OF CORPORATIONS. within six months from the time the vacancy occurs in said Recorded. trustees. keep books and expendi tures. SECTION 3. And be it further enacted, That the trustees Trustees to aforesaid and their successors, shall be required to open a book of receipts or set of books, in which they shall keep a just and true account of all sums of money coming into their hands under the provisions of this act, and also of all sums of money paid out by them, from time to time.out of the monies by them received for the purposes aforesaid. Said books shall be at all times ac- To be cessible to the trustees aforesaid and their successors, and to accessible. each of them respectively, for the purposes of examination of the accounts therein kept, and upon the written request of any one of them, the vouchers for payments made shall be present- Vouchers. ed to them or her for examination in the presence of one or more of said trustees or their successors. to invest, sell, &c. the Chan &c. to be SECTION 4. And be it further enacted, That the power to in- No power vest, re-invest or in any way to sell the securities heretofore re-invest, mentioned, or to change said funds from one security to without another security, or to sell real estate, shall only be with and consent of by the consent of the Chancellor of this State, and no such cellor. change.re-investment, investment, sale or change of said secu- Instrument rities or transfer or sale of real estate shall be valid,unless the of transfer Chancellor of this State shall indorse his approval on the indorsed transfer, deed, certificate or other writing by which said trans- by him. fer, investment, sale, or change, may be effected, and in all such transfers, deeds, certificates, or other documents or writings, by or in virtue of which any change may be made in the manner in which any security is held,or which may transfer or sell any security, real estate, or property, held by the trustees incor- What instruporated under this act, shall state in full the tenure by which ment shall said security, real estate or property, is held under this act. state. trustees SECTION 5. All appointments of trustees under this act Appoint shall be approved by the Chancellor before being valid, and ments of said approval shall be indorsed on the certificate required in must be ap section 2 of this act. proved by Chancellor. ment of the certificate. Public act. SECTION 6. And be it further enacted, That this act shall be Indorsedeemed and taken to be a public act, and the right to revoke the same for the misuse of any trust funds placed in the hands of the trustees aforesaid or their successors, is hereby reserved to the legislature. Passed at Dover, March 26, 1875. Revocation. Vol. 7, 52. Commission ers Powers. OF CORPORATIONS. CHAPTER 139. NAVIGATION COMPANIES. A FURTHER additional supplement to the act entitled "An act to estab- Be it enacted by the Senate and House of Representatives of the SECTION 1. That William A. Scribner, Robert H. Davis, appointed. James H. Deputy, Benjamin D. Anderson and Reynear Williams, be and they are hereby appointed commissioners, with all the power vested in or conferred upon the said navigation company for the improvement and protection of the navigation of the said Mispillion creek, as contemplated by the original act entitled "An act to establish a company under the name of the Mispillion Navigation Company," passed at Dover, February 1,1827, and the several supplements and amendments thereto. Inconsistent acts. SECTION 2. That all acts or parts of acts inconsistent herewith, be and the same are hereby repealed. Passed at Dover, March 4, 1875. ! CHAPTER 140. Vol. 13; 587. Section 2, of NAVIGATION COMPANIES. AN ACT to amend the act entitled "An act to incorporate the Lewes * SECTION 1. Be it enacted by the Senate and House of Reprechap. 504, of Sentatives of the State of Delaware, in General Assembly met, That the act entitled "an act to incorporate the Lewes Creek Navigation * Company," be and the same is hereby vol. 13, amended. * In the original act of incorporation the corporate name is "The Lewes Creek Improvement Com pany," and the same does not appear to have been changed by any subsequent act. OF CORPORATIONS. corporators substituted. amended, by striking out in the first, second and third lines o! section 2 of said act, the names of Labon L. Lyons, Harbeson Names of Hickman, John Marshall, Walter Burton and Robert Arnell, stricken out, as corporators, and inserting, in lieu thereof, the names of Ebe and others W. Tunnel, Dr. David L. Mustard, William P. Orr, Dr. David H. Houston, and Edward D. Hitchens, and that in all future publications of the laws of this State, said act shall be published as amended by this act. Passed at Dover, March 10, 1875. Publication as amended. CHAPTER 141. * NAVIGATION COMPANIES. AN ACT to Incorporate the Lewes Creek Improvement Company. established. SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met, (two-thirds of each branch of the Legislature concurring,) That Company a company shall be established for the improvement of Lewes to be Creek. The capital stock of this company shall not exceed Capital stock twenty thousand dollars, divided into eight hundred shares of twenty-five dollars each, and the said company shall go into When to operation, and their incorporation, as hereinafter provided, operation. shall take effect, whenever fifty shares shall be subscribed. go into - Notice. SECTION 2. And be it further enacted, That Ebe W. Tunnell, Commis Dr. David L. Mustard, William P. Orr, Dr. David H. Houston open books. and Edward D. Hitchens, shall be commissioners, and they, or any two of them, are authorized to open books at Lewes, at any time hereafter, upon ten days' notice, posted in five of the most public places in Lewes, aforesaid, to receive subscriptions to the said capital stock, which said books shall continue open so long as the said commissioners, or a majority of them, shall direct, and may be again re-opened on giving notice as aforesaid, and closed as