The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-10-01

number Of shares subscribed shall be re-
duced from the largest subscription SO a.
not to dimish the number Of shares Of any
subscriber, while another remains with q
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 subscrib-
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 defaulter, Of forfeiting
the stock and selling it Tor the benefit Of
said stakeholder, or Of compelling by suit
the payment Of such enstallment and no
stockholder 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 enumerated in the fifth
section of the act Of the Legislature of
Louisiana entitled ".as oct for the orgamiza-
ton of corporations for ,corks Of public i'm
provememtdnd 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 be
represented, and in this latter case, II 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 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 have power to make and
use a common seal-to elect newspaper,
| which shall be known to the Stockholders
as the official paper of the Company, and
I, 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-
arv to determine the line of the road, and
the depots that may be necessary 4; to make
and construct all works whatever for the
I 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 of the Com
pany; to appoint Secretary, Treasurer,
superintendent Engineers, and other
IF cor,-,pfc for
the faithful performance, of any duty nec-
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 ofthe
stockholders, 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
ed, 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 them
tervals; they may accept donations in land
or money, or such materials or 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 fften 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 we'll as
the cost during the process OF constru citing
the same as well as the repairs that may be
made thereof; taey 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 I
tifcates of stock shall be issued to the |
and no transfer of stock shall /
be binding on the company until made on
its stock book.
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
right must be exercised within thirty DAYS
from the date of the law or ordinance after
which term it shall not be allowed.