56

SAMUEL STEVENS, Jr. ESQUIRE, GOVERNOR:

Dec. Ses. 1824

company shall be adjudged and taken in law to he real estate and
it shall thereupon be the duty of the said commissioners, or a ma-
jority of them, to call a general meeting of the said subscribers,
at such time and place as they or a majority of them shall appoint,
after advertising the same, in such public prints as they or a ma-
jority of them may think proper; and such of the said subscribers
as shall be present at the said meeting, or a majority of them, are
hereby empowered and required to elect a president and six direc-
tors for conducting the said undertaking, and in managing all the
said company's business and concerns for and during such time,
not exceeding three years, as the said subscribers or a majority of
them shall think fit; and in counting the votes of all general meet-
ings of the said company, each member shall be allowed one vote
for every share, as far as ten shares, and one vote for every five
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

Proviso.

any general meeting; Provided also, that no officer or director of
said company, shall under any circumstances, be allowed to vote
on any stock but his own.

Powers of
president and
directors—

4. And be it further enacted, That the said president and direc-
tors, and their successors, or a majority of them assembled, shall
have full power and authority to appoint, and at their pleasure dis-
miss such engineer or engineers, and agent or agents, as they may
deem expedient, and to fix their compensation, and to agree with
any person or persons on behalf of the said company, to cut ca-
nals, erect dams, open feeders, construct locks, and perform such
other works as they shall judge necessary or expedient for com-
pleting the canal herein before mentioned and described; and out
of the money arising from the subscriptions and tolls and other
aids hereinafter given, to pay for the same, and to repair and
keep in order the said canals, locks and other works necessary
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 pro-
ceeding, 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

Compensation.

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 in such penalty and with such secu-
rity 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 officer in the company shall have any vote
in the settlement or passing of his own account.

Payments on

subscriptions.

5. And be it further enacted, That on all subscriptions which
shall not be paid, as herein before provided, in certificates of the
stock or debts of the present Potowmac company, there shall be