| 708 Documcnts
following; and for the certain and effectual redemption whereof the Sub-
scriber, etc. to be liable.
That the Subscribers etc. shall be incorporated by the Name of the
Potors1nack Company with such other further necessary Priviledges as
the respective Legislatures may judge proper for their encouragement and
for the effectual securing the repayment of Money lent by them.
That the Proprietors shall meet on the day of next and on
the same day annually at Alexandria there to Elect by Ballot a Governour
Directors Treasurer and Secratarv.
That the Goveriiour with a -Majority of Directors shall meet Quarterly
and be empowered to make such further Appointments as may he found
necessary, make Contracts, fix the Price of "'ages, Dratv on the Treas-
urer and give such directions from time to time as may be necessary for
executing tcith Diligence and frugality, the intended Navigation in a
Manner, which shall be deemed of the greatest Public Utility.
The Treasurer shall give approved Security for a faithfull discharge
of Trust reposed in him.
A fair Record shall be kept of all proceedings by the Secratary who
shall regularly attend the Annual meetings of the Proprietors and at All
meetings of the Governour and Directors.
Every Subscriber or Subscribers of each share shall only have a Vote
in the Proceedings and may Vote by Proxy Authorized under Hand and
Scal and lodged with the Secretary Previous to Vothig.
And to Establish a fund upon which to Circulate Notes payable on
demand, Similar to Bond Notes, That every Subscriber do pay unto the
in Gold or Silver or in Good Bills of Exchange
(payable in Europe) on or before the first day of next a Sum
equal to T /to of their Subscriptions, the like Sum at the expiration of
lIontlis from that time, and so on untill half the Amount of the
Subscriptions are paid in.
That the Governour and Directors shall be empowred to receive new
Subscriptions towards increasing the Capital Stock on such terms as they
may judge Proper.
That Notes shall be Emettcd from time to time. not to exceed the
Proportion of Dollars for one Received, as the Payments are
made.
That Cash Accounts shall be opened by which every Person upon giv-
ing approved Security shall be advanced Cash to a certain Extent, at such
times and in such Proportions as lie may order, for which
pr Ct. is to be charged from the time the Money is advanced-He also
having the liberty of returning such Sums (not less however than
Dollars at a time) as it may suit him, on which the like Interest will be
allowed whilst in Bank.
A supposed State agreeable to the above out Tines
Virg'a Curr'cy
Sum Proposed to [ ? ] ~oo,ooo Dollars at 6/ £ 150.000
To Years Interest at 5 pr Ct on £ 150,000 is £ 75,000
To be expended on Potowinack supposed £ 40000
To Years Salery to Secratary Treasurer 1.~oo
Governour, Directors, Expenses etc. on Busi-
ness for to years-say 7500
Clerks Overseers etc. Wages for to years 7500 56joo
By this state there remains a Ballance of £ t8goo out
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