58

SAMUEL STEVENS, Jr. ESQUIRE, GOVERNOR:

Dec. Ses. 1824

ing the president and directors shall make report, and render dis-
tinct 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
be 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

Dividend.

repairs and contingent charges, an equal dividend of all the nett
profits arising from the tolls hereby granted, shall he ordered and
made to, and among all the stockholders of the said company, in
proportion to their several shares, subject to the provisions and en-
actments herein after declared; and upon any emergency in the in-
terval between the said yearly meetings, the said president, or a
majority of the said directors, may appoint a general meeting of
the stockholders of the company, at any convenient town or place,
giving at least one month's previous notice, in at least four of the
news papers 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 the like restrictions, there
shall be a half-yearly or semi-annual dividend of nett profits de-
clared and paid.

Property
vested; privi-
leges granted

9. And be it enacted, That for and in consideration of the ex-
pences the said stockholders will be at, not only in cutting the said
canal, erecting locks and dams, providing aqueducts, feeders and
oilier works, and m 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 thereafter, with all their profits,
subject to the limitations herein provided, and to none other, shall
be and the same are hereby vested in the said stockholders, their
heirs and assigns forever, as tenants in common, in proportion to
to their respective shares, and be forever exempt from the payment of
any tax, imposition or assessment whatsoever; and that it shall and
may be lawful for the said president and directors at all times for-
ever hereafter, to demand and receive at such places as shall here-

Tolls.

after be appointed by the president and directors aforesaid, tolls for
the passage of vessels, boats, rafts, produce and all other articles,
at such rates as the said president and directors may hereafter allow
and establish according to the provisions of this act.

Vacancy;
rate of tolls;
collection of
tolls.

10. And be it enacted, That it the commissioners hereby required
to be appointed, shall die, resign or refuse to act, the vacancy occa-
sioned thereby, shall be filled by the same authority by which the
original appointment was made; and the person or persons appoint-
ed to fill such vacancy, shall have all the power and authority
which was vested in the commissioners whose place he or they
shall be appointed to supply; and when any part of the canal afore-
said, shall have been completed according to the true intent and
meaning of this act, the president and directors of the company
hereby created, shall have power, and it shall be their duty to or-
dain and establish a rate of tells to be paid upon boats, vessels,
rafts or other property, passing on the part of the canal so comple-