New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-03-21
No. %.
AN ACT
GEO. +. BONEE.
Secretary OF State

TO amend and re-enact an act creating the
Mississippi River Packet Company. and
to grant state aid thereto
SECTION |. Be it enacted by the Senate
and House of Representatives OF the State
OF Louisiana in general assembly convened.
That Benjamin Montgomery. {. {. Antoine.
Anderson t. Lewis. George Y. kelso. j. j.
Mon, tie. =. G.. De>londe. Curtis Pollard, Z.
Il. :. Pinchback. J. Sclla Martin. james II.
Ingraham, A. f. Barber and their asSo-
ciat->. successors and assigns are hereby
created and constituted body corporate
for the PURPOSES and with the privileges and
rights rs hereinafter set forth.
ARTICLE I.
The said body corporate shall he known
under the name and title of the Mississippi
River Packet Company, and by this title il
shall acquire property. sue and be sued,
and shall enjoy and exercise all the powers
and rights ot Il body corporate under the
laws OF Louisiana.
ARTICLE H.
The douirie of the company shall lee in
tine city OF New Orleans.
ARTICLE III.
The object of this company is to construct
OF otherwise I" procure and maintain one
or more steamboats, to run and navigate the
Mississippi river and its tributaries. for the
purposc of CARRYING freight and passen-
gers.
ARTICLE ".
Tie capital stock of this company s here
by fixed ut five hundred thousand dollars.
represented by five thousand shares of one
hundred dollars each transferable on the
books OF the company. and each share shall
be entitled TO one vote in all meetings of
stockholders. Ten per cent to be paid when
-, Il Il
lars is subscribed. and the remainder shall
be paid at the time and in the manner pre-
scribcd bv tue board of directors. The CAPT
tai stock may be increased to an amount
not exceeding one million of dollars, by Il
v":e representing two-thirds of the capital.
ARTICLEv.
Three tourths of the stockholders i'll capi-
tai shall have the power to wind up and
settle ali affairs of the company at any time
during its existence, or of making such
notifications. additions. or changes to this
act on giving thirty days previous notice in
two OF the newspapers published i'll this
clt;.
The board of directors. at an early day.
shall proceed to elect the officers of the
company. which shall consist OF Il president,
vicc-prc>idcnt. treasurer secretary and such
other officers as they may deem necessary.
ARTICLE VII.
The term for which this company is
formed shall he twenty five years.
ARTICLE VII.
Tie regular meetings of the stockholders
of the company shall be held annual v. com
mencing on the first Monday of December,
1913. at which time majority, III capital.
shall choose fifteen of their number to serve
a. directors Tor the ensuing year. who shall
form ana constitute Il board of directors
for the management of the affairs OF the
company for the following year, or until
their successors are elected as aforesaid.
The persons named in section one of this
act shall constitute the first board of dlrec-
tors, who shall serve until their successors
are elected. as provided for in this section
ARTICLE IX.
A failure to elect directors at a regular
meeting of the Stockholders shall not
dissolve the company. but the directors
then in office shall continue to exercise
their functions until a new board is elected.
Five members of the board of directors
shall form quorum to do business. and
the board of directors shall have power to
make and adopt all necessary rules and by
laws for the government of the company,
provided the same do not conflict with the
u u' h''hl anu VI tHlS VI
corporation, and the laws of the State. The
board OF directors may declare dividends
from time to time. as they may deem ad
visable.
ARTICLEX.
II any director shall cease to be q stock.
holder during his term Of office, it shall be
declared vacated or in the event of the
death, permanent absence or resignation of
any director, the board shall have the
authority to ELI the vacancy occasioned
thereby.
ARTICLE NJ
No stakeholder shall ever be held liable
or responsible for the contracts or faults
of said company beyond the amount of his,
her or their stock in said company. nor
shall any mere informality in the orsaniza-
ton of said company have the effect of
rendering the present charter null. or of
exposing a stakeholder to any greater liza
bility than the amount Of his. her or their
stock therein.
ARTICLE XII
Should any subscriber refuse or neglect
to pay punctually his, her or their in
stallments as the same fall due, interest at
the rate OF eight per cent per annum shall
be added thereto from maturity until final
payment; and if any subscriber neglect or
refuse to pay his, her or their installments