A general meeting of the proprietors twice a year.
President and directors to make reports of their proceedings to them.
Certificates to be given by the proprietor to the president and directors.meeting of the proprietors on the first Monday in June, and the first Monday in December, every year, in the city of Washington; to which meeting the president and directors shall make a report, and render distinct and just accounts of all their proceedings, and on finding them fairly and justly stated, the proprietors, then present, or a majority of them, shall give a certificate thereof, and at such half-yearly general meetings, after leaving in the hands of the treasurer such sum as shall be judged necessary for repairs, improvements or contingent charges, an equal dividend of all the nett profits arising from the wharfage and tolls hereby granted, shall be ordered and made to, and among all the proprietors of the said company, in proportion to their several shares.
Sec. 17. And be it further enacted, That for and in consideration of the expenses the said proprietors shall incur, not only in cutting canals, but in erecting locks, and in maintaining and keeping the same in repair, and in temporary enlargement and improvement of the same, that for the space of fifty years, when this act shall cease on repayment of the principal of the sums expended, the company is hereby authorized to collect the same rates of wharfage on all articles and materialsRates of wharfage fixed.
Rates of tolls. landed on each side of the canal, as are now legally received at the wharfs at Georgetown: and it shall and may be lawful for the said president and directors, for fifty years, and as much longer as their principal sums expended remain unpaid, to demand and to receive, at the most convenient place for all commodities carried through a lock or locks, of the canal, a toll not exceeding half a dollar on each loaded boat, and a quarter of a dollar on each loaded scow; but no toll to be paid returning. But when the wharfage shall produce the annual interest of eight per cent. on the sums expended by the president and directors, exclusive of the tolls, then the tolls shall cease, and the canal and forks thereof, shall be entirely free for passage: and when the wharfage shall exceed the annual interest of twelve per cent. then the president and directors shall appropriate one half of the surplus to such publicPublic property free from tolls and wharfage. purpose as Congress may direct, or reserve the same as a fund to pay off the principal: Provided always, that all public property shall pass free of toll and wharfage.
In what case the canal is to revert to the U. States.Sec. 18. Provided nevertheless, and be it further enacted, That in case the said Washington Canal Company created by this act shall not, within the term of five years, complete said canal in such manner as to admit boats drawing three feet of water to pass through the whole extent of said canal, that the said canal shall revert to the United States, and all right and authority hereby granted to said company shall cease and determine.
Approved, May 1, 1802.
Statute Ⅰ.
[Obsolete.]
Chap. XLIII.—An Act making an appropriation for the support of the Navy of the United States, for the year one thousand eight hundred and two.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the following sums, including any sum which may have been, or might be expended during the present year, by virtue of any former appropriation, be, and the same are hereby respectively appropriated, to defray the expenses of the navy of the United States during the year one thousand eight hundred and two; that is to say:
Specific appropriations.For the pay and subsistence of the officers, the pay of the seamen, provisions and repairs, five hundred and eight thousand two hundred and twenty-six dollars.
For medicines, instruments, and hospital stores, ten thousand dollars.
For the purchase of ordnance and other military stores, twenty thousand dollars.
