Page:United States Statutes at Large Volume 25.djvu/540

 49-1 FIFTIETH CONGRESS. Sess. I. Ch. 1038. 1888. a greater sum than the sum actually paid into the treasury of the _·m·ms or subsmp- company upon stock subscriptions. And 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 five er centum each thirty days thereafter until fifty per centum thereof shall have been paid; 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 thereof shall be paid at the time of subscribing as hereinbe- Dclimuent Moc k- fore provided; and if any stockholder shall refuse or neglect to pay any h°m°"' installment as aforesaid, or as required by a resolution of the board of directors after reasonable notice 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 pay said installment (and the person who offers to purchase the least number of Shares for the assessment due shall be 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 buy, lease, construct, and maintain workshops, depots, lan s, and buildings as they may deem necessary at such points along its line as may be approved by the Commissioners of the District, and as the business of the company may require: or-gmnmu. Provided, That within thirty days after the passage of this act the 1 corporators named in the first section, 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 kept open, in some convenient and accessible lace in the District of Columbia, from nine o’clock in the forenoon till five o’clock in the afternoon, for a period to be fixed by said corporators, not less than ten days (unless the stock shall be sooner subscribed; and said corporators shall give public notice, by advertisement in two of the dail apers published in the city of Washington, of the time when andythe place where said books shall be opened; and subscribers upon said books to the capital stock of the company shall be held to be stockholders: Provided, rim installment on That every subscriber shall pay at the time of subscribing ten per ‘°°°k· centum of the amount by him Subscribed to the treasurer appointed by the corporators, or his subscrip)tion shall be null and void: Pro- ’l.’I.(?€(Z fur! ner, That nothing shall e received in payment of the ten ier centum at the time of subscribing and the additional installments Payments w be in hereinbefore provided for, except lawful money or certified checks °°'°b“ from ally national bank; and when the books of subscription to the capital stock of said company shall be closed the corporators named in the first 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 twenty 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 shall be given for five davs in two daily newspa ers publlished in the city of Washin ton; and in all meetings of tlile stockholders each share shall entitile the holder to one vote, to be given in person or by proxy. Bwrd ¤f directors- Sec. 3. That the government and direction of the affairs of the company shall be vested in the board of directors, seven in number, “ who shall be stockholders of record, and who shall hold their office for one year, and until their successors are duly elected and qualiiied; and the directors (a ma 'ority of whom shall be a quorum) shall elect one of their number to be President of the board, who shall be