The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-09-08

Idppoluteu CoiitliissiOneTs 10 reopen sub
scription books At Baton Rouge, Il. G.
Morgan, S. M. Hart, H. +. WaddilI, A. S.
Heron, Eugene lahore and VIM. s. Pike.
At Clinton, j. w. Muse, II. II. HAYNES.
Henry Marston, J. w. Munday, J. B. Smith
VIM. Patterson and M G. Mills.
The meeting adjourned SINE de
THOS. G. MORGAN, Pref.
WIN. S. PIKE, Secretary
An Act for the organization of Corpor-
atoms for works of public improve
ment and utility.
SECTION /. Be it enaeted 6y the Senate and
Hou@ Of Representatives. of he State of Loui-
sia,,a, IN General .Assem5iy eonyened, That
from and after the PRONUNCIATION OF this act,
1t shall be lawful for any number of per-
! Sous, not less than six, on compliance with
the provisions OF this act, to form themselves
into and constitute a corporation for the fol-
lowing purposes, TO wit: for the construc-
zion, working and maintenance OF any rail
roads. canals, plank roads, bridges. ferries.
and Other works of public Improvement.
whether within or without the limits of
this State; for manufactures of all kinds
openng'and working of mines, construction
and maintenance OF docks, foundries. steam
ships or other vehicles for the TRANSFORMATION
OF freight or passengers, and generally all
works OF public utility and advantage pro-
vided that no corporation shall engage in
mercantile or agricultural business IN gen.
eral. nor IN commission brokerage. stock
Jobbng, exchange, or banking business Of
any kind.
SEo 2. BE 1t further enacted, &c, That
every corporation, which my be establish
ed under aud by virtue of the provisions Of
this act shall have power and authority,
first, to have and TO enjoy succession by its
corporate name, for the period expressed in
It's act OF incorporation. not exceeding TWEEN
ty-tive years sctond, to contract. sue and
be sued, IN the corporate Nance third, to
make and use corporate seal; fourth. TO
hold, receive, purchase and convey under its
corporate name, property both real and per-
sonal lfh, to name and appoint such man.
ayers, directors and officers as their inter-
ests ard coHvenlences may require sia1b
to make and establish such bylaws for the
proper management and regulation of the
affairs OF the corporation as may be neces-
sary and proper, and not inconsistent with
the provisions Of this act
SEC 3. Be 1t FURTHER enacted, &C.. That
every CHARTER OF incorporation made under
the authority OF this act, shall contain first,
the name and title of the corporation, and
the place chosen for its donicil: seco,pd. a
description OF the purposes for which it is
established, the nature of the business to be
carried on, and the designation of the officer
on whom citation may be served in suits
against the company third, the amount of
the capital stock, the number of shares. a. |
mount OF each share and TIE time when and |
the manner in which payment on stock
subscribed shall be called or made; fourth. |
the mode in which the elections of directors |
or managers shall be conducted ffih, the |
mode Of liquidation at the termination of
the charter
SEC. 4. Bet further eaacfed, Sc. That the |
charters of all corporations organized under |
the terms OF this act, and the original sub
scriptions made for the purpose of organizing
it snail be recorded in the Office of the re-
corder of mortgages or other officer exercis-
ing the functions OF recorder OF mortgages |
at the place selected for the domcil OF the |
corporation and said charter shall be pub
lished IN newspaper of said place of DOM
lcll, once week at least for thirty DAYS.
but 1t shall not be necessary to publish the |
names of the subscribers, and any subscriber
may present, the said charter ard sssbscfip-
tons for record with a recorder of mort
cages as aforesaid.
SEC. 5. BE 1t further enacted, &C.. That it |
shall be lawful for the stockholders of anv
at the general meeting conven.
ed for that purpose, to make any modifca-
tons, additions or changes lin their act of
or to dissolve the corporation.
provided such modification, addition, change
or dissolution, shall receive the assent of
three fourths of the stock represented at
such meeting and provided further that any
such modification, addition, change or dis
solution shall be recorded as is required by
the fourth section of this act
SEC. 6. Be il further cnocted, &c. That
any corporation established under this act
shall forfeit its charter for insolvency, evil
fenced by return of no property found on
execution against, such corporation and that
n such case it shall be the duty of the dis
riot court, of the district of such corDora-
,lon, at the instance of any creditor, to de-
rec such forfeiture and to appoint COM
missioner for etfecting the liquidation,
whose duty it shall be to convert all the as
eis OF the company, including any unpaid
balances due by stockholders, on their
shares, into cash, and to distribute the same
'nder the direction of the court amongst
he parties entitled thereto in the same