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subscription to the capital aforesaid, which striking off shall
be certified on the list aforesaid; and the said capital stock of
the company hereby incorporated, shall consist of six hun-
dred thousand dollars, divided into six thousand shares of
take and subscribe for one or more whole shares, and such
subscriptions shall be paid and discharged in legal currency
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CHAP. 189
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of the United States; Provided, that unless one third of the
said capital shall be subscribed as aforesaid, all subscriptions
made in consequence of this act, shall be void; and in case one
third and less than the whole capital shall be subscribed as a-
foresai'l, then the said 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
aforesiid, until the deficiency shall he made up; a certificate
of which additional subscription shall be made under the
hands of the said commissioners, or a majority of them, for
the time being, and returned as aforesaid.
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Proviso
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Sec. 3 And be it enacted, That when one third or a great-
er part of the said cnpital stock shall have been subscribed in
legal representatives, shall be, and are hereby declared to be
and Directors of the Annapolis and Potomac Canal Compa-
ny, and may sue and be sued as such, shall have perpetual
interests, of said company, shall be adjudged and taken in
law to be real estates; and it shall thereupon be the duty of
the said commissioners, or a majority of them, to call a ge-
as a majority of them shall appoint, after advertising the
same in such public prints as they, or a majority of them,
shall think proper; and such of the said subscribers as shall
be present at the said meeting, or a majority of them, nre
hereby empowered and required to elect a president, and
six directors, for conducting said undertaking, and manag-
during such time, not exceeding three years, as the said sub-
scribers, or a majority of them shall think fit; and in count-
ing the votes of all general meetings of the said company,
each member shall be allowed one vote for every share, as
far as ten shares, and one vote for every five shares above
ten, by him or her held at the time in the stock of the
said company; and any proprietor, by writing under his or
her hand, executed before two witnesses, may depute any
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Company
incorporated
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other member or proprietor to vote and act as proxy for
him or her at any general meeting; Provided, alto, that
no director of said company shall, under any circumstances,
be allowed to vote on any stock but his own.
29
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Proviso
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