The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-11-04


subscriber, while another remains with a
larger number Of shares If there be any
deficiency in the amount of capital subscribe
ed, the said subscription books may be re-
opened and closed from time to time, until
the whole capital shall have been subscrib-
ed.
9Th. In case of failure on the part of any
subscriber to pay the nstallments on his
stock, as required, the Board of Directors,
shall have the option, after thirty days
written notice to the deiaulter, of FORGETTING
the stock, and selling it tor the benefit of
said stakeholder, or of compelling by suit
the payment of such enstalment and no
stakeholder 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 An act for The orgaaisa-
fioa Of corporations for works Of pnblir I'M
,provm,entand mIay,o shall be composed of
persons holding in their own right or as
agents for others at least three fourtbs 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 elections, 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 majority of all the stock
] were present and represented.
| nth. Any vacancy in 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 a common seal--to elect 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-
| airy to determine the line of the road, aud |!
the depots that may be necessary TO make |
and construct all works whatever for the |
proper and 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 contact |
specially for work labor or materials TO be |
furnished to 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 Secretary, Treasurer
Supreiutendents, 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
they may deem proper; 10 borrow money
for and on account of said road in any sum
not to exceed ten thousand dollars, unless
authorized by vote of two thirds of the
kbolders, not TO exceed that sum, and to
mortgage the said road and its appurtenan-
ces to 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 10 make
all rules and regulations or bylaws ncces-
sary for the proper, safe and regular tran
action of the business Of the company; but
such rule and regulations shall be subject
to repeal, change. amendment or modifca-
ton, by the gtoc kholders at their meetings,
or by the President and Directors in THEM
tcrvals they may accept donations in land
or money or such materials or labor as may
be useful TO the company they shall de-
clare semi-anuually the dividends arising
from the road after the payment of all ex-
penses. Said dividends shall be declared
and made payable to the stockholders dur
ing the first fifteen days of December and
June Of each year they shall make at least
once in each year report in full detail TO
the stockholders, exhibiting the expenses
and profits or revenue Of the road as well as
the cost during the process of constru citing
the same as well as the repairs that may be
made thereof they shall keep or cause 10
be kept, regular set of books, on which
shall be entered in regular order all business
or other transactions of the company, which
of the stockholders at the Office of the COM
pany a stock book shall be kept and GER
of STOCK shall be issued to the
stool holders, and no transfer of stock shall
be binding on the company until made on
its stockbook.
49, If 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 of his shares by an amount equal
to that of the tax so imposed, but this
right must be exercised within thirty days
from the date of the law or ordinance after
which term it shall not be allowed.
14th An annual meeting of the stockhoI-
4 Il Al | 4