Semi-weekly Louisianian. [volume] (New Orleans, La.) 1871-1872, 1871-08-24

i'lSlt'it'- ~ SA'NtNt- az ''-A PC Di4N va
and thereafter re 7irecFcfs sIiall BE
elected annually, at such time and
in such manner as the By iaws q
the corporation may prescr. ADD
said directors shall ct tha-I first
meeting proceed to elect two Of
their number who shall be respec
lively president and vice president
Of The corporation for the year.
Sec. G. Be it further enacted, etc,
That the directors shall have power
to make all such bylaws not neon
sistent with the laAs Of the State or
United States as they may deem
necessary for the conduct and man
age,nent Of the business and affairs
of the corporation the holding OF
the elections, the transfer Of stock
and Of Subscriptions thereto; which
bylaws from time to time may be
amended, added or altered by tie
directors for the time being. A
majority Of said directors shall con,
stitute a quorum for the transaction
Of business, and shall have power to
appoint and remove I'll clerks o.
laborers necessary or requisite to
carry on the business OF said corpo-
ration. and to I'll any vacancies in
their number oceasioned by death
or resignation, or otherwise.
Sec. Z. Be it further enacted. ETC.,
That c. E. Creecy, I. 4. Sheldon.
Lewis Woidy, George T. Sherman.
J. ". Fair Ak. B. B. Campbell, are
hereby appointed commissioners to
receive subscriptions to the capital
stock Of this corporation, at such
time and place as they may appoint
by giving one weeks netice thereof
by publication in two daily newi.
papers published IN the city OF New
Orleans, Louisiana; and such SUBJ
scripdons shall bo payable in such
manner and ir such installments as
the said commissioners may deter.
mine; and in case of default the
the corporation may enforce the
payment Of such subscription by
action, Oh the stock with al! the pay.
nent. which have been made there
on shall be forfeited to the use Of
said corporation.
| Sec. s. Be it further enacted, etc.
That said corporation shall have
power to issue bonds payable
twenty-five years nom date OF issue
thereof, or redeemable Mt pleasure
by giving thirty days public notice
in at least two daily papers in the
city OF New York. and two in the
city of New Orleans, Louisiana;
said bonds to bear eight per cent
interest, payable annually, at the
Office Of the corporation ia the city
of New Orleaas, louisiana. Each
bond shall be for the sun OF one
thousand dollars, and the amount
50 issued shall not ut any time ez-
coed the capital stock Of said corpo-
ration. The president superintend-
ont and secretary OF the corporation
shall sign sach and every bond, and
to each shall DO attached the corpo-
ration seel; and said bonds shall be
a first lien and mortgage on all the
property, tight, title or interest
Belonging TO said corporation.
Sec. 9. Be it further enacted, etc.,
That there shall be retained appu-
ally from, tho profits Of the corpor-
alton an amount equal TO i've per
cent OF oil outstanding corporation
bonds. The fund thus established
shall be known as the sinking
fund.-" and there shall be a separate
rand distinct account kept OF the
same. II from any cause there
should be a failure OF annual pro-
fits an assessment shall DO made
upon the stock to provide for the
said sinking fund such deficiency as
nav exist. Said assessment shall
be enforced rs provided for snb-
scriptions in section seven; pro
vided, whenever, said fund shall
equal the outstanding bonds 10 re-
tonticn Or assesslneutehalt be made
therefor. Said fund is for the re-
demphon Of the bonds provided for
in section eight and may be used
.for that purpose at any time by Or
der OF a majority of the directors.
Sec. 10. Be i. further enacted, ETC.,
That when there shall be q deposit
with the Treasurer OF the State, SCI
ourity given TO and approved by the
Governor and in amount equal 10
the principle Of The bonds !ssued
and outstanding, and the interest
of the same for one year, the Gov
ernor shall indorse upon the back
Of each bond, THE payment Of the
/ principal OF the within bond, when
due, and OF the interest thereon
whom IL accrues ia Clarranteed By