| 1784.
CHAP.
XXXIII. |
LAWS of MARYLAND.
in case one half, and less than the whole of the said capital shall
be subscribed as
aforesaid, then the president and directors are hereby empowered and directed
to
take and receive the subscriptions which shall first be offered, in whole
shares as
aforesaid, until the deficiency shall be made up; a certificate of which
additional
subscriptions shall be made under the hands of the president and directors,
or a
majority of them, for the time being, and returned to, and recorded in
the general
courts as aforesaid. |
Subscribers
incorporated,
&c. |
III. And be
it enacted, That in case one half of the said capital, or a greater
sum, shall be subscribed as aforesaid, the said subscribers, and their
heirs and
assigns, from the time of the said first meeting, shall be and are hereby
declared
to be incorporated into a company, by the name of the " Patowmack company,"
and may sue and be sued as such; and such of the said subscribers as shall
be
present at the said meeting, or a majority of them, are hereby empowered
and
required to elect a president and four directors, for conducting the said
undertaking,
and managing all the said company's business and concerns, for and
during such time, not exceeding three years, as the said subscribers, or
a majority
of them, shall think fit: and in counting the votes of all general meetings
of the said company, each member shall be allowed one vote for every share,
as
far as ten shares, and one vote for every five shares above ten, by him
or her
held at the time in the said company; and any proprietor, by writing under
his
or her hand, executed before two witnesses, may depute any other member
or
proprietor to vote and act as proxy for him or her at any general meeting. |
President, &c.
to agree with
persons to cut
canal, &c. |
IV. And be it
enacted, That the said president and directors so elected, and
their successors, or a majority of them assembled, shall have full power
and authority
to agree with any person or persons, on behalf of the said company,
to
cut such canals, and erect such locks, and perform such other works, as
they
shall judge necessary, for opening, improving and extending, the navigation
of
the said river above tide water to the highest part of the north branch
to which
navigation can be extended, and carrying on the same from place to place,
and
from time to time, and upon such terms and in such manner as they shall
think
fit, and out of the money arising from the subscriptions and the tolls,
and other
aids herein after given, to pay for the same, and to repair and keep in
order the
said canals, locks, and other works necessary thereto, and to defray all
incidental
charges; and also to appoint a treasure, clerk, and such other officers,
toll-gatherers,
managers and servants, as they shall judge requisite, and to agree for
and settle their respective wages or allowances, and settle, pass, and
sign their
accounts; and also to make and establish rules of proceeding, and to transact
all
the other business and concerns of the said company, in and during the
intervals
between the general meetings of the same; and they shall be allowed, as
a satisfaction
for their trouble therein, such sum of money as shall by a general meeting
of the subscribers be determined; provided always, that the treasurer shall
give bond, in such penalty and with such security as the said president
and directors,
or a majority of them, shall direct, for the true and faithful discharge
of
the trust reposed in him, and that the allowance to be made to him
for his services
shall not exceed three pounds in the hundred for the disbursements by him
made, and that no officer in the said company shall have any vote in the
settlement
or passing his own account. |
May draw orders,
&c. |
V. And be it
enacted, That the said president and directors, and their successors,
or a majority of them, shall have full power and authority, from time
to time, as money shall be wanted, to make and sign orders for that purpose,
and direct at what time and in what proportion the proprietors shall advance
and
pay of the sums subscribed, which orders shall be advertised at least one
month
in the Maryland and Virginia gazettes; and they are hereby authorised to
and empowered
to demand and receive of the several proprietors, from time to time, the
sums of money so ordered to be advanced, for carrying on and executing,
or
repairing and keeping in order the said works, until the sums subscribed
shall be
fully paid; and to order the said sums to be deposited into the hands of
the
treasurer, to be by him disbursed and paid out, as the said president and
directors, |
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