| Washington and tile Potomac 517
Remarks
Whereas and so on-Be it Enacted etc.
That the said Sum of f 50,000 be divided into 500 Shares of £ too Each,
and that Every such Share may be transferd or sold at the future Option
of Each Subscriber to such Share.
That Books be opened at the Several places herein after named viz.
Williamsburg, Norfolk, Dumfries, Fredericksburg, Alexandria and Win-
chester in Virginia, Annapolis, -Marlborough, Bladensburg, George Town,
F rederic Town and Hagars Town in Maryland.
to receive the Names of Each Subscriber and of the Sum which is
intended to be subscribed, and Notice thereof given in the Newspapers of
each province.
That at the Expiration of 3 months after such Subscription Books are
opened, a Meeting of the following Gentn. or any 5 of them be held at
Alexandria to consider the State of the said Subscriptions Viz
That if it should appear that a larger Sum than what is intended to be
raised by this Act is subscribed. it may be in the power of the Gentn.
above named, to omit as many of the smaller Subscriptions as may be
found necessary, and as far as the said Subscriptions may fall short of
the said intended Sum, then the Gentn. above named may be impowered
to borrow or raise the same by Lottery as to them may appear most bene-
ficial for the purpose.
That provided the Sum of £ 30,ooo be subscribed at the time of said
'Meeting at Alexandria as aforesaid, a Deposit of to p Ct shall then be
made by Each Subscriber to assist the Undertaking, bearing Interest from
the Date of Each payment, provided the whole Sum is subscribed, a
Deposit of 7 1/2 P Ct. be adopted on the whole, as aforesaid.
That in Case any Neglect may arise in the future payment of any Call
of so much p Ct. on the Subscribers as the Trustees or Directors here-
after to be appointed may deem necessary, after - Days Notice given
in Writing, then the former Deposits are forfeited and made void and the
said Trustees or Directors may dispose of the said Share or Shares at
public Sale giving Notice accordingly-, the profit arising to be applyd to
the General Fund.
That Until the Subscription be completed the Gentlemen afore named
may continue to act, and are impower'd to appoint whom of the Sub-
scribers they think proper to superintend the progress of the Undertaking
and the Expenditure of the Money, but as soon as the Subscription is
filled, immediate Notice shall be given in the papers of Virga. and Mary-
land that a General Meeting of the Subscribers will be held at A- or
G on the 2d Wed. in the Ensuing Month, to Elect by Ballot 12
Trustees or Directors to continue 2 or 3 Years as the Majority shall then
determine; fixing on a future Day for the Choice of New Ones. These
Trustees may be sworn or not and shall he impowered to Conduct the
whole Business of fixing the several Rates of Toll, settling the Wages of
by Washington, and may be based on the bill referred to in the Journal of
the
House of Burgesses. June 14. 1775. as "the Bill for raising a Capital fund
of
forty thousand pounds by subscription, and establishin'a Company for opening
and extending the navigation of the River Potowmack". Other references to
the
bill may be found under dates of June 15 and June zi, 7775 ft was passed by
both houses but is not found in Hening.
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