LAWS OF MARYLAND.

5

commissioners, or a majority of them, viz: John McPherson
John Tyler, John Graham, William Tyler and John L. Harding
Esquires; and that the subscription books shall he kept open for
the space of two days; and if subscriptions be taken to the amount
of one half or more of the capital; then the said company shall
be authorised to go into operation; and the books may be re-open
ed for the completion of said capital, at the pleasure of said com-
pany, upon the same terms and conditions as are prescribed to
the said commissioners in taking subscriptions.

Dec. Ses. 1824.

2. And be it enacted, That the said commissioners shall give
not less than two weeks notice, of the time and place of opening
the said subscriptions, in the newspapers of said city; and that
each subscriber at the time of subscribing, shall pay into the
hands of said commissioners, the sum of two dollars and fifty
cents on each share of stock for which he shall subscribe, to be
paid over by the said commissioners, to the president and direct-
ors of said company; and that the further sum of seventeen dol-
lars and fifty cents on each share of said stock, shall be paid to
the president and directors of said company, in instalments not
exceeding two dollars and fifty cents, at such times as said presi-
dent and directors may appoint: provided always, that thirty days

notice thereof shall be first given, in said newspapers.
3. And be it enacted, That as soon as stock, not less in amount
than one half of said capital, shall be subscribed, notice thereof
shall be given in the newspapers of said city; and that in two
weeks thereafter, an election by ballot shall be held for directors
of said company, at a time and place in said city, to be particu-
larly stated; which election, the said commissioners shall hold,
and the directors then chosen shall be capable of serving as such,
until the next election of directors as herein provided.

Payments.

Election of di-
rectors.

4. And be it enacted, That it shall be lawful for any person, or
body politic, in person or by attorney, to subscribe for said stock;
and in case the amount of subscriptions shall exceed the number of
shares into which the said capital stock is divided; the excess then
created, shall be reduced to said number by a deduction from the
highest subscriptions; and if after such deduction, there shall be
an unequal number of shares, such number shall be allotted equal-
ly to the highest subscribers; but if the number of shares shall
be less than the number of subscribers; then the said commission-
ers shall ascertain the successful subscribers by lot.

Reducing sub-
scription.

5. And be it enacted, That all such persons as shall become
subscribers in said company, their successors and assigns, shall be
and are hereby created and made, a corporate and body politic by
the name and style of The President and Directors of the Fre-
derick Water Company; and by that name, are hereby made able
and capable in law, to have, purchase, receive, possess, enjoy
and retain to them and their successors, all such lands, tenements,
hereditaments, goods, chattles and effects of what kind, nature
and quality soever, as may be necessary to carry into effect the
object and intention of this law; and the same to grant, alien and
dispose of in like manner; and sue and be sued, plead and be im-
pleaded, answer and be answered, defend and be defended in any
court of record, or any other place whatever; and to make, have

Corporate,
powers.