Page:United States Statutes at Large Volume 18 Part 2a.djvu/79

 74: DISTRICT OF COLUMBIA. carrying on busi- ca on an business excepting such as is usual in management and “°"· coddyuct of {wards of trade or chambers of commerce, and as provided o May, 1810,c.e0, for in the preceding sections of this chapter. s. 6, v. 16, p. 108. CLASS 7. RAILROAD COMPANIES. Railroad com- Sec. 618. Any number of persons, not less than seven, being subscrib- 1’°”*°°i l'°" f°""‘ ers to the stock of any contemplated railroad, may be formed into a cer. "d‘ _,._ poration for the purpose of constructing, owning, and maintaining such Ibid., secs. 7, 8. railroad, by complying with the following requirements, namely: P·1°9· First. Whenever stock to the amount of at least ilfty thousand dollars shall have been subscribed, and five per cent. upon such subscription shall actually have been paid in, the subscribers to such stock shall elect directors for the company from among their own number, and shall severally subscribe articles of association in which shall be set forth- First. The name of the corporation; Second. The amount of the capital stock of the company; Third. The number of shares of which said stock shall consist; Fourth. The number of directors to manage the aifairs of the company, and their names; Fifth.· The point or place from which the proposed railroad is to be constructed and its length, as near as may be. Second. Flash subscriber to such articles of association shall state his place of residence, and the number of shares taken by him in such comany. p Third. The articles of association shall be tiled in the clerk’s office of the recorder of deeds of the District, and be recorded i11 a book kept for that purpose. Corporate pow- Sec. 619. Upon tilin g the articles of association in accordance with @_ig_ the provisions of the preceding section, the persons who shall have sub- Ibid., s. s. scribed the same, and all persons who shall from 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 such articles of association, and shall be capable of suing and being sued, and may have a common seal, and may make and alter the same at pleasure, and shall be capable in law of purchasing, holding, and conveying any real or personal property whatever necessary for the construction of such road, and for the erection of all necessary buildings and yards and appurtenances for the use of the same. Qcrtiiicd c¤py_0f Sec. 620. A copy of any articles of association filed in pursuance of ‘;fc”“*£;::: section six hundred and eighteen, and certified to be a copy by the re- ,,,,.,0 u.,,,c,,g,_ corder of deeds, shall, in all courts and places, be prima-facie evidence ir·ImY;-· of the incorporation of such company and of the facts stated therein. siiiiserilizioa- S1s0.G21. The directors named in section six hundred and eighteen, bvvksfvbv <¤r¤¤¤¤r shall open books for subscription to the capital stock of the company p,;d_,,_g,,,_ 10g_ at such times and in such places as a majority of them may direct, thirty days’ notice of which shall be/given by publication in some daily paper published in the District. Au,,,,,,,,,,,, of Sec. 622. In case a greater amount of stock shall be subscribed than stock. the whole capital stock required by the company, the directors shall distribute the capital stock so subscribed as equally as possible among ' the subscribers; but no share shall be divided in making such distribution, nor shall a greater number of shares be allotted to any one subscriber than subscribed for by him. stceknqdersuiu- Sec. 623. There shall be an annual meeting of the stockholders at the QM! ¤¤¤¢¤¤i;- odicc of the company for the election of directors to serve for the ensup.;.|__,,_ m_,,_,,,j ing year, notice of which shall be given by the directors chosen as provided in section six hundred and eighteen, lor the first annual election, and aiterward by their successors in office, which notice shall be published not less than iwoni_x· days previous thereto, in a newspaper publislwd in tha- city of \V2lSlllI|§.§IUII.