The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1823-04-07
I'm .Acs INCORPORATING the Potomac Canal

4 ScC. w. u nat tNe pTcSiUent ana Ill
rectors shall annually declare and make
such dividend of the oett profits from the
tolls to be received, according to the pro.
visions Of this act, and rom the other re
sources of the company, as they ma,
| deem adequate, after Reducing there
from the Necessary currency and coa,in
| gent expenses to he divided among the
| proprieturs OF the stock of,he said COM
pany 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
| shall have been paid for in curreu mo.
| ney of the u. S then the whole thereof
| shall be divided among the heIdes of
| such shares in proportion to their repec-
tive shares. But if such nett profis in
any wear shall exceed per cent on iuch
| shares, then the surplus shall! be divided
among such stockholders as shall AVE
paid for these shares in the certificates
Of the debt of the Potomac compny,
until they shall thereout have received
dividend of E per cent, and if balance
vet remain, the same shall be divided
among the stock oldcrs who shall hate
paid fo~ these shares in certificates oft,e
stoc k of the Potomac Company until they
sh II have received thereout, dividend
of per cent on such shares and ii there
vet remain a balance, the same shall be
divided among the whole oi the stock
holders in proportion to their respective
share.
Sec. H.. That whenever the Potomac
company shall have declared its assent To
the provisions ofthis act in the manner
herein before provided, Il shall be lawful
for said COMPANY to surrender ia charter
and convey in due form OF law TO the
Potomac Canal company, hereby incor-
porated, all the property, rights and priv.
iIeFes by them owned, possessed and en-
Joyed under the same, and thsreupon il
shall be lawful 10 and for the said COM
nany hereby proposed TO be created TO
accepf such, surrender and transfer, and
TO hold, possess use and Occlpy all the
said properly, rights and privileges in
the same raanner and to the Iame effect
as the said p tomae company wow hold.
possess and Occupy the same by law
and therenpoD The charter of the said Po-
tomac company, shall be and the same is
hereby vacated and annulled, and all the
rights and powers thereby granted to the
Potomac company shall be vested in the
company hereby incorporated and it
shall be the duty OF the said last mention
ed company until any section of the con
ltemplated canal shall be completed so as
to be used and enJoyed for purposes of
navigation, to keep the corresponding
parts OF the river in a proper state for
navigation, and in as good order as the
same nov is and in default thereof they
Shed be lii all things responsible il lpe
same manner, as the Potomac company
is now responsible
Sec 10. That the said canal and the
works to he erected thereon, in virtue Of
this act when completed, shall forever
thereafter be esteemed, and taken to be
navigable, as public highway. free for
the transportation of all goods, conmodi-
ties, or produce whatsoever, or payment
of the tolls TO be imposed as provided by
this act: and no other toll, or tax what
ever, for the use Of the said canal and the
works thereon erected, shall at any time
hereafter be imposed, but by consent of
the said states of Virginia and Maryland
Sec. IS And, whereas ii is necessary
for the making The said canal, locks and
other works, that q provision should be
made for condemning quantity Of land
for the pur. ose. he it enacted, That j,
shall and may be lawful, for the said pre-
ident and directors or a majority ofthem,
TO agree with the owners of aoy land,
| through which the said canal is intended
% pass, 70, the purchase, or any use, anG
occupation thereof, and in case Of dIsa.
gIeement, or in case the owner thereof
shall be feme convert, under age, non
lcompos, or out of the state, Oh applica-
ion to a Justice of the county, in which
srch land shall lie, the said Justice OF the
peace shall issue his variant under his
hand to the sheriff of the county, TO
summon a jury Of "a inhabitants of his
lcoun,y, not related to the parties, nor in
! any manner interested, to meet OH the
land 10 be valued, at day TO be EXPIRES
| in the wsrra ., not less than 10 or more
than 90 days thereafter, and the sheriff
upon receiving the said warrant, shat
forthwith summon the said Jury and when
met, shall administer an oath or afFirma-
ton o every juryman who shall appear,
being not less than 2 in pumUer that b,
will Faithfully, Justly ard impartiaiIy val
us the iand, aud all damages the owner
thereof shall sustain, by cutting the CANA
through such land or the partial or ton
80 a fr.utf ~