The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-10-19


number OF shares subscribed shall be re-
duced from the largest subscription 10 ~
not to dimish the number OF shares Of any
larger number Of shares. II there bs any
deficiency in the amount Of capital subsc,i b-
cd, the said subscription books may be re.
opened aud closed from time 10 time, until
the whole capitol shall nave been subscrib.
ed.
9Th. In case Of failure on the part Of any
subscriber 10 pay the ins.allnents on his
stock. as required. the Board Of Directors,
shall have the option. after thirty days
written notice to the dcfaulf~r. of iorfeitiUg
the stock. and selling II tor the benefit Of
said stakeholder, or Of compelling by suit
the payment OF such enstailnent and no
stakeholder shall DO PERMITTED to vote while
in default.
10Th. All meetings of Stoc holders called
for the purpose Of increasing or diminish
ing the capital stock Of the company or Tor
any Of the purposes enumerated in the fifth
section OF the act Of the Legislature Of
Louisiana entitled ".An art for The organisa-
tion Of corporations for works Of vubiir mn
proUemsnfand utility" shall be composed Of
persons holding in their own right. or N
agents for others at least thrce-lOurths Of
the stock Of the company, In order to take
valid and binding action in the premi' g.,
at al other meetings Of stockholders, and
At nil elections, q majority of stock shall b.
represented. and in this latte case. il such
majority be not present nor represented the
meeting shall be 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
mannc'. as If a majority ot all the stock
were present and represented.
18th Any vacancy in the Board Of Dir
ectors, occurring during the year may be-
filled BY a vote Of the Board OF Directors.
18th. The President and Directors OF .aid
corporation shall hav. power TO make and
use common sesl--to elect q newspaper
which shall be known to he S,ockbolden
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 -
the plank road herein before described, will
as many tracks as they may deem necess-
airy ; to determine the line Of the road. anc
the depots that may be necessary to make
and construct all works whatever for Nh.
proper and complete working Of the road
10 construct, all bridges over manageable ant
other streams. aud whether the crossin.
shall be by bridge or ferry 10 contraci
sprcially for work, labor or materials to ht
furnished to the company. and to agre.
whether the whole or any part thereof shall
I've payable in the capital stock Of the Com.
pany; to appoint Secretary Treasurer
,uprelntendcnts Engineers, and othc
,M 'ers or servants necessary or proper. toi
the faithful performance, Of any duty nee
e.sarv to the construction or proper main.
tainancc Of the said plank road to make al
..ontrac's for the furnishing Of material o,
equipments Cor the road on such credits q.
hey may deem proper % borrow none,
for and on account Of said road in any sun
not 10 exceed ten thousand dollars. un'ess
M horned by vote Ot two thirds Of the
stockholders not to exceed that um. and Il
mortgage the SAID roal and its appnrcnan-
.es 10 secure the payment Of the same 10
nike all contracts for the purpose Of speed,
" and properly constructing "a d road. and
when said road or any part tbe,os is finish
eI. To fix the rate Of tolls for sane TO make
all rule, and regulations or bylaws neces.
sarv for the proper. safe and regular tran
action of the business Of the company; but
such rule and regulations shall be suhjec'
10 repeal, change. amendment. or moditica.
ton, by the stockholders at their meetings
or by the President anI Directors in them
tervals they may accept donations in Land
or money. or such materials OF labor az may
be useful to the company they shall de-
clare semi-annually The dividends arIis NJ
from the roa aff,.I the payment of all cx-
penses. Said dividends shall be declared
and male payable 10 he Stockholders dur
ing the first fifteen days of December and
June of each var they shall make at least
once IN each year report ~ full detail 10
the stockholders, exhibiting the expences
and profits or revenue Of the road as well as
the cost during the process Of constructing
the same as well as the repairs that may be
made thereof; they shall keep or cause TO
be kept, a regular set Of books, on which
shall he entered in regular order all business
or other transactions of the company, which
said book shall be opened TO the inspection
of the stock holders at the office ofthe COM
pany. A stock book shall be kept aud cc,-
tiicates of STOCK shall be issued 10 the
stock holders, and no transfer of stock shall
be binding on the company until made on
its stockholm.
10. IF any subscriber for stock shall he
taxed by virtue OF any law or ordinance for
the payment of subscription to the cmipany
he shall have the right of reducing the
number OF his shares ny an amount equal
to that of the tax SO imposed. but this
right must be exercised within thirty days