patent may issue. company. shall be paid over to the treasurer of the corporation as soon as the same shall be organised, such first payment on each share to be taken and considered as a part payment on each share subscribed for. SECT. 2. And be it further enacted by the authority aforesaid, That when fifteen or more persons shall have subscribed one When letters hundred and fifty shares in the said stock and shall have actually paid five dollars on each share, the said commissioners or a majority of them, shall certify under their hands and seals, to the Governor of this Commonwealth, the names of the subscribers and the number of shares subscribed by or apportioned to each subscriber, and that there has been an actual payment of five dollars on each share; and thereupon it shall and may be lawful for the Governor, by letters patent, under his hand and the seal of the state, to create and erect the subscribers, and those also who shall afterwards subscribe, into one body politic and corporate, in deed and in law, by the name, style and Style of the title of "The president, managers and company for erecting a bridge over the river Lehigh, near Biery's Mill;" and by the said name, the said subscribers shall have perpetual succession, and all the privileges and franchises incident to a corporation, and shall be capable of taking and holding their said capital stock and the increase and profits thereof, and of enarging the same, from time to time, by new subscriptions, in such manner and form as they shall think proper, if such enargement shall be found necessary to fulfil the intent of this act; and of taking, purchasing and holding, to them and their successors and assigns, in fee simple or for any less estate, all such lands, tenements, hereditaments and estates, real and personal, as shall be necessary to them in the prosecution of their works, and the same to sell and dispose of, at their pleasure, and of suing and being sued, and of doing all and every other matter or thing which a corporation or body politic may lawfully do: Provided, That the company contemplated in this act to be incorporated, shall not use its funds in banking purposes, nor for any purpose other than the building and repairing the said bridge. Powers and privileges. Proviso. time and SECT. 3. And be it further enacted by the authority aforesaid, Notice of the That the six persons first named in the letters patent, shall, as place for or- soon as conveniently may be, after sealing the same, give noganizing the tice in one or more of the public newspapers printed in the corporation borough of Northampton, and also in one of the public newsto be given. papers printed at Easton, of a time and place, by them to be appointed, not less than thirty days from the time of issuing the first notice, at which time and place, the said subscribers, shall proceed to organise the said corporation, and shall choose, by a majority of votes of the said subscribers, by ballot, to be Officers to be delivered in person, or by proxy duly authorised, one president, four managers and one treasurer, and such other offi cers as they shall think necessary to conduct the business of said company, for one year, and until other officers shall be chosen. May make by-laws. chosen; and may make such by-laws, rules, orders and regula tions not inconsistent with the laws of this commonwealth, as shall be necessary for the welfare of the said corporation: Provided always, That no person shall have more than twenty votes at any election, or in determining any question, arising. at meetings, in the concerns of this corporation, whatever number of shares he or she may be entitled to, and that each Proviso, person, shall be entitled to one vote for every share by him or her held, under the said number. SECT. 4. And be it further enacted by the authority aforesaid, That the said stockholders shall meet on the first Monday in September, in every succeeding year, at such place as shall be Time of holfixed by the by-laws of said company, to be made as afore-ding annual said, for the purpose of electing such officers as aforesaid for the ensuing year. elections. on the pay SECT. 5. And be it further enacted by the authority aforesaid, That the president and managers first to be elected, as aforesaid, shall procure printed or written certificates for all the Certificates shares of stock in said company, and shall deliver one such of stock to certificate, signed by the president and countersigned by the be issued uptreasurer, and sealed with the seal of the corporation, to each ment of ten person, for every share by him or her subscribed or held, upon dollars on payment to the treasurer, in part of the sum due thereon, the each share. sum of ten dollars, for each share, which certificate shall be transferable at such person's pleasure, in person or by attorney, in presence of the president or treasurer, subject however, to the payments due and that may become due thereupon: And the assignee holding any certificate, having first caused the assignment to be entered in a book of the company to be kept for that purpose, shall be a member of the corporation, and for every certificate so held shall be entitled to one Powers and share of the capital stock and of all the estates and emolu- rights of as ments of the company, and to vote as aforesaid at the meet- signees. ings thereof. How trans ferable. SECT. 6. And be it further enacted by the authority aforesaid, That the said president and managers shall meet at such of special times and places, and be convened in such manner as shall be meetings of agreed on for transacting the business of the company. At the board. such meetings, three members shall be a quorum, who in the absence of the president, may choose a chairman and shall keep minutes of their transactions, fairly entered in a book, and a quorum being met, they shall have full power and authority to agree with and appoint such engineers, superinten- Their powdents, artists and other officers as they shall think necessary to carry on the building of said bridge, and to fix their salaries and other wages, to ascertain the times, manner and proportions in which the stockholders shall pay instalments on their respective shares, in order to carry on their work, to draw orders on the treasurer for all moneys, to pay the salaries or wages of the persons employed by them and for materials furnished and labor done, which orders shall be signed ers and au thority. Penalty for neglect to pay instalments. by the president, or in his absence, by a majority of the man-. agers present, and attested by the secretary, and to do and transact all such other matters and things as by the by-laws and regulations of the company shall devolve on them. SECT. 7. And be it further enacted by the authority aforesaid, That if any stockholder, after thirty days notice in one or more of the public newspapers printed in the borough of Northampton, and one of the public newspapers printed at Easton, of the time and place appointed for the payment of any portion or instalment of the said capital stock, shall neglect or refuse to pay such instalment or proportion at the time so appointed, and for the space of forty days thereafter. every such stockholder or his assignee shall, in addition to the