line between the states of Maryland and Delaware, if the said president
and directors
shall deem it proper and expedient, 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 aids 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 and settle their respective wages or allowances, and
to pass and
sign their accounts, and also to make and establish rules of proceeding,
and to
make such by-laws, rules and regulations, as may appear to them most
conducive
to the end proposed by this act, ad 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 allowed, as a satisfaction
for their
trouble therein, such sum of money as shall, by a general meeting of
the subscribers,
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 true and faithful discharge
of the trust
reposed in him; and that the allowance to be made to him for his services
shall
not exceed three dollars in the hundred dollars for the disbursements
by him
made; 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 majority of them, shall have
full power and authority, in their
discretion, 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 off the sums
subscribed, which orders shall be
advertised at least one month in
one of the Baltimore and Easton papers, and
they are hereby authorised and 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
and keeping in order, the said works, until
the sums subscribed shall be fully
paid, and to order the said sums to be deposited
into the hands of the treasurer,
to be by him disbursed and paid 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 neglect to pay their said proportions
within one month after the same
so ordered and advertised as aforesaid, the said
president and directors, or a majority
of them, may sell at auction, and convey
to the purchaser, the share or shares
of such proprietors so refusing or neglecting
payment, given at least one month's
notice of the sale in one of the Baltimore
and Easton news-papers, and after
retaining the sum due and charges of sale out
of the money produced thereby, they
shall refund and pay the overplus, if any,
to the former owner; and if such
sale shall not produce the the full sum ordered and
directed ti 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.
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, the
expiration of the said term for which the president and directors were
appointed,
the proprietors of the said company, at the next general meeting, shall
either continue the said president or directors, or any or them, or choose
others
in their stead, and in case of the death, removal, resignation, or incapacity
of
the said 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, and may at any 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. |
CHAP.
XVII.
And make
and sign orders,
&c.
How vacancies
are to be
filled, &c. |
