Page:United States Statutes at Large Volume 4.djvu/840
794 APPENDIX I. Act of Virginia. four of the news apers printed in Pennsylvania, Maryland, and Virginia, and the District of Columbia, at least twenty days next before the said meeting, and such meeting shall, and may be, continued from day to day until the business is finished ; and the commissioners, at the time and place aforesaid, shall lay before such of the subscribers as shall meet according to the said notice, the book containing the state of the said subscriptions : and, if one-fourth of the capital sum of six millions of dollars should appear not to have been subscribed, then the said commissioners, ora majority of them, at the said meeting, are empowered to take and receive subscriptions to rnalce up such deficiency, and ma continue to take and receive such subscriptions for the_ term of twelve months thereafter; and a just and true lrst of all the subscribers, with the sum subscribed by each, shall be made out, and returned by the said commissioners or by a majority of them, under their hands, to the board of ublic works of this state, to the governor and council of the state of Mary- land, to the Secretary of State of the state of Pennsylvania, and to the Secretary of the Treasury of the United States, to be carefully preserved; and in case more than six millions of dollars shall be subscribed, then the sum subscribed shall be reduced to that amount, by the said commissioners, or a majority of them, by begnning at and stri ing off a share from the largest subscription or subscriptions, and continuing to strike off a share from all subscriptions under the largest and above one share, until the same is reduced to the capital aforesaid, 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, onalisf to be made for striking of as aforesaid; and if the sum subscribed still exceed the capital aforesaid, then to strike of 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 order to reduce the subscription to the ca ital aforesaid; which striking off shall be certided on the lists aforesaid ; ami) 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 subscriptions may be paid and discharged either in the legal currency of the United States, or in the certificates of stock of the present Potowmac 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 shal have been signified by their corporate act as hereinbefore required : Prmrided, 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 fiom the said company, shall be entitled to dividend, only as hereinafter provided; and that no pay- ment shall be received, in such certificates of stock, until the Potowmac Com— pany shall have executed the conveyance prescribed by the thirteenth section of this act. Jud 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 commissioners, or a majority of them, are hereby empowered and directed 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 han s of said commissioners, or a majority of them, for the time being, and returned as aforesaid. Incorporation 3. rind be itfw-ther enacted, That, whenever one-fourth, or a greater part of of the company. 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 Name. incorporated into acompany by e name of the “Chesapeake and Ohio Canal Company," and may BHG andbe sued, and, as such, shall have perpetual succession, an a common seal; and the estates, rights, and interests of the said company, shall be adjudged and taken in law to be real estate; and it shall, thereupon, be the duty of the said commissioners, or a majority of them, to call a general meeting of the said subscribers, at such time and place as they, or a majority of them, shall appoint, after advertising the same, in such public
