1756
Page 22 of 23.
The Scheme page 10.
10 A Scheme to make the
to appoint the Subscribers (or a Committee chosen by themselves to be in Trust for the Rest) Undertakers, who will thereby become invested with equal Power and Interest in it as the original Undertakers who were appointed in the Act; only reserving to themselves a Power to appoint others of the Subscribers for the Purpose, if the Work is not begun in One Year, and completed in Five. By this Appointment of Investiture every Subscriber will become a Proprietor, which may be esteemed a good Security for the Money they advance.
That the Conditions of the Subscription do set forth that the Subscribers, Proprietors, or Undertakers, be obliged to take no greater Toll, or Tonnage, than is proposed by this Scheme, notwithstanding what is permitted by the Act; unless it shall be found that this Tonnage (after all reasonable Expences of Collecting and Repairing be answered) do not pay Five per Cent per Annum Interest for all the Money advanced for this Wiork; and that all the Next Produce arising from this fixed Tonnage, over and above what may answer the Expence and Interest as aforesaid, shall constitute a Sinking-fund, according to the Scheme set forth (Page 8) in order to pay off the Principal; and that, whenever the Sinking-fund shall accumulate the Sum of 1000l over and above the Interest Money, there shall be a Dividend made of 10l per Share upon the Principal, and the Interest afterwards only reckoned on the remaining Principal.
That, when the Subscription is full, a Treasurer be appointed to receive the respective Payments; and that this Treasurer do publish an Annual Account (first passed and signed by the Undertakers, or a fixed Number of them) of all Money received, disbursed, Interest paid, or Profits arising from the said Navigation; and that no Money exceeding the Sum of 10l be paid by him without a written Order, to be signed by Three of the Committee of Undertakers; and that all the said Treasurer's Expences relating thereto be allowed him out of the Capital Stock.
That a Clerk be also appointed at a fixed Salary per Annum, in Consideration whereof he should attend all the Meetings of the Commissioners, Proprietors, and Undertakers, asist the Treasurer in his Accounts, and, by his Appointment, be ready to pay all petty Sums to Labourers, Workmen, &c, and for such other Purposes as shall render his Attendance necessary to this Undertaking; and that all Transactions, Orders,, Contracts, Purchases, &c, be fairly entered by him in a Book or Books to be kept for the Use.
That the Shares of the said Fund be made out in the same Manner and
