Page:Ruffhead - The Statutes at Large - vol 9.djvu/254

204 from the Time of their respective Appointments ; and in case of Death, Removal or Disqualification, be supplied in such Manner as herein after is directed ; and that the said Corporation shall and may have and use a Common Seal for the Business only of the said Corporation ; and such Seal, from Time to Time, may break, change, make new or alter.; as shall be found most expedient ; and that the said Corporation shall be able and capable in Law, to purchase, take and enjoy, Messuages, Lands, Tenements or Hereditaments, not exceeding the Value of five hundred Pounds per Annum and to grant, alien, demise or dispose of the same or any Part thereof, at their free Wills and Pleasures ; and in their corporate Name shall be able and capable in Law to sue and implead, be sued and impleaded, answer and be answered, in any Court of Record or elsewhere, in all Causes and Actions whatsoever, for, touching or concerning such Corporation, or the Manufactury by them carried on as aforesaid.

III. And be it further enacted by the Authority aforesaid, That it shall and may be lawful to to and for such Corporation, when constituted, to raise a Capital Joint Stock, to be applied for the carrying on the said Manufacture, and effecting the Purposes of the said Charter, not exceeding one hundred thousand Pounds of lawful Money of Great Britain, at such times, and in such Proportions, as at any General Court or Courts of such Corporation, to be holden pursuant to the Directions of this Act, or of such Charter, shall be directed, either by taking Subscriptions from particular Persons (being or not being Members of such Corporation) for advancing Money for that Purpose, according to the Orders of such General Courts respectively, or by Calls of Money from the Members of the said Corporation for the Time being, or such other Methods as the said General Courts shall think expedient for making up the said Capital ; and that all and every Person or Persons, by or from whom any Subscriptions shall be accepted, or Payment made, pursuant to any Order or Orders of the said General Courts, towards raising the said Capital Stock, their Executors, Administrators and Assigns shall be intitled to a Share of the said Capital Stock, in Proportion to the Money which they shall contribute, and to such Interest thereon, and also to such Share of the Profits and Advantages attending the said Capital Stock, and payable at such Times, and in such Proportions as shall be directed and agreed upon by the said Corporation at any of their General Courts ; and such Subscriber or Subscribers, not being then a Member or Members of such Corporation, upon making their several Subscriptions and Payments in Manner herein after directed, shall be admitted, and are hereby declared to be Members thereof;  which said Subscriptions and all other Subscriptions to the said Capital Stock or Fund of the said Corporation, shall be distinctly and separately entered in a proper Book or Books to be provided for that Purpose, and signed by the respective Person or Persons making such Subscriptions ; and the Sums subscribed shall be entered in such Book or Books, in Words at Length, and also in Figures, together with the Day of the Month and Year on which such Subscriptions shall respectively be made ; and all and every such Subscription and Subscriptions shall be made in the Presence of, and attested by one or more Witness or Witnesses, who shall, by Order of the said Directors, have the Custody of the said Book.

IV. Provided always, and be it enacted by the Authority aforesaid, That it shall and may be lawful to and for his Majesty, his Heirs and Successors, by Warrant under his or their Sign Manual, from Time to Time, to impower such Corporation to enlarge the Capital Stock of such Corporation, from Time to Time, as the Affairs of the said Corporation shall require, on the like Terms and Conditions with the original Capital.

V. And be it further enacted by the Authority aforesaid, That all and every Person and Persons who shall subscribe any Sum or Sums of Money for or towards raising such Capital Stock as aforesaid, shall answer and pay all such Sum and Sums of Money, Which he or they shall so subscribe, unto the Directors of the said Corporation for the Time being, or to the Cashier of the said Corporation for the Time being, or to such other Person or Persons who shall be authorized to receive the same in Manner following; that is to say, One fourth Part (the Whole into four equal Parts being divided) of every such Sum so subscribed, shall be paid down at the Time of making each Subscription; and the remaining three fourth Parts thereof at such Times, and in such Proportions, as any Court or Courts of Directors of the said Corporation shall think proper to call for or demand the same;{{LR sidenote|10 Days Notice of each Call to be published in the London Gazette||Notice of every such Call or Demand having been first published in the London Gazette, ten Days at the least before the Day limited and appointed for the making of any Payment, pursuant to any such call or Demand :{{LR sidenote|On Neglect of first payment, Subscription to be void ;}} And if any Person or Persons, who shall have so subscribed as aforesaid, do not pay down one full fourth Part of all such Sum or Sums as he or they shall subscribe, upon or at the Time of his or their Subscription, then every such Subscription, without such Payment shall be utterly void and of none Effect ;{{LR sidenote|and on neglect of subsequent payments, one half of the first to be forfeit}} and if any Person or Persons, who shall have subscribed as aforesaid, his or their Executors, Administrators or Assigns, having paid, in Manner aforesaid, any Part or Parts of the Sum or Sums so by him or them subscribed, shall make Default in any of the subsequent Payments which shall be called for or demanded in Manner aforesaid, for the Space of ten Days after the Time or Times, in such Notice or Notices as aforesaid limited and appointed for the Payment of such Calls respectively ; then and in every such Case, one Moiety or half Part of the first Sum paid by such Person or Persons, on his or their respective Subscription, shall be lost and forfeited to the said Corporation; and the Share or Interest of all and every such Person or Persons so making Default of and in the Capital Stock of the said Corporation, and the Interest and Profits which he or they would otherwise have been intitled to receive therefrom shall be reduced, lessened or proportioned, according to the Money actually paid upon every {{right|such}} {{sidenotes end}}