instalment so called for, forfeit and pay, as a penalty for nonperformance, at the rate of five per centum per month, for every delay of such payment; and if the same and the said When shares additional penalties shall remain unpaid for such a space of shall be for- time that the accumulated penalties shall become equal to the sums before paid on account of such share or shares, the same. shall be forfeited to the company aforesaid, and may be sold by them to any other person or persons willing to purchase, for the best price that can be obtained for said stock. feited. Company to keep fair ac. counts of all moneys re ceived, &c. SECT. 8. And be it further enacted by the authority aforesaid, That the president and managers of said company, shall keep fair and just accounts of all moneys received by them, from the said commissioners, and from the subscribers to the un-. dertaking, and of all penalties for delay, in the payment thereof and of the amount of the profits on shares that may be forfeited, as aforesaid, and of all voluntary contributions, and. also, of all moneys by them expended in the prosecution of the said work, and shall, at least, once in every year, submit such accounts to a general meeting of the stockholders, until the said bridge be completed, and until all the costs, charges and expenses, for effecting the same, shall be fully paid and discharged, and the aggregate amount of all such expenses, shall be liquidated and ascertained; and if upon such liquidation, or whenever the whole stock of the company shall be nearly expended, it shall be found that the said capital stock is not Number of sufficient to complete the said bridge, according to the true intent and meaning of this act, it shall and may be lawful for be increased. the president, managers and company, at a stated or special meeting, to be convened according to the provisions of this act, or their own by-laws, to increase the number of shares to such extent as shall be deemed sufficient to accomplish the work, and to demand and receive the moneys subscribed for such shares, in like manner and under the like penalties, as are hereinbefore provided for the original subscription. shares may When a SECT. 9. And be it further enacted by the authority aforesaid, bridge shall That when a good and complete bridge is erected over the river Lehigh, near Biery's mill, or as near the mouth of Cal be erected re isoque creek as the said company shall judge most convenient: property to the property of the said bridge shall be vested in the said be vested in company as aforesaid, their successors and assigns forever; the compaand the said company, their successors and assigns, may ny. ceive toll from travellers and others, passing over the same, agreeably to the following rates, viz. For every coach, lan- Rates of toll. dau, phaeton, or other pleasure carriage, with four wheels, or every sleigh or sled, drawn by four horses, the sum of forty cents; and for the same carriages, with two horses, the sum of thirty-three cents; for every wagon with four horses, when loaded, the sum of forty cents, and for the same when empty, thirty-one cents; and for every carriage of the same description, drawn by two horses, when loaded, the sum of thirtythree cents, and for the same when empty, twenty-seven cents; for every chaise, riding chair, sulky, cart or other two wheeled carriage, or a sleigh or sled, with two horses, the sum of twenty-five cents, and for the same, with one horse, the sum of fifteen cents; for a single horse and rider, the sum of six and a fourth cents, and every led horse or mule, the sum of five cents; for every foot passenger, the sum of one cent; for every head of horned cattle, the sum of three cents; for every sheep and swine, the sum of one cent: Provided always, Proviso. That nothing contained in this act, shall extend to authorise the said company to erect a bridge without the consent of the owners of the ground on each side of and contiguous to the said river, where the said bridge may be erected, or to erect the same in such manner as to injure, stop or interrupt the navigation of said river. SECT. 10. And be it further enacted by the authority aforesaid, SEC. 12. And be it further enacted by the authority aforesaid, and divi ed. Account of keep a just and true account of all the money received by tolls received their several and respective collectors of tolls, for crossing the to be kept, said bridge, and shall make and declare a dividend of the prodends declar. fits and income thereof, among all the stockholders, deducting first therefrom all contingent costs and charges, and such proportions of the said income as may be deemed necessary for a growing fund, to provide against the decay and for the rebuilding and repairing of the said bridge; and shall, on every first Monday in April and October, of every year, publish the dividend to be made of the said clear profits thereof, among the stockholders, and of the time and place where and when the same shall be paid, and shall cause the same to be paid accordingly. When ab stracts of the accounts shall be laid before the SEC. 13. And be it further enacted by the authority aforesaid, That the said president and managers shall, at the end of every third year from the date of the incorporation until two years next after the bridge aforesaid shall be completed, lay before the general assembly of this Commonwealth, an abstract of their accounts, on oath or affirmation, shewing the legislature. whole of the capital expended in the prosecution of the said work, and of the income and profits arising from the said bridge, for and during the said respective periods; together with an exact account of the costs and charges of keeping the said bridge in repair, and all other contingent costs and expenditures, to the end that the clear annual income and profits thereof may be ascertained and known; and if at the end of two years after the said bridge shall be completed, it shall appear from the average profit of the said two years, that the said clear income and profits thereof will not bear a tolls may be dividend of six per centum per annum, on the whole capital stock of the said company, so expended, then it shall be lawful for the said president, managers and company, to increase the tolls herein allowed, so much upon each and every allowance thereof, as will raise the dividends to six per centum per annum; and at the end of every three years after the said bridge shall be completed, they shall render to the gen eral assembly a like abstract of their accounts, for the three preceding years; and if at the end of any such triennial period, it shall appear, from such abstract, that the clear profits and income of the said company will bear a dividend of more When to be than ten per centum per annum, then the said tolls shall be so reduced as will reduce the said dividend to ten per centum per aunum. In what case increased. reduced. SEC. 14. And be it further enacted by the authority aforesaid, of the time That if the said company shall not proceed to carry on the for commen- said work within the space of two years after they have been cing and incorporated; or shall not within the space of seven years completing from the passing of this act, complete the said bridge, then the bridge. |