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II. Be it therefore enacted, That the act, intituled “ An act for adjusting claims for property impressed or taken for public service,” is hereby revived, and shall continue and be in force, from and after the passing of this act, until the first day of August next, and no longer.
CHAP. XIX. in original.]
An act for clearing and improving the
navigation of James river. James River
I. WHEREAS the clearing and extending the nacompany in. vigation of James river from tide water upwards to the corporated highest parts practicable on the main branch thereof,
will be of great public utility, and many persons are
II. Be it enacted by the General Assembly, That it Books to be shall and may be lawful to open books in the eity of subscription. Richmond, the borough of Norfolk, at Botetourt court
honse, at the town of Lewisburg, in Greenbrier county,
continue open until the tenth day of August next inclusive; and on the twentieth day of the said month of Niceting of August, there shall be a general ineeting of the sub
bers. scribers, at the city of Richmond, of which meeting notice shall be given by the said managers, or any three of them, in the Virginia Gazette, at least one month next before the said meeting. And such meeting shall and may be continued from day to day, umil the business is finished. And the acting managers at the time and place aforesaid, shall lay before such of the subscribers as shall meet according to the said notice, the books by them respectively kept, containing the state of the said subscriptions, and is one half of the capital sum aforesaid, should, upon examination, appear not to have been subscribed, then the said managers, at the said meeting, are empowered to take and receive subscriptions to make up the deficiency; and a just and true list of all the subscribers, with the sums subscribed by each, shall be made out and returned by the said managers, or any four or more of them, under their hands, into the general court, to be there record- Amount of ed. And in case more than one hundred thousand capital.
In case of an dollars shall be subscribed, then the same shall be reduced to that sum by the said managers, or a majority scription,
orerplus sub. of them, by beginning at and striking off from the of reducing largest subscription or subscriptions, and continuing to it. strike off a share from all subscriptions under the largest, and above one share, until the sum is reduced to the capital aforesaid, of one hundred thousand dollars, or until a share is taken from all the subscriptions above one share, and lots shall be drawn between subscribers of equal sums, to determine the number in which such subscribers shall stand on a list to be made for striking off as aforesaid; and if the sum subscribed still exceeds the capital as aforesaid, then to strike off by the same rale, until the sum subscribed is reduced to the capital aforesaid, or all the subscriptions are reduced to one share; and if there still be an excess, then lots to be drawn to determine the subscribers who are to be excluded, to reduce the subscriptions to the capital aforesaid, which striking off shall be certified in the list aforesaid; and the said capital sum shall be reckoned and divided into five hundred shares of two hundred dollars each, of which every person subscribing may take and Capital to be subscribe for one or more whole shares, and not other- 600 shares.
Unless one wise. Provided, That unless one half of the said capi-
scribed as aforesaid, then the president and directors
III. And be it enacted, That in case one half of the To be incor- said capital, or a greater sum, shalt be subscribed as purated as a
aforesaid, the said subscribers, and their heirs and ascompany.
signs, froin the time of the said first meeting, shall be,
and are hereby declared to be incorporated into a comStyle of cor- pany, by the name of the " James River Company," poration, and may sue and be sued as such; and such of the said
subscribers as shall be present at the said meeting, or a
exceeding three years, as the said subscribers, or a Rules for e- majority of them, shall think fit. And in counting the Jecting offi.
votes of all general meetings of the said company, each
as proxy for him or her, at any general meeting. Authority of
IV. And be enacted, That the said president and di-
to agree with any person or persons, on behalf of the
time to time, and upon such terms, and in such man. ner, as they shall think fit; and out of the money arising from the subscriptions and the tolls, and other aids herein after 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
To appoint charges; and also to appoint a treasurer, clerk, and such officers and other officers, toll gatherers, managers, and servants, tis the.r com
pensati per as they shall judge requisite, and to agree for aud sel. tle their respective wages or allowances, and to settle and sign their accounts; and also to make and establish rules of proceeding, and to transact all the 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 satisfaction for their trouble therein, such sum of money as shall, by a general meeting of the subscribers, be determined. Pro
Bond and se vided always, That the treasurer shall give bond, in curity, by such penalty, and with such security, as the said presi- treasurer. dent and directors, or a majority of them, shall direct, for the true and faithful discharge of the trust reposed
Limitation of in hiin, and that the allowance to be made to him for
compensahis services, shall not exceed three pounds in the hun- tion. dred, for the disbursements by him made; and that no officer in the said company shall have any vote in the passing or settlement of his owi, account.
V. And be it enacted, That the said president and Mode of col. directors, and their successors, or a majority of them, lecting a. shall have full power and authority, from time to time, mount of,
shares, subas money shall be wanted, to make and sign orders for
scribed for. that purpose, and direct at wisat time, and in what proportion the proprietors shall advance and pay off the şuins subscribed, which orders shall be advertised at least one month in the Virginia 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 majority of them, shall order and direct. And if any of May sell
sharı s f de the said proprietors shall refuse or neglect to pay
li qrient subsaid proportions, within one month atier the same shall scribers.
be so ordered and advertised, as aforesaid, the said pre-
vame of the company, sue for and recover the balance
made by the original proprietor. And to continue the
keep up the same number;
and directors were appointed, the proprietors of the
continue the said president and directors, or any of them, Vacancies or choose others in their stead; and in case of the death, supplied. removal, resignation, or incapacity of the president, or
any of the said directors, may and shall, in the manner
dent and directors, in the room of him or them so dying, Officers how removing, or resigning; and may at any of their gen. removed.
eral meetings, remove the president or any of the direc-
first to have acted. Oath of office
VII. And be it enacted, That every president and director, before he acts as such, shall take an oath or af
firmation, for the due execution of his office.
be necessary to constitute a general meeting; and that