Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-04-10


closed, they Shall he returned 10 the Second Audi
tor, verified by the signatures ot Ike Commissions
crS, of them, and ne laid before the Prcsi-
dent aud Directors OF the james River Company,
IN order that the amount of valid subscriptions may
bo "sccrtaincd, md proper measures a;cn there
upon.
,. Tho SECOND Nudi'o shall ir.'',w,h rive pub
lie notice, IN such new srGp.rS ~ hn ,iay think pro
p"r the frrSldvm, Ald Directors { the james
River Company sh4tl direct, "t the return Of the
hooks, and of The anoun, ot Subscriptions appear.
ing upon thcu: and after the iraiiou of tNcnty
da;s from the qualifications u si,rh notice, the Pre-
sIdcnt and Directors shall proceed to ascertain the
amount oC valid SuhsCr! l'i"ns, regarding no per-
son, body polite c"r2nrltr, other thtn tho
Commonwealth, as subscriber for any share un
less he shall have paid ihcrcu?nn nto the Ban; of
Virginia, ur Farmers Bank oil virginia a, Ech
mond, at least i've dollars To the credit of the
! tines River Company, and have furnished Il corti-
iiCatc al payment In the Second Auditor. If
IL bc asCCrtaincd that three iii,hs of the carI,a
stock have not been subscribed by pcrsuuS, bodies
polite or corporate, other than the Common
wealth then 'hc President and Directors of the
James River Company shall direct the certificates
nj payment, aforesaid TO be returned To the subscr
h"rS, with the Second AUDITORS warrant on the
back thereof, for the repayment OF the money;
and they shall report to the next General Assembly
the failure of the subscription, suggesting the pro
bahlc causes thereof and the means, If any, of
obviatiug them.
4. When threc-Giths of the capital
stock shall have been subscribed by pcr>"ms bo-
hlcS pothlc ar corporate, other Than the Common
wealth, but the whole capital shall not have been
subscribed, then the Commonwealth shall he re.
gdrdcd as subscr her for the residue of the five
millions; and if, Including the commemorative
subscription, mere than FIVE millions of capital
snail have been subscribed, the subscripii shall
lie reduced to five mliliCus, by taking of The surplus
from the highest subscriptions other than ihat o! the
Commonwealth; * when It shall happen, that two or
more of the highest subscriptions are cqual, and
the desired reduction cannot be made by subtract
ing equally from cach then il shall he decided bv
lot, from which subscription or subscriptions. the
greater number shall he Sub,ractcd and the Prcsi.
dent and Directors of the james River Coupanv
shall order II accordingly.
D. W hen three tths of tho caritai
stock shall have been subscribed bv persons.
bodies polite or corporate. other than the Com.
monwealth, having paid aforesaid, five dollars
upon each share then the subscribers their success
ors heirs and assigns shall he body polite X cor
poratc by the name of the James River x kanayv ina
company; and by that name, shall have perpetual
succession and common seal, may sue and he
sued, plead and be implicated, purchase and hold
sell and convey real and personal property; and
shall he to every intent and purpose in law the
successors of the present james River company:
Pror'dcd, homcrcr, That they shall hold no real
estate, except that which by this act or some o.
thcr act OF the General Assembly may be specially
vested III them, or they may he expressly authorised
to acquire for the purpose OF the improvements
which they are required to make; and that they
shall in no wise deal as bankers or merchants or
IN buying and selling any produce commodities
Whatsoever, except such it is obviously convent
cnt and proper for them to purchase and sell in
the regular performance CT the duties required of
them by this act and that they shall not he enra.
ged in the establishment or conduct of manuf;Ic
lures, further than for the supply OF their own con-
sumption, and that of the persons in their service
ana III letting TO farm lease. sites for mills and
other machinery, and water for their use.
o. The President ani Directors of the James RI
Yer Company as soon as they shall have ascertain
ed That thrcc.tlthS ofthe capital stock have been
he I.,,,.
become body corporate, shall make publication
OF the Tact III such newspapers may be best suit.
cd TO give notice To the Stockholders, and shall p-
point II day not more distant than thirty DAYS, for
general meeting OF the Stockholders at some fit
place in the city of Richmond, to the end that the
company may DE organized by the appointment of
proper officers and agents Ii, the day appoint
Oh, Il sulhcicnl number of Stockholders do not Mt
tend TO constitute general meeting, those present
may adjourn from time to time, till Il sufficient
hun"cr shalt attend. To this meeting, the Second
Auditor shl deliver the original books OF suhscrp.
Lrh' together With The certificates Of payment into
the banks, by inc subscribers, endorsing thereon
ms "arpnta i"t the,r payment to the OrdCr of the
new Company.
Z. To constitute general meeting. there must
he present. either IN person by proxy, a number
OF Stockholders having "A right to give a majority
ei AL the yoieS winch could be given AT meeting
OF all the Stock holders.
\. Each ckholdcr shall be entitled TO one vote
for each share held by him, IS far as ten shares
and to one vote for every five shares above ten
y. There shall he stated genera, meeting Of the
hiockhoIdcrs, at some til place, III The city of Rich
mond, on the second Monday in December in each
Year, or at such other time the bve-iLws Of the
Company may prescribe, and there shall bo extra
genera! meetings of the Stockholders, convened
Ir"'n time TO time, as occasion may require, in such
manner may he ordered 10y the yc-laws IT, on
the day appointed for any stated annual meeting n
sufficient number of Stoc, holders shall not attend
10 constitute such meeting, il shall stand adjourn
I'd from day to day until Il sufficient number shall
attend
10. The Stockholders in general meeting shall
have power TO make all SUCH byc.laws, rules and
regulations, not inconsistent with the constitution
or laws ofthe land, they may deem proper, for
the we'll ordering of the affairs of the COMPANY
for the protection and preservation of their pro.
pcrty, and for the maintenance of good order and
good police among their officers agents, servants
aud IaborcrS, and among the boatmcn and others
who use their canal and other works
H. at the first general meeting, and at each
stated annual meeting thereafter, the Stockholders
shall appoint President and seven Directors OF
the Company, who shall hold their Offices for one
year, and thereafter, until their successors shall be
appointed, unlcs. sooner removed by the Stock.
holders lii general meeting Vacancies in the of.
flee Of President or Director shall be supplied by
The Stockholders In general meeting, or i'm such
other manner as the byc-iaws may prescribe
II. There shall he such other officers and arcnfs
of the Company, as they may think proper. Their
duties the tenure OF their office and the mode OF
their appointment, snail he prescribed bv the bye
laws and bond with security for the performance
OF their duties, may he required from any Of them
Directors, aud all other officers and agents snail bc
regulated by the ayr.i,ws.
-. Minutes Of "a" proceedings oC the stock
holders At all general meetings verified Nv the sig-