The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1823-04-04
IN .4es incorporating the Potomac canal


Il 'NN'V'S ~ >sSShNot anu kiltit- SuCIC SSOTS
mr. majority OF them assembled, shall
have full power and authority to appoint
and at their pleasure, DISMISS such engi
neer or engineers, and agent or agents.
as they may deem proper and eSpedient
and TO FIX their compensation and to
! gree with any person or persons, OF
behalf of the said company, to cut canals
and erect such locks, and perform such
other works as theYshal Judge necessary
Tor forming and completing the cana
heTeinbeiore mentioned and described
| from tide water in the district at Column
bia to Cumberland on said river an,
out Of rho money arising from the sub
scriptions, and the tolls and other aid
| hereinafter given, TO pay for the same
and to repair and keep in order the said
| canals, locks, and other works necessary
thereto, and TO defray all incidental char
ges; and also to appoint treasurer,
clerk, and other officers, toll gatherers,
managers and servants, as they shall
Judge requisite, and 10 agree for and set>
tie their respective wages, or allowance,
and settle, pass, and sign their accounts !;
and also to make and establish rules of
proceedings, and to transact all other
business and concerns Of the said compa.
ny, IN and during the intervals between
the general meetings Of the same and
they shall be allowed, as compensation
for their trouble therein, such sum of
money as shall. by general meeting of
the stockholders, be determined; Pro-
vided always, That the treasurer shall
give bend In such penalty and with such
security, as the said president and dIrec.
tors or a majority of them shall direct,
for the true and faithful discharge Of the
trust reposed in him, and that the allow
ance to be made him for his services,
shall not exceed three dollars in the
hundred for the disbursements by him
made and that no officer in the said
company, shall have any vote in the set
Element or passing of his own account
Sec. 4. That OF all subscriptions
which shall not be paid as heretofore
provided in certificates oil the stock or
debts OF the present Potomac company,
there shall be paid, at the time of sub.
scripuon on each share, one dollar, and
| thereafter. when the company shall be
formed, the stock subscribed, shall DC
paid in such insIa.nents, and at such
tunes as the president and directors shall
from time 10 time require, as the work
progresses Provided, that no more
than one third part shall be demanded
within any year from the commencement
OF the work, nor any payment demanded
until al least sixty days public notice
thereof shall have been given in such
public newspapers as the said president
and directors shall direct such notices 30
be published in; and whenever any
subscriber shall fail 10 pay any instalmen,
called for by the company, it shall and
may be lawful for the company upon
motion to be made in any court of record
alter ten days, notice TO obtain Judgment
against the subscriber so failing to pay
or the said company at their option may
alter giving sixty days notice in such
public newspaper, printed in the district
OF Columbia, as they may Judge proper,
sell the stock of such subscriber, and If
the proceeds of any such sale to be made
sh ii exceed the sum demanded, the sur
plus, after paying the expenses of such
sales shall be paid to the subscriber so
failing, or to his representatives, and the
purchaser at such sale shall become
stakeholder, and be subject to such
rules and regulations, and entitled to the
same privileges, rights, and emoluments
as original subscribers under this act.
Sec. 3. Ands to continue the success
! sion Of the said president and directors,
| and keep mp the same number: Be il
| enacted, That, from time TO time. upon
the expiration of the said term for which
the said president and directors were
appointed, the proprietors Of the said
company, at ihe next general Meeting,
shall either continue the said president
and directors, or any of them, or choose
others in their stead and until such
choice be made, the president and direc.
tors tor the time beng shall continue in
office and in case OF the death, removal,
resignalion,or inca pacity Of the president,
or any of the said directors, may and
shall, in manner aforesaid, elect any
other person or persons 10 be president
and directors in the room oil him or them
so dying, removing, or resigning, and
may. at any of their general meetings,
remove the president, or any Of the d.
Tectors and appoint others for and dur
ing the remainder of the term, for which
such person or persons were at first TO
have acted.
Sec 8. That every president and di-
rector, before he acts as such, shall take
an oath OF affirmation for the execution
of his Office.
Sec. 7. That the presence Of stock q.