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WILLIAM PACA, Esq; Governor.
for whose benefit any trust shall be created, the common remedy may
be pursued. |
1784.
CHAP.
XXXIII. |
XV. And,
whereas it hath been represented to this general assembly, that
sundry persons are willing and desirous, on account of the great public
advantages,
and the improvement their estates may receive thereby, to promote and
contribute towards so useful an undertaking, and to subscribe sums of money,
to
be paid on condition the said works are really completed and carried into
execution,
but do not care to run any risk, or desire to have any property therein:
Therefore, Be it enacted, That the
said president and directors shall be and are
hereby empowered to receive and take in subscriptions upon the said condition,
and upon the said works being completed and carried into execution according
to the true intent and meaning of this act, it shall and may be lawful
for
the said president and directors, or a majority of them, in case of refusal
or neglect
of payment, in the name of the company as aforesaid, to sue for and recover
of the said subscribers, their heirs, executors or administrators, the
sums by
them respectively subscribed, by action of debt or upon the case, in any
court of
record within this state. |
Directors may
receive subscriptions,
&c. |
XVI. And be
it enacted, That if the said capital, and the other aids already
granted by this act, 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 three hundred 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's previous notice thereon in the Maryland and Virginia gazettes,
to open
books in the before-mentioned places for receiving and entering such additional
subscriptions, 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 said books shall be opened as aforesaid, of taking
and subscribing
for so many whole shares as any of them shall choose. And the said
president and directors are hereby required to observe in all other
respects the same
rules therein, as are by this act prescribed for receiving and adjusting
the first
subscriptions, and in like manner to return, under the hands of any three
or
more of them, an exact list of such additional subscribers, with the sums
by
them respectively subscribed, into the general courts as aforesaid, to
be there
recorded; and all proprietors of such additional shares shall and are hereby
declared to be from thenceforward incorporated into the said company. |
Capital may
be increased,
&c. |
XVII. And it
is hereby declared and enacted, That the tolls herein before
allowed to be demanded and received at the nearest convenient place below
the
mouth of the south branch, are granted, and shall be paid on condition
only,
that the said Patowmack company shall make the river well capable of being
navigated, in dry seasons, by vessels drawing one foot water, from the
place on
the north branch at which a road shall set off to the Cheat river, agreeably
to
the determination of the assemblies of Virginia and Maryland, to and through
the place which may be fixed on below the mouth of the south branch for
receipt
of the tolls aforesaid; but if the said river is only made navigable as
aforesaid,
from Fort Cumberland to and through the said place below the mouth of
the south branch, then only two thirds of the said tolls shall be there
received;
that the tolls herein before allowed to be demanded and received at or
near
Payne's falls, are granted, and shall be payable on condition only, that
the said
Patowmack company shall make the river well capable of being navigated,
in
dry seasons, by vessels drawing one foot water, from the said place of
collection
near the mouth of the south branch, to and through Payne's falls aforesaid;
that
the tolls herein before allowed to be demanded and received at the great
falls, are
granted, and shall be payable on condition only, that the said Patowmack
company
shall make the river well capable of being navigated, in dry seasons, from
Payne's falls to the great falls, by vessels drawing one foot water, and
from the
great falls to tide water; and shall, at or near the great falls, make
a cut or |
Tolls granted
on condition,
&c. |
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