The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-11-25

number Of shares subscribed shall be re
duced from the largest subscription SO a
not to diminish the number Of shares of an
subscriber, while another remains with
larger number Of shares. If there be an,
deficiency in the amount of capital subscrib
ed, the said subscription books may be re-
opened and closed from time to time, unit
the whole capital shall haze been subscrib
ed.
! sth. In case Of failure on the part Of any
subscriber to pay the installments on hi
stock, as required, the Board of Directors
shall have the option, after thirty day.
written notice to the defaulter, of forfeitine
the stock. and selling it for the benefit O
said stakeholder, or of compelling by sui,
the payment Of such enstallment and nc
stakeholder shall be permitted to vote while
il default
10th. All meetings Of Stockholders called
for the purpose of increasing or diminish
ing the capital stock of the company or for
any Of the purposes enumerated in the fifth
section of the act Of the Legislature of
Louisiana entitled I'm act for the organisa-
ton Of corporations for scorks of public i'm
prouomextamd utility" shall be composed Of
persons holding in their own right, or Is
agents for others at least three fourths of
the stock Of the company, in order to take
valid and binding action insthe premises,
at all other meetings of stockholders, and
At all elections, a majority of stock shall b..
represented, and in this bitter case, if such:
majority be not present nor represented the
meeting shall he adjourned for one week,
and the vote Of the majority Of the stock
present and represented at such adjourned
meeting shall bind the company in the same
manner, IS if a majority Of all the stock
were present and represented.
18th. Any vacancy 10 the Board of Dir
ectors, occurring during the year may be
filled by 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 a newspaper,
which shall be known to the Stockholders
as the official paper of the Company, and
in which all 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 /
complete working of the road /:
TO construct all 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 |
to the company, and to agree
whether the whole or any part thereof shall |
be payable in the capital stock ofthe Com
pany; to appoint a Secretary. Treasurer,
Engineers, and other
officers or servants necessary or proper, for
The faithful 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
hey may deem proper; to borrow money
tor and on account of said road in any sum
not to exceed ten thousand dollars, unless
by vote of two thirds of the
not to exceed that sum, and to
mortgage the said road and its appurtenan-
:es to secure the payment of the same to
make all contracts for the purpose of speed
Y and properly constructing said road, and
when said road or any part thereof is finish
ID, to fix the rate of tolls for same to make
Ill rules and regulations or bylaws neces-
,ary for the proper, safe and regular tran
lction of the business of the company; but
uch rule and regulations be subject
o repeal, change. amendment or modiiica-
ion, BY the stockholders at their meetings,
II by the President and Directors in them
ervals; they may accept donations in land
II llOncy, or such materials or labor as may
We useful to the company they shall de-
lare semi-annually the dividends arising
rom the road after the payment of all ex-
'enses. Said dividends shall be declared
nd made payable 10 the stockholders dur
NJ the 6rst fifteen days of December and
une ofeach year they shall make at least
nee in each year report i'll full detail to
he stockholders exhibiting tho expences
nd profits or revenue of the road as well as
he cost during The process of constru citing
be same as well as the repairs that may be
,ade thereof; they shall keep Or cause to
e kept, regular set Of books, OH which
hall be entered in regular order all business
r other transactions Of the company, which
nd book shall be opened to the inspection
the stockholders at the office ofthe COM
any. A stock book shall be kept and GER
ncateS Of SCOck Snall De issued TO the I
and no transfer of stock shall
3 binding on the company until made on
s stockbook.
10. If any subscriber for stock shall be
lxed by virtue Of any law or ordinance for |
Re payment of subscription to the company ]
e shall have the right Of reducing the
lumber ofhis shares by an amount equal
that of the tax so imposed, but this
ght must be exercised within thirty days
ON the date of the law or ordinance afterI