The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1853-05-15

- o'uiu6 Va VAC SoAAtenJ 0utAi AooS vi
its stock book. 1t7 @ ~ ast
49, lfany subscriber for stock shall be
taxed by virtue of any law or ordnance ior
the payment of subscription to the com pany,
he shall have the right of reducing the
number of his 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 OF ordinance after
which term it shall not be allowed
14th. An annual meeting Of the stocftpI-
ders ehall be held on the first Monday il,
December to receive an annual report Of
the past year separation and business of the
company at which a full statement of the
financial affaifs and other business If 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 corporation
shall render necessary its liquidation, three
commissioneisshall be elected by the stock
holders whose duty it shall be to take pos
sessionof the property of the company and
conduct its busines to a hnal liquidation on
such terms end in such manner as shall be
determined by meeting OF the stockholders
regularly convened for that purpose, and if
at the expiration of the present charter a
majority of the stockholders in number and
amount shall desire to renew the same for
further term, the stakeholder DISSENTING
from said renewal shall be bound to tr ,nsfer
their stock to those desiring the renewal at
its fair value. to be 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 !. Be 1t enacted blythe Senate and
House Of Representatives. Of the State of Loui-
siana m General assembly conuened, That the
stock holders OF the Baton Rouge and Clin-
ton Pl,nk Road Company be, and they are
hereby specially created body corporate
and polite under the conditions and lmita-
tions and with all the nights, powers, duties
and liabilities recited 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. f..r... .f
SEC. 2. BE 1t enacted, Sc, That the ca
ptal stock of said Company, its works and
appurteEances shall be exempt from taxa
ton.
SEC. g. Be ii enacted &c, That said Com
pany shall have the right OF way of sixty
feet on either side of the road, and the right
to cut and use the timber and such other ma.
terials as they may require, within one
mile OH either side OF said road, SO long as
the land shall remain the property OF the
State.
Sec. 4. Be i further enacted, &C., That
by vote OF two thirds of the stock holders
holding at least majority in value Of the
stock of said company; said road, or any
part thereoi-may, at any time, be convert
ed into Rail Road.
SEC. 5. Be 1t further esacted &C., That
no stockholder in said Company shall be
made in any manner liable or responsible for
the debts OF faults OF said Company, in any
further sum than the amount OF any unpaid
balance due the Company OF the shares
owned by such stakeholder. -....
SEC. 6. Be IL further enacted, &C.. That
in case the said Company should decide, at
any time. under the provision of the fourth
section of this act, to convert said road into
a Rail Road said stockholders shall have
The power, by vote of two thirds holding
At least majority of the stock subscribed,
10 increase the capital stock Of said Com
pany to a sum not to exceed One Million
Of Dollars. ]
Sec. Z. Be ii further enacted. &C., That
said Company shall have perpetual exis-
tence, unless said corporation is dissolved by
l vote of three fourths of it's stock holders
holding majority Of the stock, at meeting
,alled specially for the purpose, or unless
aid corporation fail or be insolvent; and in
.ase of failure or insolvency, the liquidation
,f its affairs shall be conducted as provided
or in the 18th section of the Preamble of
his act.
SEC. 8. Be 1t further enacted, &C.. That |
he 3rd section of the Preamble to this act |
,e SO amended as to read thus:
"The capital stock of the company is fixed
It S25O,OOO divided into ten thousand shares |
If S25 each. A payment of five pr. ct on the
mount of each share, shall be made at the |
ime OF subscribing the subs equent pay
nents shall be made in such manner and in
uch sums and at such periods as shall be
xed by the Board OF Directors. PROVIDED,
hat no call shall be made for greater a.
Mount than ten per ct. at one time, and that
o days notice OF each call shall be given by
ublication in one newspaper published in
'aton Rouge, which shall be known to the
as the official paper of the Com
any, and in one newspaper published in
linton. Should payment OF subscription
e hereafter provided for by the Directors,
nd the notes of stockholders received for
lch payments made payable at fixed and
,ated periods, such notice, by publication,
nall not be necessary"
SEC. g. Be further enacted, &C., That
Ia 9th soction of tho Preamhle To this act