The American patriot., 1855-08-18

may be reopened and closed from time to time till
the whole capital shallhave been subscribed
SEC. .. In case Of failure on the part of any
subscriber, to pay the instalmcnts his stock as
required, the board of directors shall have the CD.
ton after thirty days written notice to the deuter
OF forietng the stock, and selling it for the benefit
Of said stockholder, or of compelling by suit the
payment of such nstalment, and no stockholdcr
shall be permitted to vote while in default.
SEC. 10. All meetings of stockholders called for
the purpose of increasing or diminishing the capi-
tai stock OF the company for any of the purposes
enumerated in the 5th section of the Act of the
Legislature OF Louisiana, entitled can Act for the
organization of Corporations for Works of Public
Improvement and Utility" shall be composed of
persons holding in their right, or as agents of
Others at least three ourths of the stock of the COM
pany in order to make valid and binding their ac-
tions in the premises at all other meetings of the
stockholders and at all elections majority of stock
shall be represented, and in this latter case fsuch
mojorty be not present, nor represented, the meet
ing shall be adjourned for one week, and the vote
Of the majority Of the tock present, and represen
ted at such adjourned meeting shall bind the COM
pany in the same manner as if majority of all the
stock were present and represented.
Sec. II. Any vacancy in the Board of Directors
occurring during the year, may be filed by vote
OF the Board of Directors.
SECT II. The President and directors of said cor
mon seal, to elect newspaper which shall be
known to the stockholders as the official paper Of
the company. and in which all its advertisements
shall appear, and to do every thing, necessary for
the construction, repair, and maintenance Of the
rail road hereinbeore described with many tracts
as they may deem necessary,to determine the line OF
the road, and the depots that may be necessary to
make, and contract for all works whatsoever, for
the proper and complete working of said road, to
contract specially, for all work, labor, materials
to be furnished to the company, and to agree,
whether the whole any part thereof shall be pay
able in the capital stock of the cOmpa y; to ap-
point secretary, treasurer, superintendent, eng-
ncer, solicitors, and other officers or servants neces
sary Or proper for the faithful performance of any
duty necessary to the construction and proper
maintenance Of said rail road to make all contracts
for the furnishing of iron Or other necessary equip.
ments or supplies of the road and on such credits
as they may deem proper, and to mortgage the
said road for the payment of the same; to borrow
money for and on account of said road in any sum
not to exceed ten thousand dollars, unless author
lied by vote of two thirds of the stockholders to
exceed that sum, and to mortgage the said road
and its appurtenances to secure the payment of the
same to make all contracts necessary for the pur-
pose of speedily anu properly constructing said
road to purchase with the funds of the company,
all the locomotives, engines cars, vehicles, teams
and other equipments deemed by them necessary
when said road or any part thereof is finished, to
fix the rate of toll for passengers and Merchandise;
to make all rules and regulations and other bylaws
deemed necessary, for the proper, safe and regu-
lar transaction Of the business of the company; but
such rules regulations, andby-laws shall be subject
to repeal, change, amendment or modification by
the stockholders at their meetings, by the Presi
dent and Directors in the intevals they may
cept donations in land or money, such material
or labor as may be useful to the company they
shall declare semi-annually the dividend arising from
the working of the road after the payment of all
necessary expenses said dividend shall be declared
and payable to the stockholders within fifteen days
OF the months OF January and July of each year;
they shall make report in full detail to the stock
holders to the first days of January and July of
each year. of the working of the road and its expcn-
scs and profits. as also detailed statement of all
contracts during the process of constructing the
road and its bridges, &C., with account of the
progress made; they shall keep, or cause to be
kept, regular set of books, il which shall be en-
tered, in the regular Older Of their several dates
all business or othei transactions of the company,
which said books shall be opened to the inspection
OF any stockholder, at the Office of the company
during the business hours of the day; stock
book shall be kept, and certificates Of stock shall
be issued to the stockholders, and no transfer of
stock shall be binding ON the company until made
on its stock book; and to call meeting of stock
holders the written requsition Of stockholders
presenting one-ffth of the stock of the company.
SECT. l3 If any subscriber for stock shall be
taxed by virtue of any law or ordinance for the
payment of subscriptions to the company, he shall
have the right of reducing the number of his shares
by an amount equal to that Of the tax imposed, but
this right must he exercise within siaty days from
the date of the tax receipt, after which, it shall not
be allowed.
Sect IA. An annual meeting of the stockholders,
shall be held on the third Monday of each April,
to receive the annual report of the last years opera
tions and business of the company, at which meet
ing, full statement of the fnauc al affairs and 9TH
er business of the company shall be submitted by
the President and directors for examination by the
stockholders and their agents.
SECT. Is. At the expiration of the Charter, or
whenever the dissolution Of the Corporation shall
render necessary its liquidation, three commission.
ers shall be elected by the stockholders whose duty
it shall be to take possession of the property of the
company, and conduct its business to a fnallquida-
ton on such terms and in such manner shall be
determined by meeting of stockholders regularly
convened for that purpose and if at the expra-
ton of the present charter majority of the stock
holders in number and amount shall desire to re-
new the same for further term, the stockhold rs
dissenting from the renewal, shall be bound to
transfer their stock to those desiring a renewal at
its fair value, to be fixed by appraisers mutually
drawn for that purpose ..-
Clinton, La, Aug. IL, 1885, als-3ods.