Page:United States Statutes at Large Volume 16.djvu/159

 FRTY·-FIRST CONGRESS. Sess. II. Ch. IOS. 1870. 125 of Washington, for two weeks previous to said sale, and by handbills to be posted up in said market grounds, ten days previous thereto; and all subsequent sales and leases thereof shall be made on similar notice and in the same manner; and the said company shall have full power to assess and collect rents for the use of said buildings, stands, stalls, and grounds aforesaid. The stalls, stands, and privileges of all kinds in said To b¤ let fu market to be used for market purposes, when offered at public sale, shall higmm bud"' be let to the highest bidder, and there shall be no bidding on the part of said company, directly or indirectly; but said company with the consent of the mayor and aldermen of the city of YVashington, may fix a minimum rate of bids at such sale; and the person who shall offer the Minimum rate highest price at or beyond such minimum for any such stand, stall, or °fbld°· privilege, shall be entitled to the occupation thereof, and shall be considered as having the good-will and the right to retain the possession thereof so long as he chooses to occupy the same for his own business and pay the rent therefor; and the rent shall only be raised on application to Rent. the mayor and common council, who, after hearing the parties, may change and determine the same: Provided, however, That such right to the Right to possession of such stands or stalls may be sold and transferred by such g*““d1’3&°· m"Y purchaser, under regulations to be fixed by the by—laws of said company, E so ` and in the case of the death of any such purchaser during the existence of his lease, it shall be disposed of as other personal property; and the municipal government of said city shall at all times have power to make M¤fk<>¢1‘¤g¤- and enforce such regulations with regard to said market and the man- 1“t‘°“s‘ agement thereof as in their judgment the convenience, health, and safety of the community may require. Sec. 3. And be it further enacted, That the capital stock of said com- C¤Pi¤¤IS¢<><>k; pany shall be one million of dollars, and shall consist of twenty thousand shares of fifty dollars each. The stock may be subscribed for upon the books of the company, which shall be open at the Department of the Interior, in the city of Wasltingtou, on the second Monday following the final passage of this act, at twelve o’clock, noon; said books to be kept open until the whole amount of said stock shall be subscribed, or so much thereof, not less than fifty per centum of the whole amount, as a majority of said corporators shall deem sufiieient to authorize he said company to commence work. A cash payment of ten per centum shall be paid at the time of subscription to said stock to the person or persons authorized to receive the same by the said eorporators. After the books, as aforesaid, shall have been kept open for the space of two h¤g uppvrdays, if a larger amount than the capital stock of said company shall h°“° ‘ have been subscribed, the books shall be closed, and the said corporators shall forthwith apportion said capital stock among the subscribers in such manner that citizens of the city of Washington shall have the full amount individually subscribed for, so far as may be practicable'; and any deductions necessary in consequence of any excess of subscription shall be made from subscriptions of the largest amount, so that·no bona fide subscription shall be diminished while any larger subscription shall be maintained. That as soon as the stock is subscribed and apportioned as above mentioned and the payment made as aforesaid, the said corporators, or a majorityof them, shall call a ·meeting of the stock- tM;;tipdg ost holders at some place in Washington city, District of Columbia, by gogcorgguizltionl advertisement in one or more of the daily newspapers in said city ten days previous thereto, and the stockholders, in person or by proxy, shall proceed to the election from among the stockholders,. by ballot, lot thir- · teen directors for conducting and managing the business of said com— Directors. pany, for the term of one year from the time of their election, or until the first Monday of January next ensuing their. election, 1f·that should happen to be less than one year from the election; that said directors, when elected, shall immediately appoint one of their number to be