The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-03-12

An act TO provide for the further liquidation
81 the Consolidated Association OF the
| Planters Of Louisiana; TO provide add
dent aud directors thereof. under act No.
1l3 of 1853; to authorize and direct legal
proceedings by said president and difec-
| tors: to impose certain additional duties
upon the Board Of Liquidation and the
Auditor of Public Accounts.
Whereas. there remains outstanding large
amount Of bonds Of the State of Louisiana
issued in aid Of the Consolidated Association
Of the Planters Of Louisiana under the pro-
| visions of All act entitled can act to amend
the act entitled An act to Incorporate the sub
scrihers to the Consolidated Association Of
the Planters OF Louisiana, approved Feb
Whereas, by the provisions Of said act 1T
was declared that the stock, mortgages, and
all other hypothecafy obligations Of said cor
| guarantee for the reimbursement Of said
bonds and the interest thereof and
| Whereas, the State subsequently, entered
agency Of liqnidators provided by her laws,
and by the provisions Of an act entitled IAN
act TO Facilitate The liquidation Of the property
i, 1919, did declare that the assets OF the Con
| sulidated Association Of the Planters Of Lou
isiana care and shall remain in the possession
and under the exclusive management Of the
all the State bonds issued In its favol;' and
| Whereas, Under the provisions Of act No.
| tt3 of 1853 the President and Board of Dirpe-
| tors constituted in accordance Herewith. are
| and reinan the sole lawful liuuidatofs Of said
corporation, representing both the corpora
ton and the State, and are entitled to the pos
| session and exclusive management Of the as
| sets and affairs Of said corporation; and
Whereas, Owing to neglect Of duty and
other unauthorized acts Of late officers III tile
State the possession and management Of the
been taken and are now withheld from the
possession Of said lawful liqnidators, and are
held by Receivers under orders of the honor
able the Circuit Court Of the United States: to
the prejudice of the legal rights Of the State,
therefore,
sErrloN /. BE Il enacted, etc. That the hon
United States for this district and circuit be
eel and rescind tie orders appointing Re-
ceivets for this corporation, and to restore It's
assets and affairs to the control and possess
sion Of the president and directors as at
present organized under the act No 1l3 OF
1853 which is declared to continue In force
SEQ 9. BE it further enacted, ETC. That said
president and directors be and are hereby d.
ected to take. such legal proceedings as may
orders Of court appointing receivers for this
corporation, and TO recover possession and
control Of its assets and affairs.
SEC. 8. Be u further enacted etc., That Ii,
case It. shall be decided by the. Supreme
issued In aid OF this corporation are legal and
valid obligations of the State aud properly
fundable, 1t shall be the duty Of the Boafd III
Liquidation, upon receiving the same in ey4
change for consolidated bonds instead Of can
ceiling and destroying them. as provided In
the case OF other bonds, to preserve the same
a. a1sfr Stamping or printing upon them such
the State thereon has been extinguished 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 4. Be IL further euncted etc. That 1T
shall be the duty of the Auditor Of Public Ae-
counts n,.t to open upon his books an account
Pl .ee L"SGna'ed bo Assofaso q the
the said association with the amount Of all
consolidated bonds, issued In exchange for
aforesaid bonds, and with the interest thereon
as 1t shall accrue; and shall credit the associa-
ton with amount Of all consolidated bonds
to the State by 1t for cancellation
as hereinafter provided, and with all moneys
paid i'll by 1t to meet interest as 1t shall ac-
crue.
SEC. g. BE ii further enacted. etc.. That Id
shall be the duty of the president and direc-
tors OF said association, as soon rs they shalt
be restored to possession, to convert into cash
all the assets. corporal and ineorporeal: of
said association, Except the stock mortgages.
hereinafter provided for, In the most speedy
and eteactual manner. dlsposing 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 eorpo-
ration; and as fast as funds are realized
ssa q ffS a GEsp aSs s nset bg
same in consolidated boids 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
,ffered at the lowest price on such bidding
shall be purchased.
SEC. G. BE il further enacted eic. That
t shall be the duty of the said president and
directors. as soon as practicabIe. to make al.
r. 10 on iryN iffrul ri
mortgage given to secure the subscriptions
% the capital stock of said association, and
ascertain therefrom,
Fnst-'Ehe number of shares OF stock out
standing, and the amount due thereon.
Second-The respective owners OF said
toc|s, or the property on which rests the
mortgage whereby the same are secured:
Third The value of the various properties
liable for said shares of stock, respectively.
And 1t shall then be the duty of the said
resident and directors to form q careful esti-
nate OF the amount which will be necessary
o pay, prior to the date of it's semi annual
maturity, the amount Of interest which the
tate will be called on to pay during the Cur
harged. or to be charged, to the association.
s provided in section Of this act and also
t the amount which will be necessary to pur-
base and surrender to the State, OH on before
he first OF January of the ensuing ysar one
wentieth Of the total amount Of consolidated
onds which may he charged as aforesaid at
'tf uhte gi Shhl payment; ana the said pfeSi-
ent and directors are authorized and re-
ulred after making said Investigation and
to levy and call in an assessment
pom each share of stock, and to require such
eriodicat payment thereof as may be suf-
lent and timely to pay the interest for the
urrent year. and 10 purchase the proportion
| outstanding bonds estimated as aforesaid:
nd said assessment shall be equal and uni
'rm upon each share Of responsible stock,
fornfed, hO,rep9. that the president and di-
actors may discard from consideration any
hares of stock which are valueless by reason
having no real or personal security.
SEC. 7. BE il further enactei, ETC., That prior
the first Monday Of April Of every year