WILLIAM GRASON, ESQUIRE, GOVERNOR.

1838-

be construed, so as to prevent any corporation from
tilling any lands, held by them, or from selling any
timber, wood, or other material upon their lands.

CHAP. 267.

Sec. 3. And be it enacted, That the amount of the
capital stock of such company, shall be specified in
said act of incorporation, fixing a minimum and max-

Amount of capital.

imum sum, to be raised by subscription in shares to

be specified, for which purpose, books of subscription
may be opened by the corporators, or commissioners,
named in said act, as the case may be, at such times
and places, as the said corporators, or commissioners
may designate, who as soon as the minimum sum, spe-
cified as the capital stock of said company, shall have

In shares.

been subscribed for, shall call a meeting of the sub-
scribers, by advertisement, for two weeks, in some
newspaper, published in the neighbourhood, or by
some other convenient mode of notification.

Meeting to organ-

ize.

Sec. 4. And be it enacted, That whensoever the
mining or manufacturing operations of the company
to be incorporated, are proposed to be located, and
carried on, upon the lands or properly of any person
or persons, who may be willing to sell the said lands
or property with the privileges and appurtenances ne-
cessary for said operations, to said company, or to
convert the same into stock of the said company, and
to convey to them the said lands or property at a fair

In case land for them
is proposed as ca-

pital.

valuation, the said owner or owners, shall in the books
of subscription to be opened as aforesaid, fairly set
forth and specify the quantity of land, with a precise
description of the metes and bounds thereof, and a full
statement of the other property, rights, privileges and
appurtenances, which, he, she, or they, propose to
cede, sell, or convey to, or to convert into stock, of

Owner to record
description there-
of in the subscrip-

tion books.

the said company, and the price affixed to, and de-
manded, by said owner or owners, for said lands and
other property; or if said owner or owners, propose to

The price.

sell apart to said company, and to subscribe the resi-
due of said lands and property, he, she, or they, shall
enter on the said books, a full description of the part,
which he. she or they, propose to sell, and the part
which he, she, or they, propose to subscribe as stock

If part only.

of said company, with the prices anil terms of pay-
ment, required therefor; and the said lands and pro-
perty, so subscribed, by said owner or owners, shall

The terms.