BENJAMIN OGLE, ESQUIRE,
GOVERNOR.
NOVEMBER. 1799.
empowered to demand and receive of the several proprietors, from time
to time, the sums of money
so ordered to be advanced for carrying on and executing, or repairing
or keeping in order, the said
works, until the sums subscribed shall be fully paid, and to order
the said sums to be deposited in
the hands of the treasurer, to be by him disbursed an dpaid out as
the said president and directors,
or a majority of them, shall order and direct; and if any of the said
proprietors shall refuse or ne-
glect to pay their said proportions within one month after the time
of payment so ordered and ad-
vertised as aforesaid, the said president and directors, or a majority
of them, may fell at auction, and
convey to the purchaser, the share or shares of such proprietor to
refusing or neglecting payment,
giving at least three months notice of the sale in some of the Maryland,
Delaware and Pennsylvania
news-papers, and after retaining the sum due, and charges of sale,
out of the money produced there-
by, they shall refund and pay the overplus, if any, to the former owner;
and if such sale shall not
produce the full sum ordered and directed to be advanced as aforesaid,
with the incidental charges,
the said president and directors, or a majority of them, may, in the
name of the company, sue for
and recover the balance by action of debt, or on the case; and the
said purchaser or purchasers shall
be subject to the same rules and regulations as if the said sale and
conveyance had been made by the
original proprietor; provided, that in case of the death of any stockholder,
the neglect or refusal
of his executor, administrator or legatee, to make the payment that
may be required as aforesaid,
shall not have the effect to forfeit immediately the said share or
shares held by the said stockholder in
his life-time, but the said executor, administrator or legatee, shall
have one whole year next after
the day of the said death to make the payments required.
VI. AND, to continue the succession of the said president and 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 proprietors of
the said company, at the next
general meeting, shall either continue the said president and directors,
or any of them, or choose
others in their stead, and in case of the death, removal, resignation
or incapacity, of the president,
or any of the said 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, or becoming
incapable, and may, at any of the 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.
VII. AND BE IT ENACTED, That every president and director, before he
acts as such, shall take
an oath, or affirmation, for the due execution of his office.
VIII. AND BE IT ENACTED, That the presence of proprietors having five
hundred shares at the
least shall be necessary to constitute a general meeting, and that
there be a general meeting of pro-
prietors on the first Monday of June in every year, at such convenient
place as shall be from time to
time appointed by the said general meeting; but if a sufficient number
should not attend on that day,
the proprietors who do attend may adjourn such meetings from time to
time till a general meeting of
prprietors shall be had, which may be continued from day to day until
the business of the company
is finished, at which meeting the president and directors shall make
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 tem, shall give a certificate thereof,
duplicate of which shall be
entered on the said company's books; and at such yearly general meetings,
after leaving in the hands
of the trreasurer such sum as the proprietors, or a majority of them,
shall judge necessary for repairs
and contingent charges, an equal dividend of all the net profits arising
from the tolls hereby granted
shall be ordered and made to and among all the proprieotrs of the said
company, in proportion to
their several shares; provided nevertheless, that whenever the net
profits arising from said tolls shall
exceed thirty per cent. the said president and directors shall account
annually to and with the states
of Maryland and Delaware for the surplus, and the same shall be equally
divided between the said
states; and upon any emergency, in the interval between the said yearly
meetings, the said president,
or amajority of the said directors, may appoint a general meeting of
the proprietors of the said company at any convenient place, giving at
least one month's previous notice in some of the Mary-
land, Delaware and Pennsylvania news-papers, which meeting may be adjourned
and continued as
aforesaid.
IX. AND BE IT ENACTED, That for and in consideration of the expences
the said stockholders
will be at, not only in cutting the said canal and other works for
opening the said navigation, but in
maintaining and keeping the same in repair, the said canal and works,
with all their profits, under
the limitations aforesaid, shall be and the fame are herby vested in
the said corporation for ever;
and |
CHAP.
XVI.
They may be
continued, &c.
To take an
oath.
A general
meeting to be
held in June,
&c.
Canal, & c. vest-
ed in the cor-
poration, &c. |