Page:United States Statutes at Large Volume 28.djvu/754

 FIFTY-THIRD CONGRESS. Sess. III. 'Ch. 168. 1895. _ 725 newspapers published in the city of Washington, and by written per- ` sonal 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. - - SEO. 16. That the government and direction of aiiairs of the com- B·>¤¤1 of dbwwrs pany shall be vested in a board of directors, nine in number, who shall be stockholders of record, and who shall hold their office for one year, and until others are duly elected and qualiiied to take their places as directors; and the said directors, a majority of whom shall be a quorum, shall elect one of their number to be president of the board, who shall °°i°°"· also be president of the company, and they shall also choose a vicepresident, a secretary, and a treasurer, who shall give bond with surety to said company, in such sums as the said directors may require, for the faithful discharge of his "trust. In the case of a vacancy in the V=¢¤¤¤i¤¤· board of directors by the death, resignation, or otherwise of any • director the vacancy occasioned thereby shall be filled by the remaining directors. _ SEO. 17. That the directors shall have the power to make and pre- BY·]*“'¤·°*°· scribe such by-laws, rules, and regulations as they shall deem needful and proper touching the disposition and management of the stock, property, estate, and effects of the company not contrary to the charter or to the laws of the United States and the ordinances of the District of Columbia. Sec. 18. That there shall be at least an annual meeting of the stock- mf}‘m“,{},:f’°**”8 "‘ holders for choice of directors, to be holden at such time in the District of Columbia, under such conditions, and upon such notice as the said company in their by—laws may prescribe; and said directors shall annually make a report in writing of their doings to the stockholders. Sec. 19. That said company is hereby authorized to issue its capital I°'“"8°*P“*l*°°°*· stock to an amount notto exceed the estimated cost of the construction and equipment of the road in shares of fifty dollars each, and to issue bonds not to exceed the cost of construction of the road, but such stock and bonds shall not exceed in the aggregate more than the actual cost of the right of way, construction, and equipment of said road. Said company shall require the subscribers to the capital stock to pay in cash to Subscribers the treasurer appointed by the corporators the amounts severally subscribed by them, as follows, namely: Ten per centum at the time of P¤Y¤°¤*•· 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 if any stockholder shall refuse or neglect to pay any installment as aforesaid, or as required by the resolution of the board of directors, after seasonable notice of the same, the said board of directors may sell at public auction, to the highest bidder, so many shares ,8,*;,*}* °' •*°°* ln •l•· of his stock as shall pay said installments, 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 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: Provided, That no certiiicates of stock shall be issued until the same {;,,,,'“":'°,,,,;m,,,_ has been paid for in money at its face value. Sec. 20. That all articles of value that may be inadvertently left in I‘°" "°°1°‘ any of the cars or other vehicles of the said company shall be taken to . its principal depot and entered in a book ofrecord of unclaimed goods, which book shall be open to the inspection of the public at all reasonable hours of business. Sec. 21. That said company shall, on or before the ilrst of February ·“"“’“ "°l’°"* of each year, make a report to Congress, through the Commissioners