New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-08-30

Be it known that Oh this fifth day OF August
ls1 before me, notary public in and for the city
OF New Orleans and parish of Orleans and State OF
Louisiana duly commissioned and qualified and
IN the presence of the witnesses hereinafter named
appeared the Undersigned, who declared that.
awaiting themselves of the provisions of the
OF computations. they do by these presents form
themselves into and constitute corporation for
the following specified objects and under the fol-
lowing supuiations, to WIT
ARTICLEL
The official name of the corporation shall be THR
UNION STEAM TRANSPORTATION COMPANY and
it shall have corporate seal with the name of the
company thereon.
ARTICLE H.
The business and legal domieile of the company
shall be in the city of New Orleans. subject TO re
moyal only by vote OF threefourths of the stock
holders.
The object of this corporation is to construct,
purchase, or otherwise procure steamboats, and
other vessels, to run and navigate the Mississippi
river and its tributaries, for the purpose OF carry
ing freights, mails and passengers to and from
points thereon; and generally to exercise such in
cidenta powers and privileges as al hereby neces
sary or may be conferred on Them for the purposes
afort said Each subscriber to this enterprise shall
have the privilege OF travelling said company's
steamboats, other vessels at TWENTY-FIVE per
cent less than the usual current rates for
said privilege 70 extend to and include the wife
and children of said subscriber. Subscribers shall
also be allowed five per cent discount on their
ireight bills.
ARTICLE ".
The president OF the company thus formed is
hereby constituted the officer upon wnom citations
may be served.
ARTICLE Y.
The capital stock of this company is hereby liked
at fifty thousand dollars Represented by two thou
sand shares at twenty-five dollars each; twenty
per cent of subscription TO be paid at time of sub
scribing and the balance at same per centage
thirty thereafter The canitel
of the company may be increased to two hundred
thousand dollars by two-thrds vote representing
the capital OF the company; providing, that no in
crease of stock shall be made until the present
amount has all been subscribed and paid for.
ARTICLE VI.
Tbree-fourths of the stockholders in capital shall
have the power to wind up and settle all the at
fairs of the company at any time during its exist
ence, or OF making such moolhcatioIs, additions
or changes 10 this act as may De required, pro-
yded the same are just and proper, giving ten
days previous notice in two of the newspgpers
published i'll New Orleans.
ARTICLE VII
The Board of Directors at early day shall
which shall consist of president, treasurer vice
president secretary and such other officers as
they may dee m Necessary the first three of which
shall be OF their own number.
ARTICLE VIII
The term for which this corporation is formed
shall be Twenty-Five years.
ARTICLE *
SECTION |. The regular meetings of the stock.
holders of this company shall be held annually at
the Office of the company. commencing on the first
Tuesday of August 1874 at which time a majority
in capital shall choose eleven of their number to
serve as directors for the ensuing year, who shau
form and constitute board of directors for the
management of the affairs of the company for the
following year, or until their successors are ap-
pointed; and until the election of directors
aforesaid the following named persons shall CON
sttute board of directors to manage the affairs
OF said company any three of whom sha constl-
tute quorum. viz: L. B. Wakeman, L. Sewen. D.
De Haven, John Ray. 3. F. Dessauer A. W. Faulk-
ner and William g. Brown; and who ,shall hold
their Office until the first regular election meeting
SEC. 2. A failure 10 elect directors at regular
meeting OF the stockholders shall not dissolve the
company but the directors then in office shall con
tinue to exercise their functions until new board
be elected
SIC. 3. Five members OF said Board of Directors
shall constitute quorum to do business and the
Board of Directors shall have power to maze and
ADOPT all necessary rules and bylaws for the gov
eminent of the company; provided the same do not
conflict with the true intent and meaning OF TINS
act of ncOrpO' alton and the laws OF TINS state
The Board of Directors may declare dividends from
time to time, as they may deem advisable.
holder durin az, his term of Office it shall be declared
vacant; or in the event of death, permanent alb
sence resignation OF any director or from ether
causes the board shall have the authority to I'LL
/ the vacancy occasioned thereby.
y.
Under no circumstances shall any stockholder
ever be held pecuniarily liable responsible for
the contracts, losses faults of said company.
beyond the ans,ut balance due. and unpaid on
his her or their subscription to share or shares
of the stock of said company
ARTICLE XI.
Should any subscriber refuse or neglect to pay
punctually his her their instalments as the
same falls due, interest at the rate of eight per
cent per annum shall be added thereto from ma
turity until paid; and if any subscriber refuses or
neglects to pay his. her or their instament within
thirty days after the specified time of payment
the Board of Directors shall have the right or
causing any share or shares upon which any Ia
stallment may be due to be sold at auction, or To
forfeit said shares, to compel by suit the pay
ment of such installment as the board may deem
advisable
ARTICLE XII.
The following named persons are stockhoders IN
said company and such are entitled TO the mum
Der of shares placed opposite their names lie
'e'' wa Shares Shares.
L. B. Wakeman. ......4 A. W. Faulkner 49,.
L. Sewell ............10 William U. bro"n'''''
D. De Haven 5 &. F. Dessauer..-.''.. D
John Ray .... ,