Page:United States Statutes at Large Volume 25.djvu/247

 FIFTIETH CONGRESS. Sess. I. Ch. 478. 1888. 201 commenced and completed, then the privileges and powers herein granted to said corporation shall be void. The cor orators herein named or the corporation hereby created shall not seh or assign any of the rights hereby conferred relating to the line of said road until after the main road hereby authorized shall have been constructed as herein provided. Sec. 2. That the capital stock of said company shall not exceed, if Capml ¤*°°k· hor_se-power IS to be used for main line, thirty-two thousand dollars, which may be increased when work is commenced on the branch eleven thousand dollars, If electric-motor power is to be used, the ca ital stock for the main line shall not exceed sixty thousand two hundred and fifty dollars, which may be increased when work is commenced on the branch twenty thousand dollars. If cable power is to be used, the capital stock for the main line shall not exceed one hundred and twenty-two thousand dollars, which may be increased when work is commenced on the branch forty thousand dollars, in shares of fifty dollars each. Said company shall require the subscribers to the capital stock to pay in cash, to the treasurer appointed by the corporators, the amounts severally subscribed by them, as follows, namely: Ten per centum at the time of subscribing and twenty er centum each S“*>¤°*'*P¤°¤¤· thirty days thereafter until fifty per centum thereof) shall have been paid, the balance of such subscriiption to be paid at such times and 1n such amounts as the board of irectors may require; and no subscription shall be deemed valid unless ten per centum thereof shal.l be paid at the time of subscribing, as hereinbefore provided; and if any stockholder shall refuse or neglect to pay any installments as aforesaid, or as required by a resolution of the board of directors after ten days notice, in writing, of the same, the said board of directors may sell at public auction, to the highest bidder, so many shares of his stock as shall ay said installments (and the person who offers to urchase the least number of shares for the assessment due), shallpbe taken as the highest bidder, and the sale shall be conducted according to such general regulations as may be adopted in the by-laws of said company; but no stock shall be sold for less than the total assessments due and payable; or said body may sue and collect the same from any delinquent subscriber in any court of competent jurisdiction. The said company shall place first-class C°'¤·°*°-· cars on said railways, with all modern improvements necessary to the convenience and comfort of passengers, and shall run cars thereon as often as the public convenience may require. in accordance with a schedule or time-table to be adopted by said board of directors, a copy of which shall be filed with the Commissioners of the District of Columbia, and to be approved by them, and shall not take on any of its cars more passengers than can be accommodated, and shall cause its cars to e heated during the winter season, subject to regulations to be prescribed by the Commissioners of the District of Columbia. The said company shall buy, lease. or Sh°PS· *=*°· construct passengenrooms, ticket-offices, workshops, depots, lands, and buildin s as they may deem necessary, at such points along its line as mayélre a proved by the Commissioners of the District, and as the business of the railway and the convenience of the public may _ require. \Vithin thirty days after the passage of this act, the cor- ,,§,*”§§’,,‘¥k§ f(,$b,,j,'°c‘§* porators named in the iirst section, and their associates, successors or assigns, or a majority of them. or if any refuse or neglect to act then a majority of the remainder, shall cause books of subscription to the capital stock of said company to be opened and ke t open in some convenient and accessible place in the District of Columbia. from nine o’clock in the forenoon till four o`clock in the afternoon, for aperiod to be fixed by said corporators. not less than ten days (unless the whole stock shall be sooner subscribed) and said corporators shall give public notice, b advertisement in the daily papers published in the city of Washington, of the time when and the place where said