The American patriot., 1855-08-25
may he reopened ard closed from time to time till
the whole carital shall have been subscribed.

may he reopcned ard closed from time to time till
The whole capital shall have been subscribed.
SEc. .. Ia case of a failure on the part Of any
subscriber, to pay the instalments on his stock as
required, the board of directors shall have the op
ton after thirty days written notice to the defauIter
of lortctng the Stock and selling for the benefit
of said stockholdtr. or of compelling by SHIT the
payment of such nstalment, and no stockholder
shall be permitted to vote while in default.
SIC. 10. All meetings of stockholders called for
the purpose Of increasing or diminishing the capi-
tai stock Of the company or for any 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, agents Of
Others at least three of the stock of the CON-
pany in order to make valid and binding their &C.
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 ifsuch
moorty be not present, nor represented, the meet
ing shall be adjourned for one week, and the vote
of the majority of the stock present and represen.
ted at such adjourned meeting shall bind the com
pany in the same manner as if majority of oil 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.
poration shall have power to make and use COM
mon seal, to elect newspaper which shall be
known to the stockholders 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 hcrenbetore described with many tracts
they may deem necessary determine the line Of
the road, and the dcpots 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 company; to ap-
point secretary, treasurer. superintendent cngi-
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, other necessary equip
ments 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 account of said road, in any sum
not to exceed ten thousand dollars, unless author
lied bv vote of two thirds of the stockholders to
exceed that sum, and to mortgage the said road
and its appurenances 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,
and other equipments deemed by them necessary
or useful to the purposes of the company; and
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, ndby-laws shall be subject
to repeal, change, amendment or modification by
the stockholders at their meetings, or by the Prcsi
dent and Directors in the intervals they may ac-
cept donations in land or 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
necessary expenscs 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 a report in full detail to the stock
holders to the first days of January and July of
each year. of the working of the roadand its expen
ses and profits. as also detailed statement of all
contracts during the process of constructing the
road and its bridges, &C., with an account Of the
progress made; they shall keep, or cause to be
kept, regular set of books in which shall be en-
tered, in the regular order of their several dates,
all business other transactions of the company,
which said books shall be opened to the inspection
of any stockhoder 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 on the written rcquisition OF stockholders
presenting one-ftth of the stock of the company.
SECT. Is 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 sirty 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 financial 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.
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 n final quida.
ton on such terms and il such manner as shall be
determined by meeting of stockholders regularly
convened for that purpose and If at the expira-
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 stockholders
dissenting from the renewal, shall be bound to
transfer their stock to those desiring renewal at
its fair value, to be fixed by appraisers mutually
drawn for that purpose.
Clinton, La, Aug. II, 1855. al9-3Ods.
Parish Tax Assessment.