Act of Alabama.of every description, in rafts or otherwise, three-fourths of a cent per cubic foot.
When they shall not receive toll.Sec. 13. And be it further enacted, That after the completion of all and every part of the improvement on said river, his excellency the governor shall appoint some suitable person, whose duty it shall be, whenever said river shall be considered by him not to be in such repair as to admit of the easy ascent and descent of boats as contemplated by this act, to report the same to the governor, and said company shall not receive any toll until said river shall be reported in sufficient repair for the easy ascent and descent of boats, and the certificate of the governor obtained as prescribed in the tenth section of this act.
Semi-annual dividends.Sec. 14. And be it further enacted, That the directors, after receiving said toll on all or any part of the works, shall commence and declare semi-annual dividends, on the first Monday of February in each and every year, of such net proceeds, as may be above all expenses, and sums necessary for repairs and improvements.
Stock, how transferable.Sec. 15. Be it further enacted, That stock shall be transferable only on the books of the company.
Construction.Sec. 16. And be it further enacted, That nothing in this act shall be so taken or construed as to prevent or obstruct the free navigation of said river, so far as it is now a navigable stream, until the assent of Congress shall be obtained authorizing the same.
Sec. 17. And be it further enacted, That all articles not heretofore enumerated, shall be rated by weight or measurement, and tolled according to the foregoing rates.
Sec. 18. And be it further enacted, That all acts, and parts of acts, contravening this act, be, and the same are hereby repealed.
Dividends not to exceed twenty-five per cent.Sec. 19. And be it further enacted, That the president and directors shall keep a true account of the costs and expenditures of the improvements of the said river, and on the first day in February, in each year, have the same made up, and the balance of profits struck and divided among the stockholders, and report upon the same to the General Assembly of the state; and if it shall appear by the said return, under the oath of the president and directors, that the profits arising from tolls, divided, do not amount to twelve and a half per cent on the capital expended, the corporation shall be authorized to add to the tolls for the succeeding years, until the net profits arising from tolls, after deducting all expenses, repairs, and improvements, shall amount to twelve and a half per cent. per year; that should it appear that the net profits arising from tolls exceed twenty-five per cent. per year, after deducting the expenses, repairs, and improvements, the General Assembly reserve to themselves the right so to reduce the rates of tolls that the profits from the tolls to be divided shall not exceed twenty-five per centum.
Approved, January 10, 1827.
