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EDWARD LLOYD, ESQUIRE, GOVERNOR.
than such toll-gatherer is authorised to demand and receive by virtue
of this act, such toll gatherer shall forfeit and pay the sum of
twenty dollars for every such offence, to the use of the county in
which the forfeiture is incurred, and for the payment of which the
said company shall be responsible. |
NOV. 1809.
CHAP. 96. |
22. AND BE IT ENACTED, That the president
and managers of
the said company shall keep fair and just accounts of all monies
received by them from the said commissioners, and from the subscribers
to the said undertakings, on account of the several subscriptions,
and of all penalties for delay in payment thereof, and
of the amount of the profits on the shares which may be forfeited
as aforesaid, and also monies by them expended in the prosecution
of their said work, and shall, once at least in every year,
submit such account to a general meeting of the stockholders, until
the said road shall be complete, and until the costs, charges and
expense, 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 when the capital
stock of the said company shall be nearly expended, it shall be found
that the said capital stock will be insufficient 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 their number of
shares to such an extent as shall be deemed sufficient to accomplish
the work, and receive subscriptions on original terms, and demand
the money subscribed for such shares, in like manner, and under
like penalties, as are herein before provided for the original subscriptions,
or as shall be provided by their by-laws. |
President and managers
to submit
their accounts to
the company annually. |
23. AND BE IT ENACTED, That the court of inspection
aforesaid
shall, at the end of every third year from the date of this incorporation
until two years next after the whole of the said
road shall be completed, lay before the general assembly an abstract
of the accounts of the said corporation, on the oath, or affirmation,
of the persons intrusted by the company with keeping of
the said accounts, shewing the whole amount of their capital expended
in the prosecution of the said work, and of the income and
profits arising from the said tolls, for and during the said respective
period, together with an exact account of the costs and charges
of keeping the said road in repair, and all other contingent
costs and charges, so that the clear annual income and profits
thereof may be ascertained and known; and if at the end of two
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 two years, that the said clear income and profits will not bear
a dividend of ten per centum per annum on the capital stock of the
said company so expended, then it shall and may be lawful to and
for the said president, managers and company, to increase the tolls
therein before allowed so much upon each and every allowance
thereof as will raise the dividends up to ten per centum per annum,
and at the end of three years thereafter the said company shall, on
the oath, or affirmation, of the persons respectively employed to
keep the accounts of the said company, render such like statements
to the general assembly, and if at the end of any such triennial |
Accounts to be
rendered to the
general assembly
once in three years. |
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