The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1853-05-31

TAXED Oy VlILue OF any law OF crdiOaDce lOl
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 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.
| 14th. An annual meeting Of the stockbol-
deIs sball be held on the first Monday in
Decertiber to receive an annual report Of
the past years operation and business of the
company at which full statement Of the
financial affairs and other business Of the
company shall be submitted by the Presi-
dent and Directors for examination by the
stockholders and theii agents. -
18th. At the expiration Of the Charter OF
whenever the dissolution of the corporation
shall render necessary its liquidation, three
commissioners shall be elected by the stock
holders whose duty it shall be to take pos
session of the property Of the company and
conduct its busines to final liquidation on
such terms and in such a manner as shall be
determined by meeting OF the stockholders
regularly convened for that purpose, and If
al the expiration Of the present charter
majority of the stockholders in number and
| amount shall desire to renew the same for
| a further term, the stockholder Dissenting
| from said renewal shall be bound to r,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 nnd Clinton Plank Road
Company have made application to The
| General Assembly to amend their said
charter Of incorporation, therefore
SECTION 1. Be It enacted 5yt the Ss,sateas,d
House Of Representatives of The State of Lomi-
siana in General .7ssan5ly conpened, That the
stock holders of the Baton Ronge and Clin-
ION Pink Road Company be, and they are
hereby specially created body corporate
and polite under the conditions and limita-
tions and with all the rights, 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 cue and be sued,
plead and be implicated.
SEC. 2. BE ii enacted, &C., That the Ca
pital stock of sad Company, its works and
appurtenances shall be exempt from taxa
| ton.
SEC. g. Be Il enacted, 8c., That said Com
! pany shall have the right OF way of sixty
iect on either side of the road, and the right
% 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. d. BE it further enacted, &c. That
! oy vote OF two thirds of the stock holders
holding at least majority in value Of the
took of said company; said road, or any
part thcreof-may, at any time, be convert
ed into Rail Road.
| SEC. s. BE Il further enacted, &c, That
no stockholder in said Company shall be
made in any manner liable or responsiblefor
The debts OF faults Of said Company, in any
further sum than the amount of any unpaid
balance due the Company on 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
u Rail Road; said stockholders shall have
the power, by vote of two thirds holding
at least majority Of the stock subscribed,
20 increase the capital stock of said Com
pany TO sum not to exceed One Million
OF Dollars.
SEC. 7. Be Il further enacted. &C., That
said Company shall have perpetual exis-
tence, unless said corporation is dissolved by
vote OF three fourths of its stockholders
holding majority of the stock, at meeting
called specially for the purpose, or unless
said corporation fail or be insovent; and IN
case of failure or insolvency, the liquidation
of its affairs shall be conducted as provided
| for in the 18th section Of the Preamble Of
this act.
SIC s. Re 4 further enacted, &c, That
the 3rd section OF the Preamble to this act
be so amended as to read thus:
"The capital stock of the company is fixed
at $3.50. 900 divided into ter. thousand shares
Of 1926 each. 4 payment of five pr. Ct onthe
amount of each share, shall be made at the
time OF subscribing; the subs squent pay
rnent, shall be made in such manner and in
such SUMS and at such periods as shall be
fixed by the Board Of Directors. Provided,
that no call shall he made for greater a
mount than ten per Ct. at one time, and that
60 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 for 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"
SEC. 8. Be i further enacted, &C., That
the 10Th section Of the Preamble to 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 autho-
rized nv vote of two thirds of the stock