PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

seal which they shall have power to alter or renew at
their pleasure, and shall have, enjoy and may exercise
all the powers, rights and privileges which other cor-
porations may lawfully do, for the purposes mentioned in
this act.

CHAP. 202.

SEC. 3. And be it enacted, That upon every such
subscription there shall be paid at the time of subscrib-
ing to the said commissioners or their agents appointed
to receive, such subscriptions, the sum of one dollar for
each share subscribed, and the residue thereof shall be
paid at such times and in such instalments as shall be
required by the president and directors of said company;

$1 to be paid
on each share
at the time of
subscribing.

provided, that not more than three instalments of five
dollars each shall be required in any one year after
the commencement of the work, nor payment of any in-
stalment demanded until at least sixty days public notice
thereof shall have been given by the said president and di-
rectors, and if any subscriber shall fail or neglect to
pay any instalment or a part of such subscription so de-
manded the stock on winch 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.

Proviso.

SEC. 4. And be it enacted, That if the sum neces-
sary for the incorporation of said company shall not be
subscribed within four years after the passage of this act,
then this act and all the subscriptions under it shall be
null and void, and the said commissioners after discharg-
ing the expenses of opening the books shall return the
residue of the money paid in upon such subscriptions
to the several subscribers in proper proportion to the
sums respectively subscribed by them.

Act to be null
and void it a
sufficiency of
stock is not
subscribed in
four years.

SEC. 5. And be it enacted, That when twenty-five
hundred shares of said capital stock shall have been
subscribed, and on or before the expiration of ten days
thereafter, the said commissioners or 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 there present,
and thereupon the said subscribers or a majority of
them shall elect twelve directors by ballot to manage
the affairs of said company, which twelve directors or
a majority of them shall have the power of electing a
president of said company, and on all occasions where-
ever a vote of the stockholders of said company is to
be taken each stockholder shall be allowed one vote

First general
meeting.