The Placer herald., 1864-04-30
The New Law Regulating Assessments in
Mining stocks, and Mining Advertise.


ture, is OF great Importance to all shareholders
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. assessor ents 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 unco
lected except in cases 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 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. 8. 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.
Sec. l. Every order levying 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 day for the advertisement of 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 .. Upon the making OF such ar order, the
secretary shall cause to be published immediate
y notice thereof in the following form:
"[Name in iull.'] [Location Of works No
ce is hereby given, that at a meeting OF the trus-
tees of said company. held on the [da.el an as
seSsment Of [amountl per share was levied upon
the capital stock of said company, payable [when,
to whom. and where, particularly Any stock
upon which said assessment shall remain unpaid
on the (day fXed1 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. [Signature
oil secretary, with particular location Of oiIice.l"
Sec. 6. Said notice shall be published once each
week for four successive weeks, in a daily or
weekly paper, published in the place desi grated
in the articles OF incorporation. and also in some
paper published in the county in which the works
OF the corporation are situated, ii paper be pub
ished 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 no paper reg
ularly issued on Saturdays ut any place where
| publication is required to he made the notice
may be made in every issue of the paper which is
most frequently issued at such place. for the full
perio! 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 be served by delivering a
| copy thereof. certified by the secretary. to each
stakeholder personally, and in case OF such ser
vice upon all the stockholders of said corporation
then notice by publication shall be necessary
and such personal notice shall be deemed com
! plete.
Sec. 7. If any portion of the assessment men
toned in said notice shall remain unpaid on the
day specified therein for the publication Of the no.
tee 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:
"[Name in full; location of works. Notice.
! There is delinquent upon the following described
stock, on account OF assessment levied on the
[date, and assessments levied previous thereto
Tif any the several amounts set opposite the
names Of the respective shareholders as follows.
Names, number of certificates, number of shares
amouut.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 as
! may be necessary will be sold at the particular
| place, on the [date,l at 1.-THE hourl of said day.
| to pay said delinquent assessments thereon, to-
| gcther with costs OF advertising and expenses of
the sale. [Name OF the Secretary, with parcu-
! lar location Of oflice.1'
Sec 8. 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 daily
or weekly paper, or in both, shall be published as
! tpllnWC. When nublish in 1lilv
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,
as hcreinbeiore provided, the corporation shall
acquire jurisdiction to sell and convey u 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 of such stock
than is necessary to pay the assessments due, and
| costs OF sale.
Sec. H. 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, 50 many shares Of each parcel of
Sald described STOCK rs may be necessary to pay
| the assessment and charges thereon according to
the terms of said notice of sale; provided that if
payment be made before the time fixed for sale
the party paying shall only be required to pay
the added costs OF advertising.
See. 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 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 postponement
be appended to and published with the notice to
which the order relates, before the completion of
the regulnr COurSe of mobilization thnrnnf