The Morgantown monitor. [volume] (Morgantown, Va. [W. Va.]) 1863-1864, 1863-12-05
Slack Water Navigation.

and Monongalia Navigation Com
pany, passed, Dot. 10, 1868.
Be it enacted by the Legislature of
West Virginia:
/. 1t shall be lawful to open books
under the direction Of George, w.
Jelliff, James O. Watson, John
Kearsley, Jacob G, Beeson, and Ashel
Harr, or any three of them, at Fair
mont, in the county Of Marion, an d
at Morgantown, Monongalia county,
Henry Dering, David H. Chadwick,
Alfred Yeager, Samuel Sears, and
George NJ. Hagans, or any three of
them, for receiving subscriptions in
shares Of twenty dollars each, to an
amount not exceeding two hundred
thousand dollars, to the capital stock
of the Marion and Monengalia Nav
igation Company, for the purpose Of
improving the Monongahela river by
slack water from Pennsylvania line
upwards to the tewn of Fairmont, in
Marion county.
2. AS soon as one thousands shares
have been subscribed, the subscribers
their executors, administrators, repro
sentatives, and assigns shall be and
are hereby incorporated into'a compa-
ny by the name and style of the Mar
ion and Monongalia Navigation Com
pany, with all the rights, privileges
and immuuities and subject to the
responsibilities, of body pilitic or
corporation; and may make such by
laws, rules and regulations as they
may deem necessary and advisable,
not inconsistent with the constitution
of the United States or this State.
8. The company shall be governed
by the provisions of the fiftysixth,
ffty-seventh, and sixty-6rst chapters
ofthe Code of Virginia, second edition
so far as the same are applicable and
not inconsistent with this act. At
all general meetings and elections,
each stakeholder may, in person or
by proxy, cast one vote for every
share of stock owned by him.
4. The towns of Fairmont and
Morgantown, and the counties Of
Marion and Monongalia, the Mon
ongabela Navigation Company, and
the Baltimore and Ohio Railroad
Company, in their corporate capacities
are hereby authorized to subscribe to
the stock Of the Marion and Mon
ongalia Navigation Company; and
the said towns of Fairment and
Morgantown, and the counties of
Marion and Monongalia, are hereby
authorized to issue their bonds to
obtain money for the payment of their
stock, redeemable at period not
exceeding twenty years, and at rate
Of interest not exceeding six per cent,
per aunum.
5. Said company shall have power
to borrow money from time to time,
not exceeding in the aggregate the
amount of their capital stock, to issue
their bonds or other proper securities
for the same, and to pledge their
works and property by mortgage or
deed of trust for the payment thereof
and the interest accruing thereon.
6. Said companp may commence
and place under contract a lock aud
dam whenever sufficient amount of
stock has been subscribed and secured
to complete the same; and as addition
al stock is subscribed and secured
sufficient to complete another lock
and dam, the same shall be placed
under contract, and thus continue
from time to time till the whole work
is completed.
Z. AS soon as a lock and dam are
completed and placed in working
order, said company may receive tolls
to be regulated SO as not to exceed
per mile the rate Of tolls collected by
the Monengabela Navigation COmpa-
nv, on the said river, in the State of
Pennsylvania; but ne tolls shall be
collected on any craft or lumber 60
ing down said river from above the
slack water not to return, until all
the locks and dams are completed and
in working order to Fairmont.