A. W. BRADFORD, ESQUIRE, GOVERNOR.

stockholders thereof shall be entitled to one vote
for every share owned by him, and every stock-
holder may depute any other person to vote and
act for hiin as his proxy.

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Sec: 3. And be it enacted, That as soon as five
thousand shares of the said capital stock shall be
subscribed as aforesaid, the said stockholders shall
proceed in general meeting, of the time and place
of which notice shall be given as aforesaid, to elect
a President and five Directors, who shall serve for
one year and until their successors are appointed,
and annually on the first Tuesday of May, a Pre-
sident and five Directors shall be chosen by the
stockholders of said company after notice as afore-
said, which may be given by any three or more of

President and
Directors to be
elected.

the stockholders; provided, that if the said elec-
tion be not made on the day above named, it shall
still be good if made at any time within sixty
days thereafter, upon notice as aforesaid, and the
stockholders shall at the time of the election of
the President as aforesaid, fix the compensation to
to be allowed for his services for the ensuing
year.

Proviso.

Sec. 4. And be it enacted, That the President and
Directors, or a majority of them, shall have full
power and authority to appoint, employ and com-
pensate, and at their pleasure to remove all such
officers, agents and servants, as they may deem
necessary in carrying out the objects, and in trans-
acting the business of said corporation, and if any
subscriber or owner of said stock shall fail to pay
any assessment which may be required by the said
President and Directors, for the space of sixty
days next after the same is called for and made
due, the stock upon which such assessment is
required, shall be forfeited to the company, and
may be sold by the President and Directors for
the benefit of said corporation; but the said Presi-
dent and Directors may remit such forfeiture upon
such terms as they may think proper.

Power to ap-
point officers,
&c.

Sec. 5. And be it enacted, That the said com-
pany is hereby fully authorized and empowered to
locate, construct and establish, either a rail road
or an improvement of the bed of the Potomac
river, by lock and dam navigation, or a work con-
sisting of part rail road, part canal, and part look
12

Authorized
to construct
rail road, &c.