1826

LAWS OF MARYLAND.

CHAP. 136.

If more than ca-
pital subscribed,
how to be reduced

possess and enjoy, and may exercise, all the rights, powers and
privileges, hereaiter granted to said company.
3. And be it enacted, That if a sum exceeding said capital
stock shall be subscribed, the said commissioners shall reduce
the same to the capital stock by beginning at the largest sub-
scription, and striking off a share, and continuing to strike off a
share, from the next largest, until a share has been stricken off
from all subscriptions for more than one share, or until the ne-
cessary reduction is made; and if there is still an excess, by be-
ginning and striking off according to the same rule, until the
subscription is reduced to the capital stock, or all the subscrip-
tions to one share; and if there is still an excess, then lots shall
be drawn by the commissioners to determine who are to be ex-
eluded ; but all subscriptions made by the state of Pennsylvania
and Maryland, and the city of Baltimore, shall have the prefer-
ence over other subscriptions in this respect, and shall be ex-
empt from this reduction until other subscriptions have been
wholly stricken off

Payment!

4. And be it enacted, That upon every subscription to said
capital stock there shall be paid to the said commissioners, at
the time of subscription, the sum of two dollars on each share
subscribed, and the residue thereof shall be paid in such in-
stalments, and at such times, as it may be required by the pre-

Proviso

sident and directors o! said company; Provided, that not more
than one half of the subscription be demanded in any one year
from the commencement of the work, nor any payment de-
manded, until at least sixty days public notice of such demand
shall have been given in at least one newspaper in each of the
said states of Pennsylvania and Maryland; and when any sub-
scriber shall fail to pay any instalment or portion of said sub-
scription called for by the president and directors of .said com-
pany, the said president and directors, on motion in any court
of record, in either of the states of Pennsylvania or Maryland,
after ten days notice to the defaulting stockholders, may obtain
a judgment for such instalment against such stockholder, in the
name of said company, or they may in their option sell the
stock of such stockholder, after giving sixty days notice in at
least one newspaper in each state, and may, if they deem it
proper, purchase the same for the benefit of the company; and
if the proceeds of the sale exceed the whole sum due or unpaid
on said stock, the surplus, after paying the expenses of such
sale, shall be paid to such defaulting subscriber, or his legal re-
presentatives, and the purchaser under any sale shall become a
stockholder, subject to the same regulations, and entitled to the
same rights, privileges and emoluments, as original stock-
holders.

If necessary sub-

scription is not
published in twelve
months, act to in
void

5. And be it enacted. That if the subscription herein made
necessary to the incorporation of said company, shall not be
obtained within twelve months after the opening of said books
by said commissioners, this act, and all the subscriptions made
under it, shall be null and void; and the commissioners after
the adjustment and discharge of the necessary expenses of open-
ing and keeping open said books, shall return the residue of the
money, paid upon such subscriptions, to the several subscribers,