New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-10

| demand the same.
Sec. Is. Be it further enacted. etc., IhaE
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 Dy
purchase, release, donation, or IN any OtheT
| manner in accordance with the laws OF
| Louisiana, or the authority granted by TINS
charter, may erect, construct, and Uhere'
after maintain, and use wharVes, ware,
houses, depots, or other buildings anu
| structures. in and upon the margins, OF
upon the portion of the margins, reserved
to public use of any and all navlgaDie
! rivers, bayOus or water courses OF inc
| State, whenever the same may be deemed
by a majority of the directors OF the salu
company necessary and requisite Tor 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 couneGli
OF each city or town may authorize inc
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 navigaDle
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
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
1t for the interest of said company, they
may transfer its ears 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 all 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. 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 NAV re-
| quire, shall 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 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 prOmlssOry 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
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 it's 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 itsinterests, 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 promissOry 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 Vidalia. 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
isiana which said company shall construct,
as specified in the prOvisO dissection eighteen
of this act. Said bonds shall be numbered
cOnsecutively, 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, NAV be made PAYABLE in
English sterling, and if in sterling, two
thousand 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
Immediately 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
terest thereon shall constitute a sinking
fund for the redemption, pro taRto, of the |
first mortgage bonds of said railroad COM |
pany, which shall be applied first to paw |
ment of the interest coupons due thereon:
and the State hereby pledges its faith for |
the redemption of said bonds to the extent |
of said fund. And it shall be the duty of |
the State Treasurer, whenever and as often |
as said fund shall amount to twentv-fve |
thousand dollars, to advertise in the Official |
journal of the State that he will, on a day |
therein named, not less than thirty DAYS |
after first publication, receive offers from |
the holders of such bonds for the purchase
thereof at the lowest rate, and he shall pur
chase such of said bonds as are offered at
the lowest rate to the extent of the funds /
IN hand; which bonds so purchased shall |
be by him cancelled and filed in his office.