Page:United States Statutes at Large Volume 6.djvu/525

 TVVENTY-FIRST CONGRESS. Sess. I. Ch. 104. 1830. 425 case the owner shall be a femme-covert, or non compos, or under age, or out of the District of Columbia, the same proceedings, in all respects, shall be had, as in the case before mentioned, of the assessment and condemnation of the lands for the said canal, or the works appurtenant thereto. Seo. 14. And be it further enacted, That it shall be the duty of Consttucdon the company hereby incorporated, to cut, make, and construct the said of canal. canal, with good and sufficient locks, on the most improved plan for expedition in the use thereof, and with a width of not less than forty feet at the surface of the water therein, or of twenty-eight feet at the bottom thereof unless the quality of the soil shall require a narrow base, to admit of a sufficient slope to preserve the banks from sliding down, and sufficient to admit, at all seasons, the navigation of boats and rafts with a depth of not less than four feet water, at the least; and whenever wastes shall be essential to the security of the said canal, and in no other situation whatever, along the same, the waste water of the said canal may be, from time to time, sold or disposed of by the said company, for the purpose of supplying such works and machinery as require a water power; and along one side, at least, of the said canal, and such aqueducts as it may render necessary, there shall be provided, throughout its whole extent, a towing path of sufficient breadth to apply the power of horses to the navigation thereof Sec. 15. And be it further enacted, That the stock of the said Legal characoompany shall be considered as personal estate, and shall only be trans- WY <>f¤¤¤<=k· ferable by the owners thereof, in person or by proxy, on the books of the company : Provided, '1`hat no transfer shall be made except for one Proviso. or more whole shares, and not for part of such share or shares, and that no share or shares shall at any time be sold, conveyed, or held in trust, for the use and benefit, or in the name of another, whereby the said President and Directors or the stockholders of the said company, or any of them, shall or may be challenged, or made to answer, concerning any such trust; but that every person appearing, as aforesaid, to be a stockholder, shall, as to the others of the said company, be, to every intent, taken absolutely as such; but as between any trustee, and the person for whose benefit any trust shall be created, the common remedy may be pursued. Sec. 16. And be it further enacted, That if the capital aforesaid shall {,,,;,,,,,86 0; prove insufficient, it shall and may be lawful for the said company, from capital. time to time, to increase the said capital, by the addition of so many whole shares as shall be judged necessary by the said stockholders, or a majority of them, present at any general meeting of the said company; and the said President and Directors, or a majority of them, are hereby empowered and required, after giving at least two months’ previous notice thereof in such newspapers as they may think proper, to open books at such places as they shall think proper, for receiving such additional subscriptions, in which the stockholders of the said company, for the time being, shall, and are, hereby, declared to have the preference of all others, for the first thirty days after the said books shall be opened, as aforesaid, of taking and subscribing for so many whole shares as any of them shall choose; and the said President and Directors are hereby required to observe, in all other respects, the same rules therein, as are by this act prescribed for receiving and adjusting the first subscriptions, and in like manner to return, under the hands of any three or more of them, an exact list of such additional subscriptions, with the sums subscribed, to the Secretary of the Treasury of the United States, to be by him preserved, as aforesaid; and all stockholders of such additional shares, shall, and are hereby declared to be, from thenceforward, incorporated into the said company. Sec. 17. And be it further enacted, That whenever it shall become 54 2 1. 2