The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1864-07-09
The New Law Regulating A ssessme nts In
Mining stocks, and Mining ADVERTISE

and officers OF mining compunlneS:
A 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 aud 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
prevlod* assessment shall remain unpaid or unco-
lecteG. cNcept in where all the powers of the
corpogA on 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 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
majority of said board. and entered upon the re-
cords OF the cOrpOration
See. 4. Every order evying 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 dein-
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 tbe sale of delinquent
stock, which shall not be less than ten nor more
than 20 days for the time appointed for the adj
yerisement OF the delinquent list
Sec. 5. Upon the making of such an order. the
secretary shall cause to be published Immediate
ly notice thereof in the following form:
"[Name in iull.'l Location 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 [amount] per share was levied upon
the capital stock of said company payable [when,
to whom and where. plticularyl my stock
upon which said assessment shall remain unpaid
on the [day Gxed] will be advertised on that day
as delinquent, and unless payment shall be made
before; will be sold on the [day 9ppointed] to pay
the delinquent assessment, together with costs Of
advertising and expenses of the sale. [Sgnature
of secretary. with particular location Of olicel !"
Sec. 6. 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. if paper be pub
lishcd 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;
ana provided, also that ii 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-
signated 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 9Th
section OF this act may he served by delivering Il
copy thereof. certified by the secretary, 10 each
stakeholder personally. and in case 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 com
! plete,
Sec I. If any portion Of the assessment men
toned in said notice shall remain unpaid on the
day specified therein for the publication of thcno
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, notice substantially in the following form:
'IName in full; location of work3.l Notice.
There is delinquent upon the following described
| stock account of assessment levied on the
[dAtc] 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 of shares
amoWt,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 be necessary will be sold at the particular
place, on che [date.l at 1.-THE hour] OF said day,
to pay sud delinquent assessments thereon, to-
gether with costs of advertising and expenses of
the sale. Name Of the Secretary, with particu.
lar location OF otfce.l
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 III daily paper the
same shall be published Tor period o. ten days,
excluding sundays ana holidays, previous to the
day OF sale; when published III a weekly paper,
the same shall be published Tor two weeks preyi-
Gus 70 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,
as hereInbetore provided, the corporation shall
acquire jurisdiction to sell and convey a full.