The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-03-10
AN ACT
No. 1871

To provide for the transfer Of rights and fran
chises 10 purchasers Of railroads under fore
closures OF mortgage upon the same; TO pro-
vide for the organization OF said purchasers
of new railroad companies; to authorize such
new companies TO borrow money and to &C.
cure the same by mortgage, and to invest
euoh roorganzed companies with certain
rights and powers, aud TO impose on them
certain duties.
Sgsr1oN 1. Be enacted bu The Senate and
House Of Representations Of he State Of Loufsi-
ana, in General Assembly cOnuened, That any
railroad company, chsftered by this state, or any
other State, aud whose road lies In whole, or In
part, in this State, which has heretofore, or may
hereafter, mortgage Its franchises, roadbed, su.
perstructure and other property, and said mort
gage shall afterwards be foreclosed by any court
OF tht1 State, 6f Of the United States, hHvfsB
jurisdiction thereof, the purchasers Of said sale
shall have the same right TO operate said railroad
in this State, as the incorporated company had
who executed said mortgage, and said pur-
chasers thereof shall be entitled to and be In
vested with all the rights, franchises, privileges,
and immunitios appertainin.g to the property,
or franchies, or both, sold, in 40 full aud COM
plete manner as the company In, or was, by
virtue Of It's charter OF Incorporation and amend
ments thereto, or By virtue OF any other law or
laws OF this State.
SEQ O. BE Il further enacted, etc.,, That the
purchasers Of said railroad, Its property, fran.
chises. etc, as aforesaid, may fix the amount Of
capital stock representing the property bong ht,
divide the same into shares Of one hundred dol
lars each, and the holders Of such stock may
meet together, adopt y name for the company,
and organize by the election OF Bolrd OF Direc-
tors OF such number as they may see it, not less
than six-one OF them shall reside in this State
each share Of said stock being entitled to one
vote.) And said Board OF Directors may elect o
president and such other officers as they may
deem expedient for the proper management OF
said property fix their duties, terms of Cfico and
compensation, and adopt bylaws not inconsis-
tent with the laws OF this State.
SEQ. 8. Be IL further enacted, etc., That upon an
organization being effected, as aforesaid, by the
election OF Board Of Directors and upon said
Board Of Directors fling with the Secretary OF
State OF this State statement, signed by said
Directors, showing the name of said corporation,
amount of capital stock, shares into which the
same Ia divided, number and residence of Board
OF Directors, where the road is situated and the
| name or names by which 1t was chartered and
has heretofore been known, the secretary Of
state shall certify the fact Of such fling,
and the said company, upon 80 filing
said statement Of its Board Of Trustees afore-
said, shall be body corporate, under the
name chosen as aforesaid, with all the rights,
powers, privileges immunities and franchises
granted to the company or companies Whose
road and franchises were sold and bought as
aforesaid), and which had been granted TO said
company or companies, by the act OF its incorpo-
ration, or acts amendatory thereof in as full and
perfect manner as IL the new company, char
tered under the provisions Of this act. was
grante ed charter Of incorporation In the very
words OF this act or acts OF incorporation under
which the company whose road was sold existed,
and such company, 30 formed under this act,
may borrow money for the purposes Of its tncor-
poration, issue it's bonds and execute q mortgage
or mortgages on all or any Of its rights,
franchises, privileges, immuuities or property to
secure the same.
SEQ L. Be IL further enacted. etc., That the
principal Office Of said company, formed under
this act and branch Offices, may be established
at such place places in or out of this State,
the Board Of Directors may determine, for the
conven emit transaction OF business and meetings
there held, and resolutions adopted shall be law
ful and binding; proUtded that an Office be
maintained and preserved in the State of LOUISE
ana, where citations may be served, and that
said company be always represented at said Of
fee by an officer, agent or employe, upon whom
service OF citation can be made IN accordance
with the laws Of this State.
SEQ 5. Be 1t further enacted. etc., That nothing
in this act contained, shall be so construed as to
interfere in any manner with the valid prior mort
gage, liens, If any, upon the properly, rights,
aforesaid.
SEC. 6. Be 1t further enacted, etc.,, That this
act shall take effect and be in force from and after
it's passage. -
Speaker Of the House OF Representatives.
(Sgned) LOUIS A. WILTZ,
Lieutenant Governor and President Of the Senate.
Approved March 8, 1877.
(Signed) FRANCIS T. NICHOLAS,
Governor OF the State of Louisiana.
a true copy:
OSCAR ARROYO,
Assistant Secretary ct State.