The daily comet. [volume] (Baton Rouge, La.) 1850-1856, 1853-05-26

10 ii any suDScriDcr 1Of SCOck snail De
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 or ordinance after
which term it shall not be allowed.
14th An annual meeting Of the stockhol-
ders hall be held on the first Moniay in
December 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 their agents.
18th. At the expiration of the Charter, or
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 bnsines to final liquidation on
such terms and 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
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 totr ,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 It enacted ythe Sepateamd
House Of Representatives Of the State Of Loui-
siana in General assembly conve,sed, That the
stock holders Of the Baton Ronge and Clin-
ton Fl INK Road Company be, and they are
hereby specially created a body corporate
and polite under the conditions and inlita-
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 sue and be sued,
plead and be implicated.
SEC. 2. Be II enacted, &C., That the ca
pital stock of said Company, its works and
appurtenances shall be exempt from taxa
ton.
SEC. 3. Be enacted, &c., That said Com
pany sAall 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 on either side Of said road, SO long as
the land shall remain the property of the
state.
SEC. d. BE further enacted, &C., That
by a 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 thereof-may, at any time, be convert
ed into Rail Road.
SEC. S. Be it further enacted, &C., That
no stockholder in said Company shall be
made in any manner liable or responsiblefor
the debts or faults of said Company, in any
further sum than the amount of any unpaid
balance due the Company on the shares
owned by such stockholder.
SEC. g. 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,
to increase the capital stock of said Com
pany to sum not to exceed One Million
of Dollars.
Sec. T. Be 1T 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 q 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.
SEC. S. Be 1t further enacted, &C., That
the 3rd section Of the Preamble to this act
be so amended az to read thus:
"The capital stock of the company is fixed
at S250OO0 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. Provided,
that no call shall be made for a 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. 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
amount not to exceed $4,000, unless autho-