The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-10-29


number Of shares subscribed shall be re.
duced from the largest subscription 80 a.
not to dimish the number Of shares Of any
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 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 stakeholder, or Of compelling by suit
the payment Of such enstallment 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 for
any Of the purposes enumerated in the fifth
section Of the act Of the Legislature Of
Louisiana entitled ".An art for Me organisa-
tion of corporations for works Of public I'M
pyoucmentand utility" shall be composed Of
persons holding in their own right, or az
agents for others at least three tourths 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, 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 il majority OF all the stock
were present and represented.
nth Any vacancy in the Boarl % Dir
filed by vote of the Board of Directors.
18th. The President and Directors Of SAID
corporation shall have power to make and
use common scal--to elect newspaper,
which shall be known TO the Stockholders
as the official paper Of the Company, aud
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, and
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 contract
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 ofthe Com |
pany; TO appoint Secretary, Treasurer,
superintendent 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, TO 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 ofthe !
stoc kholders, not to exceed that sum, and to !
mortgage the said road and its appurtenan-
ces to secure the payment of the sane to |
make all contracts for the purpose Of speed |
" 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 neccs- |
sary for the proper, safe and regular tran-
acton Of the business of the company; but
such ru.. u regulations shall be lblect |
to repeal, change. amendment, or modlilca- |
ton, by the stockholders at their meetings, |
or by the President and Directors in them |
tervals; they may accept donations in land
Or money, or such materials o. labor as may |
be useful to the company they shall de-
clare semi-annuaIIy the dividends arising
from the road after the payment of all ex-
and made payable to the stockholders dur |
ing the first fftcn 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 expences
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 to
be kept, regular set Of books, on which |
shall be entered in regular order all business |
or other transactions OF the company, which |
said book shall be opened to the inspection
of the stockholders at the Office ofthe COM
pany. A stock book shall be kept and GER
tifcates of stock shall be issued to the |
stockholders, and no transfer of stock shall
be binding on the company until made on
its stockbook.
13 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
T. Ia 81 L., L..