| NOV. 1812.
CHAP. 180.
Proviso. |
LAWS OF MARYLAND.
or for whose use the subscriptions shall be declared to be made as
aforesaid, shall have, enjoy and receive, the share and shares respectively
in consequence thereof obtained, and all the interest and
emolument thence arising, any such bargains, contracts, promises,
agreements or engagements, to the contrary thereof in any wise
notwithstanding; Provided however, that no subscription shall be
received at the different places in the several and respective counties
above mentioned, during the three first days, except in the name
of a person or persons residing in the county where such subscription
is taken. |
| Excess of shares. |
6. AND BE IT ENACTED, That it shall
be lawful for any person,
copartnership or body politic, in person or by attorney, to subscribe
for a share, or any number of shares, not exceeding twenty
shares in any one day, except in the cases above provided for, and
except also as shall be herein after directed relatively to the state
of Maryland; but in case the amount of the subscriptions in any of
the places above mentioned shall exceed the number of shares there
allowed to be subscribed, the excess thus created shall be reduced
within the number of shares authorised to be subscribed at such
places respectively, in the manner following; that is to say, from the
subscription and subscriptions highest in amount, the respective
commissioners, or a majority of them, shall subtract a share or
shares, until the same be made equal to the subscription or subscriptions
next highest in amount, and as often as the case shall require,
they shall so proceed to subtract a share or shares from the subscription
and subscriptions remaining from time to time the highest in
amount, until the aggregate of all the subscriptions be reduced to
the number of shares authorised to be subscribed at the places above
mentioned respectively; and if, by and after the operation of such
subtraction, (as often as the same shall be made and necessarily
repeated as aforesaid,) a greater number of shares may be allowed
to one or more of the subscribers, from whose shares such subtraction
shall have been made, than to the rest, or if the number of
subscriptions shall eventually be greater than the number of shares
authorised to be subscribed at the places above mentioned respectively,
so that at least one share cannot be allowed to each and every
subscriber, then, and in either of the above cases, the respective
commissioners shall ascertain by lot in whom the greater number
of shares, or the right of subscribing for and retaining one
share, (as the case may be,) shall be vested, and the person or
persons in whose favour the lot may thereupon fall, shall be deemed,
to all intents and purposes, the lawful subscriber and subscribers
for such share and shares respectively; and the amount of the
share and shares subscribed for shall be paid by the several and
respective subscribers, at the times and in the proportions herein
after directed. |
Returns of subscriptions
to be
made to commissioners
of city of
Baltimore. |
7. AND BE IT ENACTED, That each
and every of the said commissioners
are hereby required and directed to return, at the expiration
of sixty days, or within ten days thereafter, the respective
subscriptions, taken under their and each of their direction, to the
said commissioners of Baltimore city; and if the said number of
shares shall not have been subscribed at any of the places aforesaid,
in manner herein before mentioned, or if subscribed, and return
thereof shall not be made to the commissioners at the city of |
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