The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1853-05-21

10 If any subscriber for stock shall be
taxed by virtue Of any law 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 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 ofthe stockhol-
ders hall be held on the first Monday in
December to receive an annual report Of
the past years operation and business Of the
company at which a 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 their agents.
18th. Attheexpiration of the Charter or
whenever the dissolution of the corporation
shall render necessary its liquidation. three
commissioners shall be elec' ed by the stock
holders whose duty it shall be to take pos
,ession Of the property Of the company and
conduct its busines to final liquidation on
,uch terms and in such manner as shall be
e,ermined by meeting OF the stockholders
regularly convened for that purpose, and if
II the expiration of tn" present charter q
majority OF the stockholders in number anc
,mount shah desire to renew the same for
+, further term. the stakeholder dessrnting
| from said renewal shall be bound to tr ,rster
heir took 70 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 rnd Clinton Plank Road
to;npany have made application to the
General Assembly to amend their said
charter of incorpor ton, therefore
SEc?lox /. Be it enacted The Senate and
House Of Representatives. Of the State Of Lom-
ANA ia Gencm assembly convened, That the
took holders of the Baton Ronge and Clin-
on link Road Company be, and they are
hereby specially created body corporate
md polite under the conditions and limita.
ions and with all the rights, powers, duties
md liabilities reeited 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 imrleaded.
SEQ. g BE 1t enacted, &C., That the CO.
p;tal stock Of said Company, its works and
appurtenanoes shall be exempt from taxa
ton.
Src. 3. Belt enacted, &C., That said Com
pany shall have the rigM Of way Of sixty
! feet on either side Of the road, and the right
cut and use the timber and such other ma.
-erials as they may require, within one
nile on either side of said road. SO long as
he land shall remain the property Of the
tate.
Sec. d. Be ii further enacted, &C., That
| ~ fyr-,, .rrlo r,f fbo CT
holding at least majority in value Of the
took of said company; said road, or any
art thereof--may, at any time, be convert
ID into Rail Road.
Sec. S. Be il further rnared, &C., That
90 stockholder in said Company shall be
lade in any manner liable or responsible for
the debts or faults of said Company, in any
urther sum than the amount of any unpaid
balance due the Company on the shares
owned by such stakeholder.
SEC. 6. Be 1t further ssacted, &c.. That
in case the said Company should decide, at
any time, un Ter the provision Of the fourth
section of this act, to convert said road into
Rail Road; said stockholders shall have
he power. by vote of two thirds holding
y. least majority of the stock subscribed,
. increase the capital stock Of said Com
any TO sum not to exceed One Million
,f Dollars.
SEC. 7. Be ii further enated. &c.. That
aid Company shall have perpetual exis-
'cnce. unless said corporation is dissolved by
vote of three fourths of its stockholders
olli1ga mai rity of the stock, at meetins
allied specially for the purpose, or unless
aid corporation fail or be insolvent and in
| .... &c c,;l,,ro or ;reoluapcv- fho Eouidat tiop
of its affairs shall be conducted as provided
ior in the 18th section of the Preamble OF
:his act
SEC. 8. Be At 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 S25O,On0 divided into ten thousand shares
of S25 each A payment Of five pr, ct onthe
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, Proutded,
that no call shall be- made for greater a.
mount than ten per ct. at one time, and that
go 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"
SEC. 9. Be It further enacted. &-c., That
the 18th section of the Preamble to this act
be so amended as to authorize the Directors
of said Company to borrow money to an