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Collection: Books and Periodicals > Mining & Scientific Press

Volume 17 (1868) (428 pages)

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The Mining and Scientific Press. Corporation Assessment Law. Frequcnt coils for copics of the Act governing the levying and collecting of assessments of nll incorporated companics in Culifornin, has induced us to publish the law, As Acr Cnncerning Assessments upon the Stock of Corporations. {Approved March 26, Is66 j Tue people of ibe State of CalWorula, reprrseaied In Sua. . aty and Assembly, do enact as follows : Section 1. The Trustees of any corporation, formed under the general laws of this State, shall huve power to levy and collect, fur the . purpose uf payiag the proper and legal expen. sus of such curporatioa, assessinents upon the eapilal stock thereof, in the manner and form aud tu the cxteut hereinalter provided, and not otherwise, Sez. 2. No one assessment shall excced five per cent. of the stated amount of the capital stuck of the corporation, named in the urticles of incorporation, and none shall be levied whilo any portion of uny provious asscssment shall remain unpaid, or uncollected, cxcept in cases where all the powers of the corporation shall have been exercised in accordubce with the terms of this act, for the purpose of collecting sach previous nssessment, aud except, alsn, the collection ol a previous assessment against ono or more stockholders, restrained by injunction or otherwise; in which case, further assessinent may be levied and collected necording to this act Ske 3. No assessment shall be levied except by order of the Board of ‘I'rustees, concurred tu by a mnjority of said Bonrd, and entered u,on the records of the corporation. See. 4. Every orler levying on agsessinent shalt specify the amount thereol and the time when tie person or persons to whom and the place or places where the same is payable. It sliall also appoint a day subsequent to the full teru1 of publication of the assessment notice on which tlhe stock upon which assessments remain unpaid shall be deemed delinquent, which sail day shall not be less than thirty, nor urore than sixty days, from the time of the making of the said order levying the nssessment, and u day for the sale of delinquent atock, which shall not be less than fifteen, nur inore than sixty days from the tine appointed for declaring suid siock delinquent. rc. §. Upon the mak ng of such an order, the Secretary shall cause to be published immediately « aotice thereof in the following form: «(Name in full.] {Location of werks.] Notice ig hereby given that ata meeting of the ‘rustecs of suid Company, lield on the [date], an assessment of [amoant] per share was levied upou the capitol stock of said Coupany, payable {when, to whom,and where, particularly . . any stock upen which said ossessment shall reaain unpaid on the (day bsed] shall be dvemed dulinquent, and will be duly advertised forsale at public auction. and unless payment shall be made before, will be sold on the [day appointed], to pay the delingnent asseasiuent, togcther with cost of advertising and expenses of the sale. {Signature of the Secretary, with particular location of office.]” Sec. 6. Said reotice shall be published once each week fur four successive weeks in some duily or weekly paper published at the place designated in the articles of corporation as the principal place of business of the corporation, wud also in some paper published in the cunnty in which the works of the corporation are situated, if a paper be pnblished therein; provided, that if tbe works of the corporntion are wut situated within some Stote or Verritory of the United States, thea publication in a paper ol the Couaty shall not be necessary; prorided, a's», that if there ig no newspaper published atthe place desigaated as the principal place of busiuess