The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1853-05-27


| taxed by virtue Of any hw'or ordinance for
the payment Of subscription to the company,
| he shall have the right Of reducing the
number Of his shares BY an amount equal
to that Of the tax 20 imposed, but this
right mast 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 stockhol.
ders hall be held on the first Monday in
Dccerhber TO receive an annual report Of
the past years operation and business Of the
company at which a full statement of the
financial afiaifs and other butiness of the
company shall be submitted by the Presi.
| dent and Directors for examination by the
stockholders and their agents.
18th. At the expiration Of the Charter. or
| whenever the dissolution Of the corporaii0n
shall render necessary its liquidstion, three
commissioners shall be cleo ed by the stock.
holders whose duiy It shall be to take pos.
session Of the property Of the company and
conduct it's busines to . hnal liquidation on
such terms and in such manner hs shall be
determined by meeting 'oi the stockholders
regularly convened for that purpose, and il
al the expiration of the present charter q
| majority OF the stockholders in number and
amonn' shall desire to renew the same for
. further term, the stockhoIder dessenting
from said renewal shall be bound to tr ,nsfer
their stock 10 those desiring the renewal at
its fair value. tosbe fixed by appraisers
mutually chosen for that purpose.
And whereas the President and Directors
Of the. Baton Rouge md Clinton Plank Road
Company have made application to the
General Assembly to amend their said
charter Of incorporation, therefore
SECTION i. Be il enacted bykhe Senate and
| siiaa tn General Assendiy corvsned, That the
stock holders Of the Baton Ronge and Clin-
ton ri INK Road Company be, and they are
hereby specially created a body corporate
and polite under the conditions and limita.
tions and with all the rights, powers, duties
and liabilities recitcd in the preamble to
this act; and said Baton Rouge and Clinton
Plank Rord Company, SO specially created
shall have full power to sue and be sued,
plead and be implicated.
SEC. 2. BE Il enactsd, &C., That the ca
pital stock OF sad Company, its works and
appurtenances shall be exempt from taxa
ton.
SEC. 3. Beu enaeted &C., That said Com
pany shall have the right Of way Of SIXTY
feet on either side Of the road, and the right
70 cut and use the timber ami such other ma.
terials as they may require, within one
mile on either side Of said road, SO long as
the land shall remain the property Of the
state.
SEC. a.. Be further enacted, &C., That
by vote OF two thirds Of the stock holders
holding at least majority 10 value Of the
stock of said company; said road, or any
part thereof--may, at any time, be convert
ed into a Rail Road.
SEC. s. Be IL further enartsd, &C., That
no stockholder in said Company shall be
made III any manner liable or res sponsibie for
the debts or faults Of said Company, ia any
further som than the amount Of any unpaid
balance DUG the Company on the shares
owned by such stakeholder.
4 SEC. g. Be ii fnythsr snactsd., &C.. That
inscase the said Company should decide, at
any time. un1er the provision Of the fourth
section Of this act. TO convert said road into
Rail Road; said stockholders shall have
the power, bya vote Of two thirds holding
at least majority of the stock subscribed,
TO increase the capital stock Of said Com
pany to sum not to exceed One Million
of Dollars
Sec~ T. Be il further enacted. &C., That
said Company shall have perpetual exis-
tence, unless said corporationi is dissolved by
d vote of three fourths Of It's stockholders
hol.ing a majority Of the stock, At a meeting
syalled specially, for the purpose, or unless
said corporation faifor be insolyent; and in
case Of iailu Or insolvency, the liquidation
II its affairs snail be conducted as provided
tor in the 18th section Of the Preamble Of
this act
SEC. 8. b, IT further enacted, &C., That
the 3rd section of the Preamble 10 this act
be so amended as to read thus:
''The capital stock Of the company is fixed
at S25C,OJ0 divided into ten thousand shares
of S25 each. A payment Of five pr. ct on the
amount Of each share, shall be made at the
time OF subscribing; the subs .quent pay
ments shall be made in such manner and in
such sums and at such periods as shall be
fixed by the Board Of Directors. Prouidsd,
that no call shall be made for greater a.
mount than ten per ct. at one time, and that
so DAYS notice OF each call shall be given by
publication in one newspaper published in
Baton Rouge, which shall be known to the
stockholders as the official paper Of the Com
pany, and in one newspaper published in
Clinton. Should payment Of subscription
be hereafter provided tor by the Directors,
and the notes of stockholders received for
such payments made payable at fixed and
stated periods, such notice, by publication,
shall not be necessary"
Sac. 9. Be IL further enactei, &c, That
the 18th section Of the Preamble ID this act
be so amended as to authorize the Directors
Of said Company to borrow money to an
amount not to exceed $4,000, unless au'ho-