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then the books shall be closed, Provided always, that every person
offering to subscribe in the said books, in his own or any other
name, shall previously pay to the attending commissioners the sum
of two dollars fifty cents for every share to be subscribed, out of
which shall be defrayed the expenses attending the taking of such
subscriptions, and other incident expenses, and the remainder shall
be paid to the treasurer of the incorporation, as soon as the same
shall be organized, and the officers chosen as hereinafter mention-
ed.
2. And be it enacted, That whenever one thousand shares or more
of the said stock shall be subscribed, and the governor of Pennsyl-
vania may by letters patent under his hand, and the seal of the
commonwealth, create and erect the subscribers, and those that
shall thereafter subscribe, into one body politic and corporate, in
deed and in law, agreeably to an act of the senate and house of re-
presentatives of the commonwealth of Pennsylvania in general as-
sembly met, entitled, An act authorising the governor to incorpo-
rate the Octoraro Navigation Company, passed the twenty-ninth
day of March eighteen hundred and nineteen, that then and in that
case the subscribers, and such as shall thereafter subscribe to the
number of shares aforesaid, be and they shall thereafter be creat-
ed and erected into one body politic and corporate, in deed and in
law, by the name, style and title, of The President, Managers and
Company, of the Octoraro Navigation Company, and by the same,
name the subscribers shall have perpetual succession, and all the
privileges and franchises incident to a corporation, and shall be
capable of taking and holding their capital stock, and the increase
and profits thereof, and of enlarging the same from time to time
by new subscriptions, in such manner and form as they shall think
proper, if such enlargements shall be found necessary to fulfil the
intentions of this act, and of purchasing, taking and holding to
them and their successors and assigns, in fee simple, or for any less
estate, all such lands, tenements, hereditaments, and estate real and.
personal, as shall be necessary to them in the prosecution of their
works; and of suing and being sued, and of doing all and every
other matter and thing which a corporation or body politic may
lawfully do.
3. And be it enacted, That the seven first named persons, or a
majority of them, shall, as soon as conveniently may be after the
said letters patent shall be obtained, give at least twenty days notice
in all the public newspapers herein before mentioned, of the time
and place by them appointed for the subscribers to meet in order to
organize the said company, and to choose, by a majority of votes
of the said subscribers, by ballot, to be given in person, or by proxy
duly authorised, one president and ten managers, a treasurer, se-
cretary, and such other officers as shall be deemed necessary, which
proxy shall have been obtained and hear date within three months
previously to the election at which such proxy shall be presented;
that the president and managers aforesaid shall conduct the busi-
ness of said company, until the first Monday of January next suc-
ceeding, and until like officers shall be chosen, and may make such
by-laws, rules, orders and regulations, as do not contravene the
constitution and laws of the United States, or of the state of Mary-
land, that may be necessary for the well governing the affairs of
the company.
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CHAP. 94.
Proviso
Subscribers incor-
porated
Company to be
organized
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