JOHN H. STONE, Efquire, Governor.

1795.

that no fubfcription fhall be received at the different places in the feveral and re-
fpective counties above mentioned during the three firft days, except in the name
of a perfon or perfons refiding in the county where fuch fubfcription is taken.

CHAP.
XXVII.

III. And be it further enacted, That it fhall be lawful for any perfon, co-
partnerfhip or body politic, in perfon or by attorney, to fubfcribe for a fhare, or
any number of fhares not exceeding twenty fhares, in any one day, except in
the cafes above provided for, and except alfo as fhall be herein after directed,
relatively to the ftate of Maryland, but in cafe the amount of the fubfcriptions,
in any of the places above mentioned, fhall exceed the number of fhares there
allowed to be fubfcribed, the excefs thus created fhall be reduced within the
number of fhares authorifed to he fubfcribed at fuch places refpectively in the
manner following; that is to fay, from the fubfcription and fubfcriptions higheft
in amount, the refpective commiffioners, or a majority of them, fhall fubtract a
fhare or fhares until the fame be made equal to the fubfcription or fubfcriptions
next higheft in amount; and as often as the cafe fhall require, they fhall fo pro-
ceed to fubtract a fhare or fhares from the fubfcription and fubfcriptions remain-
ing from time to time higheft in amount, until the aggregate of all the fubfcrip-
tions be reduced to the number of fhares authorifed to be fubfcribed at the places
above mentioned refpectively; and if, by and after the operation of fuch fub-
traction, (as often as the fame fhall be neceffarily made and repeated as aforefaid,)
a greater number of fhares may be allowed to one or more of the fubfcribers,
from whofe fhares fuch fubtraction fhall have been made, than to the reft, or if
the number of fubfcriptions fhall eventually be greater than the number of fhares
authorifed to be fubfcribed at the places above mentioned refpectively, fo that at
leaft one fhare cannot be allowed to each and every fubfcriber, then, and in either
of the above cafes, the refpective commiffioners fhall afcertain, by lot, in whom
the greater number of fhares, or the right of fubfcribing for and retaining one
fhare, (as the cafe may be,) fhall be vefted, and the perfon or perfons in whofe
favour the lot may thereupon fall, fhall be deemed, to all intents and purpofes,
the lawful fubfcriber and fubfcribers for fuch fhare and fhares refpectively; and
the amount of the fhare and fhares fubfcribed for, fhall be paid by the feveral
and refpective fubfcribers in gold or filver, at the times, and in the proportions,
herein after directed.

Any perfon,
&c. may fub-
fcribe, &c.

IV. And be it enacted, That each and every of the faid commiffioners are
hereby required and directed to return, at the expiration of the faid period of
three weeks, or within thirty days thereafter, the refpective fubfcriptions taken
under their and each of their direction, to the faid commiffioners of Baltimore-
town; and if the faid number of fhares fhall not have been fubfcribed at any of
the places aforefaid, in manner herein before mentioned, or if fubfcribed and re-
turn thereof fhall not be made to the commiffioners at Baltimore-town aforefaid,

within the time herein limitted, the fubfcriptions, not fo returned, fhall be for-
feited, and it fhall and may be lawful for the faid commiffioners of Baltimore-
town to open other fubfcriptions for fupplying the faid unfubfcribed or unreturned
fhares, in Baltimore-town, under the provifions, limitations and regulations afore-
faid; and the faid commiffioners, or a majority of them, fhall give four weeks
notice thereof, before the opening of the faid fubfcriptions, in at leaft two pub-
lic gazettes printed in the faid town, and in the Annapolis, George-town, Fre-
derick and Eafton news-papers.

Commiffion-
ers to return
the fubfcrip-
tions, &c.

V. And be it enacted, That the payments for faid fubfcriptions fhall be di-
vided into two equal inftalments, and the firft inftalment into three equal parts,
and the firft part of the firft inftalment fhall be paid to the commiffioners of Bal-
timore-town, previous to the election of directors, on or before a day to be fixed,
whereof two months notice fhall be given in at leaft two public gazettes printed
in Baltimore-town, and one in Annapolis and Eafton refpectively, and the re-
maining two thirds of the firft inftalment fhall be paid to the directors, on a day
by them to be appointed, of which two months notice fhall be given in the ga-
zettes aforefaid; and the fecond inftalment fhall be paid to the directors for the
time feeing on or before the firft Monday in December, feventeen hundred and

Payments di-
vided into in-
ftalments, &c.