GEORGE HOWARD, ESQ, GOVERNOR.

1831

Sec. 3. And be it enacted, That if more than the whole

CHAP 287.

number of shares authorised by this act shall be subscribed

to the capital stock of said company, the said commission-

Apportionment
of shares.

ers, or a majority of them, shall reduce the subscription to

the number authorised by this act, by striking off from the

largest number of shares in succession, until the subscrip-

tions shall have been reduced to the number authorised by

this act, or all the subscriptions to one share, and if there

be still an excess, then lots shall be drawn by the commis-

sioners, to determine who are to be excluded.

Sec. 4. And be it enacted, That upon every such subscrip-

Payment required

tion, 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

subscribed, and the residue thereof shall be paid in quarter-

ly payments; and in such instalments, not exceeding one-

Instalments.

third of the subscription in anyone year; Provided, That

no payment shall be demanded until at least thirty days,

public notice of such demand shall have been given in one

newspaper, in Cecil county, and one in the city of Balti-

more, by the president and directors, to be appointed as

hereinafter directed, and if any subscriber shall fail or neg-

Case of failure to

lect to pay any instalment,or any part of said subscription thus

pay.

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

Stock fol luted.

sold by the said president and directors, for the benefit of

the company; but the president and directors may remit

Proviso.

any such forfeiture, on such terms as they shall deem pro-

per.

Sec. 5. And be it enacted, That if the subscription herein

Case of failure of

deemed necessary to the incorporation of the said company,

sufficient subscrip-
tions, this act void

shall not be obtained within two years after the first open-

ing of the subscription books by the said commissioners, 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.

Sec. 6. And be it enacted, That after the expiration of

First general

the six days for which the books shall have been first open-

meeting.

ed, if two thousand shares of said capital stock shall hare

been subscribed, or if not, as soon thereafter as the same

shall have been subscribed if within two years after the

first opening of the books, the said commissioners, or any

Notice required.

three of them, shall give thirty days public noticed the

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