The Placer herald., 1864-04-16
The New Law Regulating Assessments in
Mining stocks. ana Mining Advertise

Inc IOlloWlng Act. passed by Inc late legSla-
ture. is of great importance to all shareholders
and officers OF mining companines;
An Act Concerning Assessments upon the Stock
oil Corporations.
Section |. The trustees of anv 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
tent hereafter prov vded, and not otherwise.
Sec. :. No assessment shall exceed five per
cent OF the capital stock of the corporation, and
none shall be levied while any portion Of any
previous assessment shall remain unpaid or uncol-
lected, except in cases where all the powers of the
corporation shall have been exercised in accord
uncc 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. $. 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 corporatou
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 whore. the same is payable. 1t shall also
appoint a day for the advertisement of dcin-
quent list, which shall not be less than 80 nor
more than 50 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
Veriisement OF the delinquent list
Sec .. Upon the making of such ar order, the
sccretary shall cause to be published Immediate
ly motto" thereof in the following form:
Name in full. J Location Of works No
tee is hereby given, that at meeting of the trus-
tees of said company. held on the [date1 an as.
seSsmcnt OF [amount] per share was levied upon
the capital stock Of said company payable Twhcn.
TO whom. and where. particularly J Any stock
upon which slid assesSnIent shall remain unpaid
on the [duy tXed] will be advertised on that dav
as delinquent. and unless payment shall be made
before, viii be sold on the [day appoincd1 TO pay
the delinquent assessment, together with costs of
advertising and expenses Of The sale. rSigaature
OF secretary With particular location Of oilice.l"
Sec. 3. 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 some
paper published in the county in which the works
OF the corporation are situated. il paper be pub
iIShed therein; provided. that if the works of the
corporation are not situated within some Sta e 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 Oh Saturdays at any place where
publication is required to be made, the notice
may be made in every issue OF the paper which is
| must frequently issued dt SuCn Dl1 Tor the ul!
perloc oil toui weeks; and provided also. that If
there is no newspaper Published at the place de-
rtSnated as the principal place Of business of the
corporation, then the publication shall be made
in the newspaper published nearest thereto; and
provided also, that the notice specified in the 5th
section OF this act may he served by delivering a
copy thereof, certified by the secretary. 10 each
stockhodcr personally, and in case OF such soy
vice upon all the stockholders of said corporation
then no notice by publication shall be necessary,
and such personal notice shall be deemed com
pl"tc.
Sec. I. II any portion OF the assessment men
toned in said notec shall remain unpaid on the
day specified therein Tor the public tiOn of the no.
tcC 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. Il notice substantially in the following form:
Name in fall; location of work91 Notice.
There is Delinquent upon the following described
stock on account OF assessment levied on the
[datc j and assessments levied previous thereto,
If any the several amounts set opposite the
names OF the respective shareholders. as follows.
Names, number OF certificates, number Of shares,
amount.l And in accordance with law, and an
order OF the Board OF Trustees. made on the
[date,l If any such order shall have been made
so many shares OF each parcel of said stock rs
may he necessary will be sold at the particular
| place, on the [datc.l at [the hourl OF said day
| to pay stid delinquent assessments thereon to-
| gether with costs of advertising and expenses OF
the sale. Name OF the Secretary, with parlcu
lar location of oifce.l'
| Sec 5. Said last 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
Sp6 Sti1 Dnti u.,,, l,.,.1 g., IL.
weekly paper, or in both, Shall be published as
! follows: When published in daily paper the
! same shall be published for period Of ten davs
excluding Sundays md holidays, previous to the
day OF sale; when published in a weekly paper
the same shall be published for two weeks prcvi-
Gus 20 the day of sale, the first publication in the
weekly being at least fourteen days prior to the
/ day OF sale.
Sec. 10. BY The publication of the said notices.
rs hcrenbeore provided. the corporation shall
acquire jurisdiction TO sell and convey a full
complete, perfect and absolute title to all OF the
stock described in the notice of sale upon which
| any portion OF the assessment or costs Of adyer-
! tiSIng shall remain unpud at the hour appointed
| for the sale, but shall sell no moro Of such stock
than is necessary to pay the assessments due aud
! costs OF sale.
Sec. IL. On the day and at the place and as
nearly as may he at the hour appointed in the
notice OF sale, the Secretary shall, unless other
'wisc ordered by the Board OF Trustees sell or
cause to be sold ai public aucti on. to the highest
! bidder for cash, so many shares Of each parcel OF
| said described stock as may ne necessary TO nav
the assessment and charges thereon, according to
! the terms of said Eotice o sale; provided that
payment be made before the time fixed for sale
the party paying hall only be required to pay
the added costs of advertising.
Sec. ~. The person Offering at such sale to pay
the assessments aud costs for the smallest number
OF shares, or traction Of share shall be deemed
| the highest bidder.
Sec L. The time fixed in any notice published
according to the provisions may be at once ex
tended Tor period of not more than ten days.
by order of the Board Of Trustees, duly made and
entered on the records OF the corporation; but no
order extending the time for the performance of
any act specified in any notice shall be effectual,
unless notice OF such extension or posponement
IN. -.Iannurd ILll Lish..l ~.