| 1803. |
LAWS OF MARYLAND.
who do attend may adjourn the said meeting from day to
day until the business of the company is finished, to which meeting
the president and directors shall maker report, and render
distinct and just accounts of all their proceedings; and at such yearly
general meetings, after leaving in the hands of the treasurer 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 tills thereby granted shall be ordered
and made to and among all the proprietors of the said company, in
proportion to their several shares; and upon any emergency in the
interval between the said yearly meetings, the said president, or a
majority of the said directors, may appoint a general meeting of
the proprietors of the said company, at any convenient place, giving
at least twenty days notice, by advertisement, which meeting
may adjourn as aforesaid. |
Capital may be
increased. |
10. AND BE IT ENACTED, That if the said capital
of ten thousand
dollars, divided into two hundred shares, each share to be
fifty dollars, shall prove insufficient, it shall and may be lawful for
the said company, from time to time, to increase the said capital,
by the addition of so many more whole shares as shall be judged
necessary by the said proprietors, or a majority of them holding at
least sixty shares, present at any general meeting of the said company;
and the said president and directors, or a majority of them,
are hereby empowered and required, after giving at least one
month notice, by advertisement, to open books for receiving and
entering such additional subscribers, in which the proprietors of
the said company for the time being shall and are hereby declared
to have the preference of all others for the first thirty days after
the books shall be opened as aforesaid, of taking and subscribing
for so many whole shares as any of them shall choose, and all proprietors
of such additional shares shall and are hereby declared
from thenceforward incorporated into the said company. |
Works and profits
vested in proprietors
—Rates of toll. |
11. AND BE IT ENACTED, That in consideration
of the expenses
the said proprietors shall be at in banking, stopping, damming and
wharfing, across the said bay, and improving the navigation thereof,
and in keeping the works in repair, the said works and inlets,
with all the profits therefrom arising, shall be and the same are
hereby vested in the said proprietors, their heirs and assigns, for
ever, as tenants in common, in proportion to their respective shares,
and they shall be for ever exempt from the payment of any tax,
imposition or assessment whatsoever; and that it shall and may be
lawful for the president and directors, at all times for ever hereafter,
to demand and receive, at such place or places on the river
Saint-Martin's, or bay of Sinepuxent, as they shall hereafter judge
and determine to be the most convenient, for all merchandise and commodities
conveyed through such inlet as may or shall be opened in
consequence of the work aforesaid, according to the following table
to wit: For every pipe or hogshead of wine, rum, spirits or cider,
thirty cents; every hogshead of tobacco, thirty cents; for every
barrel, twelve and an half cents, and smaller casks or kegs in
proportion; every bushel of wheat, peas, beans, flaxseed, Indian
corn, or other grain or salt, one cent; every barrel of pork, beef
or flour, twelve and a half cents; every ton of hemp, flax, potash,
bar or manufactured iron, fifty cents; every hundred pipe staves, |
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