The American patriot., 1855-09-08

subscription books are Openeu ana the DOaru
shall have power to appoint agents for receiving the
At the end of the said four months
if the amount of subscription shall exceed the cap
al required, meeting Of stockholders and subscr-
bers shall be held to determine whether the capital
shall be increased to the whole amount OF subscrip-
ton and if the capital be not so increased, then the
number Of shares subscribed shall be reduced by
deduction from the largest subscriptions so as not
to diminish the number of shares of any subscri-
Der, whilst another remains wtha larger number Of
shares. Ii there be any deficiency i'll the amount
of capital subscribed the said subscription books
may be reopened and closed from time to time till
the whole capital shallhave been subscribed.
SEC. o. In case of failure on the part Of any
subscriber to pay the instalmcnts on his stock as
required the board of directors shall have the op-
ton after thirty days written notice to the dctaulter
of fortetng 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.
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 9TH section of the Act Of the
Legislature of Louisiana, entitled An Act for the
organization of Corporations for Works of Public
Improvement and Utility" shall be composed of
persons holding in their own right, or as agents Of
Others at least threefourths of the stock OF the COM
pany in order to make valid and binding their ac-
tl0S IN lne premises. al AL oticF HccthSo VI ec
stockholders and at all elections majority Of stock
shall be represented and in this latter case, fsuch
moority be not present, represented, the meet
ing shall be adjourned for week, and the vote
of the majority of the stock present. and reprcsen-
ted at such adjourned meeting shall bind the com
pany in the same manner as if majority OF all the
stock were present aud represented.
SEC. II. Any vacancy in the Board Of Directors
occurring during the year, may be filled by a vote
| of the Board of Directors.
| SECT H. The President and directors Of said cor
poration shall have power to make and use a com
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 hercinbefore described, with many tracts
as they may deem necessaryto 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 or materials
to be furnished to the company, and to agree,
whether the whole or any part thereof shu be pay
able in the capital stock of the company; to APP
point secretary, treasurer, superintendent, engl-
neer solicitors and other officers 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
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
aud its appurtenances to secure the payment OF the
same to make all contracts necessary for the pur-
: pose of speedily and 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
or useful to the purposes of the company; and
when said road or amy part thereof is finished to
fix the rate of toll for passengers and Mcrchandze
to make all rules and regulations, and other bylaws
deemed necessary, for the proper, safe, and regu
lar transaction of the busines Of the coinpany but
such rules regulations, ahdby-laws shall be subject
: to repeal, change, amendment or modihcation by
the Stockholders at their meetings or by the Presi-
= = dent and Directors in the intervals they may ac-
capt donations in land money, or 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
y 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 cxpen-
ses and profits as also detailed statement OF all
= contracts during the process of constructing the
u road and its bridges &C., with an account OF the
! progress made they shall keep, cause to be
kept, n regular set of books in which shall be en-
tered in the regular order of their several dates
all business or other transactions OF the company,
which said books shall be opened to the inspection
of any stakeholder, at the Office OF the company
during the business hours of the day; d stock
book shall be kept, and certificates of stock shal
be issued to the stockholders and no transfer o.
~ stock shall be binding on the company until made
on its stock book; and to call meeting of stock
holders, the written requisono Of stockholdcrsre
presenting one-ffth Of the stock OF the company
Il, SECT IL If any subscriber for stock shall b,
taxed by virtue of any law or ordinance for th'
payment Of subscriptions to the company he slal
have the right of reducing the number OF his share
by an amount equal to that Of the tax imposed, bu
this right must he exercise within s;rty days from
the date of the tax receipt after which, it shall no
be allowed.
SECT. H. 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
inc a full statement of the financial affairs and otl
cr business OF the company shall be submitted D
the President and directors for examination by th
lp- stockholders and their agents.
" SECT Il. At the expiration of the Charter, {
for whenever the dissolution of the Corporation sha
rcnder necessary it's liquidation, three commission
he e,s shall be elected by the stockholders whose dut
ty- it shall be take possession of the property OF til
c,- company and conduct its business to liquid
ey ton on such terms and in such manner shall !
I'VE determined by meeting of stockholders REGULAR
list convened ior that purpose; and if at the expr
to ton of the present charter majority OF the stoc
c holders in number and amount shall desire to r
ici- the same for further tern the stockholdel
dissenting from the renewal shall be bound
,o transfer their stock to those desiring renewal,
, its fair value, to be fixed by appraisers mutual