The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-12-05

the capital Be not 20 increased, then thu
number Of shares subscribed shall be re.
duced from the largest subscription SO al
not to diminish the number Of shares of any
subscriber, while another remains with Z
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 pay the jnstaliments on his
stock, as required, the Board of Directors
shall have the option, after thirty days
written noticeto the defauter, of FORGETTING
the stock. and selling it for the benefit Of
said stakeholder, or of compelling by suit
the payment OF such enstallment and no
Istockholder 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 fifth
section OF the act Of the Legislature of
Louisiana entitled IN act for the organise
ton of corporations for FORKS of public i'm
proysmentcn9 r.iity,D shall be composed of
persons holding in their own hight, 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 all e'ectlons,'a 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
present and represented at such adjourned
meeting shall bind the company in the same
manner. as if a majority Of all the stock
were present and represented.
18th. Any vacancy in the Board of Dir
ectors, occurring during the year may be
filed by vote of the Board of Directors
18th. The President and Directors of said
corporation shall have power to make and
use a common seal--to elect newspaper
which shall be known TO The Stock holders
as the official paper Of the Company, and
in which all advertisements shall appear
and to DO every thing necessary for TIE
construction, repair, and maintenance OF
the plank road herein before described. with
as many tracks as they may deem necess-
airy 70 determine the line of the road and
the depots that may be necessary to make
and construct all works whatever for the
proper ana complete working of the road
70 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
furnished 70 the company, and to agree
whether the whole or any part thereof shall
be payable in the capital stock of the Com
pany; to appoint a Secretary Treasurer.
Supreintendents. Engineers, and other
officers or servants necessary or proper, FOR
the faithful performance, OF any duty nee
essarv 70 tie 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; 10 borrow money
for and OF account of said road in any sum
not 70 exceed ten thousand dollars, unless
by vote of two thirds ofthe
stockholders, not 10 exceed that sum. and to
mortgage the said road and its appurtcnan-
ces 10 secure the payment of the same ; to
make all contracts for the purpose of speed
ly 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 tram
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 al their meetings,
or by the President and Directors in Them
tervals; they NAV accept donations in land
i.lo
be useful to the company trey shall de-
clare semi Annually The dividends arising
from the road after the payment of all ex-
penscs. Said dividends shall be declared
and made payable 70 the csholders dur
ING the first fifteen day. Of December and
June Of each year they shall make at least
once in each year Il report in full detail to
the stockholders. exhibiting the expences
and profits Or revenue Of the read as well as
the cost during the process of constru citing
the same as well rs tie repairs that may be |
made thereof; they shall keep or cause TO F!
he kept. regular set Of books, on which |
shall be entered IN regular order all business I!
or other Transactions OF the company, which !
said book snail b. opened IL The INSPECTION !
Of the st0c kholders at the Office ofthe on
oq7y. \ stock book shall be kent and Ger !
litcates of STOCK snail be issued to the !
stockholders, and no transfer Of stock shall |
be binding on the company until made on
its stock book.
Is. II any subscriber for stock shall be !
taxed by virtue OF any law or ordinance for |
the payment of subscription to the company |
he Shall have the right of reducing the
number ofhis shares by an amount equal
10 that of the tax so imposed, but this
RI pht must he eyerrised within thirty DAYS |