Page:United States Statutes at Large Volume 6.djvu/522

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422 TWENTY-FIRST CONGRESS. Sess.1. C11. 104. 1830. regulations, and entitled to the same privileges, rights, and emoluments, as original subscribers undef this act. Continuanco Sec. 6. Ami, to continue the succession of the said President and °f b°°*d· Directors, and to keep up the same number, be it enacted, That from time to time, upon the expiration of the said term for which the said President and Directors were appointed, the stockholders of the said Company, at their next general meeting, shall either continue the said President and Directors, or any of them, or choose others in their stead ; (and, until such choice be made_, the President and Directors for the time being shall continue in office g}) and, in case of the death, removal, resignation, or incapability of the resident, or any of the Directors, may and shall, in manner aforesaid, elect any other person or persons to be President and Directors, in the room of him or them, so dying, removing, or resigning; and may, at any one of their general meetings, remove the President, or any of the Directors, and appoint others for and during the remainder of the term for which such person or persons were at first to have acted. Oath of office. Sec. 7. And be it further enacted, That every President and Director, before he acts as such, shall take an oath or aflirmation, for the due execution of his office. A,m,,,j gen,- Sec. S. And be it furzhcv· enacted, That the presence, in person or mlmeering. proxy, of the stockholders having a major part of the stock, at least, shall be necessary to constitute a general meeting of the stockholders, which shall be held on the first Monday in May, in every year, at such convenient place as shall be, from time to time, appointed by the said general meetings; but, if a sufficient number shall not attend on that day, the stockholders who do attend may adjourn from time to time, until the stockholders holding the major part of the stock do attend, and the business of the Company is finished; to which meeting, the President and Directors shall make report, and render distinct accounts of all their proceedings; and, on finding them fairly and justly stated, the stockholders then present, or a majority of them, shall give a certificate thereofj duplicate of which shall be entered on the Company’s Annual divi- books; and, at such yearly general meetings, after leaving in the hands d°“d· of the Treasurer such sums as the stockholders, or a majority of them, shall judge necessary for repairs and contingent charges, an equal dividend of all the nett profits arising from the tolls hereby granted, shall be ordered and made to and among all the stockholders of the said Company, in proportion to their several shares, subject to the several provisions and enactments hereinafter declared; and, upon any emergency, in the interval between the said ycarly meetings, the said President, or a majority of the said Directors, may appoint a general meeting of the stockholders of the Company, at any convenient place, giving at least one month's previous notice in such newspapers as they shall think proper; which meeting may be adjourned, and continued, as aforesaid; and in case the stockholders, or a majority of them, in any general sennrnnnnni meeting aforesaid, shall deem it expedient to order a semi-annual, rather dMd•=¤d· than ayearly dividend, as aforesaid, then, in like manner, with like notice, and under the like restrictions, there shall be a half yearly, or semi-annual dividend of nett profits declared and paid. P,.,,,,,,,,, in Sec. 9. And be it further enacted, That, for and in consideration of the canal, sec, the expense the said stockholders will be at in cutting the said canal, erecting locks and dams, providing aqueducts, feeders, and other works, and in improving and keeping the same in repair, the said canal, and all other works aforesaid, or whichmay be required to improve the navigation thereof, at any time thereafter, with all their profits, subject to the limitations herein provided, shall be, and the same are hereby, vested in the said stockholders, their executors, administrators and assigns, forever, as tenants in common, in proportion to their respective shares;