lecting amount of

shares, subscribed for.

scribers.

V. And be it enacted, That the said president and directors, and their successors, or a majority of them, Mode of col- shall have full power and authority, from time to time, as money shall be wanted, to make and sign orders for that purpose, and direct at what time, and in what proportion the proprietors shall advance and pay off the sains subscribed, which orders shall be advertised at least one month in the Virginia and Maryland Gazettes; and they are hereby authorized and empowered to demand and receive of the several proprietors, from time to time, the sums of money so ordered to be advanced for carrying on and executing, or repairing and keeping in order the said works, until the sums subscribed shall be fully paid, and to order the said sums to be deposited into the hands of the treasurer, to be by him disbursed and paid out as the said president and directors, or a maMay sel! shares of de- jority of them, shall order and direct. And if any of linquent sub- the said proprietors shall refuse or neglect to pay their said proportions, within one month after the same so ordered and advertised, as aforesaid, the said president and directors, or a majority of them, may sell at auction, and convey to the purchaser, the share of shares of such proprietor so refusing or neglecting payment, giving at least one month's notice of the sale in the Virginia and Maryland Gazettes; and after retaining the sum due, and charges of sale out of the money produced thereby, they shall refund and pay the overplus, it any, to the former owner; and if such sale shall not produce the full sum ordered and directed, to be advanced as aforesaid, with the incidental charges, the said presiMay sue for dent and directors, or a majority of them, may, in the name of the company, sue for and recover the balance by action of debt, or on the case; and the said purchaser or purchasers, shall be subject to the same rules and regulations, as if the said sale and conveyance had been made by the original proprietor. And to continue the succession of the said president and directors, and to keep up the same number;

deficiencies

arising on sales.

Election of officers.

Vacancies supplied.

VI. Be it enacted, That from time to time, upon the expiration of the said term, for which the said president and directors were appointed, the proprietors of the said company, at the next general meeting, shall either continue the said president and directors, or any of them, or shall choose others in their stead; and in case of the death, removal, resignation, or incapacity of the president, or

any of the said directors, may and shall, in manner aforesaid, elect any other person or persons, to be president and directors, in the room of him or them so dying, removing. or resigning; and may at any of their gen- Officers how eral meetings, remove the president or any of the direc- removed. tors, and appoint others for and during the remainder

of the term, for which such person or persons were at

first to have acted.

VII. And be it enacted, That every president and di- Oath of office rector, before he acts as such, shall take an oath or affirmation, for the due execution of his office.

VIII. And be it enacted, That the presence of proprietors, having one hundred shares at the least, shall be necessary to constitute a general meeting; and that Meetings of there be a general meeting of proprieters on the first the company. Monday of August, in every year, at such convenient town as shall from time to time, be appointed by the said general meeting; but if a sufficient number should not attend on that day, the proprietors who do attend may adjourn such meeting from day to day, till a general meeting of proprietors shall be had, which may be continued from day to day, until the business of the company is finished, to which meeting the president and directors shall make report, and render distinct and just accounts of all their proceedings, and, on finding them fairly and justly stated, the proprietors then present, or a majority of them, shall give a certificate thereof, a duplicate of which shall be entered on the said company's books; and at such yearly genera! meetings, after leaving in the hands of the treasurer, such sum as the proprietors or a majority of them shall judge necessary for repairs and contingent charges, an equal dividend of all the neat profits, arising from the tolls hereby granted, shall be ordered and made to and among all the proprietors of the said company, in proportion to their several shares; and upon any emergency in the interval between the said yearly meetings, the said president, or a majority of the said directors, may appoint a general meeting of the proprietors of the said company, at any convenient town, giving at least one month's previous notice in the Maryland and Virginia gazettes, which meeting may be adjourned and continued as aforesaid.

IX. And be it further enacted, That for and in consideration of the expences the said proprietors will be

Property vested in the

holders of shares, as ten ants in common.

estate.

at, not only in cutting the said canals, erecting locks, and other works for opening the different falls of the said river, and in improving and extending the navigation thereof, but in maintaining and keeping the same in repair, the said canals and works, with all their profits, shall be, and the same are hereby vested in the said proprietors, their heirs, and assigns forever, as tenants in common, in proportion to their reDeclared real spective shares, and the same shall be deemed real estate, and be forever exempt from payment of any tax, Exempt from imposition or assessment whatsoever; and it shall and may be lawful for the said president and directors, at all times forever hereafter, to demand and receive at the nearest convenient place below the mouth of the South branch, and at or near Payne's falls, and at or above the great falls of the river Potowmack, and every of these places separately, for all commodities transported through either of them respectively, tolls according to the following table and rates, to wit:

taxations.

Every hogshead of tobacco,

For casks of linseed oil the same as spirits.

Every barrel of beef,

Every ton of stone, or iron ore,

1643000535

Spanish pistoles weighing four pennyweight six grains,

French milled pistoles weighing four pennyweight and four grains, Arabian chequins weighing two pennyweight three grains, Other gold coin (German excepted) by the penny weight,