LAWS OF MARYLAND.

55

commissioners or a majority of them, by beginning at and striking
off a share from the largest subscription or subscriptions, and con-
tinuing to strike off a share from all subscriptions under the largest
and above one share, until the same is reduced to the capital afore-
said, 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
allowed to hold, on a list to be made for striking off as aforesaid;
and if the sum subscribed still exceed 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, in or-
der to reduce the subscription to the capital aforesaid, which stri-

Dec. Ses. 1824

king off shall be certified on the lists 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; and such sub-
scriptions may be paid and discharged either in the legal currency
of the United States, or in the certificates of stock of -the present

Capital.

Potomac company, at the par or nominal value thereof, or in the
claims of the creditors of the said company, certified by the acting
president and directors to have been, due, for principal and debt,
on the day on which the assent of the said company shall have
been signified by their corporate act as herein before required;

Payments.

Provided, that the said certificates of stock shall not exceed in the
whole amount, the sum of three hundred and eleven thousand one
hundred and eleven dollars and eleven cents; nor the said claims,
the sum of one hundred and seventy five thousand eight hundred
dollars; Provided also, That the stock so paid for in certificates of
the stock of the present company, and of the debts due from the
said company, shall be entitled to dividend, only as hereinafter
provided; and that no payment shall be received in such certifi-
cates of stock, until the Potomac company shall have executed
the conveyance prescribed by the thirteenth section of this act;
And provided, that unless one fourth of the said capital shall be
subscribed as aforesaid, all subscriptions made in consequence of
this act shall be void; and in case one fourth and less than the
whole capital shall be subscribed as aforesaid, then the said com-
missioners or a majority of them, are hereby empowered and di-
rected to take and receive the subscriptions which shall first be
offered in whole shares as aforesaid, until the deficiency shall be
made up; a certificate of which additional subscription shall be
made under the hands of said commissioners or a majority of
them, for the time being, and returned as aforesaid.

Proviso's.

3. And be it further enacted, That whenever one fourth or a
greater part of the said stock shall have been subscribed in the
manner aforesaid, then the subscribers, their heirs and assigns shall
be, and are hereby declared to be incorporated into a company, by
the name of the "Chesapeake and Ohio Canal Company," and may
sue and be sued, and as such, shall have perpetual succession, and
a common seal, and the estates, rights and interests of the said

Incorpo-
ration, elec-
tions, officers,
votes.