New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-07

the future requirements OF cOIaIeICo sHS'iA
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 maintain, and use wharves, ware
houses, 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 navigable
rivers, bayOus or water courses OF the
State, whenever the same may be 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 mayor and the majority of the council
OF each city or town may authorize the
construction of said wharves, warehouses,
deP6t5 6P other buildings and structures III
| front of all public squares, lots or streets
that maybe 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 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 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. 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 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
in accordance with their said regulations.
SEC. Is. Be is 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 prOmIssOTy notes, beariEg interest at
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 its personal
property atuch times and places, and
at such rates and for such prices, either
within or without this State, rs in the judg
ment of said company or its directors will
best advance its interests, andTf such bonds,
notes or stocks are thus sold at a discount,
such sales shall be in all respects valid and
binding upon this company, a4d 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 pFgmissOry 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-aet
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 hGndTed 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 of section eighteen
of this act. Said bonds shall be numbered
cOnsecutively, a4d 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 seUi-annually, and
coupons for sJch interest shall be annexed
thereto. The principal and interest of said
bonds, or bO5h, may be made payable in
lawful currency of the United States, or 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 i've 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
ertv 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 tanto, 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 it's 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 twenty-five
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