CHAP. 
XVI.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Subscribers in-
corporated, &c.
 
 
 
 
 
 
 
 
 
 

President, &c.
to have power
to agree, &c.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

And to make 
orders, &c.

managers, or any four or more of them, under their hands, to the general court for the eastern and
western shores of Maryland, and the supreme courts of Delawared and Pennsylvania, to be there
kept and recorded; and in case more than five hundred thousand dollars shall be subscribed, then
the same shall be reduced to that sum by the said managers, or a majority of them, by beginning at,
and striking off a share from, the largest subscription or subscriptions, and continuing to strike off a 
share from all subscriptions under the largest, and above one share, until the sum is reduced to the
capital of five hundred thousand dollars, or until a share is taken from all subscriptions above one
share, and lots shall be drawn between subscribers of equal fums, to determine the numbers in which
such subscribers shall stand on a list to be made for striking off as aforesaid; and if the sum sub-
scribed still exceeds the capital aforesaid, then to strike off by the same rule until the sum subscribed
is reduced to the capital aforesaid, or all the subscriptions are reduced to one share, and if there still
be an excess, then lots to be drawn to determine the subscribers who are to be excluded, to reduce
the subscriptions to the capital aforesaid, which striking off shall be certified in the list aforesaid; and
no person shall subscribe less than one whole share; provided, that unless two hundred and fifty
thousand dollars of said capital shall be subscribed as aforesaid, all subscriptions made in consequence
of this act shall be void, and in case two hundred and fifty thousand dollars, and less than the whole
of said capital, shall be subscribed as aforesaid, then the president and directors appointed as herein
after mentioned, are hereby empowered and directed to take and recieve the subscriptions which shall
be first offered, in whole shares as aofresaid, until the deficiency shall b made up; a certificate of
which additional subscriptions shall be made, under the hands of the president and directors for the time being, or of a majority of them, and returned to, and recorded in, the courts herein before men-
tioned.

III. AND BE IT ENACTED, That in case one half of the said capital, or a greater sum, shall be
subscribed as aforesaid, the said, subscribers, and their heir and assigns, from the time of their said
first meeting, shall be, and are hereby declared to be incorporated, by the name of The Chesapeake
and Delaware Canal Company, and may have perpectual succession, and sue and be sued, as such;
and such of the said subscribers as shall be present at the said meeting, or a majority of them, are
hereby empowered and required to elect a president and nine directors, for conducting, directing and
completing, said canal, and managing the business of the said company, for and during such time,
not exceeding five years, as the said subscribers, or a majority of them, shall think proper; and every
subscriber shall be allowed one vote for every share not exceeding five shares, and one vote for every
three shares above ten, held by him or her in the said company; and any stockholder, by writing
under his or her hand and seal, executed in the presence of witnesses, may depute any other
member or stockholder to vote and act as his or her proxy at any general meeting.

IV. AND BE IT ENACTED, That the said president and directors so elected, and their successors, 
or a majority of them assembled, shall have full power and authority to agree with any person ro per-
sons, on behalf of the said company, to cut such canals, and erect such locks, and perform such
other works, as they shall judge necessary for opening, improving and extending, the navigation be-
tween the bay of Chesapeake and the river Delaware, and carrying on the same from place to place,
and from time to time, and upon such terms and in such manner, as they shall think fit, and out of
the money arising from the subscriptions and the tolls, and other aides herein after given, to pay for
the same, and to repair and keep in order the said canals, 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 agree for a setlle their
respective wages or allowances, and settle, pass and sign, their accounts, and also to make and est-
blish rules of preceeding, and to transact all the other business and concerns of the said company, in
and during the intervals between the general meetings of the same, and they shall be allowd, as a
satisfaction for their trouble therein, such sum of money as shall, by a general meeting of the sub-
scribers, be determined; provided always, that the treasurer shall give bond, in such penalty, and
with such security, as the said president and directors, or a majority of them, shall direct, for the
tru and faithful discharge of the trust reposed in him; and that the allowance to be made to him for his services hsall not exceed five dollars in the hundred for the disbursements by him mad, and that
no officer in the said company shall have any vote in the settlement or passing his own account.

V. AND BE IT ENACTED, That the said president and directors, and their successors, or a majori-
ty of them, shall have full power and authority, from time to time as money shall be wanted, to make
and sign orders for that purpose, and direct at what time, and in what proportion, the proprietors
shall advance and pay the sums subscribed, which orders shall be advertised at least three months in
some of the Maryland, Delaware and Pennsylvania news-papers; and they are hereby authorised and
                                                                                                                                  empowered