The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1852-10-06

duccd 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 md 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 instaIlments on his
stock, as required, the Board of Directors,
shall have the option, after thirty days
written notice to the defaulter, of iorfeitipg
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 ".aa act for the organi2a-
| ton of corporations FIR tcorks Of prsbiic i'm
prorenenfa,ld ptaly,D shall be composed Of
persons holding in their own right, or as
agents for others at least three iourths Of
the stock of the company, in order to take
valid and binding action in the promises,
at all other meetings OF stockholders, and
Al all elections, a 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 and represented at such adjourned
, meeting shall bind the company in the same
manner, as if a majority OF all the stock
were present and represented.
18th. Any vacancy in the Board of Dir
ectors, occurring during the year may be
filed by vote of the Board of Directors.
10th. The President and Directors OF SAID
corporation shall have power to make and
use a common scal--to elect newspaper,
| which shall be known to the Stockholders
as the official paper of the Company, ard
| 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 nccess-
ary; 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 read |
TO construct all bridges over Manageable and
other streams, ard whether the crossing
shall be by bridge or ferry; to contract
specially for work, labor or materials 10 be
furnished TO the company, and to agree
| whether Che whole or any part thereof shall
! be payable in the capital stock OF the Com
pany; to appoint a Secretary, Treasurer,
| preintendents, Engineers, and other
officers or servants necessary or proper, for
| the faithful performance, Of any duty nee
essary to the construction or proper main |
tanance OF the said planl; 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 a vote ofwo thirds ofthe
! stockholders. not to exceed that sum. and to
mortgage the said road and It's appurtenan-
ces 20 secure the payment Of the same to
make all contracts for the purpose speed
| ly and properly constructing said road, and
when said road or any part thereof is finish
Ell, to fix tie rate Of tolls for same to make
all rules and regulations or bylaws neces-
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 modiica-
| ton, by the stockholders at their meetings,
or by the President and Directors in thoin-
! terva!s; they may accept donations in land
or money or such materials or labor as may
be useful to the company they shall de-
clare scrni-annuaily the dividends arising
from the road after the payment OF all eX-
pcnses. Said dividends shall be declared
and made payable 20 !he stockholders dur
ing the first ff,en 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 cxpences
and profits or revenue of the road as wei as
the cost during the process of constru citing
the same as well as the repairs that may be
made thereof they shall keep Or cause 10
be kept regular set of books, on which
shall be entered in regular order all business
or otheI transactions of the company, which
said book shall be opened TO the inspection
of the stockholders at the office ftae COM
pany a stock book shall be kept ard GER
tifcates of STOCK shall be issued to the
stockholders 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 |
right must be exercised within thirty days
from the date Of the law or ordinance after
which term it shall not be allowed
18th An annual meeting of the stock hol- |