Year: 1864

The New Law negulsti,"g; Assessment: in


ments.


The following Act, passed by the late legisla-
ture, is of great Importance to all shareholders
and officers OF mining companines:


An Act Concerning Assessments upon the Stock


of Corporations.


Section l. 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 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-
lecteu 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. 3. 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 corporation.


Sec 4. Every order levying an assessment shall
specify the amount thereof and the time when,
'ne Pelsou Vi persons 10 WhOm, ana the place or
places where, the same is payable. 1t shall also
appoint day for the advertisement of a delin-
quent list, which shall not be less than 80 nor
more than 80 days from the time of the making
of such order; and a 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. 8. Upon the making of such ar order the
secretary shall cause to be published Immediate
ly notice thereof in the following form:


"[Name in iull.'] Location of works.] No
tlce is hereby given, that at meeting of the trus
tees of said company. held on the [da:e] an as
sessment OF [amount] 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 lxed] will be advertised on that day
as delinquent, and unless payment shall be made
before, will be sold on the [day apponted] to pay
the delinquent assessment, together with costs of
advertising and expenses of the sale. [Signature
OF secretary. with particular location Of offce.]'


Sec. &. 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
llshed therein; provided, that if the works of the
corporation are not situated within some State or
Territory OF the United States, then publication
in il paper of tho county shall not be necessary:





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 ut the place de-
sgnated 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 be served by delivering
copy thereof. certified by the secretary, 10 each
tockholder 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. 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.
tlce 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:


II Name in full; location OF works. Notice.
There is delinquent upon the following described
stock, on account OF assessment levied on the
[datc,l and assessments levied previous thereto.
[if any,l the several amounts set opposite the
names of the respective shareholders. as follows
Names, number of certificates, number of shares
| amount.J And in accordance with law, and an
| order of the Board of Trustees. made on the
| [date,] 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 hour] OF said day,
| to pay said delinquent assessments thereon, to-
gether with costs OF advertising and expenses OF
the sale. Name of the Secretary with parcu
| lar location of oice.l'


| 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 ISsupu tO DartpS antit lp1 thprpto 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 he stated.


Sec 8. Said notice. when published in 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 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 here nbefore 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 advcr
tising shall remain unpaid at the hour appointed
for the sale, but shall sell 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 ut 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 sae provided, that if
payment be made before the time fixed for sale,
the party paying shall only be required to pay
the added cost of advertising.


Sec. r. The person Offering at such sale to pay
the asses ment and costs for the smallest number
of shares, or fraction OF share, shall be deemed
the highest bidder


Sec. l3. 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 corporation; but no
order extending the time for the performance of
any act specified in any notice shall be cffectual