New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-05-01

to the final vestment Of title to the premises
Aforesaid.
Sec. 10. Be it further enacted. ETC.. That
the said Shreveport and Southwestern Rail
road Company may issue their flrsr mort
gage bonds to an amount not exceeding
thirty thousand dollars per mile, having
not less than twenty years to run, which
bonds shall be first lien on said road, and
the property, franchises and equipments OF
the Game, and shall not bear more than
eight per cent interest per annum payable
semi annually in gold. at such times and
places as said company may determine;
such bonds and mortgages shall be filed,
and recorded in the office Of the recorder OF
mortgages and deeds of the parish where
the domicile of the company is located.
Sec II. Be it further enacted. etc.. That
the city Of Shreveport, parish Of Caddo, is
hereby specially authorized to donate to
said Shreveport and Southwestern railroad
q sum not to exceed three hundred thou
sad dollars in the bonds of said city, to run
tor not less than twenty years, which shall
not draw more than eight per centum per
annum, payable semi-annually in gold, or
in lieu OF said donation OF bonds to said
company, the said city of Shreveport be
and is hereby authorized to take an amount
of the capital in said company and corpora
ton not to exceed three thousand shares OF
stock at one hundred dollars per share as
aforesaid, which stock shall be assessable
and PAYABLE in the same manner as the
stock held by individual stockholders. 1t
is further enacted, in the event the
city authorities of said city Of Shreve-
port, Endorsed by vote OF the
legal voters of said city, agree or de-
eide that subscription to said stock
shall be taken as aforesaid, at an election to
be held for that purpose, then and and IN
that event special railroad tax shall be
= ia IL, iv,o nit
to an amount sufficient to pay the assess
ments ON the amount of stock SO taken by
said city; provided, that said tax shall not
exceed one per cent on the valuation OF said
taxable property per annum, and that the
certificate or receipt of the legally author.
ized collector of the city taxes as aforesaid
shall represent on the part of the taxpayer
or person holding the same his or her pro
rata share in the stock OF said corporation
and company, and shall entitle the holder
to a vote or part of a vote to the extent of
the amount represented in said certificate
or receipt, and shall be transferable in the
manner prescribed in the bylaws of said
company for the transfer of the capital
stock of the company.
Sec. IL. Be it further enacted, ETC., That
no stakeholder shall be eligible as director
in said company unless he is the owner OF
at least ten shares OF said stock, ten per
cent of which shall be paid in.
Sec 13. Be it further enacted. etc, That
if anv stockholder shall neglect or refuse
to nav the assessment on bis stock alter
due notice as hereinafter mentioned, the
stock held by suel person shall be forfeited
absolutely to the use Of said company: The
board of directors may allow the redemp-
| ton on such terms as they may prescribe or
such subscription may be enforced by suit
| in any court of competent jurisdiction.
SEC. IA. BE it further enacted, ETC., That
| the said Shreveport and Southwestern Rail
road Company is hereby authorized to ac-
cept for its own use and benefit any grant
| of real or personal property, donation, loan,
| railroad, franchise aid or assistance which
| NAV be made to or conferred upon SAID
| company by any corporation or person.
| SEC. Is BE it further enacted. ETC.. That
| unless said RAILROAD company shall obtain
| bona tide subscriptions to the stock OF said
| company to the amount of three hundred
thousand dollars with three per cent paid
| in within three years trOn and after the
| passage of this act in the manner, form and
| at tho time provided Tor III this act. this
| act shall be null and void.
| Sec. l6. Be it further enacted, etc, That
| the board of directors, of whom five shall be
| a quorum tor the transaction OF business,
shall have full power to make and prescribe
| such bylaws, rules and regulations as they
may deem needful and proper in the man
| agemeut of the business corporation. They
| shall have the power to appoint secretary
| and treasurer, and such engineers, agents
and subordiuases az may from time to time
be necessary in affecting the objects OF the
| company, and to do all acts and things
| touching the location and construction OF
| said roau and may require OF the treasurer
| of said cuapany such bonds as may be
deemed proper and may from time to time
increase the amount thereof.
| D.. hon taI OF q
the said Shreveport and Southwestern Rail
road Company may consolidate, confede-
crate, and associate with any company or
| companies who have been incorporated
and have been granted the right OF way
from United States or any State, which
| roads connect or shall connect, by ferry or
otherwise with the said Shreveport and
Southwestern railroad.
| SEC 49, Be it further enacted, ETC.. That
the acceptance Of the terms and conditions
of this act by the said Shreveport and
South western Railroad Company shall be
signifed in writing, under the seal OF the
| company, duly executed and filed with the
Secretary of State, within one year from
the passage of this act.
SEC. 10. Be it further enacted. ETC.. That
the said Shreveport and Southwestern Rail
read Company shall commence work on
said road within one year from and after
the passage of this act, and shall complete
not less than twenty miles within FIVE years
and shall complete the line of road from
the city of Shreveport to the point on the
Sabine river heretofore designated within
six wears from the passage OF this act; pro
vided further, that nothing in this act shall
be construed in any way to effect the rights
privileges or franchises of any other rail
road company heretofore Incorporated by
Congress or the State Legislature.
SIC. 90. Be it further enacted, etc., Tha
all properties of said company be exemp
from State and parish taxes until such time
as said company shall have in running Orde
twenty-five miles of road for the transporta
ton Of freight and passengers.
| SEC 81. Be it further enacted, etc. Ina
this act shall be in force from and after IT.
1Signed) CHARLES W. LOWELL,
Speaker of the HOUSE of Representatives
(Signed) C. c. ANTOINE,
Lieutenant Governor and President OF TIL
| Senate.
Approved April %. 1874.
(Signed) WILLIAM p. KELLOGG,
Governor of the0State of Louisiana
A true copy:
WILLIAM WEEKS,