LAWS OF MARYLAND.

81

of persons to be President and Directors in the room of him or them
so dying, removing or resigning, and may at any of their general mee-
tings remove the President or any of the Directors and appoint others
for and during the remainder of the term for which such person or
persons were at first to have acted.

Dec. Ses. 1823

7. And be it enacted, That every President and Director before
he acts as such, shall take an oath or affirmation for the due execution
of his office.

Oath.

8. And be it enacted, That the presence of stockholders having a
major part of the stock at least, shall be necessary to constitute a gen-
eral meeting of the stockholders, which shall be held on the first Mon-
day in June in every year, at such convenient town or place, as shall
be from time to time appointed by the said general meeting; but if a
sufficient number shall not attend on that day, the stockholders who
do attend may adjourn from time to time until the stockholders hold-
ing the major part of the stock do attend and the business of the com-
pany is finished, to which meeting the President and Directors shall
make report and render distinct accounts of all their proceedings, and
on finding them fairly and justly stated, the stockholders then present
or a majority of them, shall give a certificate thereof, a duplicate of
which shall lie entered on the company's books, and at such yearly
general meetings, after leaving in the hands of the treasurer such sums
as the stockholders or a majority of them, shall judge necessary for

General

meetings: ac-
counts; speci-
al meetings.

repairs and contingent chaises, an equal dividend of all the nett pro-
fits arising from the tolls hereby granted shall be ordered and made
to and among all the stockholders of the said company in proportion
to their several shares, subject to the provisions and enactments here-
inafter declared; and upon any emergency in the interval between the
said yearly meetings, the said President or a majority of the said Di-
rectors, may appoint a general meeting of the stockholders of the
company at any convenient town or place, giving at least one months
previous notice, in at least four of the newspapers in Pennsylvania,
Maryland, Virginia and the District of Columbia, which meeting may
be adjourned and continued as aforesaid; and in case the stockholders or
a majority of them, in any general meeting aforesaid, shall deem it
expedient to order a semi-annual rather than a yearly dividend as
aforesaid, then in like manner, with like notice and under like restric-
tions, there shall be a half yearly or semi-annual dividend of nett pro-
fits declared and paid.

Dividends.

9. And be it enacted, That for and in consideration of the expense
the said stockholders will be at, not only in cutting the said canal,
erecting locks and dams, providing acqueducts, feeders and other
works, and improving and keeping the same in repair, the said canal
and all other works aforesaid or required to improve the navigation
thereof at any time hereafter, with all their profits, subject to the lim-
itations herein provided and to none other, shall be and the same are
hereby vested in the said stockholders, their heirs and assigns forev-
er, as tenants in common, in proportion to their respective shares, and
to be forever exempt from the payment of any tax, imposition or as-
sessment whatsoever; and that it shall and may be lawful for the said
President and Directors at all times forever hereafter to demand and

Property
vested; privi-
leges granted.

receive at such places as shall hereafter be appointed by the Presi-
dent and Directors as aforesaid, tolls for the passage of vessels, boats,
rafts, produce and all other articles, at such rates as the said President

Tolls.