The Placer herald., 1864-06-11
The New Law Regulating Assessments in
Mining stocks, and Mining ADVERTISE

J
and officers OF mining companines:
An Act Concerning Assessments upon the Stock
OF Corporations.
Section |. The trustees of any corporation
formed under the general laws Of this State. shall
have power to levy and collect for the purpose
Of paying the proper and legal expenses of such
corporation. assessments upon the capital stock
thereof, in the manner and form and to the ex-
tent hereafter provided, and not otherwise.
Sec. 2. No assessment shall exceed five per
cent Of the capital stock OF the corporation, and
none shall be levied while any portion OF any
previcus assessment shall remain unpaid or uncol-
lected. except in eases where all the powers of the
corporate on shall have been exercised in accord
ance with the terms of this act, tor the purpose of
collecting such previous assessments, and except
also, the collection OF previous assessment a.
ganst one or more stockholders, restrained by in
junction or otherwise in which case. further as
sessment may be levied and collected according
to this act.
Sec. 3. No assessment shall be levied except by
order of the Board OF Trustees. concGrred in by a
minority OF said board, and entered upon the re-
cords OF the corporation
See. 4. Every order evying an assessment shall
specify the amount thereof and the time when,
the person or persons to whom, and the place
places where, the same is payable. 1t shall also
appoint day for the advertisement of dein
quent list, which shall not be less than 80 nor
more than 35 days from the time Of the making
of such order; and day for the sale Of delinquent
stock, which shall not be less than ten nor more
than 20 days for the time appointed for the ad
vertisement Of the Delinquent list
Sec 8. Upon the making of such ar order the
secretary shall cause to be published immediat
ly a notice thereof in the following form:
"[Name in full'] [Location Of worksl No.
tice is hereby given that at meeting of the rus
tees of said company. held on the Cdatel an as
seSsment Of [amountl per share WAS levied upon
the capital stock of said company, payable Iwhcn
to v,bD and yvh an ticuloIlV Auv cto
upon which said assessment shall remain unpaid
on the [day iXed] will be advertised on that day
as delinquent, and unless payment shall be made
before. will be sold on the [day appointed to pay
the delinquent assessment together with costs of
advertising and expenses OF the sale. signature
Of secretary. with particular location of Office |"
Sec. Is. said notice shall be published once each
week for four successive weeks, in a daily or
weekly paper, published in the place designated
in the articles Of incorporation, and also in some
paper published in the county in which the works
Of the corporation are situated, il a paper be pub
lished therein; provided, that if the works of the
corporation are not situated within some State or
Territory Of the United States. then publication
in paper of the county shall not be necessary;
and provided, also, that If there is no paper reg
ulary issued on Saturdays ut any place where
publication is required to be made, the notice
may be made in every issue of the paper which is
most frequently issued al such place. for the full
period of four weeks; and provided, also. that if
tbprn i n n Nor mill she'd at hn nj do
sirn,tnl ne thr ,,ir; nal ,,I,no Of b,,silo ~ 10
on.nor,tion tban tn, nnbIirotion nil Io t,l'io
in ire nn,vsnonnr unfinished na,rnst tbnroto. ma
provided. also, that the notice specified in the 9th
section OF this act may be served by delivering a
copy thereof. certified by the secretary, to each
stakeholder personally, and in case OF such ser
,,icrnnon All thn stockbodprs ors,id cornoration
tbpn no notice NV nnblfcatjon shall he necessary
and ercb nnrsor,I notice shall hn dner,.d co,n
nlrto
See : Tfnuv portion Of tho assessment mon.
toned in said notice snail remain unn1id on the
dav snacfnI therein far the nrbIic ,tiGn Of thon
tie Of sale. the secretary sbrIi nnlcss otharvieo
ordered hv thn Ro,r1 If Trnsfaas c,,so 70 Lo
unfinished in the same noners in which tha notice
provided for in section Shall have been pnbJisb.
cd. a notice substantially in the following form.
.fName in mi: loc1ti0n Of varI[s1 So t;n
There, is delinonent upon the followino dnscrihed
stock IN account of assessment loyipd an tba
Tdatc ! and assessments levied nrrvious thereto
fif any the several amonnls set onno.itn tho
names Of the rrsuactiye shareholders ns tIIovs
Names, number of certificates nurntrr SHINES
hmouut1 And in accordance win INV and an
order Of the Board of Trustees ,1I1e an tho
rdotn if any suoh order shall b,vo hon, a.,
50 many shIres Of each narcol Of s,i1 Stock ne
NAV he necessary will he sold nt tbn n,rticnl',
Mace. on the rdotr ! at 1.-THE borrl of e,id dav
to nav slid deIiDduent assessments thereon TO-
oplheT with costs Of ADVERTISING ana nvnensas of
The stle. Name Of the Secretary. with nIrlicT.
lar location Of Office ~
Sec g. said last named notice sha II stlta ovorv
certificate of stock separ,tely Win the nnmhor ot
shares which it represents. and tbo amonnt dna
thereon. except where certificates NAV not have
been issued 10 parties entitled thereto in which
the number of shares and the amount dino there.
on t0pether with the fact that the certificate for
such shares have not been issued. shall be stated
Sec. 9. Said notice. when published in = daily
or weekly paper. or in both. shall be published rs
follows: When published in a daily paper the
same shall be published for period o. ten DAYS,
excluding SUNDAYS and holidays, previous to the
day OF slle: when published in a weekly paper.
the same shall be published for two weeks previ.
Gus 20 the dav of sale the first publication in the
weekly being ut least fourteen days prior To the
dav OF sale
Sec 10 Bv the npblication of tha safd notices
as bcreipbel3re provided. thn cornor,t,on shall
aconire Jurisdiction TO sell and convey a fun
complatc nerfrct and absolute titln to ali of tho