The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-09-25


Henry Marsion, G. W. Munday, j. B. Smith
VIM. Patterson and NJ G. Mills.
The slceting adjourned SINE die.
THOS. G. MORGAN, Pret
WIN. S. PIKE, Secretary.
An Act for the organization Of Corpor-
atoms for works of public improve
ment and utility.
SECTION 1. BE ii enacted by The Senate and
House II Representatives of the State of Loui-
smna, in General assembly convened, That
from and after the PRONUNCIATION Of this act,
1t shall be lawful for any number OF per-
Sous, not less than six, on compliance with
The provisions Of this act, to form themselves
INTO and constitute a corporation for the fol-
lowing purposes, to wit: for the construc-
ton, working and maintenance OF any raj!
roads, canals, plank roads, bridges, ferries,
ard other works OF public improvement,
whether within or without the limits of
this State; for manufactures of all kinds
opening and working of mines, construction
and maintenance OF docks, foundries steam
ships or other vehicles for the transportation
ct freight or passengers, and generally all
works of public utility and advantage pro-
vlded that no corporation shall engage in
mercantile or agricultural business in gem
eral, nor IN commission, brokerage. stock
lobbing. exchange, or banking business of
any kind.
SEC. 2. Be further enacted, &c, That
every corporation, which may be establish
ed under and by virtue of the provisions of
this act shall have power and authority,
first, TO have and TO enjoy succession by its
corporate name, for the period expressed in
Its act OF incorporation, not exceeding TWEEN
ty-iive years; second, to contract sue and
be sued, in the corporate name; third, to
make and use corporate seal; fourth, to
hold, receive, purchase and convey under its
corporate name, property both real and per-
sonal; .ffM, to name and appoint such man
ayers, directors and officers as their inter-
csts and convenieDces may require sirth
to make and establish such bylaws for the
proper management and regulation of the
affairs OF the corporation as may be neces-
sary and proper, and not inconsistent with
the provisions of this act.
SEC. 3. BE further enacted, &C., That
every charter of incorporation made under
the authority of this act, shall contain; first,
the name and title of the corporation, and
the place chosen for its domicil; SECOND.
desert ption Of the purposes for which it is
established, the nature of the business to be
carried on, and the designation of the officer
on whom citation may be served in suits
against the company third, the amount OF
the capital stock, the number of shares. a.
mount of each share and the time when and
the manner in which payment on stock
subscribed shall be called or made fourth,
the mode in which the elections of directors
or managers shall be conducted: ffth, the
mode of liquidation at the termination of
the charter.
SEC. A. BE II further enacted, &c., That the
charters of all corporations organized under
the terms of this act, and the original sub
scriptions made for the purpose of organizing
it snail be recorded in the Office of the re-
corder of mortgages or other officer exercis-
ing the functions of recorder of mortgages
at the place selected for the domicil of the
corporation; and said charter shall be pub
lished in newspaper of said place of DOM
icil, once week at least for thirty days,
but it shall not be necessary to publish the
names of the subscribers, and any subscriber
may present, the said charter and subscrip-
tions for record with a recorder of mort
cages as aforesaid.
Sec. 5. BE If further enacted, &c., That it
ciiutl NC ia iuI iOI tuC SUI Oi ally
corporation, at the general meeting conven-
ed for that purpose, to make any modiGca-
tions, additions or changes in their act of
incorporation, Or to dissolve the corporation,
provided such modification, addition, change
or dissolution, shall receive the assent of
three fourths of the stock represented at
such meeting and provided further that any
such modification, addition, change or dis
solution shall be recorded as is required by
the fourth section of this act.
Sec. 6. Be 1t further ENACTED, &C., That
any corporation established under this act
shall forfeit its charter for insolvency, evil
denced by return of no property found on
execution against, such corporation and that
in such case it shall be the duty of the dis
trict court, of the district of such corpora
ton, at the instance of any creditor, to de-
cree such forfeiture and to appoint COM
missioner for efecting the liquidation,
whose duty it shall be to convert all the as
sets of the company, including any unpaid
balances due by stockholders, on their
shares, into cash, and to distribute the same
under the direction of the court amongst
the parties entitled thereto in the same
manner, as near as may be, as is done in
cases Of insolvency Of individuals