JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

one vote for every three shares above ten, held by him or
her in said company, any Stockholder by writing executed
under hand and seal; in the presence of two subscribing
witnesses, may depute any other member or stockholder to
vote and act as his or her proxy at any general meeting.

CHAP. 225.

Rate of voting.

Sec. 4. And be it enacted, That the said President and
Directors when so elected, and their successors, or a ma-
jority of them assembled, shall have full power and authori-
ty to agree with any person or persons on behalf of the
said company to cut such Canals, and erect such locks, and
perform all such other works as they shall judge necessary
for opening, improving and extending the navigation be-
tween the waters of Lewis creek Indian river, and the
Chesapeake bay, by Pocomoke river, and carrying on the
same from place to place, and from time to time, and upon
such terms, and in such manner, as they shall think fit; and
out of the money arising from the subscriptions and tolls
hereinafter mentioned to pay for the same, and to repair
and keep in good order, the said canals, locks, and all other
works necessary thereto, and to defray all incidental ex-
penses; and also, to appoint a Treasurer or Secretary, and
all such other officers, toll gathers, agents and servants as
they shall deem necessary to carry this act into effect, and
the same or any of them, in their discretion to remove or
dismiss, and to agree for and settle their salaries, wages or
allowances, and to settle and pass all accounts; to fix the
time and place, and direct notice of the election of the Pre-
sident and Directors, and other meetings of the stockhol-
ders, and the same from time to time to change; to appoint
judges of all elections, to fill up vacancies which may oc-
cur in their own body, to make and establish all by-laws as
they deem necessary for the transaction of all other busi-

General powers of

president and di-

rectors

ness and concerns of the said company, and such by laws
from time to time to alter and repeal; provided, that such
by-laws shall not be contrary to the laws or constitution of
this state or the United States.

Proviso

Sec. 5. And be it enacted, That the Treasurer shall
give bond in such penalty, and with such security as shall
be directed by the by-laws, for the true and faithful dis-
charge of the trust reposed in him, and shall receive such
compensation for his services as the by laws shall pre-

Treasurer's Bond

scribe; no officer in the said company shall have any vote
in the settlement or passing of his own account.

Restriction in
settling , accounts.

Sec. 6. And be it enacted, That the said president and
directors, or a majority of them, shall have full power-and
authority, from time to time, as money shall be wanted, to

Authority to call

fo instalments