1832

LAWS OF MARYLAND.

CHAP. 225.

county, on the first day of May, in the year one thousand
eight hundred and thirty-four, of which at least twenty
days notice shall be given by the said managers, or any
three of them, in such newspapers as they may deem pro-
per; and the acting managers at such meeting shall lay be-
fore such of the subscribers as shall attend according to
the said notice, the books by them respectively kept, con-
taining the said subscriptions, and if one half of the cap-

Measures to com-

plete subsriprssr-

sssbe subscribed, then the said managers shall have power to
receive subscriptions, in such manner as they may deem

In case of excess

expedient, to make up such deficiency, and, in case more
than two hundred and fifty thousand dollars shall be sub-

Methos of pruduc-

ing

scribed, then the subscriptions shall be reduced to that
sum by the. managers, by beginning at and striking off a
share from the-largest subscription or subscriptions, and
continuing to strike off a share from all subscriptions un-
der the largest and above one share, until the sum is redu-
ced to the capital of two hundred and fifty thousand dol-
lats, 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 numbers in which such sub-
scribers shall stand on a list to be made for striking off as
aforesaid; and if the sum subscribed still exeeeds Sie cap-
ital aforesaid, then to strike off by the said rule, until the
sum subscribed is reduced to the capital aforesaid, which

Useless 100.000 dol

lars be subscribed

this act void

striking off shall be certified on the list aforesaid; provided,
that if subscriptions equal to one hundred thousand dollars
of the said capital cannot be obtained, all subscriptions
made by virtue of this act shall be void.

Persons incorpora-

ted

Sec. 3. And be it enacted, That in case one half of the
capital aforesaid, or a greater sum shall be subscribed in
manner aforesaid, the subscribers and their executors, ad-
ministrators and assigns, from the time of their first said
meeting shall be, and they are hereby declared to be a cor-

Namd and style

poration, by the name of the Lewis and Pocomoke Canal
Company, and shall have perpetual succession, and may
sue and be sued as such, and shall have all the powers and
rights incident to a corporation; and such of the subscri-

Elect preside

bers as shall be present at the said first meeting are hereby
authorised and required to elect a President and seven Di-
rectors for making and completing said Canal, and mana-

Term of office

ging the business of the said company, for and during such
time, not exceeding three years, as a majority of said sub-
scribers shall think proper; every subscriber shall.be. allow-
ed one vote for every share not exceeding five shares, and