Page:United States Statutes at Large Volume 16.djvu/143

 FORTY—FIRS'I` CONGRESS. Sess. II. Ch. 80. 1870. 109 RAILROAD COMPANIES IN THE DISTRICT OF COLUMBIA. Seo. 7. And berit further enacted, That any number of persons, not Railroad com. less than seven, being subscribers to the stock of any contemplated rail- P““l°Si l10W mit? road, may be formed into a corporation for the purpose of constructing, be f°rm8d’ owning, and maintaining such railroad, by complying with the following requirements: NVhenever stock to the amount of at least fifty thousand Directors to dollars shall have been subscribed, and five por cent. upon such subscri · be Y*l°°t°d and tion shall actually have been paid in the subscribers to such St l l P ai-m18s0f assoa _ x OCQ S Rall mation when elect directors for such company from among their own number, and shall *****1 hw to bs severally subscribe articles of association in which shall be set Birth the sufsgigigii, name of the corporation, the amount of the capital stock of the company, what; (which may be increased from time to time, if necessary, to a sum equal to the cost of constructing the road, together with the right of way and motive power, together with all the appurtenances and expenses necessary for the complete running of said road,) the number of shares of which said stock shall consist, the number of directors and their names, to manage the atipairs of the company, the point or place from which the proposed railroad is to be constructed, and its length, as near as may be. Each subscriber to such articles of association shall state his place of residence, and the number of shares taken by him in such company. Sec. 8. And be it further enacted, That articles of association formed t° gs Hlsdyid in pursuance of the provisions of the foregoing section, shall be filed in :$§g;8?d’ un the clerk’s office of the register of deeds in the District of Columbia, when recordand be recorded in a book kept for that purpose, and thereupon the per- °d» S¤l>S¢*ll>°F¤» sons who shall have subscribed the same, and all persons who shall from §;b;3;g§;,;m¤ ”‘ time to time become stockholders in such company, and their successors, shall be a body politic and corporate, in perpetuity, by the name stated in Powers of corsuch articles of association, and shall be capable of suing and being sued, P°g“li;’¤· and may have a common seal and may make and alter the same at pleas- W ’ ure, and shall be capable in law of purchasing, holding, and conveying P*`°P°”t5’· any real or personal property whatever, necessary for the construction of such road, and for the erection of all necessary buildings and yards and OfC§;Pl§l;dO?°;’3’ appurtenances For the use of the same. A copy [of] any articles of as- soczgtign io be ` sociation filed in pursuance of this act, and certified to be a copy by the prima facie eviregister of deeds, shall, in all courts and places, be prima facie evidence d°"“" Oh &°· of the incorporat.ion of such company and of the facts stated therein. Sec. 9. And be ipfurtker enacted, That the directors named in the Books rersuu seventh section of this act shall open books for subscription to the S°*`lP*i°'**° °“Pl‘ . . . tal stock, when capital stock of the company at such times and in such places as a ma- and where to be jority of them may direct, thirty days’ notice of which shall be given by Opeyed publication in some daily paper published in said District; and in case a l\°°‘“‘ greater amount of stock shall be subscribed than the whole capital stock rc- Distribution quired by such company, the directors shall distribute such capital stock so °f °“l°*°“l st°°k‘ subscribed as equnllyas possible among the subscribers ; but no share thereof shall be divided in making such distribution, nor shall a greater number of shares be allotted to any one subscriber than by him subscribed ior. Seo. 10. And be it fur!/wr enacted, That there shall be an annual_ A¤¤¤¤lm¢¤¤· meeting of the stockholders at the office of the company for the election mg` of directors to serve for the ensuing year, notice of which shall be given _N<>€i<=¤ l10W by the directors chosen as provided in the first section of this act, {or the g‘v°”' first annual election, and afterwards by their successors in office, which notice shall be published not less than twenty days previous thereto, in a newspaper published in the city of l»Vashington. Three judges of elec- tiO·;¤<E:$<1;¢Il<;°· tion shall be chosen by the board of directors previous to any·annua1ch0g€n_and meeting of the stockholders, who shall be stockholders butenot directors their duties. at the time of such election, whose duty it shall be to receive the votes 0f the stockholders at such election For directors, and who shall openly count the votes and declare the result, and shall furnish the directors