The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-03-31

sued In It's favor" and
Whereas, under the provisions of act No
49, OF 1853, the president and board of direct
ors, constituted in accordance Herewith, are
and remain the sole lawful liquidators of said
corporation, representing both the corpora
tion and the State, and are entitled to the pos
session and exclusive management of the
assets and affairs of said corporation; and
Whereas, owing to neglect of duty and other
unauthorized acts OF late officers of the State,
the possession and III Management of the assets
taken and are now withheld from the pos
session Of said lawful liquidatOrs, and are held
by receivers under orders of the honorable
the Circuit Court Of the United States to the
prejudice of the legal rights of the State;
therefore,
SECTION 1. Be IL enacted By The Senate and
House of Representatives. Of The State Of
Louisiana, IN General Assembly convened,
That the honorable the Judges of the Circuit
Court of the United States for this district
and circuit be and they are hereby respect
fully requested to cancel and rescind the or
ders appointing receivers for this corporation,
and to restore its assets and affairs to the
control and possession of the president and
act No. 113 of 1853 which is declared to con-
tinue IN force, except that the Governor shall
be authorized to appoint as directors three
to those provided by the said act No. 113 Of
1853, none OF whom shall be stockholders in
| said association, or the agent or representa-
| tiveS OF q stOckhOlder.
SEC; 2. Be It further enacted, etc., That said
president and directors be and are hereby
directed to take such legal proceedings as
may be necessary to procure the resembling
Of all orders of court appointing receivers for
this corporation, and to recover possession
and control OF its assets and affairs
SEC. 8. Be 1t further enacted ETC., That In case
1t shall be decided by the Supreme Court OF
the State that the bonds of the State issued
In aid OF this corporation, are legal and valid
BILE, it shall be the duty of the Board of
Liquidation upon receiving the same in ex-
change for consolidated bonds, instead of can
ceiling and destroying them, as provided in
the case of other bonds, to preserve the same,
after stamping or printing upon them such
statement as to show that the obligation of
| the State thereon has been extnguished and
to turn them over to the Auditor of Public
Accounts on his official receipt, to be pre-
served as evidence Of the obligation of the
corporation to the State.
| SEC. d. Be 1t further enacted etc., That it
shall be the duty Of the Auditor of Public Ac-
counts to open upon his books an account with
the Consolidated Association of the Planters of
association with the amount of all CONSOLE
dated bonds issued In exchange for aforesaid
bonds, and with the interest thereon as it shall
accrue, and shall credit the association with
to the State by 1t, for cancellation as herein
after provided, and with all monies paid in by
it to meet interest as it shall accrue.
SEQ. S. Be 1t further enacted, etc., That it
shall be the duty Of the president and direct
ors of said association, as soon as they shall
be restored to possession, to convert into cash
all the assets, corporal and incorporeal, of
said association except the stock mortgages
hereinafter provided for in the most speedy
and effectual manner, diSpOsing of the same
on such terms Of credit and settling with
debtors on such safe and secure terms as they
may deem most advantageous to said corpor-
alton, and as fast as funds are realized from
said assets lover and above necessary ex-
penses of liquidation, they shall invest the
same in consolidated bonds of the State.
which investment shall be made after notice
published during ten days In the official jour
nal of the State inviting bids, and the bonds
offered at the lowest price on such bidding
shall be purchased.
SEC. g. Be IL further enacted etc., That it
shall be the duty of the said president and
directors, as soon as practicable, to make or
cause to be made an investigation of the
mortgage given to secure the subscriptions
to the capital stock OF said association, and
ascertain therefrom: First, the number of
shares of stock outstanding and the amount
Of said stock, Or Of the property on which
rests the mortgage whereby the same are
secured; and, third, the value Of the various
properties, liable, for, said shares OF stock
respectively; antit shall then be the duty of
the said president and directors to form a
careful estimate of the amount which will be
necessary to pay, prior to the date of it's semi
annual maturity, the amount of interest
which the State will be called on to pay
during the current year upon the CONSOLE
dated bonds charged, or to be charged, to the
association, as provided in section four of
this act and also Of the amount which
will be necessary to purchase and surrender
to the State, on or before the first
of January of the ensuing yea, one-tenth of
the total amount of consolidated bonds. !
which may be charged as aforesaid at the
date OF said payment, and the said president
and directors are authorized and required
after making said investigation and estimates,
to levy and call in an assessment upon each
share OF stock and to require such periodical
payment thereof as may be sufficient and
timely to pay the interest for the current
year and to purchase the proportion Of out
standing bonds, estimated as aforesaid and
said assessment shall be equal and uniform
upon each share of responsible stock; pro-
uided, however, that the president and dfrec-
shares of stock which are valueless by reason
of having no real or personal security
SEC. z. Be 1t further enacted, etc., That
prior to the first Monday of April of every
Of said president and directors to cause sim
liar Investigations and estimates to be made, |
and at a meeting to be held on said first Mon
day Of IA APRIL Id or at such subsequent day as
may be 1ad By 1 the 6R Tfden in the
be held, to levy and call in an assessment
similar to the one provided in the foregoing
section for the purpose Of paying punctually
the interest accruing during the then current
year, and also of purchasing and surrendering
to the State the like amount Of outstanding
bonds, it being the purpose and object of this
act to require the president and directors to
levy and collect. annually, such assessment as
(after paying expenses of liquidation) will
nuai interest and will extnguish the whole
amount of consolidated bonds issued for ac-
count of this association within ten years
from the first day Of January, 1878.
SEC g. Be q further enacted. etc, That any
stock-mortgage who shall fail 70 pay pune
tually the assessments levied under the pro-
visions of this act, shall forfeit the benefit of
the delays granted hereby; and the president |
the right, after due demand and delay of |
thirty days, to sue forthwith for personal
Judgment as well as to enforce the stock mort