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JOHN FRANCIS MERCER, ESQUIRE, GOVERNOR.
13. AND BE IT ENACTED, That the president and
managers of
the said company shall keep just and fair accounts of all monies
received by them from the persons appointed to take subscriptions,
and from the subscribers to the said undertaking on account of
their several subscriptions, of all penalties for delay in the payment
thereof, and of the amount of the profits on the shares which
may be forfeited as aforesaid, and also of all monies by them expended
in the prosecution of their said work, and shall, once at
least in every year, submit such accounts to a general meeting of
the stockholders, until the said road be completed, and until all the
costs, charges and expenses, of effecting the same, shall be fully
paid and discharged; and the aggregate amount of such expenses
shall be liquidated and ascertained; and if upon such liquidation,
or whenever the whole capital stock of the said company shall be
nearly expended, it shall be found that the said capital stock will
not be sufficient to complete the said road, according to the true
intent and meaning of this act, it shall and may be lawful for the
said president, managers and company, at a stated or special meeting,
to be convened according to the provisions of this act, or
their own by-laws, to increase the number of shares to such extent
as shall be deemed sufficient to accomplish the work, and to demand
and receive the monies subscribed for such shares in like
manner, and under the like penalties, as are herein before provided
for the original subscriptions, or as shall be provided by their
by-laws. |
1801.
CHAP. 45.
Accounts of all
monies received
and expended to
be kept by company. |
14. AND BE IT ENACTED, That the said president,
managers
and company, shall also keep a just and true account of all and
every the monies received by their several and respective collectors
of tolls at the several gates or turnpikes on the said road, and
shall make and deliver a dividend of the clear profits and incomes
thereof, (all contingent costs and charges being first deducted,)
among all the subscribers to the said company's stock, and shall,
on every first Monday in January and July in every year, publish
the half yearly dividend to be made of the said clear profits among
the stockholders, and of the time and place when and where the
same will be paid, and shall cause the same to be paid accordingly. |
Also of monies received
by their
collector of tolls. |
15. AND BE IT ENACTED, That the president
and directors shall,
at the end of every third year after the choice of the first directors
as aforesaid, lay before the general assembly of this state in an abstract
of their accounts, shewing the whole amount of their capital
expended in prosecution of the said work, and of the profits and
income arising from said toll for and during the said respective
periods, together with an exact account of the costs and charges of
keeping the said road in repair, and all other contingent cost and
charges, to the end that the clear annual income and profits thereof
may be ascertained and known; and if, at the end of three years
after the said road shall be completed from the beginning to the
end thereof, it shall appear, from the average profits of the said
three years, that the said income and profits thereof will not bear
a dividend of fifteen per centum per annum on the whole capital
stock of the said company so expended, then it shall and may be
lawful to and for the said president and directors to increase the
tolls herein allowed so much upon each and every allowance thereof
as will raise the dividends up to fifteen per centum per annum, in |
Abstract of accounts
to be laid
before general assembly. |
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