Page:United States Statutes at Large Volume 27.djvu/97

 70 FIFTY-SECOND CONGRESS. Sess. I. Ch. 144. 1892. Washington and Arlington Railway Company of the District of Deposit to defray Columbia.” The said company shall, before commencing work_ on °*P°“°°°· said railroad on such street, deposit with the Treasurer of the United States to the credit of the Washington Aqueduct such sum as the Secretary of War may consider necessary to defray all the expenses that may incurred by the United States in connection with the inspection of the work of construction of said railroad on such street, and in making good any damages done by said company, or its works, or by any of its contracting agents, to any of said mains, fixtures, or apparatus, and in completing, as the Secretary of War may deem necessary, any of the work that the said company may neglect or refuse to complete and that the Secretary of War may consider necessary for the safety of said mains, fixtures, or apparatus, and the said company shall also deposit as aforesaid such further sums for said purposes at such 1>isb¤rs¤m¤¤¤· times as the Secretary of War may consider necessary: Provided, That the said sum shall be disbursed like other moneys appropriated for the Washington Aqueduct, and that whatever shall remain of said deposits at the end of one year after the completion of said railroad in such mem of balance. street shall be returned to said company on the order of the Secretary of _VVar, with an account of its disbursement in detail: And provided also, That disbursements of said deposits shall, except in cases of emergency, be made only on the order of the Secretary of War. The Rights mm-mmm exercise of the rights by this act granted are to terminate at the pleas- °° “°g1°°"· "*°· ure of the Secretary of War in case of persistent neglect by said company, or by its successors, to make the deposits, or to comply with any of the conditions, requirements, and regulations aforesaid. Engine houses, sw. Sec. 9. That it shall also be lawful for said corporation, its successors or assigns, to erect and maintain, at such convenient and suitable points along its lines as may seem most desirable to the board of directors of the said corporation, and subject to the approval of the said Commissioners, an engine house or houses, boiler house, and all other buildings necessary for the successful operation of a cable-motor, electric, pneumatic, or other railroad. Speed to be regu- Sec. 10. That it shall not be lawful for said corporation, its succes- §{_§fgml’Y °°“‘“"“` sors or assigns, to propel its cars over said railroad, or any part thereoi, at a rate of speed exceeding that which may be fixed from time to time by the said Commissioners, and for each violation of this provision said grantees, their successors or assigns, as the case may be, shall be subject to a penalty of fifty dollars, to be recovered in any court of competent jurisdiction at the suit of the Commissioners of the said District. csmmsscsmssesiia Sec. 11. That the line of said railway company shall be commenced °°“‘¥"°°’°“· within six months and completed within two years from the passage of this act, otherwise this act shall be of no effect. Amount or cspmi Sec. 12. That said company is hereby authorized to issue its capital °*°°k· stock to an amount not to exceed two hundred and fifty thousand dollars in shares of one hundred dollars each. Said company shall require sstsmbm. the subscribers to the capital stock to pay in cash to the treasurer appointed by the corporators the amounts severally subscribed by them rsymsms. 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; excepting that fifty per centum shall be paid in within twelve months, and no subscription shall be deemed valid unless the ten per centum thereof shall be paid f sm or stock in ds- at the time of subscribing as hereinbefore provided; and if any stock- “““‘ holder shall refuse or neglect 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 instalments, and the person who offers 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 mider such general regulations as may be adopted in the by-laws of said company; but no stock shall be