СНАР. CXXIIL 1803 Preamble. Subscription books to be opened by James P. Wilson, &c. CHA P. CXXIII. An ACT to incorporate a company for the purpose W HEREAS it is represented to the general Assembly, that the cutting a canal from the head waters of Lewes creek to Rehoboth bay, by affording a safe and commodious conveyance of produce from Indian river and Rehoboth bay, and by deepening the waters of Lewes creek so as to afford a harbour for large vessels, would promote the commercial and agricultural interest of this State; SECT. 1. Therefore be it enacted by the Senate and House of Representatives of the State of Delaware, in General Assembly met, That it shall be lawful to open books for receiving and entering subscriptions to the amount of ten thousand dollars, in shares of twenty dollars each,for the cutting said canal and perfecting the navigation thereof, under the management of James P. Wilson, of Lewes, Thomas Marsh and Daniel Wolfe, of Rehoboth, William Shankland, of Indian river, and Samuel Paynter jun. of Broadkiln, and under the management of such other persons as the aforesaid managers may appoint, that the said books shall conti. Books to be kept nue open for the purpose of receiving subscripti open for six months, and notice of open ing them shall be advertised. ons as aforesaid, during the space of six months. meet at Lewes, gers. subscribers the books, &c. List of subscriturned to the Levy court of bers shall be re Sussex county. a general meeting of the subscribers at Lewes, Subscribers to which meeting shall be publicly advertised as on notice given aforesaid, by the said managers or any two of by the manathem, at least thirty days previous to such general meeting; and the acting managers at the time and Managers shall place aforesaid, shall lay before such of the sub- lay before the scribers as shall meet according to the said notice, the books by them respectively kept, containing the state of said subscriptions, and if two fifths 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 two of them, under their hands, to the Levy court of the county of Sussex, and filed in the of. fice of the clerk of the peace of said county: Provided, that unless four thousand dollars of the said Proviso. capital shall be subscribed as aforesaid all subscriptions made in consequence of this act shall be void, and in case four thousand dollars and less than the whole said capital shall be subscribed as aforesaid, then the president and directors appointed as herein after mentioned are hereby empowered and directed to take and receive subscriptions until the deficiency shall be made up; and in case more than the said capital of ten thousand dollars shall be subscribed as aforesaid, the said president and directors, or a majority of them, are hereby empowered to continue them by increasing the said capital, or to reduce them to the amount of said capital as they may judge expedient or necessary, a certificate of which additional subscriptions or reduction of subscriptions, as the case may be, shall be made under the hands of the president and directors for the time being, or a majority of them, and returned to, and filed in the office of the clerk of the peace herein before mentioned. the company. SECT. 2. And be it enacted, That in case two Incorporation of fifths of the said capital, or a greater sum shall be subscribed as aforesaid, the said subscribers and Style of the company. Empowered to elect a president and directors. Stock-holders may vote by proxies, &c. Powers of the president and directors. May appoint officers, &c. their heirs and assigns from the time of their said first meeting, shall be, and they are hereby declared to be incorporated by the name of the Lewes and Rehoboth canal company, and may have perpetual succession, and sue and be sued, as such, and those 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 five directors for directing and completing said canal, and managing the business of said company for and during such time, not exceeding five years, as the said subscribers or a majority of them shall think proper; and every subscriber shall be allow. ed one vote for every share held by him or her in said company, and any stock holder by writing under his or her hand and seal, executed in the presence of two witnesses, may depute any other member or stockholder to vote and act as his on her proxy at any general meeting. SECT. 3. And be it enacted, That the said president and directors so elected, and their successors, or a majority of them assembled, shall have full power and authority to agree with any person or persons on behalf of said company to perform, or perform themselves, all such works as they shall judge necessary for opening and improving the navigation between the waters of Lewes creek and Rehoboth bay, and out of the money arising from the subscriptions and tolls to pay for the same, and to repair and keep in order the said canal and other works necessary thereto and to defray all incidental charges, and also to appoint a treasurer, clerk and such other officers and servants as they shall judge requisite, and to agree for and settle their respective wages or allowances, and settle and pass their accounts, and also to make and establish rules of proceeding, and to transact the business and concerns of the said company, 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: Provided always that the treasurer shall give bond in such penalty and with Treasurer shall such security as the said president and directors give bond. 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 His compensa ⚫ shall not exceed five dollars in the hundred, for tion. the disbursements by him made, and that no officer in said company shall have any vote in the settlement or passing his own account. President & directors empow what manner subscriptions ered to direct in shall be paid. SECT. 4. And be it enacted, That the said president and directors or a majority of them shall have full power and authority from time to time,as money shall be wanted, to direct at what time, and in what proportion the sums subscribed shall be paid; and if any of the said proprietors shall refuse or neglect to pay their said proportions within three months after an order shall be presented, signed by the said president for the said proportion, then the share or shares of the said proprieter and all monies thereon paid shall be forfeited to the company, and shall be sold by them to any person willing to purchase, for such price as can be ob tained therefor; and the said purchaser or pur- the same may chasers shall be subject to the same rules and regulations, as if the said sale and conveyance had been made by the original proprietor. Subscribers not paying shall for feit their shares, and be sold. SECT. 5. And to continue the succession of Continuance of the said president and directors and to keep up officers. the same number, Be it enacted, That from time to time upon the expiration of the term for which the said president and directors may be appointed, or at any time thereafter, it shall be lawful for the said président and directors, or any two of them,or of any four of the proprietors, to call a general meeting of the subscribers, which shall consist of not less than the proprietors of two hundred shares, which general meeting shall either continue the said president and directors, or any of them, or choose others in their stead, and in case of the death, removal, re СНА Р. 1803 Canal and prothe corporation, fits vested in Rates of toll. signation or incapacity of the president or any of the said directors, may and shall elect any other person or persons to be president and directors, and may at any of their general meetings remove the president or any of the directors, and appoint others for and during the remainder of the term, for which such person or persons were at first to have acted. SECT. 6. And be it enacted, That for and in consideration of the expenses the said stock-holders will be at, not only in cutting the said canal and other works for opening the said navigation, but in maintaining and keeping the same in repair, the said canal works with all their profits under the limitations aforesaid, shall be and the same are here. by vested in the said corporation forever, subject nevertheless to the conditions hereafter mentioned; and that it shall and may be lawful for the said president and directors after the said canal shall be made navigable, to demand and receive the following tolls at such place or places in the canal as they may hereafter direct---Provided, that the whole toll received shall not amount to more than the rates fixed by this act, that is to say-- Every Pipe of Distilled Spirits or Wine, Every Hogshead of Tobacco ditto Every Hogshead of Beer, Cider, Lime or Molasses And all other Casks or Kegs in proportion, accord- Cents. 371 31 31 25 6 |