Page:United States Statutes at Large Volume 6.djvu/523

 TVVENTY-FIRST CONGRESS. Sess.1. Ch. 104. 1830. 423 and that it shall and may be lawful for the said President and Directors 701;,, at all times, forever thereafter, to demand and receive, at such places as shall hereafter be appointed by the President and Directors aforesaid, tolls for the passage of vessels, boats, rafts, produce, and all other articies, at such rates as the said President and Directors may hereafter allow and establish, according to the provisions of this act. Sec. 10. And be it further enacted, That, if the Commissioners, or Vacancies in any of them, hereby required to be appointed, shall die, resign, or re- ¤¤¤¤mi¤Si<>¤· fuse to act, the vacancy occasioned thereby, shall be filled by a person or persons appointed by the President of the United States; and the person or persons so appointed, shall have all the power and authority which was vested in the commissioners, whose place he or they may be appointed to supply; and when any part of the canal aforesaid shall Tolls, have been completed, according to the true intent and meaning of this act, the President and Directors of the Company, hereby created, shall have power, and it shall be their duty to ordain and establish, a rate of tolls to be paid upon boats, vessels, rafts, or other property, passing on the part of the canal so completed, and so from time to time, as a part or parts shall be completed, until the entire canal shall have been finished, according to the true intent and meaning of this act; for the collection of which tolls, the President and Directors shall have power to establish so many toll·houses, and, at their pleasure, appoint and remove so many collectors, and at such places as from time to time they may judge expedient; and the said President and Directors shall have full authority, subject to the direction and control of a majority in interest of the stockholders represented in any general meeting, to regulate and fix a tariff of tolls, not exceeding an average of two cents per ton, per mile; and so to adjust the said tolls in relation to the capacity or burden of the boats, and the dimensions of the rafts, passing the locks of the said canal, as to promote economy of water and time, in the navigation thereof ll. And be it further- enacted, That the President and Di- Divgdend Ie_ rectors shall annually or semi-annually declare and make such dividend stricted. of the nett profits, from the tolls to be received, according to the provisions of this act, and from other resources of the Company, as they may deem advisable, after deducting therefrom the necessary current and the probable contingent expenses, to be divided among the proprietors of the stock of the said Company, in proportion to their respective shares, until the annual dividend thereon shall have reached twenty per centum, beyond which it shall never extend; but should the nett revenue Application of of the Company exceed that amount for any two years in succession, "”Pl“S rc"' then such excess shall be applied by the President and Directors, in such mw` mode as shall be agreed on by a majority of the stockholders, convened in general meeting, to strengthening, improving, and extending the works of the canal of every description requiring the same; and should the said tolls continue, after such improvements have been completed, to nett more than twenty per cent. per annum to the stockholders, for any two years in succession, the tolls upon the same shall be reduced by the President and Directors, according to some just and equitable ratio, till the said dividend shall fall to twenty per cent. per annum: Provided, That should the said dividend thereafter sink below twenty Proviso. per cent. per annum, the said tolls, or a part thereof may be renewed, till the said nett dividend reaches that amount. Sec. 12. And be iifurther enacted, That the said canal, and the Canal gobea works to be erected thereon, in virtue of this act, when completed, shall P'·‘bl‘° l“gl“"°Y· forever thereafter be esteemed and taken to be navigable as a public highway, free for the transportation of all goods, commodities, and produce, whatever, on payment of the tolls to be imposed, as provided by this act; and no other toll or tax whatever, for the use of the said canal,