Page:United States Statutes at Large Volume 32 Part 1.djvu/775

 FIFTYSEVENTH CONGRESS. Sess. I. Ch. 1369. 1902. 709 government is hereby empowered to collect said sum by the levy and collection of taxes on said city. i FRANCHISES. Franchises, etc. Sec. 74. That the government of the Philippine Islands may grant ,zGé>{§mm¤;**¤¤*¤0*·f franchises, privileges, and concessions, including the authority to exer— e mu ` cise the rig t of eminent domain for the construction and o ration of works of public utility and service, and may authorize saiiiaworks to be constructed and maintained over and across the public property of the United States, including streets, highways, squares, and reservations, and over similar property of the government of said Islands, and may adopt rules and regulations under which the provincial and municipal governments of the islands may rant the right to use and occupy such Jmublic property belonging to said provinces or municipalities: Pro- Hm"- vide, That no private property shall be taken for any purpose under this €,§""°*° P'°P°”>‘· section without just com nsation paid or tendered therefor, and that ` such authority to take anciticcupy land shall not authorize the taking, use, or occupation of any land except such as is required for the actual neces- _ sary purposes for which the franchise is granted, and that no franchise, ,0Ff,°,,Q‘§f,‘,§§n§“‘§§‘ privi ege, or concession shall be granted to any corporation except by Gvuzrm y ' under the conditions that it shall be subject to amendment, alteration, ` or repeal by the Congress of the United States, and that lands or rights of use and occupation of lands thus granted shall revert to the governments by which they were respectively granted upon the termination of the franchises and concessions under which they were · granted or upon their revocation or re eal. That all franchises, privi- etgmrgggctgg S°°°k» leges, or concessions granted under this Act shall forbid the issue of " ' stock or bonds except in exchange for actual cash, or for property at a fair valuation, equal to the par value of the stock or bonds so issued; shall forbid the declaring of stock or bond dividends, and, in the case D“`l"°“"s· of public-servicecorporations, shall provide for the effective regula- _ tion of the charges thereof, for the official inspection and regulation ,,,£‘°‘l°“"°“ °"’°°ksof the books and accounts of such corporations, and for the payment of a reasonable percenta e of gross earnings into the treasury of the Philippine Islands or og the province or munici ality within which _ such franchises are granted and exercised: Praoidied further, That it §iK’$Z"},.b,,, ,,,0. shall be unlawful for any corporation organized under this Act, or for *“”“°*'· any person, company, or corporation receivin any grant, franchise, or concession from the government of said 15am1s, to use, employ, or contract for the labor of persons claimed or alleged to be held in involuntar servitude; and any person, company, or corporation so P°“°“"· violating the provisions of this Act shall forfeit all charters, grants, franchises, and concessions for doing business in said Islands, and in addition shall be deemed guilty of an offense, and shall be punished by _ a fine of not less than ten thousand dollars. Sec. 75. That no corporation shall be authorized to conduct the busi- 0,I§§§,L§s,f,‘}§§,§;?1dl“g‘ ness of buying and selling real estate or be permitted to hold or own real estate except such as may be reasonably necessary to enable it to _ carry out the purposes for w ich it is created, and every corporation M“”““m· authorized to engage in agriculture shall by its charter be restricted to the ownership and control of not to exceed one thousand and twenty- four hectares of land; and it shall be unlawful for any member of a corporation engaged in agriculture or mining and for any corporation organized for any purpose except irrigation to be in any wise interested in any other corporation engaged in agriculture or in mining. Corporations, however, may loan funds upon real—estate security and L°°“’· purchase real estate when necessary 'for the collection of loans, but they shall dispose of real estate so obtained within five years after