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ted, and so from time to time, as a part or parts shall be completed;
and until the eastern section thereof shall be finished up to the
mouth of Savage river or creek, and thereafter until the entire ca-
nal shall have been finished according to the true intent and mean-
ing of this act: for the collection of which tolls, the president
and directors shall have power to establish so many toll-houses, and
at their pleasure to appoint and remove so many collectors, and at
such places as from time to time they may judge expedient; and the
said president and directors shall have full authority, subject to the
direction and control of a majority, in interest, of the stockholders
represented in any general meeting, to regulate and fix a tariff of
tolls, not exceeding an average of two cents per ton per mile; and
so to adjust the said tolls, in relation to the capacity or burthen
of the boats and the dimensions of the rafts passing the locks of
the said canal, as to promote economy of water and time in the na-
vigation thereof.
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Dec. Ses. 1824
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11. And be it enacted, That the president and directors shall an-
nually or semi-annually, declare and make such dividend of the nett
profits, from the tolls to be received according to the provisions of this
act; and from the other resources of the company as they may deem
advisable, after deducting therefrom the necessary current, and the
probable contingent expences, to be divided among the proprietors
of the stock of the said company, in proportion to their respective
shares, in manner following: that is to say, if such nett profits shall
not exceed ten per cent, on the amount of shares, which shall have
been paid for in current money of the United States, and expend-
ed on the eastern section of the said canal; then the whole thereof
shall be divided among the holders of such shares, in proportion
to their respective shares; but if such nett profits shall exceed the
rate of ten per cent, per annum in any year, On such amount of
stock; then the surplus shall be divided among such stockholders
as shall have paid for their shares in certificates of the debts of the
Potowmac company, until they shall therefrom have received a di-
vidend of six per cent.; and if a surplus yet remain, the same shall
be divided among the stockholders who shall have paid for their
shares in certificates of the stock of the Potowmac company, until
they shall have received therefrom a dividend of six per cent. per
annum on such shares; and if a surplus still remain, so long as the
western section of the canal shall remain unfinished, such surplus
shall be applied from time to time to the construction and comple-
tion thereof, in such mode as the president and directors, under
such rules and regulations not inconsistent with the constitution of
the United States, or of the several states aforesaid, as the stock-
holders or a majority thereof, in general meeting may prescribe, until
the western section of the canal shall be also completed; after which
if such surplus shall still arise, the same shall be divided among
all the stockholders, without discrimination, in proportion to their
respective shares, until the annual dividend thereon shall have
reached fifteen per cent, beyond which it shall never extend: but
should the nett revenue of the company exceed that amount for any
two years in succession, then such excess shall be applied
by the president and directors, in such mode as shall be agreed on
by a majority of the stockholders convened in general meeting: first,
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Dividends
apportioned
and applied:
&c.
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