Page:United States Statutes at Large Volume 47 Part 1.djvu/777

 72d CONGRESS. SESS. II. CH. 10. JANUARY 14, 1933 . 753 " Capital Company "), street railway companies now operating in t he Distr ict of C olumbia, are org anized in accorda nce with special A cts of the Cong ress of the Unit ed States for the purpose of carrying on street railway and other business ; and Unified ownership of Whereas it is deemed advisable, for the purpose of greater tran sit pro perti es,et e, efficiency and economy of management and for the benefit and advantage of the public and of the stockholders of said com- pan ies, that thei r tra nsit prop ertie s us ed in the busin ess of st reet railway and bus transportation within the District of Columbia or between the District of Columbia and adjacent States, and such other property and assets, real and personal, tangible and intangibl e, as may be de scribed in this agreement shall b e placed under unified ownership and operation ; and Approval by Public Wh ereas th e premis es, cove nants, a greement s, grant s, terms, and Utilities commission . conditions herein have been approved by the Public Utilities Commission of the District of Columbia Now, ther efore, if and w hen the said pre mises, covenants, grants, Terms and methods. terms, and conditions herein contained are agreed upon by a vote of a majdrity in amount of the stock of the respective corporations, their respective properties as hereinafter described shall be trans- ferred to and vested in the New Company and the mode of carry- ing the same into effect shall be as follows First : The name of the New Company shall be Capital Transit Name. Com pa ny (hereinafter referred to as the "New Company "). Second : The New Company shall be incorporated under the pro- incorpora tion. vol. 31, p. 1284. vision s of Subch apter IV of Chapter XVIII of the Code of Law of the District of Columbia and pursuant to an Act of Congress entitled "An Act to permit the merger of street-railway corpora- tions op erating in the D istrict of Colum bia, and for othe r pur- Powers . poses," approved March4, 1925, with power subject to the approval of the Public Utilities Commission to acquire, construct, own, and operate directly transit propert ies within the D istrict of Columb ia and in adjacent States, including the power to acquire, own, and either directly or through subsidiaries operate the properties to be conveyed to the New Company in accordance with this agree- ment, and to acquire and own the stock and/or bonds of said com- roof. P. sig. panies and of any other company or companies engaged in the transportation of passengers by street railway or bus in the Dis- trict of Columbia and adjacent States with the power to mort- gage its property, rights, and franchises, and to conduct such other activities as may be useful or necessary in connection with or incident to the foregoin g purpos es, incl uding the power t o buy, sell, hold, own, and convey real estate within a nd without the Di s- trict of Columbia. Said New Company when incorporated shall become and remain subject in all respects to regulation by the Public Utilities Commission of the District of Columbia or its successors to the extent of the jurisdiction now or hereafter vested in it or them by law over corporations engaged in the transporta- tion of passengers by street railway or bus within the District of Colu mbia : Provided, That before they are recorded, the articles Approval of articles. of incorporation and/or any amendments thereto shall be approved by the Public Utilities Commission. Third. -The board of directors of the "New Company shall con- sist of fifteen persons . Of the fifteen original directors, seven shall be nominated by the Washington Company, seven by the Capital Company, and one, to hold office for two years, shall be agreed upon b y the fourteen nominated as above . Of the directors so to be initi ally nom inated b y the Ca pital Co mpany, f ive shal l hold office for three years and two shall hold office for two years . 30 .11 °-33-48