New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-03

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the company, or compelling payment oy
suit therefor. No stakeholder shall be
permitted to vote while in default on such
payment. A stock book shall be kept at
the domioile of the company, and the
president shall issue certificates of stock
to stockholders, and no transfer Of stock
shall be binding on the company uRtil r. be
recorded on their stock book under such
regulations as the company may make
through it's board of directors.
SEC. Is. 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 Rlay 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 cOBstruc-
ton Of the same; of building depots, water
/ stations, ana the necessary structures there
/ for: of procuring locomotives, cars and other
Il articles necessary for a full equipment OF
! said road and of paying for the same, IN
4 stock of the company, with its money and
7 other funds, in bonds or obligations of the
I company, and with any effects belonging to
/ SAID corporation, as by said board OF direc-
i tors, or Il 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
]
| 3ridges across all such water courses as the
! line of said railroad may cross Ali such
! bridges over naVigable streams shall have
! 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-
| cepS during and for ten minutes prior to
and after the time Of the passage of the
mail and passenger trains of said company,
aud 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-
cared and recognized as navigable, unless
! the future requirements of commerce shall
demand the same.
SEC. ID. 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 III accordance with the laws of
Louisiana, or tie authority granted by this
charter, may erect, construct, aud theTeT
after maint ain, and use WharytF, ware
houses, depUts, or other buildings and
structures, IN and upon the margins, or
upon the portion of the margins, reserved
to pubic use Of any and all navigab!e
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 III ynr 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 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 CT the board OF direc-
tors, or a majority thereof, they shall deem
1t 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 cast 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
at the dOmiCile OF the company, in all suits
al 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
tor 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-
quiTe, 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 cleo
ton for directors OF said company, and
oftener when required by the rules aud
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 pTOmIssOry notes, bearing interest at a
rate not to exceed eight per centum per an
nam, 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
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 iudg-
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 he in all respects valid and
binding upon this company, and such bonds
or notes shall be as valid for the par value
thereof az ii 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 prUmiSsOry notes to an amount eN-
ctedmg 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 IS. BE it further enacted, etc, That !
said company may be and is hereby au.
thuriZed to make and issue from time to |
time, as herein above provided for, its |
bonds, t. 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 ey-
ceeding twelve thousand five hundred dol
lars for each and every mile in length of the |
line its railroad within the State of Lou
isiana which said company shall construct,
as specified in the prOvisO dissection eighteen
of this act. Said bonds shall be numbered
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