The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-09-26


appointed commissioners to reopen sub
scription books: At Baton Rouge, I. e.
Morgan. S. M. Hart, f. L. Waddill, A. S.
Heron. f. Lahore j. Holt and W. S. Pike.
AT Clinton, j. H. Muse, H. H. Haynes,
Henry Marston. G. W. Munday, J. B. Smith
WIN. Patterson and NJ G. Mills.
The meeting adjourned SINE die:
THOS. G. MORGAN, Pre't
VIM S. PIKE, Secretary.
An Act for the organization of Corpor-
atoms for works of public improve
ment and utility.
SECTION /. Be 1t enacted BY the Senate and
House of Representatives Of the State Of Loni-
siana, ~ General assembly conuemed, That
from and after the PRONUNCIATION of this act,
it shall be lawful for any number OF per-
SONS not less than six, on compliance with
the provisions of this act, to form themselves
into and constitute corporation for the fol-
lowing purposes, to wit for the construc-
ton, working and maintenance OF any rail
roads, canals, plank roads, bridges, ferries,
and other works of public improvement,
whether within or without the limits OF
this State; for manufactures OF ali kinds.
opening and working of mines, construction
and maintenance of docks, ioundries, steam
ships or other vehicles for the transportation
of freight or passengers, and generally all
works of public utility and advantage pro-
vided that 10 corporation shall engage in
mercantile or agricultural business in gen.
eral. nor in commission, brokerage. stock
jobbing exchange, or banking business OF
any kind
SEC. 2. Be 1t 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 twen-
ty-ive years; second, to contract, sue and
be sued, in the corporate name; third, to
make and use a corporate seal; fourth, to
hold, receive, purchase and convey under its
corporate name, property both real and per-
sonal; fifth, to name and appoint such man
ayers, directors and officers as their inter-
ests and conveniences may require sirth,
TO make and establish such bylaws for the
proper management aud regulation of the
affairs of the corporation as may be neces-
sary and proper, and not lnconsistant with
the provisions of this act.
e. D.
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,
description 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; fifth, 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 SUBJ
scriptions made for the purpose of organizing
it sail 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
iished in newspaper of said place of DOM
icii, 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-
tons for record with a recorder OF mort
cages as aforesaid.
SEC s. Be 1t further enacted, &C., That it
shall be lawful for the stockholders of any
corporation, at the general meeting conven-
ed for that purpose, to make any modifica-
tons, additions or changes in their act of
incor poration, or to dissolve the corporation,
provided such notification, 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 effecting the liquidation
whose duty it shall be to convert all the as
sets of the company, including any unpaid
balances due by stockholders, on theil
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 ir
cases of insolvency Of individuals