The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1864-06-25
The New Law Regulating Assessments I'm
Mining stocks, and Mining Advertise.

Mining stocks, and Mining ADVERTISE
ments.
The following Act passed by the late legsla-
ture, is OF great Importance to all shareholders
and officers OF mining compannes:
An Act Concerning Assessments upon the Stock
Of Corporations.
Section l. 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 aud 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. =. No assessment shall exceed five per
cent OF the capital stock OF the corporation, and
none shall be levied while amy portion of any
previous assessment shall remain unpaid or uncol-
ecteo, Xeept in cases where all the powers of the
corporal on shall have been exercised in accord
Ance with the terms Of this act for the purpose of
collecting snch previous assessments, and except
also, The collection of u previous assessment a.
gainst 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. concurred in by a
majority OF said board and entered upon the re-
cords OF the corporation.
Sec. 4. Every order levying an assessment shall
specify the amount thereof. and the time when.
the person or persons to whom, and the place or
places where, the same is payable. 1t shall also
appoint day for the advertisement of deln-
quent list. which shall not be less than 80 nor
more than 80 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. 5. Upon the making Of such an order. the
secretary shall cause 10 be published Immediate
ly a notice thereof in the following form:
'[Name in tull.'] Location of works No.
that "A o of trus
tees of said company. held on the [date7 an as
sessment OF [amount] per share was levied upon
the capital stock OF said company, payable [whcn
to whom. and where. particularly Any stock
upon which said assessment shall remain unpaid
on the [day fxed1 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. [Signaturc
Of secretary. with particular location of ofce.1n
See. Is. Said notice shall be published once each
week for Jour 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 paper be pub
shed therein provided, that ii 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 il there is no paper reg
ularly issued on Saturdays at 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 at such place, for the full
period of four weeks; and provided. also. that if
there is no newspaper published at the place de-
srnated as the principal place of business of tha
corporation, then the publication shall be made
in the newspaper published nearest thereto: and
provided also that the notice speciind in the 5tb
section of this act may be served by delivering q
copy thereof. certified by the secretarv TO each
stockholder personally, and in case of such ser
vice upon ali the stockholders of said corporatfon
then no notice by publication shall be necessary
and suca personal notice shall be deemed com
plcte.
Sec I. IF any portion of the assessment men,
toned in slid notice shall remain unpaid on the
dav specified therein for the publication OF the no
tice of sale, the secretary shall, unless otherwise
ordered by the Board OF Trustees. cause to be
published in The same papers in which the notice
provided for in section ) shall have been publish
ed, a notice substantially in the following form:
"[Name in iull location OF work71 Notice.
There is delinquent upon the following described
stock, on account of assessment levied ON the
[date. and assessments levied previous thereto.
If any.] the several amounts set opposite the
names OF the respective shareholders as follows.
MINES number OF certificates. number Of shares
amouutl And in accordance with law. and an
order OF the Board Of Trustees made on the
Tdate. If any such order shall have been made
so many shares of each parcel of said stock as
may re necessary Will be sold at the particular
place, the Tdae,l at 1.-THE hour1 of said day,
to pay said Delinquent assessments thereon. to-
gether with costs of advertising and expenses of
the sale. Name Of the Secretary with parlicu.
lar location of ofice1"
Sec s. Said Lust named notice shall state every
certificate Of stock separately. with the number of
shares which it represents. and the amount due
thereon except where certificates may not have
been issued TO parties entitled thereto in which
the number OF shares. and the amount due there
on. together with the fact that the certificate for
such shares have not been issued. shall be stated
Sec. 8. Said notice. when published in a daily
or weekly paper Or in both, shall be published as
follows: When published in daily paper the
same shall be published for a period Of 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 day Of sale, the first publication in the
weekly being Mt least fourteen da vs. nror to tha