The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-09-17

days notice Of each call shall be given, by
publication in one newspaper published in
Baton Rouge which shall be known to the
stockholders Is the official paper of the
Company, and in one newspaper published
at Clinton.
4th. The said corporation, shall 60 into
operation and be organized; 50 soon as
shares of stock to the amount of Thirty
Thousand Dollars shall have been sub
scrbed.
9Th. The business of the corporation shall
be conducted at its domicil, in the city of
Baton Rouge by Board composed of seven
Directors, who shall be stockholders. The
Directors shall elect one of their body as
President of the Company, at their first
meeting after their election. A quroum to
transact business shall consist of at least
three members and the President, or any
four members of the Board. At all elections
by the stockholders, and at all their meet
ings each share shall be entitled TO one vote.
Votes may be given in person or by proxy.
The President OF the Company is the officer
designated as the one on whom lega! service
of all process or citation against the Com
pany may be made, and the company agree
to be bound. by service of process or cita-
ton, whether made on the President in
person, or to his address. at the Office of the
company in the hands of any Of its officers.
9Th The first Board of Directors 81 all
be chosen as soon as the list of subscription
shall be closed. This election shall be held
at Baton Rouge under the superintendent
of the commissioners hereafter designated
and appointed to receive subscriptions
All subsequent elections shall be held at
Baton Rouge under the superintendent OF
three commissioners appointed from am
ongst the stockholders by the Board of Di-
rectors for the time being. Notice Of the
first election of Directors, shall be given
fifteen days in advance, in at least one news
paper published in Baton Rouge, and one
published at Clinton The first Board of
directors shall hold Office until the third
Monday of January, 1854. The election
shall be annual, and each subsequent Board
shall be elected on the third Monday of Dec
ember. A failure to elect Directors, shall
not dissolve the corporation, but the Board
| in Office shall continue the exercise OF ITS
| functions until new board can be elected.
All notice of elections and of meetings q
| stockholders after the first election above
provided for, shall be given by publication
thirty days in advance, in the official paper
! of the company, and in one paper published
at Clinton.
7th. The following persons are hereby
| appointed commissioners for the purpose OF
receiving subscriptions to the stock OF SAID
corporation. Ns: Commissioners at Baton
Rouge, r. G. Morgan. S. M. Hart. IL. 1;
Waddill, A. S. Heron. Eugene Lanoue and
W. S. Pike. At Clinton, J. H. Muse. H.
H. Haynes. Henry Marston, CIV. Munday,
J. B. Smith, VIM. Patterson and NJ. 6.
Mills. The said commissioners shall have
power to appoint deputies or agents IN
other places to receive SUBSCRIPTIONS
Three shall form quorum to do business.
The subscriptions shall be closed as soon as
the amount of Thirty Thousand Dollars
shall have been subscribed and the COM
missoners shall Immediately thereafter
catse this charter with tine names of the
subscribers to be registered in the office OF
| the Recorder of Mortgages as required by
law, and shall cause notice to be given
and an election for Directors held as provid-
ed for in the 9th Article of the charter.
Sth. Immediately after the election
of the first Board of Directors the sub
scription list shall be opened tor term
OF three months at such places as may be
deemed advisable by the Board OF Directors
and public notice shall be given thereof in
newspaper published at the place where
said subscription books are opened; and the
board shall have power to appoin. agents
for receiving subscriptions. At the end of
said three months, if the amount Of sub
scfiptiohs shall exceed the amount OF CAPT.
tai required. meeting Of Stockholders
and subscribers shall be held to determine
whether the capital shall be increased to
the whole amount of subscription and II
the capital be not SO increased, then the
| number of shares subscribed shall be re-
duced from the largest subscription SO as
not to dimish the number of shares OF any
subscriber, while another remains with
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, until
the whole capital shall have been subscrib-
ed.
/ Sth In case of failure on the part of any
subscriber to paw the instalments on his
stock, as required, the Board of Directors,
shall have the option, after thirty days
written notice to the defaulter, of FORGETTING
the stock. and selling it tor the benefit of
said stakeholder, or of compelling by suit
the payment of such enstallment !: and no
stakeholder shall be PERMITTED tAotss while
in default.
10th. All meetings of Stockholders called
for the purpose of increasing or diminish