book or books, which shall for that purpose be kept open at least six hours in every jurdicial day, for the space of at least three successive days, and on any of the said jurdicial days, within the hours aforesaid, any person of the age of twenty-one years shall have liberty to subscribe, in his own or any other name or names by whom he shall be authorized, for one share; on the second day, for one or two shares; on the third day, for one, two or three shares, and on any succeeding day, while the said books shall remain open, for any number of shares in the said stock and if, at the expiration of the said three first days, the said book or books shall not have four hundred shares therein subscribed, the said commissioners may adjourn from time to time, until the said number of shares shall be subscribed, of which adjournment public notice shall be given, in at least one public newspaper. And when the said subscriptions in the said books shall amount to the respective numbers aforesaid, the same shall be respectively closed; and if on that day, and before the said subscriptions shall be declared to be full, application shall be made to subscribe more shares than will fill the said book or books to the number aforesaid, respectively, then the said commissioners shall apportion the whole number of shares subscribed on the morning of that day amongst all those, who shall have subscribed or offered to subscribe as aforesaid on that day, by deducting from the subscriptions of more shares than one such proposition of shares by them respectively subscribed, as will, with the least fraction, and leaving* every person one or more shares aforesaid. Provided always, That every person offering to subscriibe in the said book or books in his own name, or any other name, shall previously pay to the attending commissioners, ten dollars for every share to be subscribed out of which be defrayed the expenses attending the taking such subscriptions, and other incidental expenses, and compensation to the said commissioners, not exceeding two dollars to each of them, for every day they shall be publicly employed in the said business, and the remainder shall be paid over to the treasurer of the corporation, as soon as the same shall be organized, and the officers chosen as hereinafter mentioned.

[Section II.] (Section II, P. L.) And be it further enacted by the authority aforesaid, That when fifteen persons or more shall have subscribed two hundred or more shares in the said stock, the said commissioners, respectively may certify, under their hands and seals, the names of the subscribers, and number of shares subscribed by or apportioned to each subscriber, to the governor of this Commonwealth, and thereupon it may and shall be lawful to and for the governor, by letters patent, under the great seal of the state, to create and erect such subscribers, and also those who shall afterwards subscribe, into one body politic and corporate, in deed and in law, with perpetual successions, and with all the privileges and franchises incident to a corporation by the name, style and title of "The President and Managers of the Lehigh Navigation Company;" and by such name the said subscribers, and such other subscribers as may thereafter become stockholders, shall be capable of holding the said capital stock, and increase and profits thereof, and of enlarging the same, from time to time, by new subscriptions, in such manner as they shall think proper, if such enlargement shall be found necessary to fulfill the end and intent of this act, and of taking, purchasing and holding to them, their successors and assigns, in fee simple, or for any less estate, all such lands, tenements and hereditaments, as shall be necessary for them in the prosecution of their work, and of doing all and Other matter and thing, which a corporation or lobby politic may lawfully do.

every

[Section III.] (Sections III, P. L.) And be it further enacted by the authority aforesaid, That it shall and may be lawful for the said president and managers to clear the said river Lehigh, and remove all obstructions therein, and render the navigation thereof as easy and commodious as possible, from the mouth to the Great Falls thereof.

[Section IV.] (Section IV, P. L.) And be it further enacted by the authority aforesaid, That the seven persons first named in the said letters patent shall, as soon as conveniently may be after sealing the same, give notice, in one of the newspapers published in Philadelphia as foresaid, and in the newspaper published at Easton, and in the newspaper published at Wilkes

barre, of a time and place by them to be appointed, not less than twenty days from the time of issuing the said notice, at which time and place the said subscribers shall proceed to organize the said corporation, and shall choose, by majority of votes of the said subscribers, by ballot, to be delivered in person or by proxy, one president, eight managers, one treasurer, and such other officers as they shall think necessary to conduct the business of the said company, for one year, and until such other officers shall be elected, and shall and may make such by-laws, rules, orders and regulations, not inconsistent with the consitution and laws of this commonwealth, as shall be necessary for the well ordering of the affairs of the said company. Provided always. That no person shall have more than ten votes at the said elections, or in determining any question arising at such meeting, whatever number of shares he may be entitled to, and that each person holding one or more shares, under the said number of ten, shall have one vote for every share by him held.

