| 160
Dec. Ses. 1826.
Capital stock
—shares $100
each.
Proviso.
Additional
subscriptions. |
JOSEPH KENT, ESQUIRE, GOVERNOR.
public works to be adequate to the execution of the work; then
the sum subscribed, shall be reduced to the amount of that estimate,
by the said commissioners, or a majority of them, by beginning
at, and striking off a share from the largest subscription
or subscriptions, that of the state always excepted, and
continuing to strike off a share from all subscriptions under
the largest and above one share, until the same is reduced to the
amount required, 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 number of shares which
each subscriber shall be allowed to hold on a list to be made
for striking off as aforesaid; an if the sum subscribed shall
still exceed the amount of such estimate or sum required, then
to strike off by the same rule, until the sum subscribed is reduced
to the capital aforesaid, or all the subscriptions reduced
to one share respectively; and if there still be an excess, then
lots shall be drawn to determine the subscribers who are to be
excluded, in order to reduce the subscription to the aforesaid
amount of such estimate or sum requird, which striking off shall
be certified on the lists aforesaid: and the capital stock of the
company hereby incorporated shall consist of the amount which
may as aforesaid, by the board of public works be estimated to
be necessary for the execution of the works hereinbefore mentioned;
and shall be divided into share of one hundred dollars
each, of which every person subscribing may take and subscribe
for one or more whole shares, to be paid in the legal currency of
the United States; Provided, That unless one half of the amount
of
the aforesaid estimate shall be subscribed as aforesaid, then
the commissioners or a majority of them, are hereby empowered
and directed to take and receive the subscriptions which
shall first be offered in whole shares as aforesaid, until the deficiency
shall be made up, certificates of which additional subscription
shall be made under the hands of said commissioners,
or a majority of them for the time being, and returned as aforesaid
to the board of public works, and to the governor and
council. |
Corporate
powers granted. |
3. And be it enacted, That whenever
one half or a greater
part of the said stock shall have been subscribed in the manner
aforesaid, then the subscribers, their heirs and assigns shall be
and are hereby declared to be incorporated into a company by
the name of the Maryland canal company, and may sue and be
sued as such, and as such shall have perpetual succession and a
common seal, and it shall thereupon by the duty of the said
commissioners, or a majority of them, to call a general meeting
of the subscribers, as they or a majority of them shall appoint,
after advertising the same in such public prints, as they or a
majority of them may think proper, and such of the said subscribers |
