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Dec. Sess.
1815
Capital must
be subscribed
for.
Proviso.
Dividends.
Abstract of
accounts to be
laid triennially
before the le-
gislature.
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cording to the true intent and meaning of this act, it shall and
may be lawful for the president, managers and company, at a
stated or special meeting to be convened according to the
provisions of this act, or their own bylaws, to increase the
number of shares to such extent as shall be deemed necessary
and sufficient to accomplish the said work, and to demand and
receive the monies for said shares in like manner, under the like
penalties, as herein before provided for in the original subscrip-
tions, or as shall be provided for by their by-laws.
21. AND BE IT ENACTED, That the aforesaid contem-
plated turnpike road shall not be begun, nor any workmen en-
gaged, nor materials provided, until the whole capital stock of
four hundred thousand dollars is subscribed for, in manner
herein before provided for; Provided nevertheless, that the
president and managers may, if they think proper so to do,
survey, lay off and fix the rout of the said road as herein be
fore designated, and that whenever funds may come to their
hands to enable them so to do.
22. AND BE IT ENACTED, That the said president,
managers and company, shall keep a fair, just, and true ac-
count, of all and every the money to be received by the several
and respective collectors of tolls at the several gates and turn-
pikes on the said road, not exceeding one for every five miles,
except it should turn out so as to leave a fractional part of the
said five miles at the extremity of said road, and then at the
same rate for said fractional part as is herein before prescribed,
when the said road shall be finished from the beginning to the
end thereof, or such part thereof from time to time to be com-
pleted as aforesaid, shall make and declare a dividend of the
clear profits and increase thereof, all contingent costs and
charges, and a reasonable fund for progressive improvement
and accomplishment of said work being first deducted and re-
served, among all the stock of the subscribers to the stock of
the said company, and shall on the first Monday of March and
September in every year, publish the half yearly dividend to
be made of the clear profits to be made among the stockholders
and the time, place, and when and where the same will be paid,
and cause the same to be made accordingly,
23. AND BE IT ENACTED, That the said president
and managers shall at the end of every third year from the date
of this incorporation, until two years next after the whole road
shall be finished, lay before the General Assembly of this state
an abstract of their accounts, the whole amount of capital stock
expended in the prosecution of said road, and of the increase
and profits arising from said toll, for and during the respective
periods, together with an abstract of the costs and charges of
keeping the said road in repair, and all other costs and charges,
to the end that the clear annual increase and profits thereof
may be ascertained and known; and if in two years after said
road shall be completed from the beginning thereof to the end,
it shall appear from the average profits that may be ascertained
for the said two years, that it will not bear a dividend of ten
per cent per annum on the capital stock of said company so ex-
pended, it shall and may be lawful to and for the president,
managers and company, to increase the tolls herein before al-
lowed, in equal proportions upon each and every allowance
thereof, so as to raise the dividends up to ten per centum per
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