New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-01

haupt 7. o. Moore, T. C. Manning, H. S
| Losee, Patrick O'Hara, Henry Boyce, Sam
uel ). Bowman, j. Fridler, H. Clay Staples
! Nathan Loire, A. j. King, A. j. Sexton, 4
6. Ober, +. A. Hunt, g. B. Loud, E. J. An.
thOny, David Young and George Washing.
| ton, their associates and successors. are
! hereby created a body corporate, in deed
and in law, to be known by the name, style
! and title of the Eidalia, Red River and
| Texas Railroad Company, and by that name
| shall be able to sue and be sued, plead and
! be incleaded, and shall have perpetual sue,
cessi6H, and mako and have Common seal /;
| and the said corporation is hereby author
lied and empowered to lay out, locate, con
strucU, equip and thereafter to own, main
! tain, operate and enjoy continuous single
or double track railway from the Missis-
| sippi river, commencing at or near the town
| of Vidalia, in the parish OF COncOrdla, and
running thence by the most direct and eligi-
| BILE route to the town of Alexandria, or to
such other point as the company may deem
advisable, on Red river, and thence to
Texas, or to such point within this State,
and to form such connection with other rail
roads, now or hereafter TO be constructed,
as said company may indicate provided,
that said railroad shall be commenced
within three years after the passage of this
act, and shall be finished within seven years
attert the commencement of said work pro-
vided further, that said railroad shall not
strike Red river at any point above the town
of Coushatta.
SEC. 2. Be it further enacted, etc, That
the capital stock Of said company shall be
fixed at three million dollars, in shares of
OF one hundred dollars each, with power to
said company to increase its capital stock to
six million dollars. The stock of said COM
pany shall be deemed personal property,
and shall be transferable on the books of
the company at such transfer office as the
company may establish, under such rules
and regulations as the company may pre-
scribe.
SEC. 3. Be it further enacted etc, That
the dOmicile of said company be fixed at
Nidalia, Louisiana, The business of the
corporation shall be conducted at its said
dOmicile, by the cOrpOratOrs or a majority
thereof, until the election of a board Of di
rectOrs under this act. All services Of pro-
cess may be made on a, president to be
elected by the COrpOratOrs, until the organ
lzatiOn of board OF directors, and there
after upon the president of the company
elected by the board, or, in case of his alb
sence, upon the president pro tenn. Said
cOrpOratOrs shall open books of subscrip-
ton to the capital stock of said company.
A payment OF five per cent on the amount
OF each share shall be made at the time of
subscribing. The subsequent payments
shall be made in such sums, atssuch periods
and under such regulations as shall be fixed
by the board of directors. As soon as two.
hundred thousand dollars of the capital
stock of said company shall have been sub
sCribed, and the first payment of five per
cent thereof paid to the treasurer elected
by said cOrpOratOrs, meeting of the stock
holders shall be called, which stockholders
shall elect board of directors, to consist of
thirteen members, each of whom shall be
stockholders in their own right to not less
than ten shares. The said call and election
shall be made and held under such inspSc-
tors and tellers, and with such regulations
as the cOrpOrators may prescribe. A ma
jOrlty of the cOrporatOrs named in this act
shall be a quorum for the transaction of
business. After the election of a board of
directors quorum for the transaction of
business shall not be less than a majority
of the whole number elected. The direc-
tors shall meet and elect one of their body
as president of the company as soon as
practicable after their election, and
select another as vice president to
act in the absence of the presi-
dent; in which case he shall perform the
same duties and exercise the same powers
as may be conferred on the president.
The said board of directors shall have
power to elect a treasurer, clerk, an en-
gineer, and such other officers as in th6ir
opinion the board OF road may require; fix
the amount of their compensation, and re-
quire such security as they may deem
proper, and enact rules and regulations to
govern them In their various duties, and
have the right to remove any officer, except
the president, without showing cause. Said
board of directors shall continue in office
until their successors are elected and quail
fed. An annual election for directors shall
be held in the month of April in each year,
bo 10 o.
public notice of the election, and the day on
which the same is to be held, shall be given
previous to said election After the first
election, all shares of stock must be owned
and possessed by each voter in his own
right, or those Of his principal, and if by
proxy it must be held sixty days before
voted on. Votes may be given in person or
by proxy, and each share shall be entitled
to one vote.
SEC. 1. Be it further enacted, etc, That
the board of directors may make such rules,
regulations and bylaws for the government
Of its officers and the management of its
business as they may deem expedieat.
They may determine when and where the
books hereby authorized may
be opened for subscription to the capital
stock thereof, and when closed may fix on
the day in the month Of April, and give
notice thereof for the holding of annual
directors may fill vacancies that may
occur in the board. and may, in the name
and on behalf of said company, make such
contracts, enter into such engagements, |
and do and perform all such acts as they, |
or a majority Of them, may deem proper, |
or necessary for the accom-.
plishment of the object for which said |
company is created.
SEC. s. Be it further enacted, etc, That |
no Al nj fal Of sold Rv
lures, workshops, warehouses, depot |
grounds, vehicles OF transportation, and all |
other appurtenan ces thereto attached shall |
be exempt from taxation for ten years from |
and after the date of its completion, and |
while in course of construction; and that its |
officers, engineers, clerks, and agents shall |
be exempt from jury and militia duty, ex- |
cept in case of invasion or Instruction. |
Provided, however, that after the eXemp- |
ton herein granted shall cease all State |
taxes levied upon said road and its prop
erty shall be paid into and constitute part |
Of the sinking fund, hereinafter provided |
for, in the State treasury for redemption of |
the first mortgage bOuds OF said company; |
and all parish taxes thereon shall be paid |
INTO and constitute part Of the sinking fund |
for the redemption of the bonds which NAV
be issued by the parishes, as hereinafter
until the full and final redemption
Of said first mortgage and parish bonds.
SEC 6. Be it further enacted, etc, That
said Vidala, Red River and Texas Railroad
Company be and the same are hereby au-
5hOrized and empowered to enter upon,
purchase, take and hold any lands that
may be necessary and proper for the con-
5truCtiOn and use OF said railway, not ex-
,eeding one hundred and fifty feet on each
side of its centre line, together with such
other lands and premises as NAV be re-
Iuired by said company for excavation or
or for turnouts, depots, sta
ionhouses, docks, wharves, or other pur-