[Section V.] (Section V, P.L.) And be it further enacted by the authority aforesaid, That the said company shall meet on the first Monday of February in each succeeding year, at such place as shall be fixed by the rules and orders of the said company, to be made as as aforesaid, for the purpose of choosing such officers as aforesaid for the ensuing year, and at such other times as they shall be assembled by the managers, for the purpose of making by-laws, rules, orders and regulations, not inconsistent with the constitution and existing laws of this state, as shall from time to time be necessary, of which meetings notice shall be given, in such manner as shall be provided by such rules and orders.

[Section VI.] (Section VI, P. L.) And be it further enacted by the authority aforesaid, That the said president and managers shall procure certificates to be printed or written for every share of the said capital stock of the said company, and shall deliver one to each of the subscribers for every share by him subscribed, signed by the president, and sealed with their common seal, he paying to the treasurer of the company the sum of five dollars for every share by him subscribed, which certificate shall be transferable at pleasure, in the presence of the treasurer

of the said company, subject, however, to all payments due and to grow due. And the holder of every such certificate, having first caused the assignment to him to be entered in a book of said company, to be kept for that purpose, shall be a member of the said corporation, entitled to one share of the capital stock, and of all the estates and emoluments of the company, and to vote as aforesaid at the general meetings thereof.

[Section VII.] (Section VII, P. L.) And be it further enacted by the authority aforesaid, That the said president and managers shall have full power and authority to appoint all necessary officers to supply vacancies, occasioned by death, resignation, or otherwise, and to make contracts for the work to be undertaken by them, and also to appoint one or more superintendents of the work to be undertaken by them, and to hire and employ all such engineers, artists, workmen and laborers, as they find necessary to carry on the same.

[Section VIII.] (Section VIII, P. L.) And be it further enacted by the authority aforesaid, That the said president and managers shall have full power and authority, from time to time, to fix the several sums of money, which shall be paid by the subscriber or holder of every share of the stock of the said company, in part or for the sum subscribed, and the time when each and every dividend or part thereof shall be paid, and the place where it shall be received, and shall give at least twenty days' notice in one of the public newspaprs published in the city of Philadelphia, in the newspaper published at Easton, and in the newspaper published at Wilkes-barre, of the sum or dividend, and the time and place of receiving the same; and if the holder of any share shall neglect to pay such proportion, at the place aforesaid, for the space of twenty days after the time so appointed for paying the same, every such shareholder, or his assignee, shall, in addition to the proportion so called for, pay after the rate of five per centum for every month's delay of such payment; and if the same, and the said additional penalty, shall not be paid for such space of time, as that the accumulated penalties shall become equal to the sums before paid

1

for and on account of such shares, the same shall be forfeited to the said company, and may and shall be sold by them to any person or persons wiling to purchase, for such price as can be obtained therefor.

[Section IX.] (Section IX, P. L.) And be it further enacted by the authority aforesaid, That the president and managers shall begin to clear the said river Lehigh, at the mouth of said river, and from thence progressively up the same to the Great Falls and so soon as the said president and managers shall have cleared the said river Lehigh, in such manner as to have made a good navigation, at all seasonable times of the year, for loaded boats not exceeding the burden of five tons, from the mouth thereof to the ferry near the town of Northampton, that part of the navigation of said river shall be declared free.

[Section X.] (Section X, P. L.) And be it further enacted by the authority aforesaid, That as soon as the said president and managers shall have cleared the said river from the ferry near the town of Northampton to the Blue mountains, and from the said Blue mountain to the mouth of Neshoning creek, they shall give notice thereof to the governor of the commonwealth, who shall thereupon forthwith nominate and appoint three skilful and judicious persons, who hold no share in the stock of the said company, to view and examine the said river, for any such part or space thereof as aforesaid, and report to him, in writing, whether the navigation is completed in the manner aforementioned, according to the true intent and meaning of this act, and if the report of them, or a majority of them, shall be in the affirmative, then the governor shall, by license under his hand and the lesser of the commonwealth, permit and suffer said president, managers and company to fix upon and appoint so many places, at or between the places beforementioned, as will be necessary and sufficient to collect the tolls and duties hereinafter granted to the said company.

[Section XI.] (Section XI, P. L.) And be it further enacted by the authority aforesaid, That as soon as the said president and managers shall have cleared the said river so as to have made a good navigation for rafts at certain seasons of the year to the distance of ten miles from the mouth of Neshoning creek