The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-11-14

the coplWl II IL 10 luCIeNteu, tueU stDe
number ofaI1Gfes subscribed shall be re-
kauced from the largest subscription so q
not to dimish the number 6 shares Of any
subscriber, while another remains with 1
larger number Of shares II theloabe any
deficiency in the amount Of capital obscrib-
ed, the said subscription books may DO re.
Iopencd and closed from time to time, until
The whole capital shall have been subscribe
ed.
18th. In case Of failure on the part Of any
subscriber 10 pay the installments on his
stock, a. required, the Board Of Directors,
shall have th, option, after thirty days
written nQ1ice Il, the dciaulter, Of forfeiting
the stock, md ssli"g it tor the benefit Of
said stockholdsy, or Of compelling by suit
the payment u auch enstallment and no
stockholder ,isAll be PERMITTED 70 vote while
in default.
10th. All meetings Of Stockho)1en called
for tt purpose Of increasing iminish-
ing u 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 ".aa act for the organisa-
ton Of corporations for works Of public int
proven1entand 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, asfnajority OF stock shall be-
re represented, and in this latter case, il 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, al II 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.
10th. The President and Directors Of said
corporation shall hav. power to make and
use common seal-to elect newspaper,
which shall be known TO tho 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, and
the dcpots 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 navagable 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 OF the Conn
...,t farU
Suprcntendents, Engineers, and other
officers or servants necessary or proper, tor
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 of the |
stockholders, not to exceed that sum, and TO |
mortgage the said road andits appurtenan-
ccs to secure the payment Of the same 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
action Of the business of the company; but
such rule and regulations shall be subject
to repeal, change, amendment, or modiiica-
ton, by the stockholders at thelr meetings,
or by the President and Directors III them
tervals; they may accept donations in land
or money, or such materials OF labor as may |
be useful to the company they shall de-
clare semi-annually 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 cxpcnces
and profits or revenue of the road as well as
the cost during the process OF constru ctlng |
the same as well as the repairs that may be
made thereof; they shall keep or cause to
be kept, a 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
tificates of STOCK shall be issued to the !
and no transfer of stock shall |
be binding on the company until made Oh
its stockbook.
10. 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 ofhis shares by an amount equal
to that Of the tax so imposed, but this
- .....6F h. nvorc;oad uifh;n 4h;rtv Iavo |