78

SAMUEL STEVENS, Jr. ESQUIRE, GOVERNOR.

Dec. Ses. 1823

act for his respective government, the said commissioners shall cause
books to be opened at such times and places as they shall think fit in
their respective states and the District of Columbia and elsewhere, and
under the management of such persons as they shall appoint for re-
ceiving subscriptions to the capital stock of the company hereinafter
incorporated, which subscriptions may be made either in person or
by power of attorney; and notice shall be given in such manner as.
may be deemed advisable by one or more of the said commissioners,
of the time and place of the opening the books.

Proceedings
directed.

» 2. And be it enacted, That the said commissioners shall cause the
books to be kept open at least forty days, and within twenty days af-
ter expiration thereof shall call a general meeting of the subscribers

Meeting.

at the city of Washington, of which meeting notice shall be given by
a majority of the commissioners aforesaid, in at least four newspa-
papers, printed in Pennsylvania, Virginia, and the District of Co-
lumbia, at least twenty days next before the said meeting; and such
meeting shall and may be continued from day to day until the bu-
siness is finished; and the commissioners at the time and place a-
foresaid shall lay before such subscribers as shall meet according to

Subscriptions.

. the said notice, the books containing the state of the said subscriptions;
and if one fourth of the capital sum of six millions of dollars should
appear not to have been subscribed, then the said commissioners or a
majority of .them at the said meeting are empowered to take and re-
ceive subscriptions to make up such deficiency, and may continue to
take and receive such subscriptions for the term of twelve months
thereafter; and a just and true list of all the subscribers with the sum
subscribed by each, shall be made out and returned by the said com-
missioners or a majority of them, under their hands to the governor
and council of this state, to the board of public works in the state of
Virginia, to the secretary of state of the state of Pennsylvania, and
to the secretary of the treasury of the United States, to be carefully
preserved, and in case more than six millions of dollars shall be
subscribed, then the sum subscribed shall be reduced to that amount
by the said commissioners or a majority of them, by beginning at
and striking off a share from the largest subscription or subscriptions
and continuing to strike off a share from all subscriptions under the
largest and above one share until the same is reduced to the capital a-
foresaid, or until a share is taken from all subscriptions above one
share; and lots shall be drawn between subscribers of equal sums, to
determine the number of shares which each subscriber shall be a-
lowed to hold, on a list to be made out for striking off as aforesaid,
and if the sum subscribed still exceeds the capital aforesaid, then to
strike off by the same rule, until the sum subscribed is reduced to
the capital aforesaid or all the subscriptions reduced to one share
respectively; and if there still be an excess, then lots shall be drawn
to determine the subscribers who are to be excluded to reduce the

Capital.

subscription to the capital aforesaid, which striking off shall be certified
on the list aforesaid, and the said capital stock of the company hereby
'incorporated shall consist of six millions of dollars divided into sixty
thousand shares of one hundred dollars each, of which every person
subscribing may take and subscribe for one or more whole shares;

Payments.

and such subscriptions may be paid and discharged either in legal
currency of the United States, or in the certificates of the stock
of the present Potomac Company, at the par or nominal value
thereof, or in the claims, of the creditions of the said company