LEVIN WINDER, ESQ. GOVERNOR.

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scriptions respectively shall be declared to be made
at the time of making the same; and all bargains,
contracts, promises, agreements, and engagements
in any wise contravening this provision shall be
void, and the persons, co-partnerships, or bodies poli-
tic respectively so subscribing, or for whose use the
subscriptions shall be declared to be made as afore-
said, shall have, enjoy and receive the share and
shares respectively in consequence thereof obtained,
and all the interest and emolument thence arising,
any such bargains, contracts, promises, agreements

1812.

or engagements, to the contrary thereof in anywise
notwithstanding: Provided however, That no sub-
scription shall be received at the different places in
the several and respective counties above mentioned,
during the three first days, except in the name of a
person or persons residing in the county where such
subscription is taken.

Proviso.

6. AND BE IT ENACTED, That it shall be
lawful for any person, co-partners hip or body politic,
in person or by attorney, to subscribe for a share, or
any number of shares not exceeding twenty shares
in any one day, except in the cases above provided
for, and except also as shall be herein after directed
relatively to the State of Maryland; but in case the
amount of the subscriptions in any of the places
above mentioned shall exceed the number of shares
there allowed to be subscribed, the excess thus crea-
ted shall be reduced within the number of shares
authorised to be subscribed at such places respective-
ly, in the manner following; that is to say, from the
subscription and subscriptions highest in amount,
the respective commissioners, or a majority of them,
shall subtract a share or shares, until the same be
made equal to the subscription or subscriptions next
highest in amount, and as often as the case shall re-
quire, they shall so proceed to subtract a share or
shares from the subscription and subscriptions re-
maining from time to time, highest in amount, until
the aggregate of all the subscriptions be reduced to
the number of shares authorised to be subscribed at
the places above mentioned respectively; and if, by
and after the operation of such subtraction, (as often
as the same shall be made and necessarily repeated
as aforesaid, ) a greater number of shares may be al-
lowed to one or more of the subscribers from whose
shares such, subtraction shall have been made, than

Excess of
shares.