Page:United States Statutes at Large Volume 6.djvu/520

 420 TWENTY·FIRST CONGRESS. Sess. I. Ch. 104. 1830. published in the city of Washington, and one published in the town of Alexandria, at least twenty days next before the said meeting; and such meeting shall and may be continued until the business shall be finished; and the Commissioners at the time and place aforesaid, shall lay before the subscribers the books containing the state of the said subscription, mm {0,,,,,, and if one-fourth of the capital sum of two hundred and fifty thousand of$250.000 be dollars should not appear to have been subscribed, then the said Com- ¤°*¤¤b¤¤¤l>¤d· missioners, or a majority of them,  empowered to take and receive tl""' &‘°‘ subscriptions to make up such deficiency, and may continue to take and receive subscriptions for the term of twelve months thereafier; and a just and true list of all subscribers, with the sum subscribed by each, shall be made out and returned by the said Commissioners, or a majority of them, under their hands, to the Secretary of the Treasury of the Irmammn United States, to be carefully preserved; and in case more than two $250.4200 be hundred and fifty thousand dollars shall be subscribed, then the sum' f::???' subscribed shall be reduced to that amount by the said Commissioners, i or a majority of them, by beginning at, and striking 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 shall be reduced to the capital aforesaid, or until a share shall be 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 on a list to be made for striking off as aforesaid; and, if the sum subscribed shall exceed the capital aforesaid, then to strike off by the same rule, until the sum subscribed shall be reduced to the capital aforesaid, or all subscriptions reduced to one share, respectively; and if there be still an excess, then lots shall be drawn to determine the subscribers who are to be excluded in order to reduce the subscription to the capital aforesaid, which striking off shall be certified on the list aforesaid: and the capital stock of the Company hereby incorporated shall consist of two hundred and fifty thousand dollars, divided into shares of one hundred dollars each, of which every person subscribing may take and subscribe for one or more whole shares: proviso, Provided, That unless one·fourth of the said capital shall be subscribed as aforesaid, all subscriptions under this act shall be void; and in case one-fourth and less than the whole, shall be subscribed, 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 hands of the said Commissioners, or a majority of them, for the time being, and returned, as aforesaid. g“bEc,.;b,,,, ,0 Sec. 3. And he it further enacted, That whenever one—halfQ or a become a body greater part of the said stock shall have been subscribed in the manner $v";§g""“• aforesaid, then the subscribers, their heirs and assigns, shall be, and are ` hereby declared to be incorporated into a company by the name of the Alexandria Canal Company, and may sue and be sued as such, and as such shall have perpetual succession, and a common seal; and it shall q;,,,,,,,,; mw, thereupon be the duty of the said Commissioners, or a majority of them, ing ufsubscri- to call a general meeting of the subscribers, as they or a majority of lm"- them, shall appoint, after advertising the same in such public prints as they or a majority of them, may think proper; and such of the said subscribers as shall be present at the said meeting, or a majority of them, pmsgdam um] are hereby empowered and required to elect a President and six Direc— DlP6¤l<>l'¤ W b¤ tors, for conducting the said undertaking, and managing all the said °1°°*°'l‘ Company’s business and concerns, for and during such time, not exceeding three years, as the said subscribers, or a majority of them, shall v0,,,,, think fit ; and, in counting the votes of all general meetings of the said Company, each member shall be allowed one vote for every share as far