The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-11-07

duced from the largest subscription 80 AZ
not to dimish the number Of shares Of any
subscriber, while another remains with u
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.
Sth 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 deiaulter, Of FORGETTING
the stock. and selling it tor the benefit of
said stakeholder, or of compelling by suit
the payment Of such enstalnent 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 enumera'td u She iilh
section Ol the act of the l. stature ui
Louisiana entitled Nm act jor H. afga,.'-q-
tion OF corporations for ,royhs Of pstte uH-
provemenfamd ntiiuy,n shall be cou.tned OF
persons holding in their own right as
agents for others at least thrce-ionile of
the stock Of the company, In order 10 tLa
| valid and binding action in the pr,
at all other meetings of Stockholders, aa3
At all elections, a majority Of stock shall b.,
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 stich adjourned
meeting shall bind the company in the saline
manner, as if majority OF all the stock
were present and represented.
18th. Any vacancy 10 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 have power to make and
| use a common seal--to elect newspaper,
which shall he known 10 the Stockholders
az 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-
dry To determine the line OF the road, and
the depots that may he necessary to make
and construct all works whatever for the
proper and complete working of the road
I'd construct oil 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 compdny, and TO agree
whether the whole or any part thereof shall
be payable in the capital stock ofthe Com
pany TO appoint a Secretary. Treasurer,
Supreidtendents, Engineets, and other
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 |
stoc k ioders, 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
cd, TO fix the rate OF tolls for same to make
all rules and regulations or bylaws neces-
sary for the proper, safe and regular tram
action of the business Of the company; but
such rule and regulations shall be subject
to repeal change amendment, or modiGca- |
ton, by the stockholders at their meetings,
or BY the President and Directors in thein- |
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 scmi-annua|ly the dividends arising
from the road after the payment of a!! ex-
penses Said dividends shall be declared
and made payable 70 he stock holders dur
ing the fir. hfteu days Of December a'nl |
June of each year they shall make at 'east
once in each year report in full detail to |
the stock holders, exhibiting the expences
and profits or revenue Of the road rs well as |
the cost during the process of coEstru citing |
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 tire Office Of the COM
pany. A stock book shall be kept and GER
tificates of STOCK shall be issued to the
ockholders, and no transfer of stock shall
be binding on the company until made OH
its stockholm.
49, If any subscriber for stock shall be
taxed by virtue OF any law or ordinance for
the payrnent 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
NIB; oh %ory,, Il sha1l NOT ho a uod