New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-04

| the company, or compelling paymehG DJ
suit therefor. No stockhOlder shall DC
permitted to vote while in default on sueL
| payment. A stock book shall be kept al
the domicile Of the company, and the
| president shall issue certificates OF stOcI
! TO stockholders, and no transfer of stocH
shall be binding on the company until II be
recorded on their stock book under suet
regulations as the company may make
! through its board of directors.
| SEC. 49, Be it further enacted, etc, Thai
/ the president, with the sanction of a ma
! iority of the directors shall have power to
| locate said road, or such portion as may be
ready to be contracted for. He shall III like
| manner have power to make contracts foI
the grading of the same; OfprOcurlng wood
! iron and other materials for the Construc-
ton Of the same; of building depOts, water
stations, and the necessary structures there
for; Of procuring locomotives, cars and other
articles necessary for full equipment OF
said road, and of paying for the same, IN
| stock of the company, with its money and
| other funds, in bonds or obligations OF the
company, and with any effects belonging to
SAID corporation, as by said board OF direc-
tors, or a majority thereof, together With Its
| said president, may be agreed upon.
SEC. 4. Be it further enacted, etc, That
| said railroad company shall have the right,
and they are hereby authorized to build
! bridges across all such water courses as the
| line of said railroad may cross. All such
| bridges over navigable streams shall have
a well constructed and suitable draw there
| in, which, when open, shall give a clear
| space of not less than ninety feet for the
passage of vessels; and said company shall
at all times open the said draw for the pass
age of all vessels requiring the same, eX-
cept during and tor ten minutes prior to
and after the time of the passage of the
mail and passenger trains of said company,
and said company shall not be required to
construct draw in any bridge over and
across any stream or bayou on the line of
its railroad other than those which are de-
clared and recognized as navigable, unless
the future requirements of commerce shall
demand the same.
SEC. Is. Be it further enacted, etc, That
said railroad company, with the consent of
the owners of lands fronting upon any nav
lgable water course, or after such lands
have been acquired by said company, by
purchase, release, donation, or in any other
manner in accordance with the laws of
Louisiana, or the authority granted by this
charter, may erect, construct and there
after maintain, and use wharves, ware
houses, depOts, or other buildings and
structures, in and upon the margins, or
upon the portion of the margins reserved
to public use of any and all navigable
rivers, bayOus or water courses of the
State, whenever the same may he deemed
by majority Of the directors of the said
company necessary and requisite for the
legitimate and convenient transaction of
the business Of the company, and within
the limit Of incorporated cities and towns.
The mayor and the majority of the council
Of each city or town may authorize the
construction of said wharves, warehouses;
depOts or other buildings and structures in
front OF all public squares, lots or streets
that may be bounded by such navigable
water course. That said company be and
they are hereby authorized and empowered
to construct equip, and thereafter TO own,
operate, maintain and enjoy the right to
establish suitable boats on the Mississippi
river, at the eastern terminus of it's said
railway, for the purpose of transferring its
freight and passengers from the west to the
east bank OF said Mississippi river; and
when, in the opinion of the board of direc-
tors, or a majority thereof, they shall deem
it for the interest Of said company. they
may transfer its cars and trains from the
west to the east bank of said river, for the
purpose of connecting with other railroads
leading from said east bank of said river.
SEC l6. Be it further enacted, etc. That
the president, when duly elected by the
board of directors as provided for in this
act, shall be the proper officer on whom
service of process or citation 81 all be made,
at the dOmiciIe Of the company, in all suits
at law against said company, or, in case of
his absence, ON the vice president, at the
same place. The president, or in his alb
sence the vice president, shall represent
said company in every action at law, either
for or against said company
SEC. II. Be it further enacted, etc, That
the president of said company, the treas
urer and engineer, together with such other
officers as the board of directors may re-
quirr, shah present reports in writing per
tanning to the affairs OF their several offices
at least once a year. and at least thirty DAYS
before the time of holding the annual cleo
tion for directors Of said company, and
oftener when required by the rules and
regulations of said board of directors, and
in accordance with their said regulations.
SEC Is. Be it further enacted, etc, That
said company is authorized and empowered
from time to time, to borrow money or TO
purchase property upon its own credit for
the purpose Of constructing and maintain
ing said railroad, and as evidence of the in
debtedness of said company for such loans
or purchases. may issue its corporate bonds
or prOmISsory notes, bearing interest at a
rate not to exceed eight per centum per an
mum, and to secure the payment of said
bonds and notes may mortgage its railroad,
its capital stock, its corporate franchises,
and any of its real or personal property, or
any portion Of the same, and It may, by its
president or other officers or agents duly
by its directors, SELL dispose of,
or negotiate such bonds and notes, or
may sell, dispose of or negotiate its
capital stock or any of its personal
property atuCh times and places and
at such rates and for such prices, either
within or without this State, as in the iudg-
meut Of said company or its directors will !
best advance its interests, and if such bonds, |
notes or stocks are thus sold at discount.
such sales shall he in all respects valid and
binding upon this company, and such bonds |
or notes shall be as valid for the par value |
thereof as If the same had been sold at par
value; provided, however, that said com
pauy shall not secure by a first mortgage |
upon its property, franchises and effects,
bonds or pr1uiSsUry notes to an amount cx-
ceedng the sum of twelve thousand five |
hundred dollars for each linear mile of rail |
road which said company is authorized to
construct under this act.
SEC. 10, Be it further enacted. etc, That |
said company may be and is hereby au- |
-horiZcd to make and issue from time to !
time, as herein above provided for, it's
bonds, to he known as first mortgage bonds /
IF the Nidnlia, Red River and Texas Rail |
road Company, guaranteed to the extent /
hereinafter provided by the State of Louis !
ana, and OF such denomination as the com
lany may elect, but to an amount not ex-
'eedmg twelve thousand five hundred dol
airs for each and every mile in length of the
me Of IFS railroad within the State of Lou
slana which said company shall construct,
Is specified in the prov isO dissection eighteen
# this act. Said bonds shall be numbered
and shall be made payable to
he State of Louisiana, or bearer, at such
lme as the company may designate therein,
lot more than fifty nor less than thirty
ears from their date, and shall bear inter
st at such rate us the company NAV desig-