Page:United States Statutes at Large Volume 25.djvu/494

 448 FIFTIETH CONGRESS. Sess. 1. Ch. 912. 1888. the same from any delinquent subscriber, in any court of competent mwggeuw *0 b° jurisdiction. The said company shall place first-class cars on said irailways, with all modern improvements for the convenience and comfort of passengers, and shall run cars thereon as often as the public convenience may require. And according to a published schedule to be filed with the District Commissioners, and be approved by them. The said company may buy, lease, or construct passenger rooms, ticket offices, workshops, depots, and buildings as they may deem necessary, at such points along its line as may be aplproved by the Commissioners of the District, and as the business of t ie railway and the convenience of the public may require. Wlienever one-half of the said whole ca ital stock of said company so subscribed, as B<>¤d¤· aforesaid, shall have been paid in, the said corporation shall have the right to issue bonds to an amount equal to half the stock subscribed, to be secured by mortgage of its franchise and property, Prmgiws. real and ersonal; Provided, That no larger amount of stoc and b0E‘,'§',Y° °f mk wd bonds shall be issued than the actual cash cost of the construction and equipment of the road: Provided, That the moneys raised on c0lx£>t';j1{3’t';f)!§°0‘;§;;df°' said bon s shall be used and expended for the improvement and ` completion of the said road, and not for the purpose of repaying the said corporation for the moneys expended by it on said road. Within s thirty days after the passage of this act the corporators named in the first section, or a majority of them, or if any refuse or neglect to b<&>lgs¤i¤s¤¤¤¤¤rip¢i¤¤ act, then a majority of the remainder, shall cause books of subscrip- ‘ tion to the capital stock of said company to be opened and kept opened, in some convenient and accessible place in the District of Columbia, from nine o’olock in the forenoon till five o’clock in the afternoon, for a period to be fixed by said corporators, not less than two days (unless the whole stock shall be sooner subscribed for); and said corporators shall give public notice, by advertisement in one or more of the daily pa ers published in the city of Washington, of the time when and the place where said books shall be opened; and sub-. scribers upon said books to the capital stock of the company shall be held to be stockholders: Provided, That every subscriber shall Payments. ay, at the time of subscribing, ten per centum of the amount by him subscribed to the treasurer appointed by the corporators, or his subscription shall be null and void: Provided further, That nothing shall be received in payment of the ten per centum, at the time of subscribing, except lawful money or certified checks from any established national anking-house. And when the books of su scription to the capital stock of said company shall be closed, the corporators and in case any of them refuse or neglect to act, then Meetingofstockhold- a majority of the remainder, shall, within twenty days thereafter, °"“· call the first meeting of the stocklioldcrs of said company, to meet within ten days thereafter, for the choice of directors. of which meeting notice shall be given in a public newspaper published daily in the city of Wasliingtoii, and by written ersonal notice to be mailed to the address of each stockholder by the clerk of the corporation; and in all meetings of the stockholders each share shall entitle the holder to one vote, to be iven in person or by proxy. Dmcrors. Sec. 3. That the government and direction of the affairs of the companly shall be vested in the board of directors, nine in number, who sha I be stockholders of record, and who shall hold their office for one O¤*°°’S· year and until others are duly elected and qualified to take their places as directors; and the said directors ia majority of whom shall e a quorum) shall elect one of their num er to be president of the company; and they shall also choose a vice-president, a secretary, and a treasurer, who s all give a bond, with surety, to said company, in such sum as the said directors may require for the faithful discharge Fmi¤¢*¤¤¤¤·=i¤¤· of his trust. In the case of a vacancy in the board of directors by the death, resignation, or otherwise of any director, the vacancy occasioned thereby shall be filled by the remaining directors. The direct-