The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1853-05-13

missioners shall immediately thereafter
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 a 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 a
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, il the amount OF sub
scriptions shall exceed the amount of capi-
| tai required, meeting OF stockholders
and subscribers shall be held to determine
whether the capital shall be increased to
| the whole amount of subscription 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 OF shares OF any
subscriber, while another remains with
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 instalments on his
stock. as required, the Board of Directors.
shall have the option, after thirty days
written notice VI the defaulter, of forfeiting
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 increasing or diminishing
the capital stock of the company or for
any of the purposes enumerated in the fifth
section Of the act of the Legislature OF
Louisiana entitled ''.4n act for the organisc-
ton of corporations for tcorks of public inn
provmesn and utility" shall be composed of
persons holding in their own 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, at
all elections, a 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,
and the vote of the majority of tn stock
present and represented at such adjourned
meeting shall bind the company in the same
manner, as il 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.
10Th. The President and Directors of said
corporation shall have power to make and
use a common seal-to elect newspaper
which shall be known to the ockholders
as the official paper of the Company, and
in which all advertisements shall appear,
and to do 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
proper and complete working of the road
to construct all bridges o:er navigable and
other streams and whether the crossing
shall be by bridge or ferry; to contract
specially tor work, labor or materials to be
furnished 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 Secretary Treasurer:
Superintendents, Engineers, and other
officers or servants necessary or proper, for
the faithful performance, Of any duty nec-
essary to the construction or proper main
tainance the said plank road TO make all
contracts tor the furnishing of material or
equipments 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 thousand dollars, Gn,ess
authorized by vote of two thirds OF the
stockholders, to exceed that sum, and to
mortgage 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 anG regulations or bylaws neces-
sary fol- the proper, safe and regular tran
action of the business of the company but
such rules and regulations shall be subject
to repeal, change. amendment, or modiGca-
ton, 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
ing the first fifteen days of December and
June of each year; they shall make at least
once in each year report in full detail to |
the stockholders, exhibiting the expences
and profits or revenue of the road as we'll as
the cost during the process of constructing !