NP, BRA 3/27/1861

From the Baton Rouge Advocate
 
March 27, 1861
 
No. 39
An Act
To continue the liquidation of the Clinton & Port Hudson Railroad Company
Section 1. Be it enacted by the Senate and House of Representatives of the State of Louisiana, in General Assembly convened, That the Governor of the State shall appoint one Liquidator for the Clinton & Port Hudson Railroad Company, whose duty it shall be to liquidate the affairs of said insolvent Company, so far as it has not been already done, in pursuance of the provisions of this act and the laws now in force relative to the liquidation and final settlement of insolvent corporations.
   Sec. 2. Be it further enacted, &c., That the Liquidator to be appointed under the first section of this act, must be a qualified voter of this State; he must not be a stockholder, debtor, or creditor of said Company; he must give bond in the sum of ten thousand dollars, with two good securities to be approved by the State Treasurer, and made payable to him and his successors in office, for the benefit of the creditors of said Clinton & Port Hudson Railroad Company, conditioned for the faithful performance of the duties of the office, according to the laws now in force and the provisions of this act. He shall continue in office two years, from the twenty-fifth day of June, A. D. eighteen hundred and sixty-one.
   Sec. 3. Be it further enacted, &c., That it shall be the duty of said Liquidator to obtain from his predecessor, all the books, accounts, documents, assets, and property of every kind in his possession, belonging to said Company; and to make himself a part to all suits, commenced by the late Liquidator, or the Commissioners connected therewith or growing out thereof, until the same is finally settled.
   He shall have power to sell under order of court, at public sale, all property belonging to said Company for cash or on credit, as to him shall appear best for the creditors; that he shall have power to compromise with the debtors in such cases as, in his judgment, it would be proper to do for the interest of the creditors.
   Sec. 4. Be it further enacted, &c., That the compensation of said Liquidator shall be five per cent. of all moneys collected or realized out of the assets and property belonging to said corporation; he shall file a tableau of distribution in court once every six months, in which eh shall make a concise statement of his administration; provided, he has any to distribute among the creditors.
   Sec. 5. Be it further enacted, &c., That the Liquidator appointed under this act, shall, in all things not hereinafter provided for, continue to act in conformity to the statues heretofore enacted on the subject of the liquidation of said Company.
   Sec. 6. Be it further enacted, &c., That all suits instituted by or against the late Liquidator of said Company, shall be sued, prosecuted, and defended in the name of the Liquidator appointed under this act; and it shall not be necessary to make service of any amendment making such Liquidator a party; but the said suits shall be proceeded in, in the same manner as though the Liquidator, so to be appointed, had been originally a party thereto.
   Sec. 7. Be it further enacted, &c., That the appointment made under this act, shall have effect on the twenty-fifth day of June, eighteen hundred and sixty-one.
C. H. Morrison
Speaker of the House of Representatives
Henry M. Hyams
Lieutenant Governor and President of the Senate
Approved February 28th, 1861
Thos. O. Moore
Governor of the State of Louisiana

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