The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1817-03-14

from day 10 DAY until lie business IN Ne
nished And the acting managers at
the time and place aforesaid shall lay
before such OF the subscribers as shall
meet according TO said notice, the books
by them respectively kept, containing
| the state OF the subscriptions and il
the capital stock oi five hundred ,hou-
| sand dollars aforesaid, should sppenr
| not to be subscribed, then the said ma
| nagers are empowered to Ie-open subs
scription books OF the before mentioned
places 10 make up the deficiency, and
| TO keep the same open until the first
day OF July thereafter. And in case
more than FIVE hundred thousand dols
lars be subscribed, then the same shall
be reduced 10 that sum by the mana>
gers, or majority Of them, by Begin
ming at and striking of from the lar,
gest subscription, or subscriptions, and
| continuing 10 strike off share from air
subscriptions under the largest and a.
| Sove one share, until the sum is re6u.
| ced to the capital aforesaid OF Ave huns
dred thousand dollars, or until share
is taken from I'll subscriptions above
one share; and let's shall be drawn be.
| t"een subscribers of equal sums, 10 dee
termine the number in which such SUBJ
scribers shall stand on list to be made
tor striking eff as aforesaid and il the
sum subscribed still exceeds the capi~
| tai aforesaid, then TO strike of by the
same rule until the sum subscribed Is
| reduced tc the capital aforesaid, OF ALI
me subscriptions are reduced to one
| STARE anu II there still Le an excess,
| then lots 10 he drawn TO determine the
subscribers who are TO be excluded to
reduce the subscriptions to the capital
! aiorcsaId and the said capital sam
shall be rs5ckonsd and divided inlo ten
'housar sharesof fifty dollars each, of
which every person subscribing may
| take and subscribe for one or more
! whole shares, end not otherwise. Pro-
yideds That unless the capital sum a.
!oresaid, or three iifths thereof, shall
| have been subsrri5ed on or before the
| Il ST day OF July next, all subscriptions
! ",ade IN consequence OF this act SHALL
DC void.
BE 1t further enacted, That in case
The said sum Of five hundred thousand
dollars, or as much as three Fl rs he c.
of shall be subscribed as aforesaid The
| said Subscribers and their heirs and as
Slsns, from the thine of the said first
meeting, shall be and are hereby de-
ciared TO be incorporated into compa.
ny by the name OF " THE ALEX
| ANDRlA CANAL COMPANY" and
may sue and be sued as such, and such
OF the said subscribers as shall be pre.
sent at the said meeting. or majority
OF ,hems arc hereby empowered and
! required to elect 2 pre- sideut and iou
directors TOT conducting the uHdertak
ing, and managing all the said compa
ny's business and concerns, for and
curing such time, not exceeding one
year, as the said subscribers, or a ma.
jority OF them shall think fit, and, in
t"un,ing the votes Of all general meets
tgs OF the said company, each mem
Der shall be allowed one vote for every
share by him or her held in the said
company And any proprietor, by
| writing under his or her hand, execute
ed before two Witnesses, may depute a.
ny other member or proprietor to vote
and act as proxy for him or her at any
| general meeting.
| Abu OG Al enaCteus nat the said pre-
slden, and directors, so elected, and
their successors, or a majority OF them
assembled, shall have full power and
authority TO agree with any person or
persons, on behalf of the said compa-
ny, 10 cut the said canal, and erect such
locks, and perform such other works,
as they shall judge necessary, for O.
penihg and improving the navigation os
the same, and carrying on the said ca.
nalstrom place to place, and from time to
time, and upon such terms and in such
manner as they shall think fit /; ands
INT al the money arising from the sub
Scription, and the tolls ana other aids
hereinafter given, 10 pay for the same .
and to repair and keep IL. order the SAID
canal, locks, and other works necessa-.
Ty thereto, and 10 defray all incin> entail
charges and also TO appoint sreasN.
rer, clerk, and such other ailicers, toll
gatherers, managers and servants, as
they shall judge necessary, and to agree.
for, and settle their respective wages
or allowances, and 10 settle and sign
their accounts; and also to make ana
establish rules of proceeding and
TO transact all the other business ana
concerns OF the said company, in and
during the intervals between the &C.