accepted at par or nominal value for certificates in the new company, under certain conditions and limitations. The canal was divided into Eastern and Western sections, the mouth of the Savage River being the division point;[1] if the company did not begin work in two years, or if one hundred miles were not completed in full in five years, the charter should become null and void. If the western section was not begun within two years after the time allowed for the completion of the eastern section, or was not completed in six years, the right and title of the company "in said western section, shall cease and determine." It will be noted that failure to complete the western section did not affect the company's right to the eastern section. The annual dividends were not to exceed fifteen per cent, and unless one-fourth of the capital should be subscribed all subscriptions were to be void.
In December 1823 President Monroe
- ↑ While the law divided the canal into only two sections, eastern and western, the engineers divided it into three, eastern, middle, and western. The two former met at Cumberland, and the latter began at the mouth of Casselman's River.
