JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

have succession by said corporate name, and may sue and
be sued, and may have and 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.

CHAP. 290.

Sec. 3. And be it enacted, That upon every such subscrip-
tion there shall be paid at the time of subscribing one dol-
lar on each share subscribed, and the residue thereof shall
be paid at such times and in such instalments as shall be

Payment on sub-

scribing.

required by the President and Directors of said Company;
Provided, That not more than three instalments, of five
dollars each, shall be required in the first year, after the
commencement of the work, nor payment of any instal-
ment demanded until at least sixty days public notice there-
of shall have been given, by the said President and Direc-

Subsequent insttal-

ments

tors; and if any subscriber shall fail or neglect to pay any
instalment, or part of such subscription, so demanded, the

Case of failure

stock on which it is demanded may, in the discretion of the
President and Directors, be forfeited to the Company, and
may be sold by them for the benefit of the said Company.

Forfeit

Sec. 4. And be it enacted, That if the sum necessary for
the incorporation of said Company, shall not be subscribed
within two years after the opening of the subscription books
by the said Commissioners, this act, and all the subscriptions

If not subscribed

for in two years

under it, shall be null and void; and the said Commission-
ers after discharging the expenses of opening the books
shall return the residue of the money paid in upon such
subscriptions, to the several subscribers, in proper propor-
tions to the sums respectively subscribed by them.

Then act void

Sec. 5. And be it enacted, that when one thousand shares
of said capital stock shall have been subscribed, and at the
expiration of ten days thereafter, the said Commissioners
or a majority of them, shall call a general meeting of the
stockholders, at such time and place as they may appoint
and shall give at least twenty days public notice thereof
and at such meeting the said Commissioners shall lay the
subscription books before the subscribers, then and then
present, and thereupon the said subscribers, or a majority

General meeting

to otganize

of them, shall elect twelve Directors, by ballot, six of whom

shall be citizens of Somerset county, and six citizens of
Worcester county, and the State shall likewise have twc
Directors, to be appointed by the Governor and Council, to
manage the affairs of said Company; which fourteen Direc-

Elect directors

tors, br a majority of them, shall have the power of electing
a President of said Company, and on all occasions, where

President.