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

airs gi'ided INTO twenty thousand shares, of one
! nuhoFed dollars each, Of which, every person
Il Subscribing may take and subscribe for one N,
more Whole shares . and such subscript;ep.
may be paid and discharged either in the leoal
currency of the United States, OF in the certIs.
cafes oil stock Ct the present Potomac coupanv
AT the par value thereof, or in the claims of me
creditors OF the said company certified by the
scung president and directors, TO have been due
Tor principal debt on the day on which the as.
sent OF tie said company shall have been siypi.
lied by their corporate set, as herein before
provided Tre,gGed the SAID certificates ~
stock shall not exceed. in the whole amount.
| ne Gum OF 1hrec hundred and eleven tl,oussnd
one hundred and eleven dollars ard eleven
cents, nor the said claims the SUN of one hun.
| dred and seyenty-i:ve thousand ci,rht HUNDRED
| dollars ProsiGed also, tlst the s'ock ca nai3
| for ia certificates at the stock If the pyesenr
| company, and OF the debts due from them. ehall
oniy be entitled 70 dividends IS hereinafter nro.
Vi1efi, ard that no Payment shall be received
| IA s"ch Certificates OF stock, until the Potomac
company snali nave executed the conveyance
| prescribed by the eleventh section of this ar,
| Ind pro1gded, That unless one half of ,be sad
capital shall be subscribed as aforesaid all sub.
scriptiobs made in consequence Of this act sb,,
DC VOID, and, Ia case enc halt and less than the
whole capital Shall be SUBSCRIBED as aforesaid
then the SAID commissioners, or a majority of
them, hereby empowered and directed tn take
and receive the subscriptions which shall fire,
be offered IN whole shares, as aforesaid nntil
the deficiency shall be made up /: a cerI;6c,te
OF which additional subscription shall be made
Under the hands OF the said commissioners. ora
majority OF them, for the time being. and re.
turned and recorded IS aforesaid
Dec. Z Ind be It enacted, That whenever one
mr. g
been subscribed in the manner provided for
by this act, then the subscribers, their heirs and
assigns, shall be, and are hereby declared to he.
Incorporated INTO company, by the name OF
the 'fotomac Canal Company,h and NAV eua
and be sued, and as such shall have perpetpal
succession, and common seal, and the estatea
rights, and interests Of the said company. shall
be adjudged and taken in law to be real . sta,a
and 1t shall thereupon be the duty of the said
commissioners, or a majority OF them. to- call
agenerai meeting of the said subscribers OF
such time and place, as they, or a majority OF
Them, shall appoint, after advertising the same
IN suci Pubhc prints, as they or majority of
them may think proper, and such of the sa;d
subscribers as shall be present at the said ma.
ting. or majority of them, are hereby eTnnou.
ered and required TO elect president and sir
directors, tor conducting the said undertal,inp
and managing all the said company's business
and concerns, for and during such time. no,
exceeding three years, as the said Subscribers
or majority OF them, shall think III and ~
counting TIE votes Of all general meetings. ~
the said company, each member shall be allow.
ed one vote Tor every snare, as far as ten shares
and one vote for every five shares above ten nv
him or her held at the tune, IN the said comma.
ny and any proprietor, by writing under his
or her hand, executed before two Witnesses
m ruen
TO vote and act as proxy for him or her A. anv
general meeting Provided also, That no Off.
Ger or director vi said company shall. under anv
circumstances, be allowed to vote on any stoct
but his own, that no individual shall ever
give as proxy. more than one hundred votes
Sec. 8. Ind be il enacted, That the said nres,
dent and directors elected, and their spc.
cessors, or majority OF them assembled. stall
nave full power and authority to appoint. and at
their pleasure dismiss such engineer orenpineers
and agent OF agents, as they may deem proper
and expedient, ana to Tx tDesr compensatlo,
and to arSree with any person or persons, on
behalf OF the SAID COMPANY, to cut canals. and
erect such locks, and perform such other works.
IS they shall judge necessary for forming and
completing the canal herein before mep,,oned
and described, from tide water in the District Of
Columbia to Cun.Oeriahd on the sad liver and
out OF the money arising from the subscriptions
& the tolls other aids hereinafter given. to
pay for the same, and to repair and keen in or.
der the said canals, locks and other works ne
cessary thereto, and 70 defrsy all medicinal
charges and also 10 appoint "a treasurer clerk
& other officers, toll gatherers, MANAGERS and
servants, as they shall Judge requisite, and 10
agree tor and settle their respective wages or
allowances, and settle, pass. and sign their &C.
counts; and also to make and establish rules nj
, In tron al al.
and concerns OF The sad company, in and d,,.
ring the intervals between Tie general meetings
OF the same and they silaii be allowed as
a compensation tor their trouble therein. such
sum OF money as shall BY agSneral meeting OF
the stockholders De Determined Pro,qaled al
zsays, That the treasurer shall give bond IN
sucn penalty, and with such security, as the 60;
| president aid directors or a majority OF them
shall direct, tor tue true and faithful DISCHARGE
| OF the trust reposed IN him, and that the slleS
| ance 10 be maae him for his services shall mo-,
| exceed three dollars in the hundred for the
disbursements by him made aud that no officer
| IN the SAID company shall have amy vote in the
| settlement or passing or ms own account
Sec. 4. .7na be IL enacted, That, ON all sinh
| scrptions which shall not be paid as hereinbe.
| tore provided, in certificates Of the stock or
! debts OF the present Potomac Company thera
| shail be paid, at the time OF subscrlptlon. ~,
each share, one dollar and Thereafter. When
the company shall be formed, the stock sub.
scribed shall be pad on such instruments aud
| at such times, as The president and direc.ors
shall from time TO umc require, as the work
| progresses 1'ropided That not more ,h.D
| one thlsd part shall be demanded within anv
| year from lie commencement Of the WORK.
nor any payment demanded until at least s,xtv
days pubhc notice thereof shall have been give,
In such public newspapers The said nresi.
dent and directors shall direct such notices n
be published IN; and whenever any subscr,ber
slall Iall Ia ...cE. In.