Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1823-05-29

4
Ing or TO ms representatives, and the purchase,
4. such sale shall become a stoc kholder. and A.
subject 10 the same ralcs and regulations. and
enulied TO the same privileges, rights, and
! emoiuments, rs original subscribers under this
act. :
Sec. ). And 10 continue the succession of he
| san president aud directors, and 10 keen ~
he siiile number. &c il enacted, that from tim
TO tune, upon the expiration of the said term
Tor which the said president and directors were
appointed, the pToprietors the said company.
at the next general uieeting. siIan either con.
hnue the ssid president ami directors, or anv
OF them, or Choose Other IN their stead and
until such choice be made.the president and
direc,0ls for tie time being shall contlaue in
once anu IN case OF the death, removal, re-
sisnaiior, or nespacity OF the president. or
any OF tAe .aid directors, may and shall, in uan.
her AFORESAID, elect any other person Or ner.
sons TO BE- president and directors in tie room,
othim or them so dying, removing, or.t resign.
ing, and may, al any of their general meetings.
remove The president or any of the directors,
appoint others tor and during the remainder Of
the term TOR which such person or persons
we're at first 10 have acted.
sec O. IND osH enacted, That every presi-
dent and director, before he acts as such. shall
take an oath or affirmation for the due execu.
ton of his office.
Sec. 7. .ind6s al enacted, That the presence
OF stockholders, having major part of the
stock at least, shall be necessary to constitute
general meeting OF the stockhcldegs. which
shall be held on the first Monday !. June IN
every year, at such convenient town as shall,
from time. TO time, be appointed by the said
general meeting; but ii sufficient number
shall not attend on that day, the stockholders
who do attend, may adjourn from day to day,
until the business OF the company is finished 10
which meeting the president and directors snall
make report, and render distinct accounts of all
their proceedings and ON finding them fairly
and justly stated, the STOCKHOLDERS then present.
or a majority OF them, shall give a certificate
thereof, duplicate of which shall be entered
on the said company's books; and at such year.
ly general meetings. after leaving in the hands
OF the treasurer such sums as the stockholders.
or majority OF them, shall judge Necessary for
repairs and contingent charges, an equal div-
dend OF all the nett profits arising from the
tolls hereby granted, shall be ordered and made
to and among all The stockholders Of The said
company. IN proportion TO their several shares,
SUBJECT to the provisions and ensctments here
after declared; and upon any emergency in the
interval between the said yearly Ineetii.ss. the
sad president, or majority OF said directors.
may appoint general meeting OF the stockton.
ders OF the said company, at any convenient
town, giving at least one month's previous no.
tice, IN at least three newspapers in Virginia.
Maryland, and Washington, which mee,ipg
may be adjourned and continued
sec. y. md be ii enacted, That for and in
consideration of the expenses the SAID stock
holders Will be at, not only in cutting the
SAID canal, erecting locks, and other works.
and improving and extending the navigation
thereof, but In maintaining and keeping the same
III repair, the said canal and works with all
their profits, shall be, and The same hereby.
vested in the said stockholders, their heirs and
assigns, forever; as tenants in common, in nro.
portion TO their respective shares, and be for
ever e1emptfr from payment OF any tax, inposi.
tion, or assessment, whatsoever, and that it shall
ana may DC awful tor the said president and
directors, al All tunes, forever hereafter, to de-
nand ana receive, at such places as shall here
after be appointed by the president and direc.
tors as aforesaid tolls for the passage of YES
sells, boats. RATS, produce, and articles. at such
rates as the president and directors may here.
after allow and establish, according to the pro.
visions OF this act
sec, y. Ind be IL enacted, That if the com.
mIssioners hereby directed to be appointed.
Shall die, resign, or refuse to act. the vacancy
occasoned thereby shall be filed BY the Board
OF fubic W orks or 1t IT be not in session nv
the ex-ofhcers, meEnbers thereof, and the ner.
son appointed to fill such vacancy. shall have
all the power and authority which was vested in
the commissioner, whose place he shalt he an.
pointed to supply; and when any part of the
canal aforesaid shall have been Completed. &c.
cordlng 70 the true intent and meaning of this
act, the president and directors of the comnanv
hereby created, shall have power, and il shall
pc their duty, to ordain and establish rate of
IONS 10 De paid upon boats, vessels, RATS, or
olher property, passing on the part of the canal
so to be completed, and so, from time To time
AS part or parts shall be completed and nn,,I
the whole shah be done for the collection of
which tolls, the president and directors of the
SAID company shall have power to establish so
many toll houses, and at their pleasure to an
point and remove so many collectors. and al
such places, as from time to time thew NAV
Judge eApedent; and that the said president
and directors shall nave full pow err and author;
~ to regulate and Tx tariff OF tolls. not ex.
ceeding an average rate of two cents per ton
per mile.
Sec. 10. And be- enacted. That the nres.
dent and directors shall annually declare and
make such dividend of the nett profits from
the tolls TO be received, according to the pro.
VISIONS OF this act, and from the ether resources
OF me company, as they may deem advisable,
alter deductins therefrom the necessary current
and contingent expenses, to be divided among
the propretors ofthe stock of the said company.
IN proportion to their respective shares, in
manner following, that is TO say if such nett
profits shall not exceed six per cent. on the
amount OF shares, which stall have been paid
Tor IN current money of the United States, then
the Whole thereof shall be divided among the
| holders OF such shares in proportion to their
| respective shares. But if such nett profits, in
| any year, shall exceed six per cent on such
! shares, then the surplus shall be- divided among
such stockholders As shall have paid for their
shares IN the certificates of the debt of the Pc.