Page:United States Statutes at Large Volume 25.djvu/248

 202 FIFTIETH CONGRESS. Sess. I. Ch. 478. 1888. books shall be opened ; and subscribers uppn said books to the capital Province. stock of the company shall be held to _ e stockholders: Provided, sum-spuous That every subscriber shall pay, at the time of subscribing, ten per centum of the amount by him subscribed, to the treasurer appointed by the co orators, or his subscription shall be null and v01 ; Pro- Payments. mdedfurther, That nothing shal be received in payment of the ten per centum at the time of subscribing except lawful money. And when the books of subscriptionto the capital stock of said company shall be closed, the corporators named in the hrst section,_ their associates, successors, or assigns, or a majority of them, and in case any of them refuse or neglect to act, then a majority of the remainder, shall, within ten days thereafter, call the first meeting of the stockholders of said company, to meet within ten days thereafter, for the choice of directors, of which public notice shal be given for seven days in two newspapers published daily in the city of Washington, and by written rsonal notice to be mailed to the address of each stockholder by 1g3e clerk of the corporation; and in all meetings of the stockholders each share shall entitle the holder to one vote, to be given in person or by proxy. puma:. Sec. 3. That the government and direction of the officers of the company shall be vested in the board of seven directors, who shaH be stockholders of record, and who shall hold their office for one pear, and until their successors are duly selected and qualified; and he said directors, a majority of whom shall be a rguorum, shall select one of their number to be president of the boa, who shall be the president of the company; and they shall also choose a vice-president, a secretary, and a treasurer, the atter of whom shall give a bond, with surety, to said comtpamyaiu such sum as the said directors may require for the faithful isc rge of his trust. In case of a vacancy iu the board of directors, by death, resignation, or otherwise, of any director, it shall be filled biyhthe remaining directors by majority vote of a quorum thereof. e directors shall have plower to make angdprescribe such by-laws, rules, and regulations as they shall deem ne ful and proper touching the disposition and mana ment of the stock, property, estate, and effects o the company, amlgequire bond and security of any of its officers other than those herein specified, not contrary to the charter, or to the laws of the United States and num. the laws and ordinances of the District of Columbia: Provided, That sua said board of directors shall not have the power to sell or lease the said road, or any part thereof, or to purchase or lease any other street railroad, or any dpart thereof, without first obtainin the written consent of two thir s of said stockholders and of the gommissioners of the District of Columbia: Provided, That said company shall have no power to sell or lease the said road or any part thereof until after the main line has been constructed and operated. There shall be an mmm meaing. annual meeting of the stockholders for choice of directors, to be held at such time and place, under such conditions and upon such notice as the said company in their by-laws may prescribe; and said directors shall annua ly make a report in writing of their doings to the stockholders. The said coglpany shall have at all times the free and uninterrupted use of its ro way; and if any iperson or persons shall willfully and mischievously and unnecessari y, obstruct or impede the passage of the cars of said railway with a vehicle or vehicles, or otherwise or in any manner molest or mterfere with passengers or op- Indurins mmm. eratives while in transit, or dcstro or injure the motive powers of said railway, or depots, stations or otiler property belongin to said railway, the person or persons so offending shal forfeit and ay for each ofense not less than twenty-five nor more than one hunched dollars, to be recovered as other fines ad nalties in said District, andshall in addition to said penalty, be liable? to said com any, for any loss or damag occasioned by his, her, or their acts as agdresaid. No person shall prohibited the right to travel on the cars of said road, or be