Page:United States Statutes at Large Volume 40 Part 2.djvu/400

 1>RocLAMAr1oNs, rm. 1735 By subsequent order and proclamation, if and when it shall be found necessary or desirable, possession, control or operation may be taken of all or any part of such street railway systems, including subways and tunnels; and by subsequent order and proclamation possession, control and operation in whole or in tplart may also be relinquished to the owners thereof of any part of e railroad systems or rail and water s tems, possession and control of which are hereby assumed. The Director shall as soon as may be after having] assumed such ,,,,,]§§,§,§,'{,‘§,§"}§,l“,,s§f possession and control enter upon negotiagons with bt e selyeral com- •¢¤· panies ooking to agreements or `ust an reasena e co pensation for the possession, use and control of theirsrespectzive properties on the basis of an annual guaranteed compensation, above accruing depreciation and the maintenance of their‘properties, equivalent, as nearly as may be, to the average of the net operating income thereof for the three year period ending June 30, 1917,-—the results of such negotiatiolnp  reported to me for such action as may be approriate an a . · P But nothing herein contained, exliressed or implied, or hereafter ,,,,¥'§f,{’§, done or suffered hereunder, shall be eemed in any way to impair the rights of the stockholders, bondholders, creditors an other persons having interests in said systems of transportation or in the prohts thereof, to receive just and adequate compensation for the use and control and operation of their pirgperty hereby assumed. Regular dividends hitherto ared, and maturinlg interest upon d§§,"§‘,°§t;§t§§,{l,i,‘Q*.‘ bonds, debentures and other obligations, maybe pai in due course; ¤¤¤•°· and such regular dividends and interest may continue to be paid until and un ess the said Director shall from timeto time officiwise by general or special orders determine; and, subject, to the approval o the Director, the various carriers may agree upon and arrange for the renewal and extension of maturing obligations. Except with the prior written assent of said Director, no attach- ,,3*,2-§l’°§‘§;,l}2§_” ment by mesne process or on execution shall be levied on or against any of the property used by any of said transportation systems in the conduct of their business as common carriers; but suits may be brought by and against said carriers and judgments rendered as hitherto until and except so far as said Director may, by general or special orders, otherwise determine. From and after twelve o’clock on said twenty-eighth day of m°°°v°°°°°' December, 1917, all transportation systems included in this order and proclamation shall conclusively be deemed within the possession and control of said Director without further act or notice. But for the {purpose of accounting said possession and control shall date from twe ve o’clock midni ht on December 31, 1917. IN WITNESS Wl—IEREOF, I have hereunto set my hand and caused the seal of the United States to be ailixed. DONE b¥vthe President, througér0Newton D. Baker, Secretary of ar, in the District of lumbia, this 26th day of Decem- [snr,.] ber, in the year of our Lord one thousand mne hundred and seventeen, and of the independence of the United States the one hundred and forty-seppnd. oonaow Wmson By the President: Rorsrmr Lsrzsmo, Nmwros D. Baum Secretary of the State. Secretary of War.