The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-10-22

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. If there be any
deficiency in the amount of capital subscrib-
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 jnstallments on his
stock, as required, the Board of Directors,
shall have the option, after thirty days
written notice to the defauter, 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
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 enumerated in the fifth
section of the act Of the Legislature of
Louisiana entitled Nm act for the organisa-
ton of corporations for ,corks Of public i'm
1oyorementand 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, 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 aud 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 a vote of the Board of Directors.
12th The President and Directors OF said
corporation shall have power to make and
use common seal--to elect a newspaper,
which shall be known to the 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-
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 |
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,
Supreintendents, 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 ali
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 he
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 modifica
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 semi-annually the dividends arising
from the road after the payment of all ex-
penses Said dividends shall be declared
ind made payable to he stockho dur
ne the first fifteen days of December and
Tune of each year they shall make at least
'nce in each year report in full detail to
he stockholders, exhibiting the expences
md profits or revenue of the road as well as
he cost during the process of constru citing
he same as well as the repairs that may be |
made thereof; they shall keep or cause to
,e kept, regular set of books, on which
hall be entered in regular order all business
n other transactions of the company, which
aid book shall be opened to the inspection
# the stockholders at the Office ofthe COM
ANY. A stock book shall be kept and GER
ificates of STOCK shall be issued to the
tockholders, and no transfer of stock shall
'e binding on the company until made on
is stockbo
49, If any subscriber for stock shall be
axed by virtue OF any law or ordinance for
he payment of subscription to the company
le shall have the right of reducing the
lumber of his shares by an amount equal c
o that of the tax so imposed, but this
nh4 x,ust ho oxorciSad within fhirfu IL us | j.