Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-05-04


opened, and may he continued open, If necessary,
until tho second Monday in December next. A..
subscriptions mast tea i"s more whole
shares, none being allowed for any part ata share.
y. When tho books are urCuCd, the State shall be
regarded aS n subscriber Tor ten thouSand shares of
thr stock to be paid for by atrinstcr OF her whsle
interest in tic works and property oi the present
james River Compln.; and when they are finally
closed, they shall po returned tn tho Second Audi.
tor verified bv the signatures OF the Commits sion
crs, or OF them, aud he land before the Prusi
dout and Directors of thc james River Company,
in order that the amount OF valid subscriptions may
be asccrtolncd, aud proper measures taken there.
uIOn.
3. Tho Second Auditor shall forthwith give pub
lie notice III such newspapers as ho may think pro
per, as the President and Directors e tho james
River Company shall direct, ur tie return of the
books, and of The amount of subscriptions appear
ing upon them; and after the expiration Of twenty
days from the publication ct such notice, ths Pre-
slGcnt and Directors shall proceed 10 ascertain tho
amount of valid subscriptions, regarding no per-
scm, body polite corporate, other than the
Commonwealth, as subscriber for any share, un.
less hr shall have paid ihercuprn into The Bank oc
Virginia, Farmers Bank Of Virginia ut Rich
inund, a. least five dollars To the credit of the
james River Company, and have furnished corti-
fcate of such payment to the Second Auditor. IL
1t bN ascortaincd that three hths Of the capital
stock have not been subscribed by persons, bodies
polite corporate, other than the Common
wealth, then tho President and Directors OF the
james River Company shall direct the certificates
of payment aforesaid to be returned to the subScri-
beers, with the Second Auditors warrant Oh the
back thereof, for tho repayment OF tho money;
and they shall report To The next General Assembly
the failure Of the subscription, suggesting the pro
bsblc causes thereof and the means, if any, of
obvia,ins them.
4. When thTcc-fi:ths or more Of tho capital
stock shall have been suh:crIbcd by persons, ho-
dies polite corporate, other than the Common
wealth, but the whole capital shall not have been
subscribed, then the Commonwealth shall be re-
gardcd q suhscr Der fer tho residue Of the five
millions; and if, including the Commonwealth
subscription, IN, re than five millions of cauitnl
shall have been subscribed, the subscripti ms shall
ho reduced To five mcms, by taking off the surplus
from the highest subscriptions other than that of the
Commonw cath; y when 1t shall happen, that two or
more of tho highest subscriptions are equal, and
tho desired reduction cannot he made by subtract
ing equally from each, then 1t shall he decided by
lot, from which subscription or suhscri ptionS, the
greater number shall be sub,racted, and the Prcsi.
dent and Directors of the James River Company
shall order il accordingly.
>. When thrcc-iiith more of the capital
stock shall have been subscribed by persons
bodies polite or corporate, other than the Com
nonwcaiih, having paid as aforesaid, five dollars
upon each share then the subscribers their
ors, heirs and assigns, shall he body polite X cor
porate, by the na.nc of the james River X Klmaw hu
Company; and by that name, Shall have perpetual
succession and II common SEAL may sue and be
rucd, plead and be implicated, purchase and hold,
sell and convey real and personal property; and
shall be to every intent and purpose in law, the
successors of the present james River company:
Proridcd, h9worcr, That they shall hold no real
estate, except that, which by this act, or some o.
thcr act o: the General Assembly may DC specially
vested in them, they may be expressly Authorised
to acquire for the purpose of the improvements
which they required to make; and that they
shall in wise deal bankers or merchants, or
In buying and selling any produce commodities
whatsoever, except such as it is obviously convent
emit and proper for them to purchase and sell in
the regular performance OF the duties required OF
them by this act; and that they shall not be cugl-
god i'll the establishment or conduct OF mallutac-
lures, further than Tor the supply of their
sumption, and that of the persons in their service
and in letting 10 farm lease. sites for mills and
other machinery, and water for their use.
6. The President and Directors OF the James Ri
vcr Company soon as they shall have ascertain
ed that thrcc.tilhs ofthC capital stock have been
subscribed aforesaid, that tho subscribers have
become body corporate, shall make publication
OF the fact in such newspapers be best suit
ed 10 give notice TO the SteckhC ldcrS, and shall ap-
point day not more distant than thirty DAYS for
general meeting of the Stockholders at some f,
place in the city OF Richmond, to the end that the
Company may DC organized by the appointment of
proper officers and agents. Ii, on the day appoint
cd, sufficient number of Stockholders DO not at =
tend to constitute general meeting, those present
may adjourn from time TO time, till a sufficient
number sail attend. TO this meeting, the Second
Auditor shall deliver the original books of Subscrip.
ton, together with the certificates of payment int
the BANKS, by tho subscribers endorsing thereon
his warrants for their payment to the ordcr Of the
new Company.
7. To constitute i general meeting there must
DO present. either ia person or by proxy, number
OF Stockholders, having right to give majority
@! all the vo:es which could be given al Il meeting
Of all the Stockholders
&. Each StockhoiGor shall be entitled 10 ono vote
for each share held by him, far as ten shares,
and to one vote for every five shares above ten.
,. There shall nc stated general meeting ofthe
Stockholders, at fit place, in the city of Rich
mond, on the second Monday IN December in each
year, or at such other time the bye-laws of the
Company may prescribe, and there shall be extra
genera, meetings OF the Stockholders, convened
from time to time occasion may require, i'm such
manner as may be ordered by the byc-laws If, on
the day appointed for any stated annual meeting a
sufficient number OF stockholders shall not attend
to constitute such meeting, il shall stand adjourn
FL from day to day until 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 OF the lanu, as they may deem proper, for
the well ordering tho affairs OF the Company,
for the protection and pre- ervation of their pro
perty and for the maintenance Of good order and
good police among their officers, agents, servants
and laoorcrs, and among the boatmen and others
who use their canal and other WORKS.
IL. ~ the first general meeting, and at each
stated annual meeting thereafter, the Stockholders
shall appoint d President and seven Directors of
the Company, VINO snail hold their Offices for one
year, and thcrc1itcr until their successors shall be
appointed, unless sooner rcmoycd by tho Stock.
holders, in general meeting. Vacancies in the Of
fee Of President or Director shall he supplied by
the Stockholders IN general meeting, in such
other manner as th, hyc.!lN may prescribe.
-. Thcrc shall nc such other officers and agents
OF the Company, as they may think proper. Their
duties the tenure Of their Office and the mode of
their appointment, shall 30 prescribed hv the bye.
laws aud oond with security for the performance