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WILLIAM PACA, Esq; Governor.
large sums of money to effect so laudable and beneficial a work, and
it is just
and proper that they, their heirs and assigns, should be empowered to receive
reasonable tolls for ever, in satisfaction for the money advanced by them
in carrying
the work into execution, and the risk they run: And whereas it
may be
necessary to cut canals, and erect locks and other works on both sides
of the
river, and the legislatures of Virginia and Maryland, impressed with the
importance
of the object, are desirous of encouraging so useful an undertaking:
Therefore, |
1784.
CHAP.
XXXIII. |
II. Be it enacted,
by the general assembly of Maryland, That it shall and
may be lawful to open books in the city of Annapolis, George-town, and
Frederick-town,
in this state, for receiving and entering subscriptions for the said
undertaking, under the management of Christopher Richmond, and John Davidson,
merchant, or either of them, at the city of Annapolis, William Deakins
and Benjamin Stoddert, or either of them, at George-town, and Joseph Sim
and Abraham Faw, or either of them, at Frederick-town, and under the management
of such persons, and at such places, in Virginia, as shall be appointed
by act of assembly of that government; which subscriptions shall be made
personally,
or by power of attorney, and shall be made in Spanish milled dollars,
but may be paid in foreign silver or gold coin of the value. That
the said books
shall be opened for receiving subscriptions on the eighth day of February
next,
and continue open for this purpose until the tenth day of May next inclusive,
and on the seventeenth day of the said month of May, there shall be a general
meeting of the subscribers at the town of Alexandria, of which meeting
notice
shall be given by the said managers, or any four of them, in the Maryland
and
Virginia gazettes, at least one month next before the said meeting; provided,
that if the same time of receiving subscriptions, and of meeting, should
not be
appointed by the legislature of Virginia, then there shall be a meeting
of the
subscribers at the time by them appointed at the place aforesaid, notice
whereof
to be given as aforesaid, and the subscriptions made at the times and
places appointed
by Virginia shall be then received, and such meeting shall and may be
continued from day to day until the business is finished; and the acting
managers,
at the time and place aforesaid, shall lay before such of the subscribers
as
shall meet according to the said notice, the books by them respectively
kept,
containing the state of the said subscriptions, and if one half the capital
sum
aforesaid should, upon examination, appear not to have been subscribed,
then
the said managers, at the said meeting, are empowered to take and receive
subscriptions
to make up the deficiency; and a just and true list of all the subscribers,
with the sums subscribed by each, shall be made out and returned by the
said managers, or any four or more of them, under their hands, into the
general
court of each state, to be there recorded; and in case more than two hundred
and twenty-two thousand two hundred and twenty-two dollars and two ninths
of a dollar shall be subscribed, then the same shall be reduced to that
sum by the
said managers, or a majority of them, by beginning at, and striking off
a share
from, the largest subscription or subscriptions, and continuing to strike
off a
share from all subscriptions under the largest and above one share, until
the sum
is reduced to the capital of two hundred and twenty-two thousand two hundred
and twenty-two dollars and two ninths of a dollar, or until a share is
taken from
all subscriptions above one share, and lots shall be drawn between subscribers
of
equal sums, to determine the numbers in which such subscribers shall stand
on a
list to be made for striking off as aforesaid; or all the subscriptions
are reduced to
one share, and if there still be an excess, then lots to be drawn to determine
the
subscribers who are to be excluded to reduce the subscriptions to the capital
aforesaid, which striking off shall be certified in the list aforesaid;
and the said
capital sum shall be reckoned and divided into five hundred shares of four
hundred
and forty-four dollars and four ninths of a dollar each, of which every
person subscribing may take and subscribe for one or more whole shares,
and not
otherways. Provided, that unless one half of the said capital shall
be subscribed
as aforesaid, all subscriptions made in consequence of this act shall be
void; and |
Books to be
opened for
subscriptions,
&c. |
E e e e e
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