Year: 1864

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 ex
penses of such corporations, assessments upon
the capital stock theI eof, in the manner and
form and to the extent hereinafter provided,
and not otherwise.


Sec. 2. No assessment shall exceed Gve 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 uncollected, except in cases where all the
powers of the corporation shall have been ex-
ercised in accordance with the terms of this
Act, for the purpose of collecting such previ-
gus assessments, and except, also, the collec-
ton Of previous against one or more stock
holders, restrained by injunction or other
wise in which case, further assessments
NAV be lev ed and collected according to this
Act


Sec. 3. No assessment shall be levied ex-
cept by order of the Board of Trustees, con
Cured in by majority of the Board, and
entered upon the records of the corporation


Sec. f. Every order leving 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 paya-
BILE. 1t shall also appoint day for the ad-
vertisement of the delinquent list, which shall
not be less than thirty nor more than thirty
five 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 twenty days from the time appoin-
ted for the advertisement of the delinquent
list.


Sec. s. Upon the making of such an order
she Secretary shall cause to be published i'm
mediately notice thereof in the following
form,


s'Name in full. Location of works
Notice is hereby given, that at meeting of
the Trustees of said company, held on the
Idatel an assessment 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
fday fixed win 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 of Secretary, with partcu-
lar location of office.


Sec. o. Said notice shall be published once
each week for four successive weeks, in a da-
ly or weekly paper published in the place
designated IN the articles of Incorporation
the principal place of business OF the corpora
ton, and also in some paper published in the
country in which the works of the corporation
are situated, if paper be published therein
provided that if the works of the corporation
are not situated within some State or Terri
tory of the United States, then publication
in paper of the county shall not be necces-
sary and provided also, that if there is no
paper regularly issued on Saturdays at any
l..
made, the notice may be published 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 that place des-
ignated 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 fifth section of this Act may
he served by delivering copy thereof, certi
fled by the Secretary, to each stockh ilder
personally, and in case of such service upon
all the stockh ,ders of said corporation then
no notice by publication shall be necessary
and such personal notice shall be deemed
complete.


Sec. I. If any portion of the assessment
mentioned in said notice shall remain un
raid on the day specified therein for the PUB
tlSflllu VI tLS ilGliCt VI SAFE, Tue secretary
shall, unless otherwise ordered by the Board d
of Trustees. cause to be published in the
same papers la which the notice provided for
in Section shall have been published, no
tice substantially in the following form


8 Name in ful location of works No
ltice.-There is delinquent upon the following
described stock, account of assessment
levied on the [datel and assessments levied
previous thereto, if any the several amounts
set opposite the names Of the respective share
holders, as follows. Names, number of Ger.
tihcates, number of shares, amount. Aud
in accordance with law and an order of the
Board of Trustees, made on the date ifany
such an order shall have been made, 50 many
shares of each parcel of said stock as may be
necessary will be sod at the particular place
on the datel, at the hour OF said day, to
pay said delinquent assessments thereon, to-
gether with costs of advertising and expen-
ses OF the sale. Name of the Secretary. with
particular location of office. ~


See. S. Said last named notice shall state
every certificate Of stock separately with the
number ,9f shares which 1T represents. and
the amount dee thereon, except where certif-
icates may not have been issued to parties
entitled thereto, in which case the number
of shares, the amount due thereon, together
WIN tHG ldCl ildb Tue CtTliUcdleS lOr SuCU
shares have not been scued, shall be stated


Sec. 8. Said notice. when published in
daily or weekly paper, or in both shall be
published as follows: When published in
"a 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 previous to the
day of sale, the first publication in the week
" being at least fourteen days prior to the
day of sale.


Sec. 10. BY the publication of the said no.
uces, as hereinbefore provided. the corpora
ton shah acquire jurisdiction to sell and con-
vey full, complete, perfect and absolute IT,
tie to all Of the stock described in the notice
oil safe upon which any portion of the assess
ment or costs of advertising shall remain un-
Pai9 at the hour appointed for the sale. but
snail sell no more of such stock than is nee
cessary to pay the assessments due and cost


sec. IL. On the day, at the nlaee and os
nearly as may be at the hour apnointed in
the notice Of sale. the Secretary snail nn,oss
otherwise ordered by the Board of Trns,aas
sell, or cause to be sold at public an.t;nn :.
the highest bidder for cash. so manv 49,, 70
each parcel of said described stock a. me- ~ :.
necessary to pay the assessment ana ohs.o oe