The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-11-12
the cspital be not so increased, then the

dnced from the largest subscription so as
not TO dinish the plumber Of shares Of any
subscriber, while another remains with a
larger number Of shares. If there be any
deficiency in the amount Of capital subscrib-
ed, the said subscription books may be re-
opened and closed from time to time, rutli
the whole capital shall have been subscribe
ed.
sth. In case Of failure on the part Of any
subscriber to pay the installments on his
stock, as required, the Board Of Directors,
shall have the option, after thirty days
written notice to the detaulter, Of forfeiting
the stock. and selling it tor the benefit of
said stockholder, or Of compelling by suit
the payment OF such enstallment: and no
stakeholder shall be PERMITTED to vote while
in default.
10th. All meetings of Stockholders called
for the purpose Of increasing or diminish
ing the capital stock Of the company or tor
any of the purposes enumerated. IN the NTH
section OF the act Of the Legislature OF
Louisiana entitled ".An act for the organisa-
kiou of corporations for ,corks Of public I'M
prouenentand utility" shall be composed OF
persons holding in their own right, or as
agents for others at least three-fourths of
the stock of the company, in order to take
valid and binding action in the premises.
at all other meetings OF stockholders, and
At ali elections, majority OF stock shall be
represented, and in this latter case, If such
majority be not present nor represented the
meeting shall be adjourned for one week.
and the vote OF the majority of the stock
Fad at al
meeting shall bind the company in the same
manner, as if majority Of all the stock
were present and represented.
18th. Any vacancy in the Board of Dir
ectors, occurring during the year may be
filled bv a vote Of the Board of Directors.
18th. The President and Directors of said
corporation shall have power to make and
use common seal-to elect newspaper.
which shall be known TO the Stockholders
as the official paper Of the Company, and
in which ali advertisements shall appear.
and to do every thing necessary for the
construction, repair, and maintenance OF
the plank road herein before described, with
as many tracks as they may deem necess-
ary to determine the line of the road, and :
the depots that may be necessary to make
and construct all works whatever for the
proper and complete working of the road
10 construct ell bridges over Manageable and
other streams, and whether the crossing |
shall be by bridge or ferry; to contract
specially for work, labor or materials to be
furnished to the company, and to agree !
whether the whole or any part thereof shall
be payable in the capital stock the Com
pany; to appoint Secretary, Treasurer,
Supreintendents, Engineers, and other !
the laithiul performance, Of any duty nee
essary to the construction or proper main
tainance Of the said plank road to make all
contracts for the furnishing of material or
equipments for the road on such credits as |
they may deem proper; 20 borrow money |
for and on account of said ROAD in any sum |
net to exceed ten thousand dollars, unless |
authorized by vote Of two thirds al the |
stockholders. not to exceed that sum. aud to |
mortgage the said road and its appurtenan- !
ces to secure the payment of the same to !
make all contracts for the purpose of speed-
" and properly constructing said road, and |
when said road or any part thereof IS finish |
ed, to fix the rate of tolls for same to make |
all rules and regulations or bylaws neces-
sary for the proper, safe and regular tran
action of the business of the company; but |
such rule and regulations shall be subject
TO repeal, change. amendment. or modihca-
ton, by the stockholders at their meetings,
or by the President and Directors in them
tervals; they may accept donations in land
or money. or such materials OF labor as may
be useful to the company ; they shall de-
clare semi-annually the dividends arising
from the road after the payment Of all cx-
penses. Said dividends shall be declared
and made payable to the stockholders dur
ing the first fifteen days Of December and
June of each year they shall make at least
once in each year report IN full detail to
the stockholders, exhibiting the expences
and profits or revenue Of the road as well as
The cost during the process OF constru citing
The same as well as the repairs that may be
made thereof; they shall keeper cause to
be kept, regular set of books, on which
shall be entered in regular order all business
Or other transactions Of the company, which
,aid book shall be opened 10 the inspection
If the stockholders at the Office fthe CON-
,any. A stock book shall be kept and cef-
ificates of stocA shall be issued to the ,
and no transfer of stock shall
De binding on the company until made on
is stockbook.
b. If any subscriber for stock shall be
axed by virtue OF any law or ordinance for
he payment of subscription to the company
lie shall have the right of reducing the
lumber of his shares by an amount equal
o that of the tax so imposed, but this
light must be exercised within thirty DAYS
rom the date Of TIE law or ordinance after
III l. |