New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-09
the future requirements Of commerce shall

| Sec. 10. Be lt further enacted, ETC., 1naI
said railroad company, with the consent OF
the owners of lands fronting upon any nav
| liable 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. NAV erect, construct, and there
| after maintain, and use wharves, ware
| bOuses. 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 navlga6le
rivers. bayOus or water courses OF the
State, whenever the same may be deemed
bv 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 Che
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 night TO
| establish suitable boats on the Mississippi
| river, at the eastern terminus of its SAID
railway, for the purpose of transferring It's
freight and passengers from the west to the
east bank of said Mississippi river; and
! when, in the opinion of the board of d1rec-
tors, or majority thereof, they shall deem
| it for the interest of said company, they
/ NAV 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. Is. 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 shall be made,
| at the dOmicile 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 H. 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-
quire, 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
ton for directors of said company, and
oftener when required by the rules and
regulations of said board of directors, and
SEC. 49, 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 eentum per an
nd IN %bo IF
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
authorized 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 judg-
ment of said company or its directors will
best advance its interests, and if such bonds,
notes or stocks are thus sold at a discount
such sales shall be 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
pany shall not secure by a first mortgage
upon its property, franchises and effects,
bonds or pFOmissOry notes to an amount ex-
ceeding 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.
thOriZed to make and issue from time to
time, as herein above provided for, its
bonds, to be known as first mortgage bonds
of the Nidalia, Red River and Texas Rail-
road Company, guaranteed to the extent |
hereinafter provided by the State of Louis |
lana, and of such denomination as the COM |
pany may elect, but to an amount not ex-
ceeding twelve thousand five hundred dol |
lars for each and every mile in length of the |
line of its railroad within the State of Lou |
isiaDa which said company shall construct, |
as specified in the prOvisO of section eighteen !
of this act. Said bonds shall be numbered |
consecutlvely, and shall be made payable to |
the State of Louisiana, or bearer, at such /
time as the company may designate therein, |
not more than fifty nor less than thirty |
years from their date, and shall bear inter |
est at such rate as the company may desig-
nate therein, not exceeding eight per cent
per annum, payable semi-annually, and
coupons for such interest shall be annexed |
thereto. The principal and interest of said
bonds, or both, may be made PAYABLE in
lawful currency of the United States, or IN
English sterling, and if in sterling, two
five hundred pounds sterling per
mile shall, for the purposes of this act, be
deemed within the limitation of twelve
thousand five hundred dollars per mile in
this section contained, and the place of
payment shall be where the company shall
elect and designate in said bonds
SEC. 20. Be it further enacted, ETC., That
the State Treasurer shall annually, and
upon receiving the revenues
for each year, place to the credit of said
railroad company all the State taxes col
lected and paid into the State treasury on
the increased valuation of the taxable prop
erty OF the parishes through which said
railroad may pass, as shown by the annual
assessment rolls, over and above the amount
OF the assessment roll of said parishes for
the year 1870. And upon the sums so paid
INTO the treasury to credit of said company
the State of Louisiana shall and will pay
six per ce1tper annum interest.
Sec. 81. Be it further enacted, etc., That
The sums so paid to the State and the in
Ierest thereon shall constitute a sinking
fund for the redemption, pro tGntO, of the
lrst mortgage bonds of said railroad CON-
Dany, which shall be applied first to paw
nent OF the interest coupons due thereon:
and the State hereby pledges its faith for
lhe redemption of said bonds to the extent
II said fund And it shall be the duty of
,he State Treasurer, whenever and as often
rs said fund shall amount to twentv-five
dollars, to advertise in the official
Ournal of the State that he will. on dav
herein named not less than thirty DAYS
after first publication, receive offers from |
he holders of such bonds for the purchase
hereof at the lowest rate, and he shall pur- t
,hase such of said bonds as are offered at 6
he lowest rate to the extent of the funds 8
n hand; which bonds so purchased shall s