[ 68 ] 7 
Sec. 5. Jnd he it enacted^ That, on all subscriptions which shall 
not be paid, as hereinbefore provided, in ceitiftcates of the stocli, 
or debts of the present l^otomac Company, there shall he paid, at the 
time of subscription, on each share, one dollar; and thereafter, when 
the company shall be formed, the stock subscribed shall he paid on 
such instalments, and at such times, as the president and directors 
shall, from time to time, require, •s the woik advances: Provided-, 
That not more than one third part shall be demanded within any year 
from the commencement of the work, nor any pavmcnt demanded 
within any year, from the commencement of tiic work, nor any pay- 
meet demanded, until at least sixty days ])ublic notice thereof sliail 
have been given, in such public newspapers as the said president and 
directors shall direct such notices to be published in; and whenever 
any subscriber shall fail to pay any instalment called for by the com- 
pany, it shall and may be lawful for the company, upon motion, to be 
made in any couit of record, after ten days notice, to obtain jud.s;- 
ment against the subscriber so failing to pay; or, the said company, 
at their option, may, after giving sixty da>s notice in sucli public 
newspaper, printed within the District of Columbia, as they may 
judge proper, sell the stock of such subscriber; and if the proceeds 
of any such sale shall exceed the sum demanded, the surplus, after 
paying the expenses of such sale, shall be paid to the subscriber so 
failing, or to his legal representatives; and the puichaser at^ such 
sale, shall become a stockholder, and be subject to the same iiiles and 
regulatiims, and entitled to the same privileges, rights, and emolu- 
ments, as original subscribers under this act. 
Sec. 6. And to continue the succession of the said president and 
directors, and to keep up the same number, Be it enacted. That, from 
time to time, upon the cxpiratioa of the same tci'm for w hirh tiie said 
president and directors were appointed, the stockholders of the said 
company, at the next general meeting, shall either continue the said 
president or directors, orany of them, or choose others in their stead; 
and, until such choice be made, the president and dircctoi-s for the 
time being, shall continue in office; and, in case of the death, removal, 
resignation, or incapacity of the president, or any of the said direct- 
ors, may and shall, in manner aforesaid, elect any other person or 
persons to be president and directors, in the room of him or them so 
dying, removing, or resigning; and may, at any of their general 
meetings, remove the i)resident or any of the directors, and appoint 
others for and during the remainder of the term for which such per- 
son or persons were at first to haAC acted. 
Sec. 7. ^nrf be it enacted, That every president and director, be- 
fore he acts as such, shall take an oath or affirmation for the due exe- 
cution of his office. 
Sec. 8. And be it enacted. That the presence of stockholders, hav- 
ing a major part of the stock at least, shall be necessary to constitute 
a. general meeting of the stockholders, which shall bo held on the first 
^londay in June in every year, at suf h convenient town or jdace, as 
s'tiall be, from time to time, appoinied by the said general meeting; 
