The Placer herald., 1864-07-30
The New Law Regulating Assessments in
Mining stocks, and Mining Advertise.

Section l. Inc 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
| previous assessment shall remain unpaid or uncol-
ected eX,ept in cases where all the powers of the
corporal on shall have been exercised in accord
with the terms Of this act for the purpose of
| collecting such previous assessments, and except
| Also the collection OF 4 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. s. No assessment shall be levied except by
order of the Board oil Trustees. concurred in by
majority Of said board. and entered upon the re-
| cords OF the corporation.
! Sec. 4. Every order levyng 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 a deln-
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 5. Upon the making OF such order, the
!
ly Il notice thereof in the following form:
"[Name in iull."] Location of works. No
tice is hereby given, that at meeting of the trus.
tees of said company. held on the [da.el 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 ixed] will be advertised on that day
as delinquent, and unless payment shall be made
before, will be sold on the [day apponted] to pay
A.
advertising and expenses of the sale [Sgnature
OF secretary. with particular location of Office. ~ i
Sec. G. 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 if 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 paper reg
uarly 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-
| signated rs the principal place OF business of the
corporation, then the publication shall be made
| in the newspaper publ shed nearest thereto; and
provided. also, that the notice specified in the 9Th
section of this act may be served by delivering q
copy thereof. certified by the secretary, TO each
stakeholder personally, and in Of such ser
vice upon all the stockholders Of said corporation
then no notice by publication shall be necessary,
and such personal notice shall be deemed CON-
plete.
Sec. I. II any portion of the assessment men
! toned in said notice shall remain unpaid on the
day specified therein for the publication Of the no.
tce of sale, the secretary shall, unless otherwise
ordered by the Board of Trustees cause to be
/ he'd i'm he nprS in tbo
provided for in section shall have been publish
ed, notice substantially in the following FORM
Name in fall; location OF works.] Notice.
| There is delinquent upon the following described
stock, on account OF assessment levied on the
| [date,l and assessments levied previous thereto
| [if any.1 the several amounts set opposite the
names OF the respective shareholders, as follows:
| Names. number OF certificates, number ofshares
amount] 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 [date,l at 1.-THE hourl OF said day.
to pay sid delinquent assessments thereon to-
gether with costs of advertising and expenses of
the sale. Name Of the Secretary, with particu-
lar location Of Office. ]"
Sec s. 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
Sec. 9. 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 period Of ten days
excluding Sundays and holidays, previous to the
day Of sale; when published in a weekly paper
the same shall be published for two weeks previ-
Gus to 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 hereinbefore provided, the corporation shall
acquire jurisdiction to sell and convey 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 adver-
Using shall remain unpaid at the hour appointed
for the sale, but shall sell no more of such stock
| than is necessary to pay the assessments due and
costs of sale.
Sec IL. On the day and at the place and as
nearly as may be at the hour appointed in the
notice of sale, the Secretary shall, unless other
wise ordered by the Board Of Trustees SELL or
cause to be sold at public auction to the highest
bidder for cash. so many shares of each parcel of
said described stock as may be necessary TO pay
| the assessment and charges thereon, according to
! the terms Of said notice of sale; provided that il
payment be made before the time fixed for sale
! the party paying shall only be required to pay
| the added costs OF advertising.
Sec. II. The person Offering at such sale to pay
the assessments and costs for the smallest number
of shares, or fraction of share shall be deemed |
the highest bidder.
Sec. ID. The time fixed in any notice published |
according to the provisions. may be at once ex- |
tended for period OF not more than ten days. |
! by order of the Board of Trustees duly made and
entered on the records of the corporations: but no
order extending the time for the performance of
any act specified in any notice shall be effectual
unless notice OF such extension postponement
| be appended TO and Du bisbed with the potce m
which the order relates before the completion of
the regular course of publication thereof.
Sec. T. No assessment duly levied shall be
rendered invalid by failure to make proper
publication OF the notices hereinbeiore provided
| for, nor by the non-performance of any act re-
! ON irnl To he lanrfarpa ed in orlar q