The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1889-05-04
LEGAL ACCOMPLISHMENTS.

l "
from any Parish City village or county any
| rights immunities privileges, franchises
| and subsiders that any of said parishes
grant in to snd aid OF cheese ,ne nc
| Struction maintainance management and
use OF the railroads of said company its
depots, cars, locomotives, and its business
within the limits OF each and any OF such
parishes counties cities and villages.
| Sec. lO.-To lexpropriate according To
existing or future laws all property that
may be necessary to carry out the purposes
of the company.
Sec. Ito cross, intersect, join and,
unite Its railroads and branches with any
other railroad heretofore or hereafter con-
other State or at any. point upon Its route
and upon tho ground of such other railroad
with tho necessary turnouts switches and
other conveniences In fursherance of the
objects of its connections.
Sec. lc.-To purchase from ;any railroad
company or corporation at any authorized
sale any railroad its charter franchises and
appurtenances and to lease any railroad its
tenancss and to maintain the same as part,
of the property of this company.
Sec. lS.-To borrow money or to pur-
chase or lease property on its own credits
tanning said railroad and branches or os-
tablishing continuous or connecting lines
as heretofore provided; and AS evidence of
The indebtedness of said company for said
loans or the purchase or lease OF such pro-
perty, to issue it's corporate bonds or pro-
missory notes bearing interest at such rate
made payable in good coin or in lawful
money OF the United States at such time
and places AS may TO deemed most to the
advantage of the corporation; and for re-
curing the payment of said bonds or notes,
to mortgage and pledge its railroad its
capital stock its corporate franchises. its
privileges aud any anG all OF it's real and
PERSONAL property.
ARTICLE ".
All citations shall DO served upon the
President or in his absence upon such other
officer as the President may name and
designate.
ARTICLE V.
Section 1.-The amount OF the capital
stock OF said corporation shall DO five nun
dred thousand dollars, consisting OF five
thousand shares of the par value of one
hundred dollars each.
Sec. 2.-tive per cent of ali stock sub.
scribed shall bs due and payable at the
timo cf subscription. otherwise time and
manner OF paying subscription for stock
shall be determined by the Board Of Dircc-
tors except that no stock or bonds shall be
issued by tho company unesss it be for
services rendered or for money or property
actually received or for labor done.
Sec. ;:.-lm case of failure on the part of
any subscriber to pay the whole or any
portion OF his su subscription Mt the time or in
The manner fixed by tho Directors the
shares OF stock so subscribed for under
such subscription and all payments here
tofore made thoreundGr, shall be forfeited
to the company without any further action
on the part Of the company, but the liabii-
ity OF tho subscriber for unpaid balance of
hts subscription to the stock or the colnpa-
ny shall not cease or abate, but he shall be
responsible for the whole unioss aIler the
payment Of Atty per cent OF the stock Sub
release for the unpaid baluncc. No stock
holder shall DO hold liable or responsible
for the contracts and faults of the COM
pany IN any further sum than the unpaid
balance due tho company on shares sub
scrihed for or owned by Him.
ARTICLE VI.
Tho active construction OF tho railroad
herein prescribed for shall begin nv soon ~,
fifty Thousand dollars shall have been sub
scrfbed TO tho capital stock of the company.
ARTICLE VII.
Section 1.-The corporate powers of tho
company shall DO vested in II Board of Di-
rect0rs composed of nine stockholders to
he elected in accordance with the bylaws
OF the company, 4 majority of whom shall
constitute a quorum, and in such other
officers and agents as may from time to
time be appointed by such board. Direct
such annual meeting is not held ut the
time appointed, the directors in Office shall
continue until others arc elected to fill
their places. Upon the death. resignation
shall have power to fill tho vacancies
caused thereby. The Directors shall elect
ono oftheir number 10 he President OF said
corporation and another to be Nice-Prcsi-
don't, aud may elect from themselves or
appoint from others outside of tho Direct
ors one person TO DO Secretary and another
person 10 be treasurer of the company, or
may combine said officers in QUO and the
Same person If they think proper, said
Directors shall have power to make and
prescribe bylaws rules and regulation
Tor thegovernment of the company rs they
may deem advisable and shall have power
to alter, amell and revoke the same from
time to time as they shall SEQ fit. until
annual meeting hereinafter provided for,
The Board of Directors shall consist of the
following named persons, to-wit, u. Mill
saps, Ben Reynolds, ID. a. Breard, ST., j.
Edward Jonas, Jacob Marx and w. w.
Heard, who shall at once organize by elect
ing tho officers herein provided for.
Sec. An election for Directors shall ba
by ballot and every slockholder shall be
entitled to ono vote in person or by written
proxy for each share of stock owned by him
for ut least thirty days previous to said
election, The annual meeting for tho cleo
ton OF Directors shall be held at the domi-
ellie OF the company on tho second Tuesday
in the month of April in oach year.
ARTICLE VII.
This corporation may be dissolved at
a general meeting OF tho Stockholders
convened for that purpose with the consent
of three fourths of the stock Of the company,
and upon the votes of two-thirds of tho
stock represented at such meeting, and in
case of dissolution the liquidation shah he
conducted by three commissioners elected
by ballot ut such meeting.
In testimony whereof tho aforesaid par
ties have hereunto subscribed their names
in presence OF II. Is. vinson and f. j.