Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-04-24

r- G. ~ 10y ~ tit-s Esr so e.s1t
james River Company; and when they lnlly
closed, thcy shall he returned TO tho Second Audi
tor verified by the signatures OF tn" Commission
c.s some of ,hcm, and Inc laid before tho Prcsr-
dnnt and Directors Of tRu James River Company,
IN order that the amount ofvHld Subscriptions may
be NSccrtN'ncd, aud proper m"Asnrcs taken there
upon.
s. Tho Second Auditor shall forthwith give pub.
lie notice IN such new Srapcrs a. he may tlInN pro-
per, the President aud Directors Il the james
River Company shall direct. OF tAc r"tnrn OF the
books ami of the amount of subscriptions appear
jug unou them; aud after tl" expiration of twenty
Gays from the publication Of such notice, the Pre-.
siGcn. and Directors shall proceed To ascertain tho
r.Geuut of valid subscriptions, regarding per-
SON. body polite or corporate, other than the
Commonwealth, as subscriber for any share, un-
less he shall have paid thcrcupou, into the Bank of
virpinia q Farmers Bauk OF virginia at Rich.
mumd at least five dollars to tho credit of the
.iIrhcs River Company, and have furnished a ccrti-
hcatc of such payment To the Second Auditor. II
II be asccrtaucd that three f!ths OF the capital
stock have not been subscribed hv persons, bodies
polite corporate, other than the Common
wealth, then the President and Directors ct the
James River Company shall direct the certificates
OF payment aforesaid to he returned to the subScr
hars, with the Second Auditors warrant on the
back thereof for the repayment OF the money;
aud they shall port to the next General Assembly
the failure Of the subscription, suggesting the pro
babc causes thereof and the means If any, of
ohvlaring them.
4 Whrn thrcc-Gfhs or more nf tho capital
stock shall have been subscribed by persons, bo
dies polite corpJratc other than the Common
wealth. but the whole capital shall not have been
subscribed, then the Commonwealth shall be re-
rarCcd as subscriber for the residue of the five
millions; and if, including the Commemorative
subscription, moro than five millions OF capital
shall have been subscribed, tho subscriptions shall
be reduced to five milc"s, by taking OIL the surplus
from the highest subscriptions other than that of the
Commonwealth; Il when 1t shall happen, thattwo or
more of the highest subscriptions are equal, and
tho desired reduction caumot be made by subtract
ing equally from each, then 1t shall be decided by
lot, from which subscription su bscriptions the
greater number shall be subtracted and the Prcsi.
dsnt and Directors of the James River Company
shall order IL accordingly Y.
). When thrcc-fitths Of the capital
stock shall have been subscribed by persons,
bJlies polite or corporate, other than tho Com
hivnwcalth, having paid as aforesaid, five dollars
upon each share, then the subscribers, their success
ors, heirs and assigns, shall be body polite " cor
aoratc by the name OF the James River 81 kanawh0
Company; and by that namc shall have perpetual
succession and common seal, may sue and bo
sued, 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
!'r0cidcd, ho,rcrcr, That they shall hold 10 real
estate, except that, which by this act, or some o.
Their act Of the General Assembly, may be specially
vested in thru they may be expressly authorised
TO acquire Cor the purpose of the improvements
which they are required TO make; and that they
shall in wise deal as bankers or merchants, OF
in buying and selling any produce or commodtic:
whatsoever, except such as it is obviously convent
cut and proper for them to purchase and sell il
the regular performance OF tho duties required o
them by this act; and that they shall not be cnga
scd in the establishment conduct of manutac
lures further than for the supply OF their own con
sumption, and that of the persons III their service
and in letting to farm or loasc. sites for mills an
other machinery and water for their use.
g. The President and Directors of the james Ri
yer Company as as they shall have ascertain
ed that thrce.tifths oflhc capital stock have beer
subscribed aforesaid that tho subscribers have
become body corporate, shall make publication
OF the fact in such newspapers as may be best suit
cd TO give notice the Stockholders, and shall ap
point day not more distant than thirty days, TO
= rcnc.al meeting Of the Stockholders at some fl
place in tie city of Richmond, TO the end that The
Company may &c organized by the appointment o
proper officers and agents. II, on the day appoint
ed, sufficient number of Stockholders do not at
tend TO constitute general meeting those present
may adjourn from time to time, TIL a suiliclcn
number al attend. To this meeting, the Sccon'
Auditor shall deliver the original books OF subscrp
ton. together with tho certificates of payment Int'
the banks, by the subscribers endorsing Thereon
his warrants for their payment to the oroer OF tn,
Company.
:. To constitute Il general meeting, there mus
he present, either i'll person or by proxy, humble
of Stockholders, having a right to give majorii
of all the votes which could be given at Il meeting
of all the Stockholders.
s. Each Stakeholder shall be entitled TO one vot
for each share held by him, far ten shares
and To vote for every hve shares above ten.
9. There shall nc stated general meeting of III
Stockholders, at some fiji place, in the city of Rcl
mond, on the second Monday in December in eac
year, at such other time the hye-laws of I'll
Company may prescribe, and there shall be cXtr
gcnc.t! meetings of the Stockholders, convene
from time TO time, occasion may require, in sue
manner may be ordered 10y the byc-laws. If, o
the day appointed for any stated annual ucctIrr,
sufficient number OF Stockholders shall not attend
to constitute such meeting, il shall stand adjourn
ed from day to day until sufficient number shall
attend
10. The Stockholders IN general meeting shal
have power 20 make all such byc.laws, rules an
regulations, not inconsistent with the constitution
laws of the land, they may deem proper, fo
the well ordering Of the affairs of the Compan,
for the protection and preservation of their pre-
perry, and for the maintenance of good order an
good police among their officers, agents, sorvan
md luborcrs, and among tho bo0tucn and othc
who use their canal and other works.
III. At the first general meeting, and at eac
stated annual meeting thereafter, the StOckholdcl
shall appoint a President and seven directors
the Company, who shall hold their Offices for on
year, and thereafter, until their successors shall b
appointed, unless sooner removed by the Stool
holders, in general meeting. Vacancies in the OF
fee Of President or Director shall be supplied
the Stockholders in general meeting, in sue
other manner the byc-laws may prescribe.
r. There shall be such other officers and agent
Of the Company as they may think proper. Thci
duties, the tenure of their office, and the mode
their appointment shall be prescribed by the bye
laws and bond with security for the pcrformanc
of their duties, may he required from any Of then
The salary, pay and cmslumonts of the President
Directors and all other officers and agents. shall
regulated by the byc-dws.
g. Minutes of the proceedings Of tho Stock
holders all General mcCtlugg verified by the