aforesaid, so often as may be deemed necessary by the said commissioners until the amount of said stock be subscribed. *This chapter comprises chapter 504 of vol. 13, as amended by chapter 140, current volume, and is published in accordance with section 1, of said chapter 140. Incorpora tion. Name. Powers. Directors company. How chosen. President. OF CORPORATIONS. SECTION 3. And be it further enacted, That the said subscribers to the capital stock aforesaid, their successors and assigns, shall be and they are hereby created a corporation by the name of "The Lewes Creek Improvement Company," and shall continue and by that name have succession for twenty years from the time of the passage of this act, and shall have power and capacity to sue and be sued in courts of law and equity, to purchase, take and hold, as well as to sell and aliene any lands, tenements, hereditaments, goods, chattels, rights, credits and effects, which may be conducive to the purpose for which said company is formed, to have and use a common seal, to ordain by-laws, rules and regulation for their own government, not repugnant to the constitution and laws of this State, or of the United States, and to enjoy the franchises of a corporation, but they shall not use or enjoy any banking powers whatever. The business of the said company shall be managed by five directors, who shall be stockholders, and to manage shall be elected by the stockholders, annually. The first election may be held upon ten days' public notice, given as herein provided for the opening of the books of the company. The directors shall elect one of their number to be the president, and the said president and directors shall appoint one of the stockholders to be the treasurer of said company, who shall give such bond as they may deem necessary, and shall have power to remove and change such treasurer, as may be deemed necessary, until the stockholders, at an annual meeting, shall make and adopt such by-laws regulating and prescribing the duties and powers of the president, directors and treasurer, and prescribing the amount of bonds to be given by such officers, and that all such by-laws, rules and regulations may be changed, altered, or amended at any annual meeting of the stockholders, and not otherwise; that the annual meeting shall be held in Lewes, on the second Monday in FebruCompany to ary in each and every year; that the said company may enter nel of Lewes upon and deepen any part of the channel of said Lewes Creek, and may also enter upon and cut through any of the public marshes for the purpose of cutting a new channel wherever they may consider it best for the improvement of the navigation of said creek, and whenever any owners of any private Condemna- marsh through which the said company may consider it necessary to cut any new channel, shall refuse or neglect to make an arrangement so as to enable the said company to cut such channel, it shall be the duty of any judge of the Superior Court, upon application made to him by said company, to appoint five impartial citizens of Sussex county to go upon, view and assess the damages that any such owner shall be en Treasurer. By-laws. Annual meetings. deepen chan creek. tion of marsh. OF CORPORATIONS. titled to, and to require that the said five impartial citizens (commissioners) shall be first duly sworn to assess such damages and make and certify to such owners and to such company the amount thereof, and also stating the width and length of the marsh which the said company may be entitled to use for the purposes of said company. And should such owner or owners be not satisfied with the award thus made and certified to them, or should the company be not satisfied with such award, then either party may, within thirty days from the time of the service of such award, apply to the Prothonotary of the Superior Court of Sussex county for a writ of ad quod damnum, which shall be final when the same has been Writ of ad confirmed by the said court; that the said company shall not damnum. enter on any private marsh until all the damages have been Payment of paid to such owner or owners, or in case of the neglect, refusal, or disability of such owner or owner[s] to receive the same, then until the said company shall deposit the said amount due such owner or owners to the credit of such owner or owners in the Farmers' Bank of the State of Delaware, at Georgetown. That for the purpose of making the improvement of the channel of said Lewes Creek more available, it may also be lawful for the said company to erect and make a tow-path along said Tow-path. creek, upon the banks thereof, and upon the public marshes through which said company may cut such new channel. quod damages. on stock. SECTION 4. And be it further enacted, That at the first Installments meeting of the stockholders, called by the commissioners as hereinbefore provided for the election of directors, the subscribers shall pay the sum of five dollars on each share of stock subscribed for, and the directors may call in the balance of said subscribed stock in two installments upon giving twenty days' notice of the same, either personally to such subscribers, or by notice given in two of the newspapers published in the county, if there be such, otherwise in two of the newspapers published in this State, and there shall be at least thirty days between the times appointed for the payment of said last two installments, and [upon] the neglect or refusal to pay said last installments, or either of them, for more than ten days after the time appointed for the payment thereof, the amount heretofore paid in shall be forfeited to the company. commis. SECTION 5. And be it further enacted, That the said five com- Powers and missioners herein named shall have power and authority, for the duties of purpose of making the improvements herein contemplated, to sioners. go upon and view the said creek and marshes, and to lay off and mark out such canals, tow-path, and note such improvements as they shall deem necessary, and make a plot or description |