THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1837.

may have a common seal to be altered at their pleasure,
and for the purposes aforesaid may, under the restric-
tions herein mentioned, exercise the powers generally
incident to corporations.

CHAP. 227.

SEC. 2. And be it enacted, That the capital stock of
said company shall consist of five hundred shares of
one hundred dollars each, of which the said spring and

Capital $50,000.

so much of the land of the said William Carroll sur-
rounding or adjacent thereto, not exceeding five thou-
sand acres as aforesaid, as may be deemed necessary
for the purposes of this corporation, shall be and con-
stitute a part at such price as may be fixed by said
commissioners with the consent of the said Carroll,
and which shall be made known by the commissioners
authorised to receive subscriptions to the capital stock
of said company, at or before the time of subscribing:

Wm. Carroll's
land.

and the said commissioners shall have power to pur-
chase the said spring and the laud aforesaid for cash or
on credit, and to bind the company to pay for the same
in stock, or partly in stock and partly in money, as
may be deemed most advantageous; and the terms of
said purchase shall be made known at or before the

May purchase
the spring.

time of subscribing as aforesaid, and the president and
directors of said company shall have power from time
to time to increase the said capital stock to such an
amount, not exceeding in all one thousand shares, as
may be found necessary for the purposes of this incor-

Increase the ca-
pital.

poration, and they may either open books for the pur-
pose of receiving subscriptions to such portion of the
original stock as may not have been subscribed for be-
fore their appointment, or to the additional stock, or

Open books.

they may sell the said stock or any part thereof upon
such terms as they may deem reasonable; provided it
shall in no case be sold for less than the par value
thereof.

Sell stock.

SEC. 3. And be it enacted, That the subscription to
the capital stock of said company shall be received un-
der the directions of William Carroll, James Harwood,
Jacob G. Davies, Augustus W. Lurman, Richard
Caton, and John Thomas, acting as commissioners,
who, or any person or persons whom they may select
for that purpose, are hereby authorised to receive the
same at such time or times and in such place or places

Subscriptions
received.