Page:United States Statutes at Large Volume 4.djvu/857

  

. Be it enacted by the Senate and House of Representatives of the State of Alabama, in General Assembly convened, That a company be established for the improvement of the navigation of the Cahawba river, the capital stock of which said company shall not exceed the sum of fifty thousand dollars, unless hereafter enlarged by law, exclusive of such sums as the General Assembly may hereafter think proper to subscribe; the right to make subscriptions is hereby reserved to the state to an unlimited amount: Provided, said state shall subscribe for the amount of stock intended to be taken, within twelve months.

. And be it further enacted, That subscriptions for stock, each share to consist of one hundred dollars, shall be opened on the first Monday of June next, at the town of Cahawba, under the superintendence of J. G. Cocheron, W. G. Mitchell, John Shields, James Craig, and Thomas Casey; at the town of Marlon, on the first Monday of June next, under the superintendence of John Durden, Temple Lea, Edwin D. King, George Weissinger, and Abraham Trigg; at the town of Centreville, on the first Monday of June next, under the superintendence of Alexander Hill, Anthony Stoughtenberg, Thomas Crawford, Mitchell Watkins, and John Henry; which subscriptions shall be kept open for three days at each place: Provided, That a majority of the superintendents, at either of the places aforesaid, shall be competent to open the books and receive subscriptions of stock.

. And be it further enacted, That the superintendents at Cahawba shall have full power and authority to appoint agents to open subscriptions at any other place or places they may deem proper, and to publish the times of opening the same, in some newspaper published nearest the place or places of opening such subscriptions.

. Be it further enacted, That one-fourth of each share shall be paid at the time of subscribing, and the remainder by three equal instalments, at six, twelve, and eighteen months thereafter, such times of payment to be determined by the directors, and notice given thereof: the payments to be made in a specie-paying currency; and immediately after the time of subscription, the superintendents shall give notice in writing to the superintendents at Cahawba, of the names of subscribers, the number of shares subscribed by each, and the moneys paid in. And in case the aggregate amount of subscriptions amounts to five thousand dollars, then the superintendents at Cahawba shall publish a day and place for the election of a president and seven directors, every share to be entitled to one vote, and stockholders to be entitled to vote by proxy; the said superintendents at Cahawba to have full power and authority to appoint managers for holding such election.

. And be it further enacted, That in case the whole amount of subscriptions shall not amount to the sum of five thousand dollars, the superintendents at Cahawba shall forthwith determine, as their discretion may direct, either to order and advertise for opening subscriptions again at the places aforesaid, by the same superintendents, or others in case of death, removal, or refusing to act, of those previously appointed, or to direct the repayment to subscribers of the sums respectively subscribed and paid.

. And be it further enacted, That the company hereby established shall be, and the same is hereby made a body politic and corporate, under the name and style of “The Cahawba Navigation Company;” and shall so continue until one thousand eight hundred and fifty-eight; and by that name shall be, and are hereby made, capable, in law to have, purchase, receive, possess, enjoy,