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 thereof, as he shall think best calculated to further its most proper and speedy completion, and to locate and graduate the same, or part or parts thereof, from time to time, make estimates of the probable cost of making each five miles, (or any shorter sections,) so located and graduated, and to make report thereof to the Board of Public Works at such time or times as shall be convenient.

"5. The said president and directors shall, from time to time, make all contracts necessary for the completion of the said road, and shall require from subscribers equal advances and payments on their shares, and they shall have power to compel payments by the sale of delinquent shares, in such a manner as shall be prescribed by their by-laws, and transfer the same to purchasers: Provided, That if any subscriber shall at any time be a contractor for making any part of the said road, or in any other manner become a creditor of the company, he shall be entitled to a proper set-off in the payment of his stock, or any requisition made thereon "