New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-08-05


Sec ,. Be it further enacted. etc, That
the capital stock Of said company il fixed
at two million dollars, divided into twenty
thousand shares, of one hundred dollars
each. The capital stock of the company
may be increased, by vete of four-fifths
of the stock, to an amount not exceed ding
four million dollars.
SEC 3. Be it further enacted, etc. That
the officers, engineers, fremen and other
employees of said company shall be exempt
from jury duty and from military dpty, ex-
cept in case Of invasion or insurrection.
SEC. 4. Be it further enacted, etc, That
said company shall have the right of way
through all lands owned by the State of
Louisiana, to the width of one hundred and
flftv feet on each side of their roadbed,
ara shall have the right to cut and use
timber and such materials on tae lands Of
the State, as said company may zee fit for
six miles on each side of said road; pro-
yided. that said railroad shall be com
menced within one year after the passage
of this aot, and shall be finished in five
years after the commencement of work
thereon.
SEC ). Be it further enacted. etc, That
within six months after the passage of this
act the first seven herein named corpora
tors, or a majority Of them. shall cali a
meeting. by ten days publication in the
daily papers of Shreveport and New Or
leans, OF the incOrporators at the dOmclje
Of the company, who shall Tx a time and
place to open books of subscription, deter
mine the amount and terms of payment OF
subscriptions to the stock, fix time to
close the books OF subscription and call
meeting of the stockholders or subscribers,
and organize the company by holding an
election for board of directors from among
the stockholders. The board of cirect
thus elected shall hold their Offices for one
year, ard until their successors shall be
elected and qualified.
SEC. 8. Be it further enacted. etc. That
each stockholder shall be entitled to one
vote tor every share of his capital stock,
and shall have the right to vote in person
or by proxy.
SEC. Z. Be it further enacted, ETC.. That
the business of the corporation shall be
conducted at its d0micile by board of
seven directors, in whom the corporate
powers OF this company shall be vested,
who shall be stockholders; five of whom
shall constitute quorum to transact bust
ness. A vancancy in the board OF dire ctors
during the period fer which they were
elected shall be filed by majority vote of
the remaining directors.
SEC s. Be it further enacted, etc, That
the second election of directors shall be
held at the domicile OF the company, on the
fourth Monday OF October of the year fol-
lowing the first election, and shall hold
their offices for one year from they day of
their election, and until their successors are
elected and qualified. and each succeeding
election for directors shall be held in like
manner and for a like period.
SEC. 9. Be it further enacted. etc. That
within ten days after board of directors
shall have been elected, they shall elect
one Of their number president, and may
elect vice president from among them
selves to act as president in the absence of
the president. The board Of directors shall
elect treasurer and secretary; such other
officers as may be deemed necessary shall
be appointed by the president The d.
rectors shall fix the amount OF salary and
compensation of its officers, and the amount
of security to be by them given, and enact
bylaws and regulations 20 govern them in
their various duties.
SEC TO- Be it further enacted, etc, That
the president of the company is the office r
| designated upon whom legal process may
be IL ade, and such service may be made IN
person or by leaving the same at the office
| of the company, at It's domicie, with any
| of its officers.
SEC. II. Be it further enacted. etc. That
| the said company shall have the right. and
| power is hereby conferred upon it. to ac-
| uuire by purchase or otherwise any railroad
! now built. OF which may hereafter he huit.
| between Monroe and the Mississippi river,
at or near point opposite Ficksburg, in
the State of Mississippi, and also any rail
| road now built. or which may be built. be-
tween Shreveport and the Texas State line,
| or terminus of the Texas Pacific railroad
in which purchase they may acquire the
| rights privileges, appnrtenances, property
| and franchises OF the corporations or com
| panies from whom they may purchase, and
| any railroad company or corporation which
| has built. or hereafter may build q
| railroad between Monroe and the Missis
| sippi river at point opposite or neal
| Vlcksburg. and any railroad company OF
corporation that has built or may hereafter
| build railroad between Shreveport anG
the Texas State lire. the terminus of thu
| Texas Pacific railroad. shall be authorized
and they and each of them are hereby EN-
| powered to bargain. sell and deliver tC
said North Louisiana Railroad Company
herein incorpora ed all it's property. rights
! credits, and franchises of all and every
description and character on such terms al
| may be agreed upon by both parties, SO as
to invest the said North Louisiana Rail
road Company with a full title to the same
and said company is also invested with au
| tnority to construct or operate roads to anG
| flom said points herein named.
SEC. r. Be it further enacted, etc, Thai
the president shall have the power to cal
special meetings Of the stockholders when
ever in his Judgment the interests Of thu
company may require such meeting OF
| meetings.
Sec 13. Be it further enacted, etc, Tha
| the company shall have the right to ISSUE
bonds of said company to an amount no
| exceeding thirty-hve Thousand dollars PEI
| mile Of road to be constructed by said com
| pany, and of road that may be acquired by
said company already constructed, and t.
secure the payment OF the interest ant
principal of the same when due, shall b.
empowered to execute first mortgage OF
| all property and franchises; and for thu
purpose contemplated herein the length o
the main road to be constructed is fixed a
two hundred miles, and the length of til,
branch road from main line via Homer t
| Arkansas State line is fixed at forty -fiv,
| miles.
SEC. II Be it further enacted. etc. Tha
| the North Louis ANA Railroad COMPANY
shall have perpetual existence, but sale
corporation may be dissolved by vote 0
| four tifths of the Whole stock, in which cas-
the president and directors shall be created
| commissioners to liqIidate the aft HRS 0
! said company: and tue company may, by
vote Of fonr-hfths of the whole stock, sell
ALLEVIATE, transfer and deliver to any othe
| railroad corporation or company created b'
| charter of the Legislature of the State o
Louisiana or of the Congress of the Unitet
States, all their property, rights and fran
chises created by this charter or which sai,
North Louisiana Railroad Company ma,
acquire. as herein before provided, on sucl
term and condition as may be agreed on b.
the board of directors of this company
thereto authorized by vote OF tour-iitth
of the stockholders in amount
(Signed) Z. ID. ESTlLETTE.
Speaker of the House of Representatives
iSignedl C.. c. ANTOINE,
Lieutenant Governor and President of tn
Senate.
Approved April 90. 1876.