Page:United States Statutes at Large Volume 29.djvu/280

 259. FIYTY-FOURTH CONGRESS. Sess. I. Ch. 317. 1896. ' amounts as'the board `ofdirectors may require, as-hereinbefore prosusmanauu. vided; andif any stockholder shall refuse or neglect to pay any installments as aforesaid, as required by the board of directors, alter thirty days’ notice-in writing, the said board of directors may sell at public auction, to the highest bidder, so many shares of his stock as will pay the installments; and the person who shall offer to take the least number of shares for the assessments due shall be taken as the highest 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 irom a delinquent subscriber in any court of competent jurisdiction. No certiiicate of stock shall be issued until the par value thereof has 1;.,;;.;;,.,,, been fully paid up. The company may buy, lease, or construct such passenger rooms, ticket odiees, depots, workshops, and buildings as may be necessary, at such points, not on the land of the United States, along the lines as the busine s of the railway and the convenience of the public may require, and connect its tracks therewith; all ams. of the above subject to the approval of the proper authorities. Whenever 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 boéids mayubeisgcufsddbyninortgage of its franchise and P*¤**•¤•· property, rea an person : o ’, at the mone s raised on sai U°°°"°°°°d°` bonds s all be used and expended onlyfor the eomplethm and improve- SMR limit- ment of said road and the equipment thereoi But this section is subject to the provision that said corporation shall not have or issue any greater number of shores of stock than the nominal value of such shares shall equal the actual and necessary cost of the construction { mv b•<¤n¤¤1¤<1 and equipment of such railroad: Provided, however, That an amount of "' ‘ stock equal to the bonds so issued shall be ilrst canceled and adjudged nm-. annulled: And provided further, That such stock—aud bonds may be issued as the work progresses! Section three shall be amended to read as follows: Hwang ¤f www- “SEo. 3. That within thirty days after the passage of this Act the "i»°§f‘2-;,,_3;w_ corporators named in the iirst section, or a majority of them, or if any ot' 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 forenoon until four o’clock in the afternoon, for a period to be iixed by the corporators, not less than two days, scwknubscripucns- unless the whole stock shall be sooner subscribed; and the said corporntors 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 when- the said books shall be opened; and the subscribers upon · said books to the capital stock of the aid company shall be held to be ,*j:;*:{;t__ stockholders: Pror-ided, That every subscriber shall pay, at the time of subscribing, fifty per centum of the amount by him subscribed to the treasurer appointed by the corporators, 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 neg- _ lect to met, then a majority of the remainder, shall, within twenty days _tf:E*0gd;·;8$°*¤B °* thereafter._call the tirst meeting of the stockholders of said company to meet within ten days thereafter, for therhoice of directors, of which ` said meeting notice shall be given in a daily newspaper published in the city of Washington and by written notice mailed to each stockholder. and each stockholder shall be entitled to one vote for each share of stock standing in his name on the books of the company, which vote may be cast in person or by proxy." R°P°°*~ °’·°· Sec. 2. That all acts or- parts of acts inconsistent with the provisions of this Act are hereby repealed. -¤¤¤¤¤=¤¤¤*· M- A §EC. 3. Congress reserves the right to alter, amend, or repeal this c . · Approved, June 3, 1896.