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CHAP. 189.
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shall be competent to act for the place for which he shall
have been appointed, who shall cause books to be opened
at such times and places, as they shall think proper, within
the limits of the cities and towns for which they shall have
been appointed, for receiving subscriptions to the capital
stock of the company hereinafter incorporated, which sub-
scriptions may be made either in person, or by power of at-
jority of those who consent to act, shall deem advisable, of
the time, place of opening the books.
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To open books for
subscriptions
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Sec. 2. And be it enacted, That the said commissioners
shall cause the books to be kept open at least forty days,
and within twenty days after the expiration thereof shall
call a general meeting of the subscribers at the city of An-
napolis, of which meeting notice shall be given by a majo-
rity of the commissioners aforesaid, in at least four news-
papers printed in Annapolis, Washington, Baltimore and
Philadelphia, at least twenty days next before the said meet-
ing; and such meeting shall and may be continued from
day to day until the business is finished; and the commis-
sioners, at the time and place aforesaid, shall lay before such
subscribers as shall meet according to the said notice, the
books containing the state of said subscriptions; and if one
third of the capital stock of six hundred thousand dollars
shall appear not to have been subscribed, then the said com-
missioners, or a majority of them, at the said meeting, are
empowered to take and receive subscriptions to make up
sach deficiency, and may continue to take and receive such
subscriptions for the term of twelve months thereafter; and
a just and true list of all the subscribers, with the sum sub-
scribed by each, shall be made out and returned by the said
the governor and council of this state, to be carefully pre-
served; and in case more than six hundred thousand dollars
shall be subscribed, then the sum subscribed shall be reduc-
ed to that amount by the said commissioners, or a majority
of them, by beginning at, and striking off, a share from the
largest subscription or subscriptions, and continuing to strike
off a share from all subscriptions underthe largest, and above
one share, until the same is reduced to the capital aforesaid,
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 subscri-
ber shall be allowed to hold, on a list to be made out for strik-
ing out ns aforesaid; and if the sum subscribed still exceeds
the capital aforesaid, then to strike off by the same rule, un-
til the sum subscribed is reduced to the capital aforesaid, or
all the subscriptions reduced to one share respectively; ane
if there shall be an excess, then lots shall be drawn to deter-
mine the subscribers who are to be excluded, to reduce the
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