FRANCIS THOMAS, ESQUIRE, GOVERNOR.

1641.

Sec. 3. And be it enacted, That on the subscription of
ten thousand dollars of the said capital of fifty thousand
dollars, the said subscribers and their heirs and assigns from
the completion of the same shall be, and they are hereby
declared to be incorporated by the name of the Lock and
Dam Navigation Company of Town Creek, and may have
perpetual succession, and sue and be sued as such, and the
stockholders of the said company who may meet in person,
or who may empower persons by proxy to vote for them,
shall elect a president and six directors, for managing and
completing the work of the said lock and dam navigation, who
shall continue in office until the first Wednesday of April
succeeding, or until a new election takes place, under such
conditions and salaries as the by-laws of the said company
may prescribe, and on the first Wednesday in April in eve-
ry year thereafter, an election shall be held for president
and six directors, but if from any cause the said election
docs not take place on the first Wednesday of April in any

chap. 231.

Subscription
of ten thous-
and of the hi-
ty, subscribed
to give legal
capacity.

year, the charter shall not be impaired thereby, provided,
that within the year an election shall take place.

Proviso.

Sec. 4. And be it enacted, That the president and direc-
tors of the said company shall have full power and authori-
ty to contract within any person or persons to work by
daily labor, or by contract for a full completion of the
whole or for part only of the said stock and dam navigation,
to appoint a treasurer and secretary, and such officers or
agents as they may find necessary, or to unite the double
duties in one person with power to revoke the said appoint-
ments or any of them, and to appoint others, and the person
or persons so appointed shall give security in such sum or
sums as may ho thought necessary by the president and di-
rectors of said company, to maintain the fidelity and re-
sponsibility of the said person or persons, and every presi-
dent and director, secretary, treasurer, agent or otherwise,
before acts as such shall enter on the journals of records,
his assurance that he will fulfil the duties of the office to

Power to con-
tract.

which he is appointed, to the best of his abilities.
Sec. 5. And be it enacted, That there shall be a general
meeting on the first Tuesday in April of every year, the
day preceeding a new election, when the president then be-
ing, shall report a state, of the works and produce his an-
nual account of payments and receipts, and shall state such
circumstances in said report as may enable all absentees to

First Tues-
day in April.

know the actual state of the affairs of the company.
Sec. 6. And be it enacted, That when the lock and
dam navigation is completed, or so much of it as may be
17

Highway.