The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-09-14
CHARTER.
STATE OF LOUISIANA,
PARISH OF ORLEANS, CRY OF NEW ORLEANS,

Il CHARTER.
STATE OF LOUISIANA,
PARISH OF ORLEANS, CRY OF NEW ORLEANS,
BE IT KNOWN, That on this twenty-nintl
day Of the month of June, in the year OF ou
Lord one thousand eight hundred and seventy
five, and OF the United States OF America tn
Before me, JOHN G. EUsTIs, Notary Pub
lie, in and for this CITY. and parish Of Orleans
State of Louisiana, duly commissioned and quail
fed, and in the presence OF the witnesses here
matter named and undersigned:
LEY, E. B. WHEELoCK, HUGH KENNEDY
JOHN PHELPS, JOHN d. KENNARD, CYRUS
BUssEY, GEORGE JONAS, "; B; SCHMIDT
RANLETT and DAVID WALLACE, all resi-.
dents of this city, who severally declared
| That, availng themselves OF the powers,
rights and privileges conferred by the sta
to the Organization of Corporations" in
thi State, they do, by these presents, form,
| organize, constitute and found Corporation for
the objects and purposes as shall hereafter be
enumerated and set forth; and to that end they
| do hereby covenant and agree to form and con-
stitute, and do, by these presents, form and con-
stitute themselves, and all such other persons as
may hereafter become associated with them,
whether by subscription, purchase, transfer,
succession or, otherwise, into "Body Cor,
all who may hereafter become associated with
them, to be governed by the following stipu-
lations obligations and regulations as articles Of
the charter OF said Corporation.
ARTICLE I.
NAME.
The name and title of said corporation shall be
the NEW ORLEANS PACIFIC RAILWAY COM
PANY, and by that name shall have succession,
and have corporate existence for and during the
p,,1I o,1 id ~ {rran fitya
from the date of the execution OF these presents,
unless sooner dissolved in the manner hereinafter
provided for; may sue and be sued, may hold
real and personal property, may make contracts,
may receive grants OF land or personal property,
aud shall possess all the powers and privileges
which corporations are or may be by any general
law of this State authorized to possess, and said
company may exercise it's corporate powers within
any other State of the United States that shall
authorize the same.
ARTICLE II.
CAPITAL STOCK.
SEC. 1. The capital stock of this corporation is
hereby fixed at THREE MILLION DOLLARS
$4,000 ooo represented eN By THIRTY THon
(s100) EACH, with the right to increase said
capital stock to TWELVE MILLION DOLLARS,
provided that said corporation shall be organized
under the incorporators herein named, who
shall constitute the Board Of Directors and shall
hold their office, together with the following
named gentlemen, who shall be the officers Of
the Company until the second Wednesday in
January, 1877: Officers, E. B. WHEELOCK,
President; HUGH KENNEDY, Vice President;
bred and fifty thousand dollars ($150, 0C0) Of the
capital stock shall have been subscribed, the |
Board of Directors are authorized to commence
the construction of the road and to carry out the
provisions Of this charter; to enable them to do |
this, subscriptions to the capital stock shall be |
due and payable as herein provided for when
this amount has been subscribed.
Sec. 2. The time and manner OF payment for
stock shall be such as may be determined by the
Board of Directors, provided, however, that no
call shall be made Of more than ten per cent 40
per cent? on each share at any time, and thirty
days must elapse before another call can be
made.
SEC 8. No stakeholder shau be held liable or re-
sponsble for the contracts and faults OF the COM
pany in any further sum than the unpaid balance
Or balances due the company on shares owned by
him. nor shall any informalities in the organiza-
ton have the effect of annulling this Charter or
Of exposing stakeholder to any liability beyond
the amount OF his stock subscription unpaid.
Sec. 4. The domicile Of the company shall be
,he city of New Orleans, and citation shall be
served there on the President OF the company, or
u his absence, on the Vice-President.
Sec. 5. The ock books shall be kept at the
,fice Of the Company, whence certificates of stock
shall be issued to the subscribers, but no trans
er Of stock shall be binding upon the Company
Until made upon its stock books, and no stock
certificate shall be issued except for full paid
took.
SEC. 6. In the case of failure on the part of any
ubscriber to pay the installments on his stock as
equired, the Board of Directors shall have the
ption, after thir y days written notice to the
of forfeiting his stock or the amounts
previously paid thereon; and no stakeholder
hall have the right to vote while in default.
SEC. 7. All rules relative to the declaration Of
ividends or divisions of profits, as well as the
y-laws of the Company, shall be made by the
'oard Of Directors, but said rules and bylaws
hall be subject to repeal, change or modifca-
ion by the holders Of a majority OF the stock Of
he Company at their meeting.
ARTICLE III.
GENERAL POWERS. III
Tue said company is empowered and author '
red: t
First-To locate construct lease, own and use I
railroad with one or more tracks and suitable '