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

the capital Be not 20 increased, then the
number Of shares subscribed shall be re-.
duced from the largest subscription SO as
not to dimish the number Of shares Of any
subscriber, while another remains with a
larger number Of shares II 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 subscribe
ed.
9Th. In case of failure on the part of any
subscriber to pay the installments on his
stock, as required, the Board Of Directors,
shall have the option, after thirty days
written notice to the defaulter, Of FORGETTING
the stock and selling it tor the benefit Of
said stockholder, or Of compelling by suit
the payment Of such enstallment and no
stcckholder 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 for
any Of the purposes enumerated in the fifth
section Of the act Of the Legislature of
Louisiana entitled ".An art for the organi.a-
tion Of corporations for ,oorks Of public I'M
provcmentand utility" shall be composed of
persons holding in their own right, 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 elections, majority of stock shall bc
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
filled by vote of the Board of Directors.
18th. The President and Directors of said |
corporation shall hav. power to make and
use common seal-to elect newspaper. |
which shall be known to the Stoc khoIders |
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
proper and complete working of the road
10 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
the whole or any part thereof shall
ts1 ~ |
Dany to appoint Secretary Treasurer,
Engineers, and other
officers or servants necessary or proper, for
he faithful performance, of any duty nee
,ssary to the construction or proper main
ainance 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; 10 borrow money
or and on account of said road in any sum
Tot to exceed ten thousand dollars, unless
by vote of two thirds OF the
toe khoIders, 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
d, TO fix the rate of tolls for same TO make
ii rules and regulations or bylaws neces-
airy for the proper, safe and regular tran
ctiOn Of the business of the company; but .
uch rule and regulations shall be subject
0 repeal, change. amendment, or modilica-
ion, by the stockholders at their meetings, 7
r by the President and Directors in them
ervas; they may accept donations in land !.
r money, or such materials or labor as may I
e useful to the company they shall de-
!are semi annually the dividends arising
rom the road after the payment of all ex. e
enses. Said dividends shall be declared i
nd made payable to The stockholders dur
lg the first fiften days of December and t
une Of each year they shall make at least b
nee in each year report in full detail to '
lie stockholders, exhibiting the exJnnces
nd profits or revenue Of the road as well as o
he cost during the process of constru citing d
le same as well as the repairs that may be &
ade thereof they shall keep or cause TO RI
e kept, regular set of books, on which
lall be entered in regular order all business r
other transactions OF the company, which
i'd book shall be opened to the inspection ?
the stockholders at the office the COM
my. a stock book shall be kept and GER r
fcates Of stoch shall be issued to the S
and no transfer of stock shall
, binding on the company until made on v
stockbook.
10. If any subscriber for stock shall be
xed by virtue OF any law or ordinance for F
e payment of subscription to the company F
shall have the right of reducing the
'mber ofhs shares by an amount equal cl
that of the tax so imposed, but this