of the corporation, then the publicntion shall be inade in the newspaper published nearest thereto; ond provided, also, that the aotice specified in the 5th section of this act may be served by delivering a copy thereof, certified by the Secretary, to ench stoekholder personatly,-and in case of such service, upon all tbe stockholders, of said corporation, then no aotice by publication shall be necessary, and guca personal uotice shall be deemed complete. Ske. 7. It any portion of the assessmeut mentioned in said notice shall remaiu unpaid on the day specified thereia for declaring the stock delinquent, the Secretary shall, uuless otherwise ordered by the Board of ‘Trustees, cause to be published in the same papers in which the notice provided for in Sec. 3 shall have.keen published, a notice substantially in the following torm: “(Name iu full. Location of works.] Wotice.— There is delinquent upon the following decribed stock, on accountot assessment levied on the [date,] [and nssessments levicd previous thereto, if any,. the several aniounts set opposite the names of tbe respective shareholders, as fulluws: [Names, number of certibcate, numbzr of shares, nuiouut.] Aud in accord: ance with law, nnd an order of the Loard of Trenstees, made on the {date,] [if any such order ehatl have been aimde.] so maay shares of cach parcel of suid stock as inuy be aecessary, will be sold at the [particular place,] on the ‘dawe] at (the hour] ot said day, to pay said delinquent aséessments thereon, together with costs of advertising and expenses of iho sule. {Name of Secretary, with particulur location of office.] Sec. 8. Snid last named notice shall state every certificate of stock with the number of shares which jt represents, nod the amount due thereon, separately, execpt where certilicutcs nay not lmve been issued to partics cntitted thercto, in which case the nnmber of shares nod amount dne thercon, together with the fact that the certificntes for such shares have not been issued, shull be stated. Src. 9. Suid notice, when published in o daily or weekly paper, orin both, shall be published as follows: When published in n daily paper, the saine shallhe published for a perjod ol ten days, excluding Sandeys and holidays, previous to the day of sale, When published inn weekly paper, the snme shnll be published for two weeks previous to tho day of sule. The first publication of all delinquent sales shall be at least fifteen days prior to the day of aule. Sre. 10. By the publication of the said uotices, as hereinbetore provided, the corporation shall ucquire jurisdiction to sell and convey a full, complete, perfect, ond ohsolute title to all of whe stock descrihed jn the notice ol sule upou which any portion ot the agsessinent or custs of advertising shall remain unpaid at the hour appointed for the snle, but shall sell no more ol sach stock than js necessary to pay the uggussu etits due and costs of sale. See. Ll. On the day and at the place, and as nearly as may be at the hoor appointed ia the notice ol sale, the Seerctary, whois hereby lully empowered and anthorized, shall, unless otherwise ordered by the Board of Trustees, sell, or cause to be sold at public auction, to the kighest bidder fur cash, 80 many shares of each parcel of said described stock as may be necessary to pay the assessment and charges thercon, according to the terms ol said notice of sale; provided, that if payment be nade befure Ihe tine fixed for sale, the party paying sliull only be required to pay the actual cost ot advertising, Sec. 12. The person offering at such sale to pay the assessinent aud costs lor the smallest number of shares, or traction of a share, shall be deemed the highest bidder. Sec. 13. lt, at tbe sale of any stock under the loregoing provisions of this Act, ne bidder shall olfer to take and purchase the same lor the amount of the assessments, aad costs and charges then