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

| nOlCe Ill sucn newspapers us tney shall
think proper; which meeting may be
adjourned, and continued, as afore.
said; and i'm case the stockholders, oil
a majority of them, in any general
meeting aforesaid, shall deem it expe-
dent to order a semi-annual, rather
than a yearly dividend, as aforesaid,
then in like manner, with like notice,
and under the like restrictions, there
shall he half yearly, or semi-annual
dividend or nett profits declared and
paid.
2 Sec. 9. And be IL further enacted,
That for and in consideration of the
expense the said stockholders will be
AT in cutting the said canal, erecting
locks and dams, providing aqueducts,
feeders, and other works, and in inn
proving and keeping the same in re-
pair, the said canal, and all other works
aforesaid, or which may be required to
improve the navigation thereof at any
time thereafter, with all their profits,
subject to the limitations herein pro-
vided, shall be and the same are here
by, vested i'm the said stockholders,
their executors administrators, and as
signs, forever, as tenants in common,
inproportion to their respective shares;
and that it shall and may be lawful for
the said President and Directors at all
times, forever thereafter, to demand
and receive, at such places as
shall hereafter, be appointed by the
President and Directors aforesaid,
tolls for the passage of vessels, boat
boats, RATS, produce, and all other ar
articles, at such rates as the said Pres
ident and Directors, may hereafter al
low, and establish, according to the
provisions of this act.
Sec. 10. And be it further enacted,
That, if the Commissioners, or any of
them, hereby required to be appointed,
shall die, resign, or refuse to act, the
vacancy occasioned thereby, shall be
filled by person or persons appoi"ted
by the President of the United States;
and the person or persons so appointed,
shall have all the power and authority
which was vested i'm the commissioners,
whose place he or they may be appoint
ed to supply; and when any part ofthe
canal aforesaid shall have been com
pleted according to the true intent and
meaning of this act, the President and
Directors of the Company hereby Gre
ated, shall have power, and it shall be
their duty to Ordain and establish, n
rate of tolls to be paid upon boats, YES
sells, RATS, or other property, passing
on the part of the canal so completed,
and so, from time to time, as n part or
parts shall be completed, until the en-
tire canal shall have been finished, ac-
cording to the true intent and meaning
of this act; for the collection of which
tolls, the President and directors shall
have power to establish so many toll
houses and, at their pleasure, appoint
and remove so many collectors, and at
such places as, from time to time, they
may Judge expedient; and the said
President and Directors shall have full
authority, subject to the direction and
control of majority in interest of the
stockholders represented in any gen
eral meeting, to regulate d fix a tariff
oftolls,nOt exceeding an average oftwO
cents per ton, per mile; and 80 to ad-
ust the said toll in relation to the ca
pacity of burden of the boats, the di-
mensions of the RATS, passing the locks
of the said canal, as to promote ecOnO-
my Of water and time, in the navigation
thereof.
Sec. II. And he 1t further enacted,
That the President and Directors shall
annually or semi-annually declare and
make such dividend of the net profits,
from the nett from the tolls to be re-
ceived, according to the provisions of
this act, a. other resources ofthe Com
pany, as they may deem ADVISABLE,
after deducting therefrom the necessa-
ry current, and the probable contingent
expenses, to be divided among the pro-
prietors of the stock Of the said com
pany, in proportion to their respective
shares, until the annual dividend there
on shall have reached twenty per
centum, beyond which it shall never
extend; but should the nett revenue Of
the Company exceed that amount for
any two years in succession, then such
excess shall be applied by the Presi-
dent and Directors, in such mode as
shall be agreed on by majority Of the
convenedin general meet
ing, to strengthening, improving, and
extending the works Of the canal ofev-
cry description requiring the same; and
should the said tolls continue, after such
have been completed, to
mott more than twenty ner cent. Der