| 80
Dec. Ses. 1825. |
JOS. KENT, ESQ. GOVERNOR.
upon the same terms and conditions as are prescribed to the
said commissioners in taking subscriptions. |
| Notice—installments. |
2. And be it enacted, That the said
commissioners shall give
not less than two weeks notice, of the time and place of opening
the said subscriptions, in one or more newspapers of said county;
and that each subscriber at the time of subscribing, shall pay
into the hands of said commissioners, the sum of two dollars
and fifty cents on each share of stock for which he shall subscribe,
to be paid over by the said commissioners, to the president
and directors of said company; and that the further sum of
seven dollars and fifty cents on each share of said stock, shall be
paid to the president and directors of said company, in instalments
not exceeding two dollars and fifty cents, at such times as
said president and directors may appoint: Provided always,
That thirty days notice thereof shall be first given in one or
more newspapers of said county. |
First election
of directors. |
3. And be it enacted, That as soon
as stock, not less in amount
than one half of said capital, shall be subscribed, notice thereof
shall be given in one or more newspapers of said county, and
that in two weeks thereafter, an election by ballot shall be held
for directors of said company, at a time and place in said county,
to be particularly stated; which election, the said commissioners
shall hold, and the directors then chosen shall be capable
of serving as such, until the next election of directors as
herein provided. |
Subscription
regulated. |
4. And be it enacted, That it shall
be lawful for any person,
or body politic, in person or by attorney, to subscribe for said
stock; and in case the amount of subscriptions shall exceed the
number of shares into which the said capital stock is divided;
the excess then created, shall be reduced to said number by a
deduction from the highest subscriptions; and if after such deduction,
there shall be an unequal number of shares, such number
shall be allotted equally to the highest subscribers; but if
the number of share shall be less than the number of subscribers,
then the said commissioners shall ascertain the successful
subscribers by lot. |
Corporate
powers granted. |
5. And be it enacted, That all such
persons as shall become
subscribers in said company, their successors and assigns, shall
be, and are hereby created and made a corporate and body politic
by the name and style of the president and directors of the
Westminster Water Company; and by that name, are hereby
made able and capable in law, to have, purchase, receive, possess,
enjoy and retain to them and their successors, all such
lands, tenements, hereditaments, goods, chattles and effects of
what kind, nature and quality soever, as may be necessary to
carry into effect the object and intention of this law, and the
same to grant, alien and dispose of in like manner; and sue and
be sued, plead and be impleaded, answer and be answered, defend
and be defended in any court of record, or any other places |
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