New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-01-22
CORPORATIONS,
4 hAA1Eh........-s.. CHAPTER.
STATE IF Louisiana
PARISH OF ORLEANS, CITY OF NEW oRLRAN

STATE Of LOUISIANA
PARISH OF ORLEANS CITY OF NEW ORLEANS
Be it known that on this twenty-fourth dav of
the mouth OF december, in the year of our Lord
one thousand eight hundred and severty-two and
OF the Independence of the United States of Amer
lea the ninety seventh, before me, Armand Pilot
Jr., notary public duly commissioned and sworn
in and for the parish and city aforesaid therein
residing, and in the presence of the witnesses here
matter named and undersigned, personally came
and appeared the persons whose names are herein
after subscribed who declared that they agreed
and covenanted, and do, by these presents, agree
and covenant TO form themselves into a corpora
ton for the object and purposes and under the
stipnatiOns, regulations and Obligations following,
to wit:
ARTICLE
The name of the company shall be the New Or
leans and Grand BcOre Packet Company" and its
domicile Is hereby established in the city of New
Orleans, and il shall exist and continue for the
term of twenty-five years from the date of these
presents unless sooner dissolved. The company
shall have seal, having for inscription the name
of the conn any
The operations Of said company shall be the pur-
chase, bnilding, or chartering of one or more
steamboats, and the carrying of freight or pas en-
gers or both Oh said boats up and down the Mis-
sissipp river and Red river and tributaries.
ARTICLE III.
The capital stock of said company IS hereby
fxed at the sum of one hundred thousand dollars
divided into shares of one hundred dollars each,
TO DC pad Tor as follows to wit: thirty per cent as
soon as the company goes into operation, and the
call OF tue Board of Directors the necessities of
Inc company may require ii. This company shall
go luto operation as soon the of forty
thousand dollars is subscribed for.
ARTICLE w.
The affairs of the said company shall be under
the direction of Board of Control, composed of
five stockholders, possessing in their own name or
that of the firm Of which they are partners not
less tnan five shares OF the stock OF the co NJ pany
ARTICLE v.
SECTION |. The regular meeting of the stock.
holders shall be held Annually on the third Monday
OF october, at which meeting ma ority 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 hve days after their election
ganze into a board by appointing of their
members as president The board thus or
gained snail nave power to appoint all officers
or agents and fix their respective cOmpensatOns.
he board shall also appoint a secretary, whose
duty, independent of others that might be ascribed
TO him. shall be to attend the meetings of the
boa d, and keep correct record of their proceed
ings.
SEC. q A failure to elect directors as aforesaid,
shall u d ssolve the corporation but the board in
office shall continue TO exercise the functions until
a new board can be elected
SEC. 3. Three mbers of said Board of Control
shall constitute IA 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 as they may deem requisite
and cessary for the company and the transac-
tons OF its affairs, provided the came shall not
conflict with the true intent and meaning Of this
act of incorporation the laws of this State.
They are hereb authorized to buy, sell and charter
steamboats,, fuel for 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.
SEC. 4. The Board of Control shall make divi-
dends as often DIS they think desirable and proper.
SEC. S. If any member of said Board of Control
should cease to be a stakeholder during his term
of service, his office shall thereby ipso facto be-
come vacant. And in the event of the death, per-
manent absence, or resignation "a vacancy from
Control, the board shall have power to fill vacan-
cies OccasOned thereby until the first regular
meeting thereafter of the stockholders of the said
company for the election Of officers of the
pany.
SEC 6. The Board of Control shall meet monthly
Tor the transaction of business, and the president
may call them together al any time by giving
twenty four hours notice in writing.
SEC. T. No two partners whose subscriptions
IN the name of their commercial firm shal be eli
Slble at the same time as members of the said
uoard.
SECTION !. 1t shall be the duty of the presiden
of said company to keep, to be kept, in
bound books III the hame of the company a cor
rect record of all its proceedings transactions ac
counts, property, business and affairs, as well as
full and complete DEF allied accounts of the receipts
act as the treasurer of the company, and keep a
cash account in one of the banks in New Orleans
ubjecJ 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 president 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 up of the concerns of this company, three
5toc holders shall be selected by majority of the
shall be to convert all the assets of the corpora.
ton into cash and after the pay ment of the liabl
ties of the company, disburse the surplus funds
among the stockholders i'll proportion to their re-
spective sharea-
ARTICLE VIII.
No stoc holder shall -er be held liable or respon
sbe for the contracts faults of the COMPANY
beyond the amount OF his stock in said company.
ARTICLE TX.
For the purpose of starting and putting the com
oany into ope ration, the following named stock
loldels to wit: John C. Mitchell, Esq Michel Die
rich, ESQ.,, Horace Z. Shropshire, Esq, John A.
Williams, ESQ.,, and George W. Tucker are consti-
uted temporary Board OF Control whose term of
,ffice shall expire as their successors are
elected and have qualified
ARTICLE K.
The names and respective interest of the sub
cribers to this act and the amount of their re.
pective shares are hereby declared to be as fol-
ows: