The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1823-04-02
IN .Acs incorhorati',g The Potomac Canal.
ComEany.
[Possed Febcuary 2isi, 1881

piied ny the waters oil the river Potomac,
and OF its tributary streams, from the
highest point practicable on the North
branch ofthe said river byCumbe rland,
to tide water within the district OF Go.
iunois, Will be1a work of great prof,
and advantage to the people of this state
and OF the neighboring states and may
Ultimately tend TO establish q connected
navigation between the eastern and wes-
tern waters. so as TO extend and multiply
the means and facilities of interior com
! rnerce, and personal intercourse between
the two great sections of the u. States !;
. and to inierweave more closely all the
reciprocal interests and affections tina, are
necessary TO consolidate and perpetuate
tho vital principles of union.
And, whereas, il is represented to the
general assembly, that the Potomac COM
rany are willing and DESTROYS that a char
ter shall be granted To u new company
upon the terms and conditions herein af
ter expressed, and that the charter of the
present company shall cease and deter
mine
Sec /. Beh therefore, enacted By the
general assembly OF Virginia, that so
soon as the legislature OF the state of
Maryland shall pass an act OF like effect
with this act, and the Potomac company
shall have signilied their assent 10 the
same b. their corporate act to be deliver.
ed 10 the executive of this commonwealth
there shall be appointed by the board of
public works, If in session, but if not in
session, then by the &c oIfcio members
thereof, three commissioners on the
part OF this commonwealth TO act in con
junction with three other commissioners
on the part of the state of Maryland
The said commissioners shall cause
books 10 be opened, at such times and
places as they shall think fit in this state,
and elsewhere and under the manage
ment OF such persons as they shall APP
PolDts for receiving subscriptions 10 the |
capital stock of the company hereafter |
incorporated, which subscriptions may |
either be made in person by power of at |
'orney and notice shall be given in such |
manner as may be deemed advisable, of |
The time and place of opening the books !
Sha The said commissioners shall cause
he books to be kept open az least two |
months i; and within twenty DAYS after
the expiration thereof, shall cali gene.
raj meeting Of the subscribers at the CITY
OF ashiDgton ; of which meeting no |
lce shall be given by the commissioners
aforesaid, IN at least three newspapers,
printed in VirgiDia, Maryland, and The |
city OF w ashlngton, at least one month
next before the said meeting; and such
meeting shall, and may be, continued. |
from fiay 70 III
h'ished; and the commissioners at the |
hme, and place aforesaid, shall Law be |
!'rc such of the subscribers as shall |
meet, according 10 said notice, the books |
containing the state Of the said srbscrin.
tions and, if one half of the CAPITA,
sum oftwo millions of dollars hereinafter
mentioned should, upon examination, an.
pear not to have been subscribed, then
the said commissioners, or majority of
ihems at the said meetings are empow.
cree TO take and receive subscriptions IN
make up the deficiency, and may con.
'inue to take and receive subscriptions 10
make up such deficiency for the term OF
twelve months thereafter, and lost and
cue list OF all such subscribers, with the
sum subscribed by each; shall be made
out x returned by the said commission
ers or nsjority Of them unde, theil
hands, to the board Ct public works, OF
this state, and The governor and coun-
ell OF the state OF Maryland, to be there
recorded; and, in case more than two
millions OF dollars shall be subscribed,
then the same shall be reduced to that
SUN BY the said commissioners, or a ma
Iorily eFlhems by beginning at, and strik.
lug of share from the largest subscrip-
ton or subscriptions, and continuile TO
strike Oft share from all subscriptions
under the largest, and above one share,
until the same is reduced to the capital OF
two millions Of dollars, or until a share
is taken from all subscriptions above one
share; and lots shall be drawn between
subscribers Of equal sums, 10 determine
the numbers in which such subscribers
shall stand, OF list to be made for slrik
| ing off as aforesaid, and, if the sum sub
scribed still exceeds the capital aforesaid,
then to strike of by the same rule until
the sum subscribed is reduced to the
apital aforesaid or all subscriptions re.
luced to one share; and, if there shall
still be an excess, then lots to lie dra0r
N determine Subscribers who are to be
excluded, 20 reduce the subscription 10
he capital aforesaid which striking oil
snail be certified IN the list aforesaid q;
and The said capital stock Of The company