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Dec. Ses. 1825.
Fix rate of
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JOSEPH KENT, ESQUIRE, GOVERNOR.
and authority which was vested in the commissioners whose
place he or they may be appointed to supply, and when any part
of the canal aforesaid shall have been completed according to
the true intent and meaning of this act, the president and directors
of the company hereby created shall have power, and it
shall be their duty to ordain and establish a rate of tolls to be
paid upon boats, vessels, rafts or other other property passing on the
part of the canal so completed, until the entire canal shall
have been finished, according to the true intent and meaning of
this act; for the collection of which tolls, the president and directors
shall have power to establish so many toll houses, and
at their pleasure appoint and remove so many collectors, and at
such places, as from time to time they may judge expedient, and
the said president and directors shall have full authority, subject
to the direction and control of a majority in interest of the
stockholders represented in any general meeting, to regulate
and fix a tariff of tolls, not exceeding an average of two cents
per ton per mile; and so to adjust the said tolls, in relation to
the capacity or burthen of the boats, and the dimensions of the
rafts, passing the locks of the said canal, as to promote economy
of water and time, in the navigation thereof. |
Dividends.
Limit and regulation. |
11. And be it enacted, That the president
and directors shall
annually or semi-annually, declare and make such dividend of
the nett profits, from the tolls to be received, according to the
provisions of this act, and from the other resources of the company,
as they may deem advisable, after deducting therefrom
the necessary current, and the probable contingent expences, to
be divided among the proprietors of the stock of the said company,
in proportion to their respective shares, until the annual
dividend thereon shall have reached twenty per cent. beyond
which it shall never extend; but should the nett revenue of the
company exceed that amount, for any two years in succession,
then such excess shall be applied by the president and directors,
in such mode as shall be agreed on by a majority of the stockholders
convened in general meeting, to strengthening, improving
and extending the works of the canal, of every description
requiring the same; an should the said tolls continue, after all
such improvements have been completed, to nett more than
twenty per cent. per annum to the stockholders for any two
years in succession, the tolls upon the same shall be reduced by
the president and directors, according to some just and equitable
ration, till the said dividend shall fall to twenty per cent. per
annum: Provided, That should the said dividend thereafter
sink below twenty per cent. per annum, the said tolls or a part
thereof may be renewed, till the said nett dividend reaches that
amount. |
Public highway—
exempt
from
tax, &c. |
12. And be it enacted, That the said
canal, and the works to be
erected thereon in virtue of this act, when completed, shall forever
thereafter be esteemed and taken to be navigable as a public
high way, free for the transportation of all goods, commodities |
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