THOMAS W. VEAZEY, ESQUIRE, GOVERNOR,

1836

SEC. 2. And be it enacted, That the capital stock
of the Saint Martin's Canal and Navigation Compa-
ny, shall be twenty thousand dollars, in shares of
twenty dollars each, and as soon as five hundred
shares of the said capital stock shall have been sub-

CHAP. 218.
Capital $2000

scribed, the subscribers, their successors and assigns,
shall be, and they are hereby incorporated by the
name of the Saint Martin's Canal and Navigation
Company, aud by that name shall be capable in law
of purchasing, holding, selling, leasing and conveying
estates, real, personal or mixed, so far as shall bo ne-
cessary for the purposes hereinafter mentioned, and

Style

shall have succession by said corporate name, and may
sue and be sued, and may have aud use a common seal,
and the same may alter and renew at pleasure, and
have, enjoy and exercise all the powers, rights and
privileges which other corporations may lawfully do
for the purposes mentioned in this act

Corporate pow-
ers

SEC. 3. And be it enacted, That upon every such
subscription, there shall be paid at the time of subscrib-
ing, one dollar on each share subscribed, and the resi-
due thereof shall be paid at such times, and in such in-
stalments as shall be required by the president and di-
rectors of the said company: provided, that not more
than one fourth part of any subscriber's share or shares
shall be demanded at the commencement of the work
aforesaid, and the payment of no instalment shall be
demanded until at least sixty days public notice thereof

Instalments pay-

able

shall be given by the said president and directors; and
if any subscriber shall fail or neglect to pay any in-
stalment or part of such subscription so demanded, the
stock on which it is demanded may in the discretion of
the president and directors, be forfeited to the compa-
ny, and may be sold by them for the benefit of the said
company.

Case of failing

SEC. 4. And be it enacted, That if the sum necessary
for the incorporation of said company, shall not have
been subscribed within three years after the opening 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 re-
sidue of the money paid in upon suck subscriptions, to

Limitation three
years