
one vote for each Share Of his stock, and he
may vote in person or by proxy. These
persons receivin- he highest number of
votes shall br declared elected, and in the
e eut Of there being a lie between two per-
SONS or candidates. both of whom can not
be directors without making the number of
the board greater than authorized in the
foregoing, the remaining members OF the
board Snail ty ballot decide which of the
two candidates so circuInstanced shall serve.
SEC. D.. Be it further enacted. etc, That
whenever a vacancy shall occur in the said
board OF directors by death or resignation,
refusal Or inability TO >erve, or by expulsion
from the board. the board shall fn the same
by vote of the majority f all the direct
crs then holding Office .
SEC. 6. Be it further enacted. etc, That
the board of directors shall have power by
a vote of two-tE.irds of the whole number
to expel any director from the board for
any cause which the hoard Of directors by
such a vote may deem sufficient grounds
for such expulsion.
SEC. Z. Be it further enacted, etc, That
at such time and places as the board of d.
rectors may at any tine after the passage of
this act designate, by public notice given in
two newspapers published in The cityof New
Orleans, book shall be 9 pened for subscrip-
tion,to the CAPT al stock Of this corporation,
and may be kept open at the will of the
board. Payment of the said stock shall be
made in such sum and at such times as
the board may require, and the board shall
have power to provide fo' the forfeiture to
the corporation of the stock of those who
may fail 10 make such payment.
SEC. s. Be it further enacted, etc. That
at the expiration of every six months the
board of directors shall make a semi-annual
statement, declaring dividend among the
st"~ckhoidersof three-nnrths of the net pro-
fit~ of the preceding six months. and the re-
mainder OF sad profits shall be reserved as
a sinking fund for the better security of de-
p%"sitors, AID for future operations, notwith-
standing sue conversion shonld increase
the capital stock to an amount beyond the
maximum sum limited in the first SECTION Of