The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-03-27
AN ACT
No. ao.l

IN
TO incorporate the Mississippi. Terre-ar. Bsuf
and Lake Railroad Company, aud to define
ita powers snd authority;
sEcrgos 1. Be il enacted BY he Senate and
House of Representatives 9f ne State Of Loufss'
ana, N General assembly eennened, That +
MoClung, Louie Lopez, ii. story, and Jos. LON.
bard and their associates or successors, bs aud
they are hereby especially made body polite and
corporate under tn name and style OF the Mis-
sisnippi, Terre'au. Bout and Lake Railroad COM
pany, and under this name shall esist for the
term of hfts years. aud shall be capable for the
purposes enum rated In thia act, aud for all ether
purposes incident to like corporations, OF buying.
selling, and morlgaging all kinds OF real estate
and other kinds oi property. aud suing and being
aued In any OF the courts OF law aud equi OK
this Slate, OF having common seal, and OK NJ
tering tho sauna nj pleasure.
Sed. 9. Be IL further enacted, etc.. That the
capital stock of the Company he hereby fixed at
one hundred Thousand dollars, to be divided into
ehares OF one hun red dollars each. tn be paid In
sach manner IA the frat Boasd Of Directors OF
said Company hall deem proper.
sno .. DE Il further enacted, etc.. That the said
Company is hereby authorized aud empowered to
survey, locate and fix, construct alter, maintain,
work and repair, with one or more tracks, from,
and to commence at, point abb ut fifteen miles
below the city OF New Orleans, III the parish of
sc, Bernard, and known ~ the lerro,au. b@ut
Landing, following the Te re. au- Bout 5ad, to
point wncra the late Mexican Gulf Railroad
and thence TO the Lake, the terminus Of the pres
ent road, with such other branches as the COM
pany may deem proper and expedient to create
ana facilitate business, to carry, transport aud
convey property and persons, and the mails OF
the United States or any of the States thereof,
upon said road aud branch 4, by steam power or
any othtr power or combination OF powers,
proper 10 be used thereon, and 70 hold and own
said road and branches, and tho lands and tene-
ments attac ed thereto.
SIC. 4. Be Il .fts,thar enacted, etc., That the
esid company ia authorized to accept and receive
10 It's nee for che purpose OF constructing, using
and keeping in repair said Railroad, any grant,
aid or assistance which may BIO granted to or
conferred upon Il by the Legislature OF this State,
or of the United States, or by any person, per-
nons. or corporation, on such terms and oondi-
tons rs may DO annexed to or imposed on the
grant thereof.
SEc. 8. BE il further enacted, etc.. That the
said Company sbsll have the right OF way through
all the lands owned by the State Of Louisiana for
the breadth Of two hundred feet On each side
and be authorized to cut aud use the timber and
such other materials therein, as they NJ ~ require
or zee lit, within one mile on either side for the
!. purpose OF said road; prootded that this privi-
lege of cutting timber shall continue 80 long as
the lands shall remain the property Of the State.
SEC. 6. BE IL further enacted, etc., That the
business OF said company shell be conducted at
its domicile at the city of New Orleans in this
state, by board composed OF seven directors,
who shall be stockholders five of whom shall
constitute quorum t. transact business, and
the incorpora ors named in this act shall open
books, in order to obtain subscriptions to the
capita stock of said COMPANY, and IS soon as
Atty thousand dealars are subscribed or taken,
che incorporators shall elect board of seven
directors to serve Cor four years, or until their
successors srs elecsed and have qualified: and
every year thereafter the stockholders shail
elect new Board cnf Directors, whose term oil
ofice shall be one yesr, or until Their successors
shall have qualified. At ell elections by the
stockholders, and 1T all thesr meetings, each
share be entitled to one vote; votes may be given
in person or bv psaxv.
kEc. Z. Be IL further enacted etc, That the
directors, at their Ii st meeting, shall elect q
president. seeretsry and superintendent, whose
term OF oti q shall expire with that OF the direc-
tors, they shall also, ut their first meeting, de-
eide on the manner OF paying Tor the subscrip-
sson to the capital stock of the c mpauy; pro-
eIded, that no more than ten dollars per share
shall be called for in any one month, aud in case
any subscriber should f4il to psy any ns,slIment
ON his stock rs required, the board of directors
shall have the OPT u after thirty days notice to
the defaulter, of fotfeitipg his stock and selling
it for the benefit of the comp any, or compelling,
fby suit payment OF so much OF the amount sub-
scribed by him as his stock fails to pay, and no
stock holder shall be permitted to VOTE either In
bis own right or ss proxy, nor serve az direc-
tor while in default.
SEc. s. DE II fsuaser. enacted, etc., That the said
Mississippi 1srre- BRuf and Lake Railroad
Company, II necessary, may Issue and dispose Of