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of the times when, and places where, the said books will be open
to receive subscriptions of stock for the said company, at which
times and places at least two of the said respective commissioners
shall attend, and shall permit and suffer all persons who shall offer
to subscribe, in person or by attorney duly authorised, in the said
books, which shall be kept open for that purpose at least four hours
every day for the space of throe days, if three days shall be neces-
sary; Provided, that every person offering to subscribe in the said
books in his own name, or in the name of any other person, shall
upon subscribing pay to the attending commissioners one dollar for
every share to be subscribed.
3. And be it enacted, That when five hundred shares or more
of the stock in the said company shall have been subscribed, the
said commissioners heretofore named, or a majority of them, shall
as soon as conveniently may be, give thirty days notice in the
papers aforesaid, of the time and place by them appointed for the
subscribers to meet in order to organize the said corporation, and
to choose by ballot eight managers, who when they shall have been
organized by their electing a president cither from among their own
body or the stockholders, shall have full power and authority to
appoint a treasurer, and such other officers as shall be deemed by
them necessary to conduct the business of the said company, and
the same to remove, reappoint, and their own vacancies to fill, at
their will and pleasure.
4. And be it enacted, That all persons who shall become subscri-
bers to the said company, their successors and assigns, shall bo
and are hereby made a corporation and body politic, by the name
and style of The President and Managers of the Cambridge Wharf
Company, and by the same name the said subscribers, and their
successors and assigns, shall have succession, and shall have all
the privileges and franchises of or incidental to a corporation, and
shall he capable of purchasing and taking to themselves, and their
successors, all such lands, tenements, hereditaments, and estate real
and personal, as shall be necessary to them in the prosecution of
their work, and to carry into effect the intentions of this act, and
of suing and being sued, answering and being answered, defend
and being defended, and the said company shall have power to
make a common seal, and alter, break and renew the same at plea-
sure.
5. And he it enacted, That the sum so subscribed shall be. paid to
the president and managers elected agreeably to this act, in the
manner following, to wit: One-fifth part thereof, (including the
one dollar paid to the commissioners at the time of subscribing,) at
the end of one month after the election of managers, and the re-
mainder in such sums and at such times and places as the president
and board of managers shall appoint, they giving at least thirty
days notice of the payments so required in the newspapers afore-
said, and in case of failure to make payments as shall be required,
all antecedent payments shall be forfeited.
6. And be it enacted, That the managers first elected as afore-
said shall hold their seats until the first Monday in November next
following the election to be made agreeably to the mode prescribed as
aforesaid, and upon the first Monday of November in each and eve-
ry year thereafter, there shall be a new election for eight managers,
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Dec. Ses. 1817
Proviso
Subscribers to
meet, to ap-
point officers
Incorporated.
Payments.
Elections.
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