Page:United States Statutes at Large Volume 25.djvu/493

 FIFTIETH CONGRESS. SEss. I. Ch. 912. 1888. 447 manner, with rails of the most approved patern, the gauge to correspond with that of other city railroads, all to be approved by the Commissioners of the District of Columbia. The tracks of said rail- Tracksway, the space between the tracks, and two feet beyond the outer rails thereof, where the streets are now paved, or shall hereafter be paved, which this franchise is intended to cover, shall be at all times ept by said corporation well paved and in good order, and on streets and roads not paved said corporation shall keep said tracks and the space between them in good repair, at its own expense, and subject to theapproval of the District Commissioners. It shall be lawful for said corporation, its successors or assigns, to make all needful - and convenient trenches and excavations in any streets or places where said corporations may be authorized to construct and operate Cuustructiou. its roads, and to place in such trenches and excavations all the needful and convenient devices and machinery for operating said railroad in the manner and by the means aforesaid. It shall also be lawful for said corporation, its successors, or assigns, to erect and maintain, at such convenient and suitable points along the line as may seem most desirable to the board of directors of said corporation, and subjlect to the approval of the Commissioners of the District, an engineouse or houses, boiler-house, and other buildings necessary for the successful operation of such cable or electric railroad. The rate of Raw of Speedspeed on said road shall not exceed twelve miles an hour, under a Benalty of fifty dollars, recoverable by the Commissioners of the istrict by suit in any court of competent jurisdiction in the District ’ of Columbia. Said company shall, on or before the fifteenth of January of each year, make a report to Congress of the names of all the A¤¤¤¤1¤‘<¢i><>r¤- stockholders therein and the amount of stock held by each, together with a detailed statement of the receipts and expenditures, from whatever source and on whatever account, for the preceding year ending December the thirt -iirst, which report shall be verified by affidavit of the president andr secretary of said company; and said company shall pay to the District of Columbia, in lieu of personal taxes for T¤¤¤<>¤ the next ensuing year four per centum of its gross earnings upon traflic for the preceding year as shown by said verified statement, which amount shall be payable to the collector of taxes at the times and in the manner that other taxes are payable, and subject to the same penalties on arrears; and the franchise and property of said company, both real and personal, to a sunicient amount, may be seized and sold in satisfaction thereof; as ma be provided by law for the sale of other property for taxes; and said, per centum of its gross earnings shall bein lieu of all other assessments of personal taxes upon its property, used solely and exclusively in the operation and management of said railway. _ Sec. That the capital stock of said company shall be two hundred C¤v¤¤¤i Swukthousand 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 cor orators the amounts seyerally subscribed. as flillows, namely: '1Pen per centum at the time of sub- Subscriptionscribing, and the balance of such subscriptions to be paid at such times and in such amounts as the board of directors may require, and no subscription shall be deemed valid unless the ten per centum tlmroof shall be paid at time of subscribing, as herein efore provided; and if any stockholder shall refuse or neglect to paV any installments as aforesaid, or as required by a resolution of the board of directors, the board of directors may sell at public auction, to the highest bidder, so many shares of his said stock as shall pay said installment ( and the highest bidder shall be taken to be the person who offers to purchase the least number of shares for the assessment due), under such general regulations as maybe 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 corporation may sue and collect