Page:United States Statutes at Large Volume 27.djvu/357

 330. FIFTY-SECOND CON GBESS. Srzss. I. Ch. 322. 1892. bidder, under such general regulations as may be provided in the by- laws of the company, but no stock shall be sold for less than the total assessments due and payable; or the company may sue and collect the same from a delinquent subscriber in any court of competent jurisdiction. No certificate of stock shall be issued until the par value thereof 1’•¤¤¤s¤¤¤¤n¤- has been fully paid up. The company may buy, lease, or construct such passenger moms, ·ticket·ofIices, depots, workshops, and buildings as may be necessary, at such points, not on the land of the United States, along the lines as the business of the railway and the convenience of the public may require, and connect its tracks therewith; all of the above subject to the approval of the proper authorities. When- ¤¤¤¤·· ever one-fourth of the capital stock of the company so subscribed shall have been paid in, bonds may be issued, in the discretion of the board of directors, to an amount not exceeding the balance of the stock unpaid, which bonds may be secured by mortgage of its franchise and W- I H I property, real and personal: Provided, That the moneys raised on said ' bonds shall be used and expended only for the completion and improvement of said road and the equipment thereof. But this section is sub- 1¢•¤¤¤¤¤ •¤·¤k ject to the provision that said corporation shaH not have or issue any h"" greater number of shares of stock than the nominal value of such shares shall equal the actual and necessary cost of the construction and equipment of such railroad, which sum shall first be ascertained and authorized upon petition therefor to the Supreme Court of the District of Columbia, under such rules and regulations as the chief justice and judges thereof shall prescribe efficient to limit the stock of such corporation in the aggregate to the actual and necessary cost Bonds wl mort thereof That if it shall be desired by such corporation to issue bonds ‘°g°’ upon its said property, secured by mortgage or otherwise, upon petition therefor to said court, setting forth the necessity thereof and the amount of stock issued and outstanding, it may and shall be lawful for such court, or the chief justice or justices thereof, as the case may be, or one of them, upon public notice, to be prescribed by the rules of the court, to permit the issuance of such bonds and mortgage if desired: v¤¤¤¤i¤z¤•·¤=k. Pvomded, however, that an amount of stock equal to the bonds so issued shall be first canceled, and adjudged annuHed: Provided, That I¤¤¤=··¤·>*'¤1¤*•\· if in the course of the construction and equipment of such railroads it should appear that the amount of stock authorized as provided herein should not be sufficient for the piuposes desired, the said Court may upon further petition and hearing authorize the issuing of such further stock as in its judgment may be deemed necessary to carry out the purb°{:g;¤° °* ¤°°°k •¤¤ poses of this act: And provided further, that such stock and bonds `_ may be issued as the work progresses. ,0§f’°“°¥ °‘° °°'P°”‘ Sec. 3. That within thirty days after the passage of this act the cor- _ porators named in the first section, or a majority of them, or if any of ,§,,`L_°°°"’"°° t" them refuse or neglect to act, then the 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 place in the District of Columbia, from ten o’clock in the fbrenoon until four o’clock in the afternoon, for a period to be fixed by the corporators, not less than two days, unless the whole stock shall be sooner subscribed; and the said corporotors shall give public notice, by advertisement in one or more of the daily papers published in the city of Washington, of the time when and place where the said books shall be opened; and the subscribers _ upon said books to the capital stock of the said company shall be held Qgggjggw to be stockholders: Provided, That every subscriber shall pay, at the time of subscribing, fifty per centum of the amount by him sub- ‘ scribed to the treasurer appointed by the eorpomtors, or his subscription shall be void; and when the books of subscription to the capital stock of said company shall be closed the corporators, and, in case any _ of them refuse or neglect to act, then a majority of the remainder, shall, mgfing °‘ within twenty days thereafter, call the first meeting of the stockholders of said company to meet within ten days thereafter, for the choice of