The mountain Democrat., 1864-04-30
THE MOUNTAIN DEMOCRAT.
1THING CORPORATIONS.
A.t COneernIng ASssssmOnts up-
the St0ok OF Corporations.

Section I. The trustees of any corpora
,,on formed under the general laws of this
Stsle shall have power to levy and collect,
nr the purpose Of paying the proper and
iso,i expenses OF such corporation, assess
,aents upon the capital stock thereof, in
tha manner and form and to the extent
hereinafter provided, and not otherwise.
Sec. 2, No assessment shall exceed fVe
per cent OF the capital stock OF the cor
pOration, and none shall be levied wni'e
snv portion Of any previous assessment
shall remain unpaid or uncoNecteo' eA
cent in cases where all the powers OF the
generation shall have been exercised in
scocrinnce with the terms Of this act,
for the purpose Of collecting such pre-
-;ous assessments, and except, also, the
collection Of previous assessment against
one ar more stockholders, restrained by
;r;unction or otherwise; In which case
f1rther assessments may be levied and
collected according to this act.
Sec. 8. No assessment shall be levied
.xcept By order Of the Board 1f Trustees,
ooOcurred in by q majority of said Board
of Trustees, and entered upon the records
of the corporation.
Sec. 4. Every order levying an assess.
ment shall specify the amount thereof.a and
the time when, the person or persons to
whom, and the place or places where the
same is payable. II shall also appoint =
dav for the advertisement Of the delin-
oueut list, which shall not be less than
tbirtv nor more than thirty five days from
the time of the making Of such order !;
and a day for the sale Of delinquent stock,
which shall not be less than ten nor more
than twenty day from the time appointed
for the advertisement Of the delinquent
list
Sec. 8. Upon the making of such an
order, the Secretary shall cause to be
published Immediately notice thereof in
the following form
"[Name in fnll.l Location Of works
Notice is hereby given, that at n meeting
of the Trustees OF said company, held On
the Idate1 an assessment Of famount1 per
shn mas Ieyied upon the capital stock 0f
said company, payable when, to whom,
and where, particularly ANY stock up
on which said assessment shall remain
unpaid on the [dsy txed] will be adver-
,ised on that day as delinquent, and un'
less payment shall be made before, will
be sold on the lday appointed to pay the
delinquent Assessment, together with cost
Of advertising and expenses Of sale. Sig
nature Of Secretary, with particular iOca-
ton Of Offiee.I
Sec. 6. 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 in
corporation as the principal place Of busi-
ness OF the corporation, and also in some
paper published in the county IN which
the works Of the corporation are situated,
if paper be published ther,in provided,
that if the works are not situated within
some State or Territory Of the United
States, then publication in = paper oi the
cOunty shall not be necessary; aud pro
vded, also, that II there IS no paper reg
u!arly issued on Saturdays at any place
where Publication is required to be made
the notice may be published in every
number Of the paper which is most fire.
quentiy issued at that place, for the full
period of four weeks; aud provided. also
that if there is TO newspaper published
at that place designated as the place Of
business of the corporation, then the pub
licution shal! be made in the newspaper
published nearest thereto. and provided,
also, that the notice specified in the 9th
section of This act may be served by de-
livsring 4 copy thereof, certified by the
Secretary, To each stockholder personally,
and in case Of such service upon all the
stockholders of said corporation, then no
notice by publication shall be necessary, ,
such personal notice shall be deemed
complete.
Sec. 7. If any portion of the assessment
mentioned in said notice shall remain un.
paid on the day specified therein for the
publication Of the notice Of sale, the sec
retary shall, unless otherwise ordered by
the Beard Of Trustees, cause to be pub
lished in the same papers in which the
notice provided for in section 8 shall have
been published, = notice substantially IN
the following form
"[Name in full; location Of works. =
Notice. There is delinquent upon the
following described stock, on account Of
assessment levied on the date and AS
sessments levied previous thereof. If any
the several amounts set opposite the
names of the respective shareholders, as
follows: Names, number Of certificate,
number Of shares, amount And in ac'
cordance With Law, and all order Of The
Board OF Trustees, made on the Idat' #
any such order shall have been made, 50
.ha Af oarh narD.l IF catA SfnsE
AS may be necessary will be sold at the
paEGcular Place,On the datt at the hOuI
of said day, to pay said delinquent assess
ments thereon together with costs Of ad-
vertising and expenses of the sale. Name
Of the Secretary, with particular location
officeT'
Sec. s. Said last named notice shall
STATE every certificate Of stock separately,
&ith the aumber Of shares which it rep
reScnts, and the amount due thereon, ex.
cept where certificates may not have been
issued to parties entitled thereto, in which
case tbA nUmber Of shares. aad the amount
due thereon, together with the fact the
certificates for such shares haSe not been
issued, shall be stated.
Sec. 8. Said notice, when published in
n daily or weekly paper, or in both. shall
be published a. follows: When publish
go ic 4 daily paper the same shall be pub
liAhGd E0s q period Of ten days, excluding
Sundays and holidays, s,previous to the day
Of sale, the firSt publication in weekly
being 1t least fO9Ftses days prior to the
day Of sale.
Sec. 10. BY the publication Of said no
tices, Is hereinbefore provided, the cor.
poration shall acquire Jurisdiction to sell
and convey Nn, complete. perfect and
absolute title TO ell the stock described in
the notice Of sale upon which any portion
OF the assessment Or cost OF advertising
shall remain nnpaid At the hour a r,nnintnd