New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-01-03
CORPORATIONS,
STATE OF LOUISIANA.
PARISH OF ORLEANS, CITY OF NEW ORLEANS

and covenant TO form themselves into a corpora
| ton for the objects and purposes, and under TIT
stpuidtlons, regulations and obligations following
| to wit:
ARTICLE
The name of the company shall be the New Or
| leans and Grand Ecore Packet Company" and til
| dOmicile is hereby established in the city of New
| Orleans, and it shall exist and continue for tht
term OF TWENTY-FIVE years from the T date OF thest
shall have seal, having for inscription the na.nt
| of the comp
The operations of said company shall be the pur
| chase, or building, or charteriug Of one or moIt
| steamboats,, and the carrying of freight passeE
| gers, or both, said boats up and down the Mis-
| sissippi river and Red river and tributaries.
ARTICLE III.
The capital stock of said company is hereby
| fixed at the sum OF one hundred thousand dollars
| divided into shares OF one hundred dollars each
| to be paid for follows to wit: thirty per cent as
| as the company goes into operation, and the
| balance in instailments OF ten per cent upon the
call of the Board of Directors the necessities OF
the company may require it. This company shall
| go into operation as soon as the sum OF forty
| thousand dollars is subscribed for.
ARTICLE ".
| The affairs of the said company shall be under
| the direction of Board of Control, composed OF
FIVE stockholders, possessing in their name, or
| tina. of the firm OF which they are partners, not
less than i've shares of the stock OF the company.
ARTICLE V.
| SECTIo2 /. The regular meeting of the stock
| holders shall be held annually OH the third Monday
| OF October at which meeting majority in capital
| stock, represented at the meeting, shall choose
five of the members to serve as directors for the
ensuing year At such election each share of stock
| shall be entitled to one vote, and the directors
elect SHALL within five days after their election,
members as president. The board thus or
ganized shall have power to appoint all ohcers
agents and fix their respective cOmpensariOns.
The board shall also appoint secretary, whose
duty independent of others that might be ascribed
20 him shall be to attend the meetings of the
board, and keep correct record OF their proceed
SIC. 2. failure to elect directors, aforesaid
shall not dissolve the corporation but the board in
office shall continue to exercise the functions until
new board can be elected.
SEC. 3. Three mbers of said Board of Control
shall constitute a quorum for the transaction of
business, and the said board is hereby invested
with full power to frame and adopt such bylaws
rules and regulations they may deem requisite
and necessary for the company and the transac,
tiOns of its affairs, provided the same shall not
conflict with the true intent and meaning of this
act of incorporation the laws of this State.
They hereby authorized to buy sell and charter
steamboats,, fuel tor the use of the company, to
make contracts, leases, mortgages, hypOtheca
tons and compromises to borrow money, and to
build, or cause to be built, one or more steamboats,
for said company.
deuds often as they think desirable and proper.
SEC. 5. If any member of said Board of Control
should cease to be stakeholder during his term
of service, his Office shall thereby, ipso faco be-
come vacant. And in the event of the death, per
manent absence resignation, Ia vacancy from
whatever causel of any member of said Board OF
Control the board shall have power to NIL vac an
cies Occasioned thereby until the first regular
meeting thereafter OF the stockholders OF the SAID
company for the election of officers OF the com
panY.
for the transaction of business, and the president
may call them together at any time by giving
twenty-f0ur hours notice in writing.
SEC. :. No two partners whose subscriptions are
IN the name Of their commercial firm shall be eli
sbt at the same time as members OF the said
board.
SECTION /. It shall be the duty of the presiden
of said company to keep, or cause to be kept, in
bound books, in the name of the company, cor
rect record of all its proceedings, transactions &C.
counts. property, business and affairs as we'll as
full ard complete detailed accounts of the receipts
and disbursements thereof. He shall, moreover,
act as the treasurer of the company, and keep
cash account in one of the banks in New Orleans,
subject to the approval of the Board OF Control in
the name and tor account of the company, and TO
be alone authorized and empowered TO draw
checks and transact all banking business thereof
The pre- sident of the company is the proper person
Oh whom citation shall be served.
ARTICLE VII.
When the period arrives from any cause for the
winding m of the concerns of this company three
stOC khOlders shall be selected by a majority of the
sock hOldeTs at general meeting, whole duty it
shall be to convert all the assets of the corpora
ton into cash. and after the pas ment OF the Ilab-
tiles of the company, disburse the surplus funds
among the STOCKHOLDERS in proportion to their re-
ARTICLE VIII.
No stakeholder shall ever be held liable or Tesp0u
sib.e for the contracts or faults of the company
beyond the amount OF his stock in said company.
ARTICLE X.
For the purpose of starting and putting the COM
nanv into operation, the following named stock
holders, to wit: John G. Mitchell; Esq Michel Die
Williams ESQ, and George w. Tucker are const
tuted a temporary Board OF Control, whose term Of