|
EDWARD LLOYD, ESQUIRE, GOVERNOR.
any toll-gatherer shall knowingly demand and receive any greater
toll from any person or persons 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. 128. |
24. 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 fro delay in payment thereof, and
of the amount of the profits on the shares which may be forfeited
as aforesaid, and also all 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 completed, and until all 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
sock 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 at
least once a year
to company. |
25. AND BE IT ENACTED, That the court of inspection
aforesaid
shall, at the end of every third year from the date of this corporation
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 of the 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 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 herein 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 |
Accounts of receipts
and expenditures
to be laid
before general assembly
once in 3 years. |
|
 |
