Davis, shall be and they are hereby constituted
commissioners to receive subscriptions to the capital
stock of said company, and they, or a majority of
them, are-hereby authorized to open Looks for the
purpose of receiving subscriptions to said capital
stock, and shall designate the time and places of
which said subscriptions shall be taken, by giving
one week's notice thereof in one or more newspapers,
published in the City of New York, the City of Bal-
timore, and in the State of Deleware, and in case
more stock is subscribed than is necessary to the full
and ample completion of said canal, the said com-
missioners shall apportion said subscription among
the stockholders in such manner as they, or a majority
of them, shall deem to the interests of said corpora-
tion; and. if any subscriber or owner of said stock
shall fail to pay any assessment -which may be
required by the President and Board of Directors of
said company, for the space of sixty days next after
the same is called for and made payable, the stock
upon which such assessment is required, shall be for-
feited to the company, and may be sold by the Pres-
ident and said Board of Directors, for the benefit of
said company; but said President and Board of
Directors may remit such forfeiture upon such terms
as they may think proper; provided, however, that no
stockholder shall be assessed for any purpose more
than the par value of his stock.
SEC. 4. And be it further enacted, That as soon as the
sum of one hundred thousand dollars of the capital
stock of said corporation shall have been subscribed,
and five per centum on the said sum of one hundred
thousand dollars shall have been paid in, the said
commissioners shall call a meeting of the stock-
holders, by giving ten days' previous notice of the
time and place of said meeting, in one or more
newspapers, printed in the City of New York, the
City of Baltimore, and in the State of Deleware, and
said stockholders shall elect by ballot at such meet-
ing, or at any subsequent general meeting of said
wrecholders, seven directors of said corporation, all
of whom shall be stockholders in said corporation,
who shall hold office for one year from the day of
their election, and until their successors shall be
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Notice to be
given
Proviso.
To call a
meeting
Elect Direct's
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