LAWS OF MARYLAND.

79

certified by the acting President and Directors to have been
due for principal debt on the day on which the assent of the said
company shall have been signified by their corporate act as here-

Dec. Ses. 1823

inbefore required; Provided, that the said certificates of stock shall
not exceed in the whole amount the sum of three hundred and ele-
ven thousand one hundred and eleven dollars and eleven cents, nor the
said claims the sum of one hundred and seventy five thousand

Proviso's.

eight hundred dollars; Provided, also, that the stock so paid for the
certificates of the stock of the present company and of the debts due
from the said company shall be entitled to dividend only as herein-
after provided; and that no payment shall be received in such certi-
ficates of stock until the Potomac Company, shall have executed the

Proviso.

conveyance prescribed by the thirteenth section of this act, And Pro-
vided, that unless one fourth of the said capital shall be subscribed
as aforesaid all subscriptions made in consequence of this act shall
be void, and in case one fourth and less than the whole capital shall
be subscribed as aforesaid, then the said commissioners, or a majori-
ty of them are hereby empowered and directed to take and receive
the subscriptions which shall first be offered, in whole shares as a-
foresaid until the deficiency shall be made up, a certificate of which,
additional subscription shall be made under the hands of the said
commissioners or a majority of them for the time being and return-
ed as aforesaid.
3. And be it enacted, That when one-fourth or a greater part of the
said stock shall have been subscribed in manner aforesaid, the sub-
scribers, their heirs and assigns shall be, and are hereby declared to
be incorporated into a company by the name of the "Chesapeake and
Ohio Canal Company," and may sue and be sued, and as such shall
have perpetual succession and a common seal, and the estates, rights
and interests of said company shall be adjudged and taken in law to be
real estate, and it shall thereupon be the duty of the said commission-
ers or a majority of them, to tall a general meeting of the said sub-
scribers at such time and place as they or a majority of them shall ap-
point, after advertising the same in such public prints as they or a ma-
jority of them may think proper, and such of the said subscribers as
shall be present at the said meeting or a majority of them, are hereby
empowered and required to elect a President and six Directors for
conducting the said undertaking and managing all the said company's
business and concerns for and during such time, not exceeding three
years, as the said subscribers or a majority of them shall think fit;
and in counting the votes of all general meetings of the said company
each member shall be allowed one vote for every share as far as ten
shares, and one vote for every five shares above ten, by him or her
held at the time in the stock of the said company, and any proprietor
by writing under his or her hand, executed before two witnesses, may
depute any other member or proprietor to vote and act as proxy for

Proviso.

Incorpora-
tion; elec-
tions; officers;
votes.

him or her at any general meeting; Provided also, that no director of
said company shall under any circumstances be allowed to vote on
any stock but his own.

Proviso.

4, And be it enacted, That the said President and Directors and
their successors or a majority of them assembled, shall have full pow-
er and authority to appoint, and at their pleasure, to dismiss such en-
gineer or engineers and agent or agents as they .may deem expedient,
and to fix their compensation; and to agree with any person or persons,
on behalf of the said company, to cut canals, erect dams, open feed-

Powers of
president and
directors;
compensation