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authorized and empowered to determine on the place for erecting the bridge, and to do all acts necessary for the purchase of such place, and make and enter into
any contracts for such purpose, which contracts shall be binding on the Stockholders, as fully and effectually as if done by them, agreeably to the sixth section of the said act: which resolution was adopted.
On motion of Mr. M'Connell, Whereas by the charter of incorporation the Stockholders are empowered at their general meeting legally convened, to make such by-laws, rules, orders and regulations, as shall be necessary for the well ordering the affairs of the Company.
Resolved, First, That the President and Directors are hereby authorized and empowered to determine the amount of security that shall be given by the Treasurer for the faithful performance of his duty, and to take the same accordingly, and also to allow him such commissions or compensation as shall be deemed proper.
Second, That once in each year, the President and Directors shall lay before the Stockholders at a general meeting, for their information, an exact and particular statement of all their transactions, accounts and expenditures of money.
Third, That the President and Directors are hereby authorized and directed to procure a seal with suitable devices, and the President, with the approbation of the Board, will affix the said seal of the corporation to all instruments of writing, and sign the same in behalf of the corporation
Fourth, That the President and Directors are hereby authorized and empowered to lease or hire for a term not exceeding one year, a suitable room or rooms for the meetings of said Board, and the more convenient transacting the business of the company: which resolution was adopted,
And the meeting of the Stockholders adjourned.
At a meeting of the Stockholders holden on the 6th day of January, 1800, the following by-laws were agreed to and ordained.
First, There shall be stated meetings of the President and Directors at their office, once in every month, (unless the state of the city forbids such meeting) at such hour as the Board may from time to time agree on at the preceding meeting, but the President may also call special meetings of the Board of Directors when he may think the same necessary, or whenever he shall be required so to do, by an application in writing signed by two or more Directors, and in case of the sickness or absence of the President, two Directors shall have the authority to call a special meeting.
Second, The Treasurer shall keep the accounts of the Company in suitable books, and in such manner and form as he shall be directed from time to time by the Board of Directors, and shall deposit the cash and. securities for money of the Company in the Bank of Pennsylvania, in his name, for the use of this corporation, and shall pay the drafts of the President, or in his ab
sence of a majority of a quorum of Directors met: all deposits shall be made as expeditiously after the receipt of monies as may be: and when the cash in the Treasurer's hands shall amount to two hundred dollars at any time, no more than two days shall elapse before the monies received shall be deposited.
Third, The Treasurer before he enters on the duties of his office shall give bond to the President, Directors and Company, with two sufficient sureties in the sum of ten thousand dollars, conditioned for the faithful performance of his duty as Treasurer; he shall produce a monthly statement, if required, of the cash under his care belonging to the Company, and it shall be the duty of the Directors to compare the same with the Bank account of said money, and the Treasurer shall be allowed a reasonable compensation for his services.
Fourth, That the Treasurer appoint a suitable person (to be approved of by the Directors) to serve as Clerk and Secretary, who shall keep regular and fair entries of the proceedings of the Board, in a suitable book to be provided for that purpose ; that he shall every month make out a statement of all sums drawn for by order of the Board, and in general perform such other services as properly appertain to the office of Secretary and Clerk, for which he shall receive such salary as shall be agreed for under the direction of the Board.
Fifth, That the Directors have authority to employ such persons as shall appear to them to be necessary for promoting the object and transacting the business of this Company, to agree with them for reasonable compensation for their assistance and services and ge
nerally to do and transact all other such acts, matters and things for the benefit of this corporation, as shall not be inconsistent with the charter or repugnant to the by-laws thereof.
Agreed by the Stockholders and passed into by-laws 6th January, 1800.
(Signed) RICHARD PETERS. And the meeting of the Stockholders adjourned.
At a meeting of the Stockholders of the Company for erecting a Permanent Bridge over the River Schuyl-, kill at or near the city of Philadelphia, held 28th February, 1809,
On motion, Resolved, That the President and Directors after paying interest on the loan and incidental expenses be, and they are hereby authorized to vest all surplus monies in the Treasurer's hands, in such safe objects as they may deem proper, for the purpose of creating a growing fund, to provide against the decay of the said Bridge, and also, for the purpose of paying off the present debts due by the Company.
(Signed) JOHN BIDDLE, ISRAEL WHELEN, Secretary.
1 By-Law in relation to the Bridge Lot on High and
Schuylkill Front Streets. The President and Directors of the Company incorporated by the act of the Legislature of Pennsylvania, entitled, an “act to authorize the Governor of this Commonwealth to incorporate a company for erecting a permanent bridge over the river Schuylkill, at or near the city of Philadelphia,” having had certain duties detailed and anthorized in the said act, in relation to the bridge and its affairs; and being authorized to do and transact all other such matters, acts and things as .by the by-laws, orders and regulations of the Company, shall be committed to them,” but no by-law having been heretofore passed, in relation to the lot of ground belonging to the Company at or near the bridge, and given to the Company by an act of the Legislature of the Commonwealth ; and certain expenditures being now required to conform to the regulation of High Street and Schuylkill Front Street, on both whereof the said lot is bounded : Be it ordained and enacted, and it is hereby ordained and enacted by the President, Directors and Company so incorporated as aforesaid, that the President and Directors shall and may expend and lay out from the funds or monies arising from the tolls of the bridge now or hereafter to be collected, all sums required for a compliance with the regulation of the said streets, so far as shall be necessary in their opinion to be expended and laid out, and do and transact all other acts, matters and things, in relation to the said lot, and also in relation to the other lots and