| 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 |
|