Page:United States Statutes at Large Volume 2.djvu/213

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SEVENTH CONGRESS. Sess. I. Ch. 41. 1802. IT'? subscriptions for opening the canal to communicate from the Potomac o ened for earn. river to the Eastern Branch thereof; through a part of the city of Wash- Plains the ington, under the management of Thomas Tingey, Daniel Carroll of f,:?;;,;'"?; gg Duddington, Thomas Law, and Daniel Carroll Brent, which subscrip- EasterncBranch. tions shall be made personally, or by power of attorney; the said books _ U¤d¤¤ Wh°¤° shall be opened for receiving subscriptions, and continue open until the d1€°d°“, b sum of eighty thousand dollars shall be filled up, in shares of one hun- raisgi; arirounci dred dollars each; and that each person shall, at the time of subscrib- •*f¤h¤¤¤¤- ing, pay down ten dollars, being one tenth of each share; and after ‘;Q’Q2°H;I”{',gl’ fourteen days previous notice, by advertisement, there shall be a meeting ’ c` of the subscribers, and they are hereby declared to be incorporated into Subscribers a company, by the name of the "Washington Canal Company," and i¤¤°*P°¤**¢d; may sue and be sued, as such, and make all necessary by-laws and regulations for the proper management of the business thereof And such Empowered to of the subscribers as shall be present at the said meeting, or a majority §l‘°°s° “P"°S*" of them, are hereby impowered and required to elect a president and d?,;;,,;;? f°`"" four directors for conducting the said undertaking, and managing the said eompany’s business for, and during such time not exceeding three years, as the said subscribers, or a majority of them, shall think fit. Each member shall be allowed one vote for every share, by him or her sh¤*•== ’¤¤ enheld at the time in the said company, and any proprietor by a writing ;'g°m“:l ;'°;‘;] under his or her hand, executed in presence of two witnesses, may de- number of q pute any other member or proprietor to vote and act as proxy for him Vomor her, at any general meeting. ac? P'°‘Y my Sec. 10. And be it further enacted, That the shares in said company Shares rn, be shall be deemed personal, and not real property, and transferable in such P°¤°¤=¤l Pwmanner as the company shall direct. Pm} Sec. 11. And be it further enacted, That the president and directors Powers or the so elected, and their successors, or a majority of them, shall have full gF°S*d°¤* md power and authority to agree with any person or persons, on behalf of w]‘°“ the said company, to cut such canals, erect such locks, and perform such other works as they shall judge necessary for opening the canal aforesaid, and the forks thereof ;-and out of the monies arising from the subscriptions, wharfage and tolls, to pay for the same, and to repair and improve the said canal, locks, and other works necessary thereto, and to defray all incidental charges, and also to appoint a treasurer, clerk, and such other officers, toll gatherers, managers and servants, as they shall judge requisite, and to settle their respective wages. Sec. 12. And be it further enacted, That the treasurer of the com- _Treasurer to pany shall give bond, with such penalty and such security as the said 3****12;****1* with president and directors, or a majority of them, shall direct. °°°“" y' Sec. 13. And be it further enacted, That the said president and _Preside¤t and directors, so elected, and their successors, or a majority of them assem- d'H‘>°*°'¤ **35* bled, shall have full power and authority to demand and receive of the gfoprgg; ff, proprietors, the remaining nine tenths of the shares, from time to time, payments on as they may be required, by previous advertisement at least one month ****1* ¤h***°¤· in the Washington, Georgetown, and Alexandria gazettes; and if any of the said proprietors shall refuse or neglect to pay their proportions Defaulterr forwithin one month after the same so ordered and advertised, as aforesaid, {6** ****1* ¤h¤\'°¤· the said shares of defaulters shall be forfeited. _ _ Sec. 14. And be it further enacted, That the said president and direc- When wharftors, so elected, and their successors, or a majority of them, shall not ¤g<> ansi tglls begin to collect wharfage or tolls, until the canal is made practicable for gfgnjgglg °‘ boats and scows to pass through the same from the Potomac to the Eastern Branch. _ _ Sec. 15. And be it further enacted, That every president and direc- igat-ht:]:` chips tor, before he acts as such, shall take an oath or affirmation for the faith- {fw °pmhf1*;‘m Y ful discharge _0f his oiliee. . and directors. Sec. 16. And be it further enacted, That there shall be a general Von. TI.—23