The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1853-05-26

cause tnlS CndTtSI, Will Tue HdtutS Oi tut
subscribers to be registered in the Office o
the Recorder Of Mortgages as required by
law, and shall cause notice to be given and
an election for Directors held as provided
for in the 9th Article of the charter.
Sth. Immediately after the election o
the first Boa OF Directors the subscription
| list shall be open for a term of three
months at such places as may be deemed
advisable by the Board of Directors and
public notice shall be given thereof in a
news, aper published at the place where
said subscription books are opened; and the
board shall have power to appoint agents
for receiving subscriptions. At the end Of
said three months, if the amount OF sub
scriptions shall exceed the amount of capt.
tai required, meeting of stockholders
and subscribers shall be held to determine
whether the capita shall be increased to
the whole amount of subscription and il
the capital be not SO increased. then the
number of shares subscribed shall be re-
duced from the largest subscription so as
not to diminish 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.
eth In case of failure on the part OF any
subscriber to pay the instalments on his
stock. as required. the Boa'd of Directors,
shall have the option, after thirty days
written notice t, the defaulter, of forfeiting
the stock. and selling it for the benefit OF
said stockholder. or Of compelling by suit
the payment of such insiallment: and no
stock holder shall be permitted to vote while
in default.
10th. a meetings of Stockholders called
for the purpose Of increasing or diminishing
the capital stock of the company or for
any OF the purposes enlirnerated in the fifth
section of the act OF the Legislature OF
Louisiana entitled An Gctfor the orgomza-
tion of corporations far ,tu-ks of public i'm
propsment ami atiluy,' 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, AMI, al
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 tn stock
present and repres nted at such adjourned
meeting shall bind the company in the same
manner, as il majority of all the stock
were present and represented
llth. Any vacancy in the Board of Dir
ectors occurring during the year may be
filed by a vote Of the Board of Directors
18th. The President and Directors of said
corporation shall have power to make and
use common seal-to elect newspaper,
which shall be known 10 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 terein 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 BRIDES o 'er navigable and
other streams and whether the crossing
shall Re by bridge or fer y; 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,
Superintendents Engineers, and other
officers or servants necessary or proper, for
the faithful performance of any duty nee
essary to the construction or proper main
tainance of the said plank road; to make all
contracts tor 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 70 exceed ten thousanu dollars, unless
authorized by d vote of two thirds of the
stockholders, to exceed that sum, and to
mortgage the said road and its appurtenan-
ces to secure the payment of the same ; 10
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 anG regulations or bylaws neces.
sary foI the proper, safe and regular tram
action of the business of the company; but
such rules and regulations shall be subject
to repeal. change amendment, or modifca-
ton, by the stockholders at their meetings,
or by the President and Directors in the in
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 AL ex-
pences. Said dividends shall be declared
and made payable to the stockholders dur
ing the first fifteen 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 OF revenue Of the roadas well as
the cost during the process of constructing
the same as we'll as the repairs that may be
made thereof they shall keep or cause to