one-fourth part of the said capital stock shall be
.subscribed, the subscribers of the said stock, their
successors and assigns, shall he thenceforward, and
not before, entitled to exercise corporate powers
under the name and title aforesaid, and by that name
shall be thenceforward, and not before, capable in
law of purchasing', holding, selling', leasing and con-
veying estates, real, personal and mixed, so far as
shall be necessary for the purposes hereinafter men-
tioned, and no farther, and shall have perpetual suc-
cession; and by that corporate name may thencefor-
ward, and not before, sue and be sued, and may
have and use a common seal, which they shall have
power to alter or renew at their pleasure; and shall
thenceforward and not before, have, enjoy, and may
exercise all the powers, rights and privileges, which
other corporate bodies may lawfully do, for the pur-
poses mentioned in tills Act.
SEC. 8. And be it enacted, That upon every such
subscription there shall be paid at the time of sub-
scribing, to the said Commissioner's, or to their agents
appointed to receive such subscriptions, the sum of
one dollar on every share subscribed, and the residue
thereof shall be paid on such installments, and at
such times as it may be required by the President
and Directors of said company; provided, that no
payment shall be demanded of any installment until
at least sixty days' public notice of such demand
shall have been given by the said President and
Directors; and if any subscriber shall fail or neglect
to pay any installment, or any part of said subscrip-
tion thus demanded for the space of sixty days next
after the time the same shall be due and payable, the
stock on which it is demanded shall be forfeited to
the Company, and may be sold by the said President
and Directors for the benefit of the company; but
the President and Directors may remit any such for-
feiture on such terms as they shall deem proper.
SEC. 9. And be it enacted. That if the subscription
herein made necessary to the incorporation of the
said company, shall not be obtained within five years
after the first opening of the subscription books by
the said commissioners, all subscriptions under
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Capability in
law
Amount to
be paid on
subscribing.
Proviso.
Subscription
not obtained.
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