Page:United States Statutes at Large Volume 27.djvu/370

 FIFTY-SECON D CONGRESS. Sess. I. Ch. 353. 1892. 343 Sec. 11. That the line of said railway company, from the point of C<>¤e¤;¤s‘¤•=¤¤¤<=¤* Md beginning herein named to a point at or near the intersection of Rhode wmv ° `°°' Island avenue extended and the northeast boundary of the District of Coliunbia, shall be commenced within six months and completed within twenty-four months from the passage of this act. SEO. 12. That the said company is hereby authorized to issue its C¤1*i*¤l¤*°°k· capital stock to the amount of the actual cost of construction, equipment, and purchase of right of way and ground necessary for its proper working, and not to exceed in all the sum of two hundred thousand dollars. Said company shall require the subscribers to the S""”"*P“°“’· 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 the balance of such subscription 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 hereinbefore provided, and no assessment exceeding ten per centum to be made at any one time; but at least my per centum of the entire stock subscribed shall be paid within six months from the date of subscription, and the whole amount shall be paid within two years from said date; and if any stockholder shall refuse or neglect ,a§{}** of **0* **3 de to pay any installment as aforesaid, or as required by the 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 installments, and the person who ofers to purchase the least number of shares for the assessment due shall be taken to be the highest bidder, and such sale shall be conducted under 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 corporation may sue and collect the same from any delinquent subscriber in any court of competent jurisdiction. _ _ Sec. 13. That within thirty days after the passage of this act cor- pggjjffjg °f "’°°" porators 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 meet at some convenient and accessible place in the District of Columbia for the organization of said company, and for the receiving subscriptions to the capital stock of the _ company: Provided, That every subscriber shall pay, at the time of {QQ;";§jj~wn, ,0 be subscribing, ten per centum of the amount by him subscribed to the punlon s·u»s··m¤¤g. treasurer appointed by the corporators, or his subscription shall be null and void:' Proridzd further, That nothing shall be received in pay- ,_j:::·;···ri¤g¢i<·¤· ¤·¤¤¤ ment of the ten per centum at the time of subscribing except lawful "°"" ‘ money, or certified checks from any established 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 _,,,;}{'f,E,ld;",§?"“g °f said company to meet within ten days thereafter for the choice of directors, of which public notice shall be given for live days in two daily newspapers published in the city of Washingqton, and by written personal 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 given in person or by proxy: Provided, That it shall be unlawful for the company hereby in- mmnamiou rm. corporated to consolidate with any other railroad company now in """‘°“· existence, or which may hereafter be chartered, and any such consolidation shall of itself operate as a forfeiture of this charter. And it _Sal•·beforecon<trucshall be unlawful for the franchise hereby granted to be sold or trans- t'"" "““‘”"f‘"‘ ferred to any individual or corporation before the road shall have been constructed and equipped for business.