Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1883-03-01
MINIna CONSOLIDATION.
A Law Enabling Contiguous Mining
Corporations TO Combine.

A Law Enabling Contiguous Mining
Corporations TO Combine.
The following bill, which became a law
by the signature of the Governor on Mon
day, is Of general interest to tho mining
community, and of especial interest in
Eureka District. as the object held in view
by its projectors was to enable the Eureka
Tunnel to combine with the Eldorsdo:
Section /. 1t shall be lawful for two or
more corporations formed or that may be
hereafter formed under the laws of this
State for mining purposes, which W or
possess mining claims or land adjoining
each other, or lying in the same vicinity,
to consolidate their capital stock, debts,
property, assets and franchises in such a
Il md upon such terms as may be
agreed upon by the respective Boards of
Directors or Trustees of such companies
SO desiring to consolidate their interests;
but 10 such consolidation shall take place
without the consent of stockholders rep
resenting two-thirds Of the capital stock
OF each company, and no such consolida-
ton shall in any way relieve such COM
panies or the stockholders thereof from
any just debts or liabilities, and in case Of
such consolidation due notice of the same
shall be given by advertisement for at
least 70 days in one newspaper in this
county and State where the said mining
property is situated, if there be any pub
lished therein, aud also in one newspaper
published in the county where the princi-
pal place of business of any Of said COM
panies shall be, and when the said CONSOLE
dalton is completed a certificate thereof,
containing the manner N terms of said
consolidation, shall be filed in the Office of
the County Clerk in which the original
certificate Of incorporation of any of said
companies shall be filed, and o copy thereof
shall be filed in the Office of the Secretary
Of State. Such certificate shall be signed
by a majority of the Board of Directors of
each of the original companies. and it
shall be their duty to call within thirty
days after the fling of such certificate,
and after, at least, ten days Of public
notice in some newspaper in the county in
which its property is situated, a meeting
of the stockholders of all of said COM
panies so consolidated, to elect a Board of
Trustees, or Directors, for the consolidated
companies for the year next ensuing. Said
certificate shall contain the name of the
company, the object for which the same
has been formed, which shall be the same
as the original corporations, the amount
Of its capital stock, the time of existence,
not to exceed fifty years, the number OF
shares of which the capital stock shall
consist, the number of trustees, or di-
~rectors, who shall manage the affairs of
the company for the first year and the
name Of the city or town in which the
principal place of business shall be located.
Sec. 2. When two or more companies
may desire to consolidate in accordance
with the provisions of section l Of this
Act, and shall have given the required
notice as in said section provided, any
stakeholder c%onsenting thereto shall be
required. to give his consent in writing,
stating the number of shares held by him,
and that he is in favor Of such consolida-
ton, provided that any and all stock
standing in the name of the trustees may
be voted by such trustees the same as by
the owners thereof, and the consent of
such trustees shall be equivalent to the
consent Of such owners, and provided
further that any person holding the gen
eral proxy of any stakeholder shall be enti-
tied to give or refuse his consent to such
consolidation the same as the owner Of
such stock for which said proxy is held.
Sec. 8. The provisions of this Act shall
be construed to permit and allow foreign
corporations owning mining property in
State to consolidate with corpora
tons organized under the laws of this
State; provided that in all such cases the
principal place of business of such con-
solidation, when effected, shall be located in
the State OF Nevada or in the place where
the foreign corporation d%eairing such con-
solidation resides as may be determined by
a vote Of two-thirds of the stockholders of
such consolidation after the same shall be
and in case it shall be deter.
mined upon such vote being had to remove
the principal place of business Of such con
solidation out Of this State, tEecertificate
provided for in section l shall be amended
so as to show the county and State where
the principal place Of business is located;
and provided further that in case the prin-
cipal place of business of such orpora.
ton shall be removed out Of this State
there shall be an agent of such corpora |
ton appointed in this State in the county
where its property is situated, upon whom
all legal process may be served, and the
failure of such corporation to appoint
such agent shall subject it to a fine Of $50
per day, to be received in the name Of the
State Of Nevada, as in other cases Of fines
and penalties.