due upon the same, then and in such case the same may be purcbnsed ond bid ia by the compnny or corporation, through the Secretary or Presicent, or apy Director or ‘Yrustee thereol, at a sum equal to the amount of the assessments, costs, and cliargcs due npon the saine; and in pursunnceand by virtuc of such purchase, the said assessinents, costs and charges, shall be credited, as satisfied and paid in lull, on the books of such corporation, and entry of tlie traasler of such stock to such corporation, in pursuauce of such sale and purchase, shall be made on the books of said curporation. While such stock shall remain the property of such corporation, tbe same shall uut be assessable, vor shull any dividends be declared upon the same; but all assessinents and dividends shall he apportioned upon and against tbe other stock of such company not owned by such corporation. All purchases of its own stock made by such corporatioa, in accordaace with the provisions of this section, shall be held valid, and as vesting the lewval title to the snme in snid corporation; und the stock so purchased shall be feld subject tothe coutrol ot the remaining stockbolders, who may make such disposition of the sume as they may deem fit, in accordance with the by-laws of the corporation, or vote of a majority ol nll the remaining shares. Whenever any portion of the capital stock of any corporatioa is held by the said incorporation by purchase as aforesaid,n majority of the remaining shares of stuck in sail corporation shall be held to bea majority of the shares of the stock ia said curporate company for all purposes of election or voting on uny question belore a stockhulder's nevling. Suc 14, ‘The times or dates fixed in any aotice ot assessmeut or uotice of delinquent sale, published according. to the provisions of thisnct, may be ouce extended for a pcriod of not more than thirty days, by order of tbe Bourd of Trustees, duly made and eatered ou the records of the corporation, but no order for extending the time for the pertormance ol any act specifiedia any notice shall be effectual ualess aotice of such extensioa or postponement be appended to nnd published with the notice to which [the] order relates. Sec. 15. No assessment duly levied shall be rendered invalid bya failure to make proper publicatioa of the noticos lereiabelore provided for, nor by the uon-performuace of avy act required to be pertoraed in order to entorce the payment of the saine, but in case of any substantial error or omission in tlic course of proceedings for collection, nll previous proceedings, except the levying of the assessment, shall be void, and publication shall be begun oaew. Sre. 16. No action shull be sustained to recover any stnek, or invalidate the sale of nny stock fur detiaquent assessments. npon the ground of any irrvgularity in making the ussessment, or for nny irregularity in or defect of the notice af such sale, or for any defect or irregularity in the sale, unless the party sceking to maintain such action ghall first pay or tender to the corporation or the party halding such stock so sold, the sum for which the saine was sold, together with all subsequent asscssments which may hnve been paid thercon, and inter. est on such sams from ihe time they were paid; and no such action shall be sustained unless the sume shall be commenced by the Gling of n complaint nnd the issuance of a suinmons, thereon within six months alter such sale shall have been made. Sree. 17.