The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1830-07-15

foresaid. shall lay before the subsc ribe RS
the books containing the state Of the said
subscription, and if one fourth of the cap.
ital sum of two hundred and fifty thousand
dollars should not appear to have been sub.
scrbed, then the said Commissioner or a
majority Of them, are empowered to take
and receive subscriptions to make up such
/ deficiency, and may continue To take and
receive subscriptions for the term oftwelve
months thereafter; and Just and true list
OF all subscribers, with the sum subscribed
by each shall be made out and returned by
the said Commissioners, or q majority of
| them, under their hands, to the Secretary
Of the Treasury ofthe United States, to be
carefully preserved; and in case more than
two hundred and fifty thousand dollars shall
be subscribed, then the sum subscribed
shall be reduced to that amount by the said
Commissioners, or majority Of them, by
beginning al, and striking off share fro,a
the largest subscription or subscriptions,
and continuing to strike off a share from
all subscriptions under the largest. and a.
bove one share. until the same shall be re.
duced to the capital aforesaid, or unit! a
share shall be taken from all subscriptions
above one share; and lots shall be drawn
between subscribers Of equal sums TO de.
termine the number Of shares which each
subscriber shall be allowed to hold on
list to be made for striking off, as aforesaid;
and, 1t the sum subscribed shall exceed the
capital aforesaid, then to strike off by the
same rule, until the subscribed shall be re-
duced to the capital aforesaid, or all sub.
ccriptions reduced 10 one share, respective.
ly; and if there be still an excess, then lots
shall be drawn to determine the subscrib
ers who arc to be excluded in order to re.
duce the subscription TO the capital afore. !
said, which striking off shall be certified |
on the list aforesaid; and the capital stock !
OF the Company hereby incorporated shall
consist Of two hundred and fifty thousand |
dollars, divided into shares Of one hundred !
dollars each, Of which every person sub !
scriblng may take and subscribe for one or
more whole shares; Prouided, That unless
one fourth Of the said capital shall be sub
scribed, as aforesaid, all subscriptions un-
der this &C. shall be void; and in case one
fourth, and less than the whole, shall be !
subscribed, then the said Commissioners,
or majority Of them, are hereby empow.
cred and directed to take and receive the !
subscriptions which shall first be offered in /
whole shares, as aforesaid, until the defic.
iency shall be made up, a certificate of
which additional subscriptions shall be
made under the Hands Of the said Com
missioners, or majority Of them, for the
time being, and returned, as aforesaid. (
Sec. 3. find be II further enacted, That.
whenever one halt, or a greater part. Of
the said stock shall have been subscribed
in the manner aforesaid, then the subscrib. /
ers, their heirs and assigns, shall be, and
are hereby declared to be incorporated in.
to company, by the name OF tho Alsxan-
dria Canal Company, and may suo and be
sued as such, and as such shall have per- /
petual succession, and common seal; and /
it shall thereupon be the duty Of the said
Commissioners, or majority Of them, to
call general meeting Of the subscribers,
as they or majority ofthem, shall appoint,
after advertising in the public prints as
er; and such Of the said subscribers as shall
be present at the said meeting, or major.
ity ofthem, are hereby empowered to elect
a President and six Directors, for conduct.
ing the said undertaking, and managing all
the said Company's business and concerns,
for and during such time, not exceeding
three years as the said subscribers, or a
majority Of them, shall think fit, and in
counting the votes Of all general meetings
Of the said Company, each member shall
be allowed one vote for every share, az far
as ten shares, by him, or her, held at the
time, in the stock Of the said Company;
and any proprietor to vote and act as proxy
for him or her, at any meeting: PROVIDED.
also: That no officer or director Of said
Company shall be allowed to vote on any
stock but his own: find provided also, That
nothing herein contained shall be constru
cd to prevent any person or persons, who
may from time to time, be by law appointed,
from voting at any general meeting on any
which may be held by any State.
tho said President and Directors, and their
successors. or a majority Of them, assem-.
bled, shall have full power and authority to
appoint, and, at their pleasure, dismiss,
such engineer or engineers, and agent or
agents, as they may deem expedient, and
to fix their compensation, and to agree with
any person or persons, on behalf of the said
Company, to cut canals, erect dams, open
feeders, construct locks, and perform such
other works as they shall Judge necessary
and expedent for completing canal, from
the terminstion, or other point on the Ches-
apeake and Ohio Canal, to such place in
the town Of Alexandris, as the Board Of
Directors shall appoint; and out Of the mon
ey arising from the subscriptions and tolls.
to pay for the same and 10 repair and keep
in order the said canals, locks, and other
necessary works thereto, and to defray all
charges; and also. TO appoint a
Treasurer, Clerk, and other officers. toll
managers, and servants, as they
shall Judge requisite, and TO agree for, and
ali and tn /