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WILLIAM PACA, Esq; Governor.
or a majority of them, shall order and direct; and if any of the said
proprietors
shall refuse or neglect to pay their said proportions within one month
after the
same so ordered and advertised as aforesaid, the said president and directors,
or a
majority of them, may sell at auction, and convey to the purchaser, the
share
or shares of such proprietor so refusing or neglecting payment, giving
at least
one month's notice of the sale in the Maryland and Virginia gazettes; and,
after retaining the sum due and charges of sale out of the money produced
thereby,
they shall refund and pay the overplus, if any, to the former owner; and
if such sale shall not produce the full sum ordered and directed to be
advanced as
aforesaid, with the incidental charges, the said president and directors,
or a majority
of them, may, in the name of the company, sue for and recover the balance,
by action of debt on the case; and the said purchaser or purchasers shall
be subject to the same rules and regulations as if the said sale and conveyance
had been made by the original proprietor. |
1784.
CHAP.
XXXIII. |
VI. And,
to continue the succession of the said president and directors, and to
keep up the same number, Be it enacted,
That, from time to time, upon the
expiration of the said term for which the said president and directors
were appointed,
the proprietors of the said company, at the next general meeting, shall
either continue the said president and directors, or any of them, or choose
others
in their stead; and in case of the death, removal, resignation or incapacity,
of
the president, or any of the said directors, may and shall, in manner aforesaid,
elect any other person or persons to be president and directors, in the
room of
him or them so dying, removing or resigning, and may, at any of their general
meetings, remove the president or any of the directors, and appoint others
for
and during the remainder of the term for which such person or persons
were at
first to have acted. |
Proprietors
may continue
the president,
&c. |
VII. And be
it enacted, That every president and director, before he acts
as such, shall take an oath or affirmation for the due execution of his
office. |
Who is to take
an oath, &c. |
VIII. And be
it enacted, That the presence of proprietors having one hundred
shares at the least, shall be necessary to constitute a general meeting,
and
that there be a general meeting of proprietors on the first Monday of August
in
every year, at such convenient town as shall be from time to time appointed
by
the said general meeting, but if a sufficient number should not attend
on that
day, the proprietors who do attend may adjourn such meeting, from day to
day,
till a general meeting of proprietors shall be had, which may be continued,
from
day to day, until the business of the company is finished; to which meeting
the
president and directors shall make report, and render distinct and just
accounts
of all their proceedings, and on finding them fairly and justly stated,
the proprietors
then present, or a majority of them, shall give a certificate thereof,
a
duplicate of which shall be entered on the said company's books; 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 tolls
hereby 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 town, giving at least one months, previous notice
in
the Maryland and Virginia gazettes, which meeting may be adjourned and
continued
as aforesaid. |
Proprietors to
meet annually,
&c. |
IX. And be it
enacted, That for and in consideration of the expences the said
proprietors will be at, not only in the cutting the said canals, erecting
locks and
other works for opening the different falls of the said river, and in improving
and
extending the navigation thereof, but in maintaining and keeping the same
in repair,
the said canals and works, with all their profits, 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 the same shall be
deemed |
Canals, &c.
vested in proprietors,
&c. |
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