The Placer herald., 1864-07-16
The New Law Regulating Assessments in
Mining stocks, and Mining Advertise.


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. =. No assessment shall exceed five per
cent OF the capital stock OF the corporation, and
none shah be levied while any portion Of any
prcviu g. assessment shall remain unpaid or uncol-
lected, rxtep in where all the powers of the
corporation shall have been exercised in accord
ance with the terms Of this act for the purpose of
collecting such previous assessments, and except
also, the collection of a 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. Noassessment shall be levied exec It by
order of the Board OF Trustees. concurred in by u
majority Of said board. and entered upon the re-
cords of the corporation.
See. T. Every order levyng an assessment shall
specify the amount thereof. and the time when,
the person persons to whom, and the place or
places where, the same is payable 1t shall also
appoint Il day for the advertisement of deln-
quent list, which shall not be less than 80 nor
more than IS 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 adj
vertsement OF the delinquent list.
Sec. 5. Upon the making OF such ar order, the
secretary shall cause to be published Immediate
ly IA notice thereof in the following form:
"[Name in iull'l [Locaton Of works. No
tice is hereby given, that at meeting OF the trus
tees of said company. held on the [datel an as
sessment Of [amountl per share was levied upon
the capital stock OF said company, payable Twhen,
hon, and, hapo iaul lu I 1ry- oto
upon which said assessment shall remain unpaid
on the 1day tixed1 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. [Sgnature
of secretary. with particular location Of ofice1"
Sec. &. Said notice shall be published once each
week for four successive weeks, in daily or
weekly paper, published in the place designated
in the articles of incorporation, and also in
paper published in the county in which the works
OF the corporation are situated. il paper be pub
lshed therein; provided, that if the works of the
corporation are not situated within some State or
Territory Of the United States, then publication
in 4 paper of the county shall not be necessary
and provided, also, that ii there is 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 fall
period OF four weeks; and provided, also. that if
,1ul,l hal ar 40
ir,,.,tl ,c tbc ,,incin,l nl,ce of busi,nas 81 10
,,,orntion tban H., nn,Iinotion sbil L nd
in thn nnwsnannr nubIishpd nearest thnrnto. and
divided. also that the notice specified in the 9TH
section of this act may be served by delivering
copy thereof, certified by the secretary, TO each
stakeholder personally and in case OF such ser
tbcn m notice NV nnhlic,tion sholl he ,ecaSsarv
and sucb ncrson,l notice shall he dnomnd con,'
nJata
Soc 7 Ifanv norton Of the assessment mon.
tiornd in saiG rotica b,lI ron, lin ,1n,niI On tho
d,v snncifeI therein for tho nnhlicltfon ot H., No.
tine nr e,In tho secrnt,rv shan nnlass otbnryyso
ordared Inv thn Roard Of Trustees c1nso f. No
unfinished in the same popers in which tho notce
provided for in section shall have been nnbIish
Ell. = notice SUBSTANTIALLY in the foilowino (orm.
tNamn in I losiion Of york. a1;"''
There is delinnuppt unun the followine dascrfhad
stock on account of assessment levied on tbe
| rd,t, I and assessments levinl nrevious ,bnroto
/ fif any | tho several amounts sat onnosita tba
n,rnns of thn rasnactivn sh,rehol1nrs ne loIlouc.
! names number Of certificates nnInhnr of sh,ros
nmount1 And in accordance with law and an
order Of the Board of Trustees. made on tbn
rd,tn I If onv eunh ordor s,ou b,yn ha,, ,,,la
% m5nv shIres Of each narcel of said Stock Ne
nav be- nocnss,ro will mo sold NJ thn ,,or,io,,ar
Mace ON tho 1d,tc1 at rho bonr1 ol sIid Jav
| 10 nav s,id loIinouant es.sss,nnnt. tbor,o, "
oetber with costs Of ADVERTISING and evnensrs Of
! fhe s,lc. ENnme of the Secretary viii n,rIicn.
| lar location of olfi.e7p
! Sec 3 Said last named notice shall STATE ovorv
certificate of stock separately Win the number ot
shares which it rruresents and the omount duo
thereon, exceDt where certificates NAV not have
hnnn issncd to nortips entitled therpto in which
tbe number of shares. and the amount dua there
on together with the fact that the certificate for
such shares have not been issued. shall he stated
Sec. 9. Said notice. when published in a dalv
or weekly paper, or in both, shall be published as
follows: when published in a daily paper the
same shall be published for a period OF ten DAYS
excluding Sundays and holidays, previous to the
day of sale: when published in a weekly papcr
the same shall be published for two weeks previ.
Gus 20 the day of sale the first publication in the
weekly being at least fourteen DAYS prior to the
dav al sale.
Sec. TO- By the publication of the said notices
as hereinbeiore provided. the cornorat,on shall
oconire Jurisdiction to sell and convey q full
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