Page:United States Statutes at Large Volume 30.djvu/527

 488 FIFTY-FIFTH CONGRESS. Sess. II. CHS. 495, 496. 1898. trict of Columbia may appoint person to exercise the duties of such oliicos within their respective jurisdictions, until such vacancy shall be illlod. Approved, J unc 24, 1898. CHAP. 496.-—Au Act To define the rights of purchasers of the Belt Bailway, and ‘ for other purposes. . Be it enacted by the Semdc and House of Representatives of tbz United 1>sm·sq¤rc»1m¤m• Staten of America in Congress assembled, That any corporatxou qpcr- B°M""l""""°" °f‘ ating a street railroad within the District of Columbia. be,m1d It IS, hereby, authorized to purchase the property and franchises of the Belt Railway Company l111d01h any sale thireof by decree ozcoart or otlnirmh,. l,,,,,;.,,,,._ wis¤· and such co ra on so purc asing may opera c a proper y M and liauchiscs so plgnzshascd as a part: of its system, subject to all rights and obligations imposed by existing legislation or by this Act, so far as the same shall be applicable; and in case the property and franchises of said Belt railway be purchased by any person or persons at any sale thereof under decree of court or otherwise, such personror persons, or his or their associates and assigns, shall possess and enjoy all the corporate rights, privileges, and franchises heretofore conferred vn. ll n ma wl- on tho said Belt Railway Company by tho Act of Congress approved {{;,},,._‘°’ "L a' P' March third, eighteen hundred and seventy-tive, and the Acts amend- ` awry thereof and supplemental thereto, as well as the right to be a ..u.¤¤p»¤zs·»¤ of corporation under this Act; and the incorporation as hereby provided P"°””°"'· shall be completed and become effective whenever the said purchaser or purchasers and his or their associates or assigns shall file for record - with the recorder of deeds ibn- the District of Columbia a certitlcato of inwrporatiou hereunder, duly acknowledged, specifying the name of such new corporation, its officcrs, and the names of its directors for - the iirst year, and the amount of its proposed capital stock and bonds. -1»¤• of mm. ma The capital stock of tho corporation herein authorized shall be divided °'*’““1'*°°k‘ into shams, each of the par value of one hundred dollars; and any corporation so purchasing or so created and organized hereunder is authorized to issue its bonds and capital stock either for cash or in exchange for the stock, bonds, property, or franchises of the said Belt 1»mcm. Railway Company: Prmvided, That stock and bonds may be issued to {;§,‘Ff‘{’ ““° °f i'““°’ such an amount and upon such terms as maybe agreed upon by a majority vote of the stockholders of such company: And prm·idedfm·- -1mm ther, That the issue of such stock and bonds shall not in the aggregate exceed the amount necessary for ellbcting any such purchase, lease or acquisition aud for the construction, reconstruction and equipment of said Belt Railway, and shall in no case exceed the sum of one hundred num-gmumn mm- and fifty thousand dollars per mile of single track. And within one ‘j,*°,,,‘§,¥l§;{,f§‘{];,, ,,, 0,,,, year from the ratiicatinn by the court of such sale the existing mi1· xm. road company purchasing the said Belt Railway, or the corporation · created and operating hereunder, shall, under tho supervision of the Commissioners of the District of Columbia, construct and put into hall operation on the entire line of said railway as now constructed an underground electric system similar to the one now in use by the Metropolitan Railroad Company, upon plans to be submitted to and 0¤¤¤z¤>¤ °*' *¤*°*=- approved by the said Commissioners. And the said Commissioners are hereby authorized to require such slight changes of tracks along the streets upon which the said Belt: Railway is now constructed as may be necessary for the public convenience, and all expenses incident “’i·¥¤¤*¤S ¤¤"°°**· thereto to be borne by said railway company. And the right is hereby expressly reserved to Congress to require at any time the owner or owners of said railroad to widen any of the streets along or over Change ormuw. which said railroad liué is now constructed, or to change the route thereof, and the entire expense of such widening of such street and all expenses incident or to a change of route thereto shall be borne by the owner or owners of said railroad.