Page:United States Statutes at Large Volume 26.djvu/844

 FIFTY-FIRST CONGRESS. Suss. II. Ch. 382. 1891. 791 same manner as is or may be provided by law for the sale of other property for taxes, and said per centum of its gross earnings shall be m lieu of any and all other assessments upon its personal property in the District of Columbia, used solely and exclusively in the o eration and management of said railway; but its real estate in saidgbistrict mummy. shall be taxed as other real estate therein: Provided, That its tracks Promo. shall not be considered real estate for the purpose of taxation. rmuoxompua. Sec. 4. That the capital stock of said company shall be fifty thou- mpgmsmck sand dollars, and may be increased to three hundred thousand dollars by order of a maéjority of the stockholders at a general meeting, in shares of one hun red dollars each. Said company shall require the subscr1bers to its capital stock to fpay in cash to the treasurer, appointed by the corporators hereinbe ore named, the amounts severally subscribed by them as follows, to wit: Ten per centum at the ul}:'"' °* '°‘*°°'*P· time of subscribing and the balance at such times and in such amounts ' as the board of directors of said company may require; and no subscription shall be deemed valid unless ten per centum thereof shall be paid at the time of subscription, as hereinbefore provided; and if altigy stockholder shall refuse or neglect to pay any installment or in-  ”°°*· lments as aforesaid, or as required by the resolution of the board ' of directors, said board may sell at public auction to the highest bidder so many shares of the stock of such defaulting stockholderas shall be necessary to pay said installments, under such general regulations as may be adopte by the by-laws of said comfany, and for the purposes of such sale the highest bidder shall be eemed and taken to be he person who shall offer to purchase the least number of shares fo1· the assessments due; but no stock shall be sold at such sale for less than the total assessments due and payable at the time thereof; or said company may sue and collect from any delinquent subscriber, in any court of competent jurisdiction, the amount of the assessments at any time due and payable in accordance herewith, and bond may be issued in amount not exceedinlgh fifty per cent. of the stock subscribed and paid for: Provided, at the entire issue of stock and Promos. bonds shall not exceed the actual cost of constructing and uippin M¤ggf;¤;¤¤¤¢¤¤ the road, including the bridge; and provided, also, thatotlhe tot5 ` amount of bonds issued shall not exceed double the amount of the ‘ Llmltof mm ism. paid- up stock; and every certificate of stock issued shall show the Po¤¢.1u4. amount paid on same, to be secured by mortgage or deed of trust upon the roperty of the company. Sec. 5. l-That said company shal place first-class cars on its said cziuocm-umm. railway, 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 schedule to be rim.- modus. made from time to time by said company and approved by the Commissioners of the District of Columbia, but no steam cars, locomotives m§{§jpp$;§:{byg€ *¤ or passenger or other cars for steam railways shall ever be run on` the tracks of said railway in the District of Columbia. Said company may buy land on w ich to construct passenger-rooms, ticket- ¥?¤¤·<=¤¤¤<>¤f 1¤¤<1f¤r oflices, workshops, depots, and buildings as may be necessary, and hmmm8S` as the business of said railway and the convemence of the ublic may require, at such points along its line as may be approved by the Commissioners of the District of Columbia, as to so much of its railway as lies within the said District, and the Secretary of War as to the remainder of said railway. No person shall be prohibited from Ei°°"*¤;¤*· °*°·· °* riding on the cars of said company or ejected therefrom b the ' company’s employees for any other cause than being drunk, disorderly, or coutagiously diseased, or -for the use of profane or indecent language, or for refusing to pay the legal fare exacted, or to comply with the lawful general regu ations of said company. Sec. 6. That within thirty days after the approval of this act the Opomusofmsuivcorporators above named, or a majority of them, or if any refuse or °°°°°°°` ° neg act to act, then a majority of the remainder, shall cause books