794

APPENDIX I.

Act of Virginia.

Incorporationof the company.

Name.

four of the newspapers printed in Pennsylvania, Maryland, and Virginia , andthe 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 busi-ness is finished ; and the commissioners, at the time and place aforesaid, shalllay 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 thecapital sum of six millions of dollars should appear not to have been sub-scribed, then the said commissioners, or a majority of them, at the said meet-ing, are empowered to take and receive subscriptions to make up such defi-ciency, and may continue to take and receive such subscriptions for the termof twelve months thereafter; and a just and true list of all the subscribers,with the sum subscribed by each, shall be made out, and returned by the saidcommissioners or by a majority of them, under their hands, to the board ofpublic 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 Sec-retary of the Treasury of the United States , to be carefully preserved ; and incase more than six millions of dollars shall be subscribed, then the sum sub-scribed shall be reduced to that amount, by the said commissioners, or a ma-jority of them, by beginning at and striking off a share from the largestsubscription or subscriptions, and continuing to strike off a share from allsubscriptions under the largest and above one share, until the same is reducedto the capital aforesaid, or until a share is taken from all subscriptions aboveone share; and lots shall be drawn between subscribers of equal sums, to de-termine the number of shares which each subscriber shall be allowed to hold,onalisttobemadeforstriking oif as aforesaid; and if the sum subscribed stillexceed the capital aforesaid, then to strike off by the same rule, until the sumsubscribed is reduced to the capital aforesaid, or all the subscriptions reducedto one share respectively; and, if there still be an excess, then lots shall bedrawn to determine the subscribers who are to be excluded, in order to reducethe subscription to the capital aforesaid ; which striking off shall be certifiedon the lists aforesaid ; and the said capital stock of the company, hereby incor-porated, shall consist of six millions of dollars, divided into sixty thousandshares, of one hundred dollars each ; of which every person subscribing maytake, and subscribe for one or more whole shares, and such subscriptions maybe paid and discharged either in the legal currency of the United States , or inthe certificates of stock of the present Potowmac Company, at the par or nomi-nal value thereof, or in the claims of the creditors of the said company, certi-fied by the acting president and directors to have been due, for principal anddebt, on the day on which the assent of the said company shall have beensignified by their corporate act as hereinbefore required: Provided, That the saidcertificates of stock shall not exceed, in the whole amount, the sum of threehundred and eleven thousand one hundred and eleven dollars and eleven cents ;nor the said claims the sum of one hundred and seventy-five thousand eighthundred dollars : Provided, also, That the stock so paid for in certificates of thestock of the present company, and of the debts due from 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 sectionof this act. And provided, That, unless one-fourth of the said capital shall besubscribed, as aforesaid, all subscriptions made in consequence of this act,shall be void ; and, in case one-fourth, and less than the whole capital, shallbe subscribed as aforesaid, then the said commissioners, or a majority of them,are hereby empowered and directed to take and receive the subscriptions, whichshall first be offered in whole shares, as aforesaid, until the deficiency shall bemade up ; a certificate of which additional subscription shall be made, underthe hands of said commissioners, or a majority of them, for the time being, andreturned as aforesaid.

3. And be it further enacted, That, whenever one-fourth, or a greater part ofthe said stock shall have been subscribed, in the manner aforesaid, then thesubscribers, their heirs and assigns, shall be, and are hereby, declared to beincorporated into a company by the name of the “ Chesapeake and Ohio CanalCompany, ” and may sue and be sued, and, as such, shall have perpetual succes-sion, and a common seal; and the estates, rights, and interests of the saidcompany, 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, tocall 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