Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1809-05-16
liz t-2 Cents Sin.gis.l


| slect president to serve for the resi-
Tue OF the term and the said stock
holders, in one year after the day On
which the election president and di~
rectors shall be first made, and on the
same day In every wear thereafter,
excepting the same shall happen on
! sunday, in that case onthe day succee-
}ding,) shall elect bv ballot from among
the stockholders, one prr>onas president
and SIX persons as directors and the
president. and directors for rhe time
being, shall give public notice in one Of
the newspapers printed in Washing,on,
Georgetown, ard Alexandria, for a
new election, ar least ten days previ.
Gus to the expiration of the time for
which they were elected, and each
stockholler shall be allowed one vote
for every share BY him Or herh cid stthe
TIM in said company =; and any stock
holder, by written authority under
his or her hand, and executed in the
presence oftlvo witnesses, NAV deputc
any other stockholdcr 70 vote and act
as proxy for him or her at anv general
nseting.
Sec. 5. And be 1t further enacted.
That the said president and directors
so selected and taeir successors. shall
he, and thev are hereby authorised and
empowered tn agree with asv person
or persons, on behatfof said con sany,
TO cut the canal as hid down on the
plan OF the city of Washington, erect
such locks, and perform such other
works as they shalijudge necessary for
opening the canal aforesaid, and the
forks thereof and out OF The monies
arising from subscriptions, wharfage
and tolls, to pay for the same and O re-
par and improve tfss canal, locks, and
1ther works necessary thereto, and to
deiray all incidental charges, and also
to appoint treasurer, clerk, and such
other oaicers, toll gItherers, managers
aad servants. as they SHALL lodge re0ui-
site, and to settle their respective wa.
ges.
Sec. s. And be it further enacted
That the treasurer OF the said conp4nv
shall, before ne scts as such, give bonI
TO the company in such penalty, and
with sIch security as the said president
and directors shall direct, conditioned
Tor the faithful per ormance of the du-
ties Of his Office.
Sec. z. And be it further enacted.
That the sad president and directors
SO elected, and their successors. shall
have fall power and authority 70 de.
mAnd and receive Of the stockholders.
IN equal proportions, the remai.jnr
nlne-tenths OF the shares, from time 10
tune, as they shall judge necessary
and II any of the stockholders shall ne
giect or refuse TO pay their proportions.
within one month after the same shall
have been ordered, the share or sLar4s
OF such defaulter shall be forfeited
provided, That notice shall b. given.
by advertisement, in one ofthe news
papers printed in Washington. George.
town, and Alexandria, of The tim.
when the same shall be ordered to y.
paid.
Sec. 8. And be Il further enacted
That the said company shall not beoi,,
TO collect wharfage or tolls. uni, Re
canal is made navigable for boats and
scews drawing three feet water to nass
through the same from the Potomac
river 20 the Eastern branch thereof.
And it at any time the said canal shall
become ob8tructed, so that boats and
scows drawing three feet water eannot
pass through the same, from the Poto-
mac river to the Eastern branch fbers
OF, 1t shall not be lawful for the sa;J
company to collect any WHARFAGE ~
tolls until such obstruction shall ba,a
been removed.
Sec. 9. And be it further enacted
1 hat every president end director. he,
lore he acts as such shall take an oath
or affirmation that he will well and
faithfully discharge the duties of his
Office and any four of the directors
with the president, shall constitute
quorum Tor transacting any business of
the company.
sec. 10. And be il further enacted
That the shares in the said comnany
shall be deemed personal and rot resI