Rapides gazette. (Alexandria, La.) 1869-187?, 1873-07-19
LAWS
NO. SO.
AN ACp
fContinued from last week. ]

Continued from last week.
may be fined by the directors, and may af-
terward sell such stock for the benefit OF
the company, all without any legal pro-
ceedings or formality.
SEC. Z. Be it further enacted, etc, That
the company shall open stock books and
the directors shall have right to deter
mine when the stock shall be considered
full paid, and issue the stock accordingly.
The stock certificates shall be signed by
the president of the company and counter
stoned by the secretary and sealed with the
seal of the company, and every certificate
of stock shall import full payment OF the
stock, aud no transfer of stock Shall be
binding on the company until the transfer
is made on the books OF the company by
taking up the stock transferred AMI issuing
now stock to the transferee. No holder of
stock shall vote at an election of directors
unless he has been the owner of stock at
least one month before the election, as
shown by the books of the company.
Sec. s. Be it further enacted, ETC., That
the directors of this company shall have the
right to fix the gauge of this road as they
may think proper and most to the interest
of the company, and that the construction
and equipment of this railroad they shall
have the right to use the stock of this COM
pany in the p,;::.vment for work, materials or
equipments, on sucn terms as they may
think best, and shall have the night to use
the credit of the company in any way they
think best and if they see fit they may
make such stock as may be paid to contrac-
tors for work, materials or equipments, or
on which they raise money in advance OF
the ordinary calls, preferred stock on the
iucome of the road, not to exceed twenty
H., al in, tha rac fa .
and the directors of this company shall
have the right to issue the bonds of this
company, to bear such rate of interest as
they may direct, and fix such time for them
% mature as they may direct, and issue
them with coupons for theinterest thereon;
ana to secure the payment thereof to mort
gage the rOadbed. depOts, water stations
and other real property owned by the COM
pany, and the franchises thereof and roll
ing stock thereon, which are hereby teclar-
ed mortgageable for the above purpose
and also, as q further security for such
bonds, to pledge the income of the road for
such time as they may see proper.
Sec. 9. Be it further enacted, etc., That
the directors of this company shall have
the right to dispose of so much of the stock
of this company as they may see fit, to pa
rishes, cities, towns or other municipal cor
p0ratlOns, payable IN the DOnuS OF otnor OD'
| legations of such corporations ss may be
agreed on between the directors and such
corporations; said bonds OF other Obliga.
tions shall not exceed eight per cent of the
value of the property in any parish, city OF
town issuing the same as shown by the as.
sessment rolls for the year 1872; provided
| further, that the sum total of the value Of
| the bonds thus issued shall be divided into
so many equal parts as there shall be mile.
of said railroad to be built within the limits
of the parish and one-half, or fifty pei
cent of one of these equal parts, shall be is
sued Whenever one mile of said railroad bei
is graded and the cross-ties ready in place
for the laying of the iron rails, and thu
other half Of one of the said equal parts o.
the bonds shall be issued whenever on,
mile of the said railroad is completed and
in good running order; and in each case
the fact of such work being done as author
ICES the issue of said portions Of bonds shall
be established by the certificate of the chic
engineer of the road under oath, togethe
with a like certificate of the parish survey
or, also under oath; and in no event shall
the whole amount of bonds issued exceed