SEC. 12. The person offering at such sale to
pay the assessment and costs for the smallest
number of shares, or fraction of a share, shall
be deemed the highest bidder.

SEC. 13. If, at the sale of any stock under
the foregoing provisions of this Act, no bidder
shall offer to take and purchase the same for
the amount of the assessments, and costs and
charges then due upon the same, then and in
such case the same may be purchased and bid
in by the company or corporation, through the
Secretary or President, or any Director or
Trustee thereof, at a sum equal to the amount
of the assessments, costs, and charges due
upon the same; and in pursuance and by virtue
of such purchase, the said assessments, costs
and charges, shall be credited, as satisfied and
paid in full, on the books of such corporation,
and entry of the transfer of such stock to such
corporation, in pursuance of such sale and
purchase, shall be made on the books of said
corporation. While such stock shall remain
the property of such corporation, the same
shall not be assessable, nor shall any dividends
be declared upon the same; but all assess
ments and dividends shall be apportioned upon
and against the other stock of such company
not owned by such corporation. All purchases
of its own stock made by any corporation, in
accordance with the provisions of this section,
shall be held valid, and as vesting the legal
title to the same in said corporation; and the

shall be void and publication shall be begun anew.

SEC. 16. No action shall be sustained to
recover any stock, or invalidate the sale of any
stock for delinquent assessments. upon the
ground of any irregularity in making the assess
ment, or for any irregularity in or defect of the
notice of such sale, or for any defect or irregu-
larity in the sale, unless the party seeking to
maintain such action shall first pay or tender
to the corporation or the party holding such
stock so sold, the sum for which the same was
sold, together with all subsequent assessments
which may have been paid thereon, and inter-
est on such sums from the time they were paid;
and no such action shall be sustained unless
the same shall be commenced by the filing of
a complaint and the issuance of a suminons
thereon within six months after such sale shall
have been made.

SEC. 17. "An Act Concerning Assessments
upon he Stock of Corporations," approved
April 4th. 1864, and all Acts and parts of
Acts, inconsistent with the provisions of this
Act, are hereby repealed; provided, that such
repeal shall not affect proceedings commenced
for the collection of assessments heretofore
levied, but all such assessments may be col-
lected in accordance with the provisions of the
laws then in force.

SEC. 18. This Act shall take effect imme-
diately.

NING

BEING A COMPILATION OF THE

STATUTES OF CALIFORNIA

AND

TERRITORY OF NEVADA,

IN REFERENCE TO

MINING CORPORATIONS, CANAL COMPANIES, ASSESSMENTS, MINING
PARTNERSHIPS, TRANSFER AGENCIES, CHANGING PRINCI-

PAL PLACE OF BUSINESS, MINERAL LANDS, CONVEY-
ANCES OF, AND ACNS RESPECTING MINING

CLAIMS, TAXA

FOREIGN MINERS, ETC.

TOGETHER WITH

THE MINING ORDINANCES OF MEXICO,

Forms for the Incorporation of Mining Companies, and a Digest of
Decisions of the Supreme Court of California relative to
Mining Corporations and Mining Interests.

Entered according to Act of Congress in the year of our Lord 1864,

BY H. B. CONGDON,

In the Clerk's office of the District Court of the United States for the Northern Distrtct of California.

UNIVERSITY OF

CALIPA

PREFACE TO THE FIRST EDITION.

THE present volume contains all the laws and decisions which relate to Mining Corporations in the State of California; also the necessary forms used in the incorporation of Mining Companies. It is published because of the great necessity for such a work. Many thousands of men in California and Nevada Territory are directly engaged in mining, and thousands more are owners of mining stocks; many millions of capital are invested in them, and nearly the whole business of California and Nevada Territory is based on mining interests; yet comparatively few persons know anything definite about the laws which govern these great interests. These laws are simple and easily understood.

The professional man will find the present volume of great convenience, as all the Mining Laws are compiled in their proper order, and the decisions of the Supreme Court bearing on the subject are arranged under appropriate heads. The most approved forms used in the formation of companies and a full and complete index are appended; and there will be no occasion for looking beyond the present volume for any law, decision, or form which relates to the subject.

To the great number of individuals who are members of Incorporated Mining Companies and owners of mining stock, as well as to those who may hereafter become interested in like companies, this little compilation presents an opportunity of acquiring a perfect knowledge of the laws which govern the subject of their interests.

To persons who may desire to form Mining Companies it gives complete instruction, and will enable them to commence and perfect their organization without legal advice or assistance.

SAN FRANCISCO, July, 1863.

H. B. C.