New Orleans Republican., 1872-05-02

the stock and selling it. for the benefit OF
tho company, or compelling payment by
suit therefor. No stOckhOlder shall be
permitted to vote while in default on such
payment. A stock book shall be kept at
the domicile of the company. and the
president shall issue certificates of stock
to stockholders, and no transfer of stock
shall be binding on the company until ir be
recorded on their stock book under such
regulations as the company may make
through its board of directors.
SEC. l3. Be it further enacted, ETC., That
the president, with the sanction of 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 in like
manner have power to make contracts for
the grading of the same; of procuring wood,
iron and other materials for the cOnstruc-
tiOn of the same; of building depOts, water
stations, and the necessary structures there
for: of procuring locomotives, cars and other
articles necessary for a 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 4 majority thereof together with its
said president, may be agreed upon.
SEC. II. 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 n 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 for 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 a 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
igable 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 ain, and use wharves, ware
houses, depUts, 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 a 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, aud thereafter to own,
operate, maintain and enjoy the right to
establish suitable boats on the Mississippi
river, at the eastern terminus of its 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 domicile OF the company, III 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-
quire, shah present reports in writing per-
tanning to the affairs OF their several offices
at least once year, and at least thirty days
before the time of holding the annual elee-
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 prOmlssCTy 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
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 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 first mortgage
upon its property, franchises and effects,
bonds or prOInissOry 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
under this act.
SEC. IS. 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 |
Dany may elect, but to an amount not ex-
seeding twelve thousand five hundred dol !
ars reach and every mile in length of the |
ine of its railroad within the State of Lou
siana which said company shall construct,
Is specified in the prOvisO dissection eighteen
IF this act. Said bonds shall be numbered
and shall be made PAYABLE to
he State of Louisiana, or bearer. at such
7me as the company may designate therein,
lot 2nore than fifty nor less than thirty