THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

reserved to the State, will be adequate to complete the

CHAP. 338

said road, and provide the proper locomotive power,

ears, carriages, vessels, and other necessary appen-

dages «f the said roads and their appurtenant works,

according to the estimates to be made as aforesaid, the

said commissioners or a majority of them, shall re-

duce the subscription to the amount which shall he

deemed necessary thereto, by striking off from the

largest number of shares, until all the subscriptions

are reduced to one share each, and if there be still an

excess then lots shall determine who or which shall be

entirely excluded.

SEC. 5. And be it enacted, That upon every such

First payments

subscription there shall be paid at the time of sub-

scribing to the said commissioners, the sum of one

dollar on every share subscribed, and the residue there-

of shall be paid in such instalments and at such times,

as may be required by the president and directors of

said company; provided, that not more than one third

Proviso

of the subscription be demanded in any one year, not

until at least sixty days notice shall have been given

of such demand, by publication in such newspapers as

the president and directors shall direct, and if any

On failure, forfeit

subscriber shall fail to pay any instalment so deman-

ded or any part thereof, for the space at sixty days

after the same shall be due and payable, the stock of

such subscriber on which default is made, shall be for-

feited to the company and may be sold by the president

and directors for the benefit of the company, or tlia

forfeitures may be remitted on such terms as they may

think proper.

SEC. 6 And be it enacted, That if the subscription

If not subscribed in

herein made necessary to the incorporation of the com-

12 months, void

pany, shall not be obtained within twelve months after

the first opening of the books, all subscriptions so

made shall be null and void, and after discharging

the expenses necessarily incurred, the residue of the

money paid in upon subscription shall be rateably dis-

tributed and returned to the subscribers or to their

proper representatives, and in like manner in case of

Excess

an excess of subscriptions, every subscriber shall be