The American patriot., 1855-09-15

ital required meeting of stockholders and subsoi
bers shall be held to determine whether the capital
shall eincreased 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 with larger number Of
shares. If there be any deficiency in the amount
Of capital subscribed, the said subscription books
may be reopened and closed from time to time till
the whole capital shall been subscribed. V
SEC. .. In case of a failure on the part of any
subscriber, to pay the insallments on his stock as
required, the board Of directors shall have the op.
ton after thirty days written notice to the defaulter
Of fqyfeng 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. I'll
SEC. 10. All meetings Of stockholders called for
the purpose of increasing or diminishing the capt.
tai stock Of the company or 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 agents Of
Others at least threefou Of the stock Of the conf
pany in order to make valid and binding their &C.
tons 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, such
moority be not present, represented, the meet
ing shall be adjourned for one week, and the vote
of the majority of the stock present. and represeu.
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. 4. Any vacancy in the Board of Directors
occurring during the year, may be filed by vote
of the Board of Directors.
SECT L. The President and directors of said cor.
poration shall have power to make and use COM
mon seal, to elect a 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 herenbcfore 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 or 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 app
point secretary, treasurer, superintendent, cng-
neer solicitors and other officers servants, neccs-
say 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 Or supplies of the road, and on such credits
as they may deem proper, and to mortgage tho
| 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 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
I,uI ,cot1 pnI a 10 ahnIt tfN
fix the rate oftoll 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 and bylaws shall be subject
| to repeal change, amendment or modification by
the stockholders at their meetings, or by the Presi
dent and Directors in the intervals they may &C.
cept donations in land Or money, or such material
or labor as may be useful to the company; they
shall declare sem;-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 expen
ses and p, ofts. 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, 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 stockhoder, at the office of the company
during the business hours of the day; u 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 requiston OF stockholders re.
presenting oAe-ifh of the stock Of the company
SECT. Is If any subscriber for stock shall be
taxed by virtue of any law ordinance for the
payment Of subscriptions to the company, he shall
have the right Of reducing the number of his shares
by 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 moi
be allowed. f5 +
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 th'
: stockholders and their agents.
SECT. Is. At the expiration Of the Charter, O
r whenever the dissolution Of the Corporation shal
render necessary its liquidation, three commission
ers shall be elected by the stockholders whose dut
it shall be to take possession OF the property OF tn
= company and conduct its business to final liquida
ton on such terms and in such manner as shall b
e determined by meeting Of stockholders regularl
It convened for that purpose and if at the cxpra
0 ton of the present charter minority Of the stock
e holders in number and amount shall desire to re
/. new the for further term, the stockholder
dissenting from the renewal, shall be bound I
q transfer their stock to those desiring renewal,
II its fair value, to be fixed by appraisers mutual
: drawn for that purpose.
i. Clinton, La, Aug. H. 1855. ala-Sods.
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