“ An Act Concerning Asscssments apon the Stock of Corporations,” approved April fth, 1864, and oll Acts and parts of Acts, inconsistent with the provisions of this Act, are hereby repented; provided, that such repenl shall not affect proceedings commenced for the collection of assessments heretofore levied. but nll such assessments may be collected in accordance with the provisions of the laws then in force. Src. 18. ‘fbis Act shall take effect immediately. MINING SHAREHOLDERS’ DIRECTORY. [Complled for every Issuc, from adverisements In the Moning ann Scientiric Press and other San Franclsco Journals.; Comprising the Names of Companies, Pistriet or County of location; Amount aud dale of Assegsinenl; Dale ol Neellng; Day of Delinqneni Sale; and Amount and Time of lay ment of Dividends. NAME, LOCATION, AMOUNT, DATE OF ASSESSMENT. AND nar DELINQUENT, OF SALE, Alpha Cons, Storey co., Nev., June 26, $25 Indy 29—Aug. 24 Apollo, Lander eu., Nev June 15, 310, July W—Ang, 3* arlahic, Stores Nev., May: 20, $1. une 30—July 15* en. May 13, $1.. mne 19—dity 20% videud, $6 per sh -Payable Muy 7 Qacon, Storey co., Nev., div.... Payahle Jnne 19 Bear Kiver, Nevaila co. June 10, $1 Jniy h-Ang. 3* Bulllon, Storey cu , May 25, $10.... payable Immedlalely Chinlonena. Mexico, Jnly 9, $5.... ...Aug, 13—Aug. 31* Cherokee Flat B. G., Bulte co., July 1, $5..Ang 4—Ang. 2) Crown Point, dividend, 7.51.. Pavahle Jn y 11 Chalk ML, Nevavaco, March 16, $1.60...May 12—Jnly 6*
El Tesora, Mex , Inne 18, 25e... Jnly 20—Aunens) 16 Ennire M. & M., Ney., dividend $6. .Payable May 15 uly 2l—A ug. 19% Forns, Amador en., June 3. $5. Folsom St € F Vb RR. Gs 19, $5. .Suly 20—Ang 8# Flora Glazier, Plumas co., May 8, 50c..08 June 25—JInly 15" Bold UU O M & M—nividemt, $7 50....-.Vayoble July 13 Colden Rule, Tnolunmne co.. Annual Mecting Jnly 14 Gold HUI Tunnel Slorey co.. .Annnal Mecting Jnly 1s* Glabe, Alpine ea, May 25, $2... . poe aae: dune 30—July 18* Colden Rule, Tuolumne co, div d0c B sh.. Payable June 26" Hope Grave), Nevnda co, June 15, $1 .Jnly 22—Ang. 12¢ Imperial, Storey co, Nev., div-.--. «Payable June 18 Kenluck, div., $25. Ver SHATC. + Payable Inly 20 uly 2, Kohler Bros, L.¢ , 32 -Ang. 6—A ng. 27 Kanaka, May 30, Wc.. Jaly 3—July 14 La Vietoire, Mariposa co. Teeling Inly 15 Lady Bryan, Slory co. Ma: July 6—J nly 23. North Star, dividend, $5.. -..:..-.-.05 Payable June 15 Ophir, Storey co, Ney ,June 25, $1...+ July 20—Angust 10 Okla, Slay 25, Ste.. : .Payable immediately Payable Juno 18 July 23—Aug. 17 --. Aug. 8—Sept 9 «June ig—July 6* .Payable Jwy 9 Meeling July 16 Payahle July 1 uly 30—Aug. 21 July 15—July 31* Pacific Unassessabie, div. Qua?) HL, Calaveras co., June 26, $10 Rising Star. Idaho Ter., Inne 23, 350, Rogers, Slorey co., Nev., May 14, $l. Sanilago, Silver Clty, dividend Savage, Virzinia, Nev.. oro Savage. Virginia, Nev, d lend, Sierra Genoa, Nevada, Jane 3, $3, Senator, Slorey co, Nev., June 9, Silver Sprout, luyo co.. Meellng Jnly 11* Sand Spring salt, divide . Payable Juno 5 Tnited Stales, Slorey co. Nev , June 29, $t.Aug. 3—Aug )9 Union, Storey co., Nev., June 2, $5..1....July 7—July 28 Virginia & C. Lf, Water Co.... Dividend, payable May 15 Whitman, Lyon co., Nev., May 21, $10..June 24—July 15* Yellow Jacket, Gold HIN, Nev.... Annual Meeling July 20 Yosemite, Lander co., Nev, June 9, 75e...Jduly 16—Aug. 5* ethosc marked with an asterisk (*) are advertised )n this jourual. Latest Stock Prices Bid and Asked. 3, F. STOCK AND EXCHANGE BOARD. Frinay Evening, July 10, 1868. MISCELLANEOUS STOCKS. eae Asind, Onited States 7 3-1ths Bonds, June issue $7 Legit Tender Notes.... Fabre Ihy Galitornla Stale Bonds, 75, 10 95 San Francisco Bonds, 10s, 1851 . 102 ‘ 104 Sun FErnuelseo Gily Bonds, 63. 1855 2 San Franciseo City aml Connty Bonds, 6s, 1898. 89San Francisco City and Co. Schl B'ds, 7s, 1866, S713 0 San Franciseo City and Co. Boudy, 7s, 1862... 37 = San Branelsco City and Co. Bonils, 7s, 186: Rt 85 Saa Francisco Gity and Go Bonds, 7s, 1305. 21 85 &. uncisco Gily ant Co. Judgads. Ts. 84 alg San Francisco Cily und Co. Judy. Ba: 821g 85 Sneramento City Bonds, 2 25 Sacrumenin Counly Bor Fy a Marysville Bonds, ls 5 BS Stockton City Bonds i 85 Ynba County Bouts, 5 80 Sania Clara County Bonds. 