THOMAS SWANN, ESQUIRE, GOVERNOR.

of Annapolis, and the waters of the Anacosta
River, at or near Bladensburg, in the county of
Prince George's, upon a route to be surveyed and
designated by a competent engineer appointed by
said company, for the purpose of carrying freight,
and passing vessels, boats, rafts of timber, and
crafts of all kinds, capable of navigating said
Canal, which Canal shall be cut at least ten feet
deep and forty feet wide at the bottom, with the
usual slope to the banks, and the same shall at all
times, be kept in good and navigable condition.

305

Sec. 3. And be it further enacted, That the
capital stock of the said Chesapeake Bay and Poto-
mac River Tide Water Canal Company, shall be
three millions of dollars, and shall consist of thirty
thousand shares, of one hundred dollars each,
which shall be subscribed for on the books of
said company, and shall be transferable in such
manner as the by-laws of said company shall pre-

Capital stock.

scribe; the books shall be opened at any place in
the cities of Washington, Annapolis, Baltimore,
Philadelphia and New York, at such time and
place therein as the said corporators or a majority
of them, shall designate by public notice of ten
days, published at least in one daily paper in each
of said cities, and said books shall be kept open
until the whole amount of said stock shall be sub-
scribed, or such amount as the corporation shall
deem sufficient to authorize the said company
to commence the said work; a cash payment often
per cent on all subscriptions shall be paid at
the time of subscribing, to the person or persons
properly authorized to receive the same, but no
person shall be liable for any amount more than
the amount of stock he holds.

Books — when
to be opened.

Sec. 4. And be it further enacted, That the per-
sons named in this act, their successors or assigns
shall be the Directors of said Company, one of
whom shall be appointed President of the Board
of Directors, one Vice President and one Treasur-
er, each to be appointed by a majority of the said
Directors at a meeting of the same at some con-
venient place in the city of Washington, to be de-
signated by at least seven of said Directors, and to
be published in someone of the daily papers pub-
lished in the city of Washington, and also by let-
ter properly placed in the postoffice at the city of

20

Persons nam-
ed in this act
to be direc-
tors.