GEORGE HOWARD, ESQ. GOVERNOR.

1851.

other corporate bodies may lawfully do, for the purposes
mentioned in this act.

CHAP. 168.

Sec. 3. And be it enacted, That if more than four thou-
sand shares shall be subscribed to the capital stock of said
company, the said commissioners, or a majority of them,
shall reduce the subscription to four thousand shares, by
striking off from the largest number of shares in succession,
until the subscriptions shall have been reduced to four thou-
sand shares, or all the subscriptions to one share, and if
there be still an excess, then lots shall be drawn by the
commissioners, to determme who are to be excluded.

Apportioning sub-
scriptions.

Sec. 4. And be it enacted, That upon every such sub-
scription, there shall be paid at the time of subscribing to
the said commissioners or their agents, appointed to receive
such subscription, the sum of two dollars, on every share

Payment on sub-
scribing.

subscribed, and the residue thereof shall be paid in quarter-
ly payments, and in instalments, not exceeding one-third of
the subscription in any one year; Provided, That no pay-
ment shall be demanded, until at least thirty days public
notice of such demand shall have been given by the pre-
sident and directors, to be appointed as hereinafter directed,

Subsequent in-
stalments

and if any subscriber shall fail, or neglect to pay any in-
stalment, or part of said subscription 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

Case of failure to
pay.

president and directors for the benefit of the company; but,
the president and directors may remit any such forfeiture,
on such terms as they or a majority of them shall deem
proper.

Power to remit.

Sec. 5. And be it enacted, That if the subscription herein
deemed necessary to the incorporation of the said com-
pany, shall not be obtained within three years after the first
opening of the subscription books by the said commission
ers, this act and all the subscriptions under it shall be null
and void; and the said commissioners after discharging the
expenses of opening the books, shall return the residue of
the money paid in upon such subscriptions, to the several
subscribers in due proportions to the sums respectively
paid in by them.

Failure of suffi-
cient subscriptions

Sec. 6. And be it enacted, That after the expiration of
the six days for which the books shall have been first open-
ed, if two thousand shares of said capital stock shall have
been subscribed, or if not, as soon thereafter as the same
shall have been subscribed, if within three years after the
first opening of the books, the gaid commissioners, or any
three of them, shall give thirty days public notice of the

Notice of elation.