New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-06-27
No. ~.
AN ACT

No. ~.
AN ACT
To incorporate the Carrollton and Kenner.
Vile Railroad Company.
SECTION l. Be it enacted by the Senate
and House of Representatives Of the State
of Louisiana in General Assembly con.
vened. That Joseph Keiser, William H.
Finnegan. Charles Keiser, G. j. Mattingly,
+. II. Remick, A. E. Buck and Charles APP
pleby, OF their assigns, and such other per-
sons as may hereafter be associated with
them, their successors and assigns, shall
constitute body corporate, and are hereby
incorporated under the name of the Car
rollton and Kennerville Railroad Company.
and by that name shall have perpetual sue
cession for the purpose OF building and
maintaining q passenger and freight rail.
road az hereinafter described, with such in.
cidental powers and privileges as may be
necessary for constructing. repairing and
working the same.
SEC. 2. Be il further enacted. etc. That
the capital stock of said company shall be
eight hundred thousand dollars, represent
ed by eight thousand shares of one hun
dred dollars each, with liberty to increase
the same in the manner provided by law.
Sec. ;. Be it further enacted, etc, That
the domicile of the company shall be in the
city Of New Orleans, and there shall be
seven directors Of its affairs, each of whom
shall own at least twenty five shares of the
capital stock of the company. and all pow.
ers of the company shall be vested in said
board of directors-a majority of the board
being necessary to form quorum, and de.
cisiOn of said majority shall be . valid
corporate act, and the following incorpora-
tors shall constitute the first board of direc-
tors. to wit: Joseph Keiser. William H.
Finnegan, Charles Keiser, G. J. Mattingly.
F. H. Remick, A. E. Buck and Charles
Appleby, and they shall at their first meet.
ing elect one of their number as president
Of said corporations; said board shall serve
and remain in office until superseded by
their successors. who shall be elected
as hereinafter provided for, and it
board OF directors to open books of
subscription to the capital stock Of the COM
pany; five per cent of the amount subscribed
for shall be paid for by the subscriber at
the time of said subscription, and the bal
ance in such installments as may be re-
quired by the board of directors; provided
that no more than ten per cent of said sub
scription shall be called for oftener than
once in thirty days, and if any subscriber
shall fail or neglect to pay any of the in
stallments thus required to be paid within
fifteen days after the same shall be due
and payable, the stock On which it is de.
manded, and the installments paid thereon,
may be declared forfeited to the company
by the board of directors; and should they
deem it advisable they are authorized to
receive subscriptions to make up such def
cient shares.
Sec. 4. Be it further enacted, etc., That
a board of directors shall be elected on the |
first Monday in May, 1875, and annually,
by the stockholders, at the office of the
company; of which election at least ten !
days previous notice shall be given in one
published in the city OF New
Orleans, and one published in the parish of |
Jefferson, and no election shall be valid I'M |
less majority in the amount of all the |
stock of this company is represented, and |
the stockholders receiving a majority of the !
votes of the stock thus represented, and |
voted upon tceunting one vote for each |
share of stock, shall be declared duly |
elected director s. and the directors so elected |
shall hold their first meeting one week |
after their election, and shall elect, by bal |
lot, one of their number president of the |
company. All citations and other legal pro-
cess shall be served upon the president |
The board of directors shall have power to
ill vacancies in their body, that may be
accustomed by dlath or otherwise. and to
adopt such lawsbfnd regulations as they
leem proper. fo9 the government of thu
,ompsny's affair." and to delegate such of I
heir powers, rs may be necessary, to off,
'ers OF agents; and the company shall have
cos1oests zeal. the device On which shsll ]