" whereby the Owners sustain great loss, and the "Revenue is much injured: and, that if Wet"Docks were made in the Isle of Dogs with Legal "Quays, Wharfs, and Warehouses attached thereto, " for the reception and discharge of Vessels in the "West-India Trade, much additional Room would " be given to the rest of the Shipping using the "Port; and the West-India Produce might be " effectually secured from loss by theft and other

causes, and the Public Revenue greatly benefited. " -That it is therefore expedient that such Docks,

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Quays, Wharfs, and Warehouses, &c. should " be forthwith made. -That several persons have "agreed to form a Company for this purpose, and " have entered into a subscription, for the purpose of " raising 500,0001. as a Capital, for carrying the "Works into execution :"

It is therefore enacted, that certain original Subscribers, (named in the Act,) with such others as shall agree, and be permitted to become original Members of the Company, and their several Successors, Executors, Administrators, and Assigns, &c. shall be, and they are by the Act, declared to be, united into a Company or Association of Proprietors of the Docks, Basons, Cuts, Quays, Wharfs, Warehouses and other Works; and which Company, shall use the Firm and Stile of the

West-India Dock Company;

and shall have the Powers and Authorities herein after stated.

The

The sum so subscribed, or such pårt as shall be necessary, shall be considered as a Capital, or joint Stock, vested in the West-India Dock Company, for the use and behoof of the Members of the Company in proportion to their Subscriptions.The Stock shall be deemed Personal Estate; and pass by Transfer in the Books of the Company. No Stock-holder is liable for the Debts of the Company beyond the amount of the Stock subscribed§ 39, 40, 41,

During the progress of the Works, each Stockholder is entitled to receive at the rate of 5 per Cent. per Annum on the amount of the money advanced. And after the Works are finished, such Interest or Dividends shall be paid, (not exceeding 10 per Cent.) as shall be determined at the General Meetings of the Company-§ 42.

A General Meeting specially called for the purpose, may increase the Capital to Six Hundred Thousand Pounds-§ 43.

Any five or more of the Directors, are empowered to Audit and Settle all accounts of Money disbursed for the purposes of the Act; and to make Calls for Money from the Subscribers for carrying on the Works, not exceeding 10 per Cent. on the Sum subscribed; and no Call to be made but at the distance of two months from the preceding one, Subscribers neglecting to comply with the Calls, to forfeit 5 per Cent. and may be sued by the Com pany: and if the amount of such Call is not paid

within three months, the Directors in their option, may either sue, or declare the share of such Defaulter to be forfeited in favour of the other Proprietors-§ 44. No advantage to be taken of any Forfeiture, until notice given in writing, nor until the same be declared forfeited at a General Meeting of the Company, held within six months thereafter. And in all such cases, persons thus ceasing to have an interest in the undertaking are indemnified against Actions subsequent thereto-§ 45.

Where the Representatives of deceased Subscribers, decline, or neglect, to answer the Calls that are made, the Company shall be at liberty to admit other persons as Proprietors in their stead, on repayment of Money advanced by such Proprietor -§ 46.

General Meetings shall be held in the City of London, on not less than seven days' notice to Subscribers, both days being inclusive-§ 47.

Within one month after passing the Act, the Company are directed to choose by Ballot :

and these 21 shall be called the Directors, for mana

ging the affairs and business of the Company.

These

These Directors are authorised to elect from among themselves two persons, to be the Chairman and Deputy Chairman of the Court of Directors, and of the General Meetings of the Company. The Directors not being less than five, shall appoint the times and places of meeting. -The Directors to remain in Office until others are chosen in their stead, unless they shall die, be removed, or disqualified by not holding sufficient Stock, or by ceasing to be an Alderman or Common Councilman. The New Directors chosen to replace these, shall remain in Office no longer than those in whose stead they were appointed, could have remained-§ 48.

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Five at least of the twenty-one Directors, shall go out of Office by rotation every year, and five others shall be appointed to succeed them; namely, three Members of the Company, who shall possess 2000l. Stock, and one Alderman and one Common Councilman, being of the same class with those who go out.

None of the Directors shall continue longer in Office than four succeeding years; and, to comply with this Rule, four, at least, of the Directors, who have been appointed out of the Members of the Company, shall go out of Office in rotation, every. fourth year, and four other qualified persons shall be chosen by ballot to succeed them; but, as the rotations cannot take place during the first three years, during this period, the Directors, who are to go out

of

of Office shall, each year, be ascertained by drawing lots. Persons who have served the Office of Director, may be re-chosen after one year, if otherwise qualified. § 49.

Two general Meetings of the Company shall be held yearly, viz. in the first weeks of January and July, of which, due notice is to be given, (§50)But any nine Proprietors, holding 500l. Stock, and upwards, may, by notice to the Clerk or Treasurer, request extraordinary Meetings. § 51.

The qualifications of Voters, at General Meetings, are as follows:

Holders of 500l. Stock, and less than 2000l. entitled to

Votes.

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Bodies politic or corporate may vote by their Attornies, duly authorised : but no individual voter shall hold more than one power of Attorney.

No Proprietor, holding less than 500l. shall vote at any meeting. A majority of votes shall decide all questions; and the Chairman shall have a casting vote, although he shall have previously voted as a Proprietor. And every question, if required by five or more persons having votes, may be determined by an immediate ballot, where the Chairman shall, in like manner, have a casting vote. § 52.

In case the Corporation of London shall be proprietors

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