The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1853-05-28


cause this charter, with the names of the
subscribers to be registered in the Office Of
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 of
the first Board of Directors the subscription
list shall be open for 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
newspaper 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 SUBJ
scriptions shall exceed the amount of capi-
tai required, "a meeting of stockholders
and subscribed ball beheld to determine
whetherShe capftal slilI be increased t.
the whole amount of shk kscr;ption and if
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 oil shares OF any
subscriber while another remains with i
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.
9th. In case Of failure on the part OF any
subscriber to pay the instaliments on his
stock. as required. the Board of Directors,
shall have the option, after thirty days
written notice to the defaulter, OF forfsiting
the stock, and selling it for the benefit Of
said stockholder, Or OF compelling by suit
the payment of such installment: and no
stockholder shall be permitted to vote while
in default.
10th. All meetings of Stockholders called
for the purpose of ofincreasing or diminishing
the capital stock of the comrany or for
any OF the purposeA eA'numerated in the fifth
section of the act OF the Legislature OF
Louisiana entitled ''.3n actor the organisa-
ton of corporations for corks Of public i'm
propen1cnt and utility" shall be composed OF
persons holding in their ow-n 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, 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,
present and represented at such adjourned
meeting shall bind the company in the same
manner, as il a majority of all the stock
were present and represented.
1lth 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 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 50 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
to construct all bridges over navigable and
other streams, and whether the crossing
shall be by bridge or fer " to contract
specially for work, labor or materials to be
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 a Secretary Treasurer,
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 OF
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 thollsanU dollars, unless
by vote of two thirds of the
TO exceed that sum, and to
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 anL regulations OF bylaws neces-
sary fol 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 nodifica- |
tion, 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 all ex-
pences. Said dividends shall be declared
and made payable to the stockholders dur
ng the first fifteen days Of December and
une of each year; they shall make at least
,nce in each year report in full detail to
,he stockholders, exhibiting the expences
and profits OF revenue of the roadas well as
,he cost during the process of constructing
bo eanoa aS oil GO tho rax,ajrs that NAV he |