Page:United States Statutes at Large Volume 6.djvu/521

 TWENTY-FIRST CONGRESS. Sr1ss.I. Ch. 104. 1830, 421 as ten shares, and one vote for every ten shares above ten, by him, or her, held at the time, in the stock of the said Company; and any proprietor, by writing, under his, or her hand, executed before two witnesses, may depute any other member or proprietor to vote and act as proxy for him, or her, at any general meeting: Provided, also, That p,°,;,,,.,_ no ofricer or director of said Company shall be allowed to vote on any Stock but his own : And provided, also, That nothing herein contained Pyqvigm shall be construed to prevent any person or persons who may, from time to time, be bylaw appointed, from voting at any general meeting on any stock which may be held by any state. Sec. 4. And be ·ir_fm·ther enacted, That the said President and Di- Powers of the meters, and their successors, or a majority of them assembled, shall Y¤[¤¤i<l¤¤\ wd have full power and authority to appoint, and, at their pleasure, dismiss, D"°°[°"' such engineer or engineers, and agent or agents, as they may deem expedient, and to tix their compensation, and to agree with any person or persons, on behalf of the said company, to cut canals, erect dams, open feeders, construct locks, and perform such other works as they shall judge necessary and expedient for completing a canal, from the termination, or other point on the Chesapeake and Ohio Canal, to such place in the town of Alexandria as the Board of Directors shall appoint, and out of the money arising from the subscriptions and tolls, to pay for the same, and to repair and keep in order the said canals, locks, and other necessary works thereto, and to defray all incidental charges; and also to appoint a Treasurer, Clerk, and other officers, toll-gatherers managers, and servants, as they shall judge requisite, and to agree for, and settle their respective wages or allowances, and to settle, pass, and sign their accounts; and, also, to make and establish rules of proceeding, and to transact all other business and concerns of the said Company, in and during the intervals between the general meetings of the same; and they shall be allowed, as a compensation for their trouble therein, such sum of money as shall, by a general meeting of the stockholders, be determined : Provided, always, That the Treasurer shall give bond, Proviso. in such penalty, and with such security, as the said President and Directors, or a majority of them, shall direct, for the true and faithful discharge of the trust reposed in him; and that the allowance to be made him for his services shall not exceed three dollars in the hundred, for the disbursements by him made; and that no oliieer in the company shall have any vote in the settlement or payment of his own account. Sec. 5. And be it further enacted, That on all subscriptions there paymomof shall be paid, at the time of the subscription, on each share, one dol- subscriptions. lar; and thereafter, when the company shall be formed, the stock subscribed shall be paid in such instalments, and at such times, as the President and Directors shall, from time to time, require, as the work advances: Provided, That not more than one-half shall be demanded Proviso. within any one year from the commencement of the work, nor any pay- ment demanded until at least thirty days’ public notice thereof shall have been given in such public newspapers as the said President and Directors shall direct such notices to be published in; and, whenever Fonmotopoy, any subscriber shall fail to pay any instalment called for by the Company, it shall and may be lawful for the Company, upon motion, to be made in any Court of Record, after ten days’ notice, to obtain a judgment against the subscriber so failing to pay; or the said Company, at their option, may sell the stock of such subscriber, after giving sixty days} notice in such public newspapers as they may judge proper; and, if the proceeds of any such sale shall exceed the sum demanded, the surplus, alter paying the expenses of such sale, shall be paid to the subscriber so failing, or his legal representatives; and the purchaser at such sale shall become a stockholder, and be subject to tg; same rules and