7s. 8 85 aulle Gounly Bonds, 10s, 1860. u re) San Matco County Bonds, 7s. —_ 0 Gallfornia Sleam Navigation Co. 69 ral Spring Valley Waler Co. 66 G7 State Telegraph Uo.. 25 as GAS COMPANIES. San Franelsco Oas Co 75 i7 Sacramento Gas Co. & = RalLioans. nto Valley Railroad -Snes eclaee aml San Jose Rallrond ay 45 Omnibus Railroad. a z Centra) Railroad. 2il 65 oF W 12 BANKING INSTITUTIONS, California, Loan and Savings Soclely = = Pacltle Bank .... ae BY _ The Bank ol Calhormm . i183 INSURANCE COMPANIE: Firemans’ Fund Insurance Co. 8S KG Pacile¢ Iisurunce Co...--ne ia San Francisco Insurance Co. ee = lw Merchiuls’ Mulual Marine lusurance Ca. 470 48h California lusnrance Co. 1900 40U Vulon Insurance Go 38 x) Calllornla Home Insurance Co, —— = Ifume Mutua) Insurance Co. a oxy Occidental tnsurance Co » 38 Bw Nationallnsuraace Co, 5 el = Builders’ Insuranca Co, ae. 600MINING BTOCKS—WASUOR DISTBICT. 47 4Thg 175 «180 26 = 8 &9 35 410 5 a Ate ae <) vs 135 1S Gould & Curry.. Md 15 Gald Ih Quartz. . w Uale & Norcros: » ot Dy « VS 12h 347 364 Lady Bryan 2 26 Ophir.. Why 15 Overman. 63 69 Savage Slerra G ¢vad Yellow Juckct.. Guiden Rule, Callforniu. San Francisco Market Rates, Wholeaale Prices. Fripay, July 10, 1868. Flour, Extra, B bb). -36 25 $7 0 Do, Snperfine.. . 5 50 6 25 Corn Meal, @ 1U0 dbs, % OU 3 Wheal, @ 1uU tbs. 1 & 220 Onis, @ 100 Ds. 235 255 Barley, @ L00 tbs, 1 80 195 Beans, } 100 bbs.. 3 00 10 00 lotatocs, 1U0 Ibs. 75 160 TV, wp (Oller eres 10 WwW 15 WO Liye Oak Word, B cord 9 00 10 00 Beef, exira, dressed, PB Ib 8 10 Sheep, on foot... 300 3 bu Hogs, on loot, B Ib. 5 a7 Hogs, dressed, @ b. § 10 Sugar, crushed, @ My 15 Do, Chin Ww @ Ws 15Z@ 16 VW 65 85 ou 125 5 tb _ 9 China Rice, Bb.. 6 or Coal oll, @ gallon. 40 45 Candles, @ Ib 15 18 Ranch Buiter, Fb 30 85. Isthmings Butler, @ tb 30 32g Cheese, Calilornia, Bb. 13. 15 Eggs, ® dozen, 35, 40 Lard, % b.-13 15 Ham and Baeon, @ bb. tbs 16 Shualders, 7 I.. .sereee 9 Ww Ketall Prices, Outer, Calllornia, fresh, Bb 35 40 do. pickled, @ bb. pe 35 do. Orcgon, 7 b. 15 23. do. New ¥ 35 40 Cheese, 20 25 Boney 25 3u BES, 7 do 4b 5 aed 8 Ib 15 Bg Hanis and B; b 2 25 Cranberries, RB gallon. 85 lw Polatocs, steecees 2 3 Polaloes, Sweet, B db. a = Tomalocs, 7 Ib. >Onions, BN ied 5 Apples, No. 1, 4 5 Veurs, Table, 7 ib 5 7 Plants, dried, @ tb. i 13 Peaches, dried, B tb. 10 i Oranges, FB dozen . 51 _ Lemons, 7 dozen a0 = Chickens, anlece 50 75 Turkeys, @ Ib .. 20 25 Soap, Pale and ©. 7 12 Soap, Casille, Bb.. 15 16 os a oe San Francisco Metal Market. PRICES FOR INVOICES. Jobbing prices rule from ten to fiftren per cent, higher than the following quotations. Faipay, Joly 16, 1868. Tron.—Duty: Plg, $9 per ton; Railroad, 60c $3 1C0 tbs; Bar, 1@) ec A lb; Sheet, polished, 3c # hb; common, 14E@lijc @ Di; Plate, lise # Ib; Pipe, lige PB kb; Galvan)zed, 235 Bd. Scolch and English Plg tron @ ton. $4250 @S15 While Pl PON . cee. sseeceeereee -40 00 Refined Rar, bad assoriment Pb — 02 = Refined Bar, good assortment, @ bb —02y@~ — Boiler, No. Mae. BAe —— Plate, No.5 to 9. 3 Sheel, No. 10 to 13 k Sheet, No. 14 10 20. Sheet, No, 24 to 27 Of =. Corren.—Duty: od Bar, 2i4e AD Sheathing, BD su 32 Sheathing, ae hing, —— —2 — 2 13 ou 11 5b 1) oy — 3) Sreet.—English — 12K QUICKSILYER.—@ — GL Lean.—Plg, Bb. 7#@— 8 Sheet ad w —-— Bar -9 — og Zine —Shecls, Ft =— —)n Borax.—Califoruin, B —20 — 23 San Francisco Prices of Copper Ores. Saw Franotsco, July 3, 1868. We give the following as an approximate price nt which copper ores can now be sold in this city. There is no sale for ores which assay less than 12 per cent. The late reduction in price is on account of the ndvance of freight: Per ton. $43 36 Per ton. 12 per cent. ore...$16 00/22 per cent, ore. 130~«SY Che ¥ 18 82j33 tt es Woo« a 2920124 « “ is «, 23 35125 = * “) 16 « 26 23126 . “ c iG & ” 99 1927 « aed “ 29 91/238 « «, 19 te [Td 4 90/20 ce ee ig 20 4 A, 37 78130 « «) a «TUT 40 671 (eis 69 55 These prices, we believe, will be found substantially correct, and can be realized at this date.