New Orleans Republican., 1873-04-13


at meeting called by order OF the board
of directors Of this company. to meet at the
office of the company on day 10 be fixed
bv the directors. notice of which shall be
given in one newspaper pupllSheu ia mon.
roe. and one in Bastrop, if one be published
there, for at least thirty days before said
vote shall be taken. SAID meeting shall
annoint commissioners to hold such cleo
tion, and the result of the electcn shall be
reported TO the board OF directors ot this
company and be entered on thelE min'
utes and carried out by the directors
SEC. > Be j, furtheg enacted. etc. That
che corporate rights and privileges OF this
company shall rest in and snail be exer'
cised BY board of directors. and that the
COrpOratOrs named in the nrst sectlon OF thls
act shall constitute the baord OF directors,
who shall hold their office as such until the
first Monday Of November, A. ID. 1873; that
if any OF the said incorpOrat0rs should die
or dispose of their entire interest," ana stock
in this railroad or notify the board OF di-
rectOrs that they have resigned thelr dlrec-
torship therein. so as to- reduce the number
of directors below the number "f nlneo II
shall be the duty of the remaining directors
70 fill the vacancies by the election of stock.
holders in place thereof. so as to
keen the humber of directors nine.
That said board of directors shall con.
vene at the domicile Ot tins company.
on the call Of the president, who !s
hereby authorized 60 call the directors TO-
gether in order 10 organize, and upon meet
ing, if there be majority present. they
shall organize by electing president from
their own body. and a secretary. who shall
not be a director. and they may elect or
appoint any other officer or empioye they
may deem necessary Tor the purposes OF
the company: and shall fix the salary OF
the president and the salary or oompensa"
ton OF all other officers OF the company.
and may require bond from any such Otti.
GERS, except the president thereof. IN such
amount as they may iiX. TO be approved by
the president. and ali such officers,
except the president. may be removed
by the president: and said board OF
directors may pass all ordinances and
bylaws Not in conflict with the laws
of this State. The term OF office of the
president shall be for the term nf office OF
the board Of directors, by whom he as
elected. The second board OF directors OF
said company and all subsequent boards
shall hold office for one year from the first
Monday OF November of the year IN which
they are elected, and shall be composed of
nine members, to be elected on the hrAt Nom
day of November A. y 1873. and every year
thereafter. The board OF directors shall
appoint three stockholders commissioners
to hold such elections. and 1t snail he the
UIUY Oh the DOhEu Cl OlItCIOLS W ttlNC NCILlSS
such election in one newspaper in Monroe
and Bastrop not less tnan ten days before
each election. The election shall take
place at the office of the company, and b9
reported by the commissioners to the exist
ing board OF directors. who shall noIty
the persons elected. AMI upon ma
jOrity Of the newly elected members
assembling they shal! organize, and the old
board shall deliver over to them all the
nptT md .,fD
effects belonging 70 the company. ma.
iOritv of those voting shall elect each share
of stock: shal! be entitled 10 one vote, and
votes for directors may be given by proxy.
A failure to elect on the day herein fixed
from any cause, shall have the effect OF
continuing the old board until the next
election as herein fixed; a majority OF the di.
rectors shall constitute quorum 70 dc al
business of the company, and any yacan.
cies occurring therein shal! be tlled by
electing a sto;kholder by the remaining di
rectors: any director who parts with all his
stock in the company shall cease to be a d.
rector, and his place shall be .illed as are
other vacancies, but in admitting associates
two-th!rds vote shall be necessary.
SEC t. Be it further enacted. etc, Tha:
at the first meeting held by the incoGpora-
tors named in the first section of this act
as soon as they organize as q board OF dir.c
tors, knew ~ndIl open DOUkS bI suUstjIlDlIDH
to the capital stock OF this company: and
said .ncOrporat0rs shall have the option OF
subscribing for the entire amount of stock
as fixed by this act. Ne one being author
lied 10 subscribe for more than his pro S.ata
,ifOpOrtl0n until all have had an opDGr1r-
nitv to subscribe. but if any stock remains
uasubscribed for. after al. the incOrpOrat0Is
shall have had an opportunity to subscribe.
then any OF the .ncOEpOratOrs may subscribe
4 L y
| there should De an increase in the aMpun.
, of the elpital stock. the said Incorporatcrs.
! their associates or assigns. !nciud!n. 81.
who are holders Uh stock at th,. time ot :Ie
increase OF the capital stock. shall be .I
| titled by preference to subscribe i0r III"
! additlona! stock. which rjgh. shall exit
, for two weeks from the day the books "f
! subscription for the additiOna. stock are
. opened. and II al! be not subscribed :or as
! above in tina: time. then the balance may
| be subscribed for in Que week by an, o;
! the original stockholders, and il no. all
| subscribed tos within that time, then the
| balance shall he disposed Of as the board
| of directors may direct The board OK di-
| rectors shall fix the instailments to be paid
on the stock subscriptions. and shall have
! the right TO forfeit such stock 80 the COM
! pany, If not paid for, amending taccOrdIngl
! to the rules that may be liked by the direc-
! tors, and may atterward sell such stock for
! the benefit of the company. all without any
| legal proceedings or tOrmality.
SEC. :. 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
| fgned by the secretary and sealed with the
| DoTttI IJpg ia