80

SAMUEL STEVENS,.Jr. ESQUIRE, GOVERNOR.

Dec. Ses. 1823

ers, construct locks, and perform such other works as they shall judge
necessary or expedient for completing the canal herein before men-
tioned and described; and out of the money arising from the subscrip-
tions and tolls and other aids hereinafter given to pay for the same,
and to repair and keep in order the said canal, locks, and other works
necessary thereto, and to defray all incidental charges, and also to ap-
point a treasurer, clerk and other officers, toll gatherers, managers and
servants, as they shall judge requisite, and to agree for and settle their
respective wages or allowances, and to settle, pass and sign their ac-
counts, and also to make and establish rules of proceeding, and to
transact all other business and concerns of the said company in and
during the intervals between the general meetings of the same; and
they shall be allowed as a compensation for their trouble therein such
sum of money as shall by a general meeting of the stockholder be
determined: Provided always, that the Treasurer shall give bond in
such penalty and with such security as the said President and Direc-
tors or a majority of them, shall direct for the true and faithful dis-
charge of the trusts reposed in him, and that the allowance to be made
him for his services shall not exceed three dollars in the hundred for
the disbursements by him made, and that no officer in the company
shall have any vote in the settlement or passing of his own account

Payments on
subscriptions.

5. And be it enacted, That on all subscriptions which shall not be
paid as herein before provided in certificates of the stock or debts of
the present Potomac Company, there shall be paid at the time of sub-
scription on each share one dollar; and thereafter when the company
shall be formed the stock subscribed shall be paid on such install-
ments, and at such time as the President and Directors shall from
time to time require as the work advances: Provided, that not more
than one-third part shall be demanded within any year from the com-
mencement of the work, nor any payment demanded until at least six-
ty days public notice thereof ahull have been given in such public
newspapers as the said President and Directors shall direct such no-
tices to be published in; and whenever any subscriber shall fail to pay
any instalment called for by the company, it shall and may be lawful
for the company upon motion to be made in any Court of Record af-
ter ten days notice, to obtain judgment against the subscriber so fail-
ing to pay; or the said company at their option, may after giving sixty
days notice in such public newspaper printed within the District of
Columbia as they may judge proper, sell the stuck of such subscriber,
and if the proceeds of any such sale shall exceed the sum demanded,
the surplus after paying the expenses of such sale, shall be paid to the
subscriber so failing or to his representatives, and the purchaser at
such sale shall become a stockholder, and be subject to the same rules
and regulations and entitled to the same privileges, rights and emol-
uments as original subscribers under this act.

Succession
provided for.

6. And to continue the succession of the said President and Di-
rectors, and to keep up the said number, Be it enacted, That from
time to time upon the expiration of the said term, for which the said
President and Directors were appointed, the proprietors of the said
company at the next general meeting shall cither continue the said
President and Directors, or any of them, or choose others in their
stead, and until such choice be made the President and Directors
for the time being shall continue in office, and in case of the death,
removal, resignation or incapacity of the President, or any of the said
Directors, may and shall in manner aforesaid elect any other person