Ten thousand
dollars to be
raised, &c.
 
 
 
 
 
 
 
 

Directors to
elect a president,
&c.
 
 
 
 
 
 
 
 
 

President, &c.
to keep a just
account, &c.
 
 
 
 
 

To be laid
before the
court, &c.
 
 
 
 
 
 
 
 
 
 
 
 

Penalty for
neglect, &c.
 
 
 
 

Bridge to be
begun, &c.
 
 
 

When erected,
to be vested
in the 
stockholders,
&c.

    III.  And be it enacted, That the sum of ten thousand dollars, for the capital
stock, be raised in the manner aforesaid, for the above purpose, and that the
said stock be divided into one hundred shares of one hundred dollars each, and
that as soon as sixty shares shall be subscribed, the said commissioners, or a majority
of them, shall call a meeting of the stockholders, who shall proceed in 
person, or by proxy, to the election, by ballot, or seven directors, who shall
have full power and authority to contract for the building of the said bridge,
and to do all other things appertaining thereto, agreeably to the provisions of
this act.

    IV.  And be it enacted, That the said directors shall elect one of their number
to act as president, who shall, with the directors, continue in office one year;
and the said stockholders, in one year after the day on which the election shall
be first made, and on the same day in every year thereafter, except the same shall
happen on a Sunday, in that case on the day succeeding, shall elect, by ballot,
from among the stockholders, seven persons as directors, and every stockholder
shall be eligible as a director; and the president and directors for the time being
shall give public notice for a new election, at least ten days previous to the expiration
of the time for which they were elected.

    V.  And be it enacted, That the said president and directors shall keep a just
and true account of all and every of the monies received by their collector for tolls,
and shall declare and make a dividend of the profits thereof among the stockholders,
on every first Monday in April and October, of which public notice
shall be given; provided nevertheless, that no division of profits shall exceed
fifteen per centum per annum.

    VI.  And be it enacted, That the said president and directors, after the bridge
aforesaid shall be completed, shall annually, on the first Monday in June, lay
before the court of Baltimore county a just and true account of their receipts
and expenditures, with a statement of the clear profits thereof; and if the clear
profits thereof shall exceed in amount fifteen per centum on the capital stock
expended, the sid surplus shall be, by the president and directors, applied to the
repayment or extinguishment of the capital stock, in such manner as may by
the said president and directors be deemed best calculated to effect the same;
and whenever the principal shall be so sunk, or whenever the town of Baltimore
shall reimburse, and shall actually pay to the said corporation, the amount of their
capital stock, with an advance of twenty per centum  thereon, then and in such
case the bridge shall be thrown open, and remain for ever after clear of all toll.

    VII.  And be it enacted, That if the said president and directors shall not
return their accounts as herein directed to the county court of Baltimore, they
shall forfeit the sum of one hundred dollars each for every such neglect, to be
applied towards sinking the capital of the said bridge.

    VIII.  And be it enacted, That if the said bridge be not begun before the first
day of July next, and rendered passable with security and convenience before the
first day of October, seventeen hundred and ninety-eight, then this act to be void
in all its parts.

    IX.  And be it enacted, That when a good and secure bridge of brick or stone
shall be erected over Jone's Falls as aforesaid, the property thereof shall be
vested in the stockholders, subject to the provisions of this act; and the said
stockholders, or the directors that may be appointed by them, are authorised to
erect a gate on the said bridge, or in the street adjoining the same, also a house
for the residence of the collector of the tolls, and to demand and receive the
following tolls, to wit:  For every head of horse and cow kind, one cent; for 
every sheep or hog, half a cent; for every wheel, one cent.