and retain, to them and their successors, lands, rents, tenements, hereditaments, goods, chattels, and effect, of whatever kind, nature, and quality, to any amount not exceeding in the whole one hundred thousand dollars; including in the amount of capital stock; and the same to sell, grant, demise, alien, and dispose of, to sue and be sued, plead and be impleaded, answer and be answered unto, defend and be defended, in any suit, action, matter or thing, in any court, either of law or equity, or in any other place whatsoever; and also to make, have, and use a common seal, and the same to break, alter, or renew, at their pleasure; and also to ordain, establish, and put in execution, such by-laws, ordinances, and regulations, as they shall deem necessary and convenient for the government of said corporation, not being contrary to the laws of this state, or of the United States; and generally to do and execute all and singular the acts, matters and things, which to them may appear necessary, or which to them it shall or may appertain to do, as incident to bodies corporate; subject, nevertheless, in addition, to the restrictions, limitations, and provisions, hereinafter prescribed and declared: Provided, That nothing in this act shall be so construed as to authorize said company to exercise banking powers, or any other power not specially delegated in this act.
Organization of directors.Sec. 7. Be it further enacted, That the directors shall meet and organize, and appoint such officers as may be necessary for conducting the business of said company; they shall keep regular accounts and make an annual report of their proceedings to the legislature of this state; in case of the death, resignation, or removal of any one of the directors, or should a vacancy occur in any manner whatever, in the board of directors, a majority of the remaining directors may fill such vacancy; and an annual election of directors shall be held on the first Monday in February in each and every year at Cahawba; the directors shall have power to change the place of election of directors, giving public notice thereof in some newspaper, at least two months before the election.
Power of the directors,Sec. 8. Be it further enacted, That the directors, a majority being present, shall have power to determine upon all plans for improvement, and may authorize a committee or agents to contract for, or to superintend the execution of any such plan, and to make contract for necessary supplies, or for such superintendents and labourers as may be required, not to exceed in amount or value the sums appropriated by the board of directors.
To enforce the payment of stock,Sec. 9. Be it further enacted, That the directors shall have power to enforce the payment of stock subscribed, either by making a failure amount to a forfeiture, or otherwise.
To receive toll when completed as far as Maybury’s landing;Sec. 10. And be it further enacted, That when the improvement of said river, so far as Maybury’s landing, shall be deemed by the directors to be completed, and the directors shall desire liberty to receive toll for the passage of boats over the same, they shall apply to the governor of this state, who shall cause the same to be examined, and in case such improvement is deemed completed, so as to admit the easy ascent and descent of boats of twenty tons burden, he shall certify the same to the directors; whereupon they shall be authorized to make regulations for receiving toll not exceeding the rates hereinafter mentioned, that is to say: for each barrel eighteen cents and three-fourths; for each bale of cotton, ten cents; for each ton of iron, one dollar; for lumber of every description, in rafts or otherwise, one-fourth cent per public foot: Provided, Said company shall defray all expenses incurred by every such examination.
Oldtown, Perry county;Sec. 11. Be it further enacted, That when the improvement of said river shall be completed so far as Oldtown, in Perry county, so as to allow the easy and safe ascent and descent of boats of twenty tons burden, and the directors shall obtain the certificate of the governor in like manner as is provided for in the preceding section of this act, they shall be authorized to make regulations for receiving toll, not exceeding the rates hereinafter mentioned, to wit: For each barrel thirty-seven cents and a half; for each bale of cotton, twenty cents; for each ton of iron, one dollar and fifty cents; for lumber of every description, in rafts or otherwise, one-half cent per public foot.
Centreville;Sec. 12. Be it further enacted, That when the improvement of said river shall be completed to Centreville, or the Falls of Cahawba, and the certificate of the governor obtained in like manner as is pointed out in a previous section, that then, and in that event, the directors shall be authorized to make regulations for receiving toll upon the whole route, not exceeding the rates hereinafter mentioned, to wit: For each barrel, fifty-six and one-fourth cents; for each bale of cotton, thirty cents; for each ton of iron, two dollars; for lumber