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dent of the board of directors, which said president and directors
shall be and hereby are authorised and empowered to make all
rules, regulations and by-laws, for the conduct and government of
the corporation and its affairs; to create all such officers and agents
of the corporation as they think right and proper, for the manage.
ment of in concerns; to prescribe their duties and compensation,
and continuance in office; and also to employ labourers, workmen,
and others necessary for the object of the corporation; and it shall
be the duty of the president, in pursuance of the by-laws, rules
and regulations, to superintend, direct and controul, the officers and
persons employed by the corporation, and from time to time, as re-
quired by the directors, to report the state, condition and progress,
of the affairs of the corporation; but said president and directors
shall be annually appointed in the manner herein before prescribed,
on such days as shall be prescribed by the by-laws of the corpora-
tion; and if a director should be appointed president, or die, or re-
sign, the president and directors shall have power to fill up the va-
cancy till a new election.
7. And be it enacted, That if, when the return of the subscrip-
tion books as herein before directed to the commissioners in An-
napolis, there shall have been a greater sum subscribed for than
eight hundred thousand dollars, the commissioners last mentioned
as aforesaid shall as soon thereafter as may be, so apportion the
shares subscribed among the several subscribers, by proportional
reduction, as may reduce the whole to the number allotted.
8. And he it enacted, That if the whole amount of stock herein
authorised to be subscribed for shall not be taken at the time of
closing the subscriptions by the commissioners, as herein before
provided for, the president and directors may, whenever and as
often as they think proper, open the subscription, on twenty days
notice in the newspapers of Baltimore, Annapolis and Washington,
for the purpose of taking additional subscriptions for such portion,
or the whole of the unsubscribed stock, as they may think neces-
sary for the objects to be effected by the corporation.
9. And be it enacted, That the president and directors to be ap-
pointed as aforesaid, shall have power from time to time to demand
payment of the residue of the money due on each share of said
stock, provided that not more than five dollars on each share be
demanded at any one time, and that sixty days previous notice
thereof be given in the newspapers of Baltimore, Annapolis and
Washington, and on failure to pay the same within thirty days af-
ter it becomes due, the sum already paid in shall be forfeited.
10. And be it enacted, That the said president and directors be
and they are hereby authorised and empowered, to cut, dig, and
make a canal, from such point on the Severn River as may be
deemed most advantageous, and the said canal to connect with the
navigable water of Curtis's Creek, or other more convenient tide
water of the Patapsco; and to cut, dig, and make a canal, from
such point on the Severn River as may be determined on, and the
same to connect with the Eastern Branch of Potomac, and to di-
vert from their usual course the whole or any part of the waters of
said rivers, and any other river, creek or stream, which they may
think suitable for the purpose, on the said president and directors
first obtaining the consent of all persons having any right or interest
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Dec. Ses. 1817.
Reduction of
shares.
Subscription
may be re o-
pened.
Payments.
Canal to be
made—Dam-
ages.
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