Page:United States Statutes at Large Volume 26.djvu/325

 FIFTY-FIRST CONGRESS. Sess. I. Ch. 669. 1890. 27] the sinking fund, to be applied to the liquidation of any indebtedness, shall exceed ten per centum 0n the above-specified cash expenditure, the Interstate Commerce Commission ma order a reduction of toll charges: Provided, That said reduction shall not be ordered Provtws. oftener than once in three years: Provided further, That nothing rim limit. contained in this section shal be construed as establishing contract No poutmct ragga rights between the United States and said North River Bridge Com- EMM "'th ’ pany as to the rate of toll authorized to be collected, but this section sha] be subject to amendment or repeal as is provided may be in A¤¤¤¤¤¤i¤<=¤¤.•>¤c. relation to every other section of this act. Sec. 6. That the (government and direction of said com an shall o¤vemmm,em.,¤r be vested in a boar of seven directors, who shall be stockgiolders of °°1'¥,i,,"‘,,'§',;.& record, and who shall hold their office for one year, and until their successors are duly elected and qualined. The said directors, five of whom shall be a quorum, shall elect one of their number president; Quorum. they shall also appoint a secretary and treasurer. The directors of Omcers. sai company shall have power to make such prudential by-laws as m-mmm they sha deem proper for the management and disposition of the stock, property, an business affairs of said company, not contrary to the ws of the United States, and rescribing the duties of onicers, artiiicers and servants that maybe employed, for iilling vacancies, and for carryingl on all business within the objects and purposes of said company. T ere shall be an annual meeting of the stock- Annual mmap. holders for choice of directors, to be held at such time and place, _ under such conditions and upon such notice as the by-laws may rescribe; and such directors s all annually make a report of their mw ,,,p,,,.,,_ doings and of the business of the company to the stockholders, a _ copy of which, sworn to and signed by the president of the company, sha l be transmitted to the Interstate Commerce Commission. Fail- rmpmm umm ure to elect directors on the day fixed by said by-laws shall not °‘ ‘“'°°*°'* be deemed to dissolve said company, but such election may be held on any day appointed thereafter by the directors, first giving thirty days’ notice thereof, in manner provided in said by-laws. T e capi- Capital mu;. tal stock of said company shall consist of not less than ten thousand shares of one hundred dollars each, which shall in all respects be deemed personal property. and shall be transferable in such manner ·;·,,_,,m,, of ,m,,__ as the by- laws of said company shall provide; but no share shall be °”=· transferable until all calls thereon s all have been fully paid in, and it shall not be lawful for said company to use any of its funds in the purchase of any stock in its own or any other corporation. The amount of such capital stock may be increased upon the vote of mcmm of sm:. two—thirds of such stoc of said comlpany at any time outstanding. Sec. 7. That the real and persona property of the company shall umm. be subject to taxation for State, county, and municipal purposes in the State where the same is located, but at no higher rate than other real and personal propert in the State. Sec. 8. That the said North River Bridge Company shall main- uguzsm. tain on the bridge, at its own ex nse, from sunset to sunrise, such lights or signals as the United Sltgtes Light-House Board shall prescribe. Sec. 9. That nothing in this act shall be held or construed to in ummsmm an manner involve the United States Government in any pecuniary obligations whatever, other than the payment of tolls over sai bridge and approaches for troops and munitions of war, for which no higher charge per mile shall be made than the rate paid to railroads connecting with said bridge; but Congress hereby reserves the Amendment, ew. right to alter, amend, or repeal this act as the contingencies of commerce or the public good may require, and said company shall further be subject to the provisions of the interstate-commerce laws, subject no ramand any amendments and supplements thereof.g,"}," °°"““°’°° "’ Approved, July 11, 1890. ·‘