Page:United States Statutes at Large Volume 47 Part 1.djvu/780

 756 72d C ONGRESS. SESS. II. CH. 10. JANUARY 14,1933 . transportation company and common carrier, situate in the Dis- trict of Columbia and State of Maryland (subject to all conditions of said contracts, including without limiting the generality of the foregoing, the' physical property, ri ghts, and franchises of the Washin gton and Rockvil le 1~ail way Comp any of M ontgomer y County, used in the operation of said transit business, with the understanding, however, that nothing herein shall be understood to include the transfer of the right of the Washington Company and the Washington and Rockville Railway Company of Mont- gomery County to exist as corporations or separate corporate entities, nor to include the stock of the Potomac Electric Power Company, the Braddock Light and Power Company, Incorporated, Great Falls Power Company, Potomac Electric Appliance Com- pany, or other investments in stock, bonds, or personal property not connected with or used in the ordinary conduct of the busi- ness of said electric railways, nor any cash, bills receivable, credits, or choses in action, except as otherwise herein provided (and that approval of this agreement by joint resolution or Act of the Con- gress of the United States shall constitute and confer the necessary authority to the Washington Compan to ret ain and hold the aforesaid stocks of the said companies)) . A general description of the property to be transferred hereunder shall be prepared and delivered to the Capital Company before the final execution of deeds, and the Washington Company shall execute all deeds, assignments, and/or other conveyances requisite for such purpose . It being understood, however, that the Washington Company will transfer to the New Company net current assets equal to the net current assets transferred to the New Company by the Capital Company, as hereinbefore provided, and no more . The said property of the Washington Company shall be vested in the New Company, subject in so far but only in so far, as the same may by terms of such mortgages, respectively, attach to any part or parts of said property, to the following mortgages or deeds of trust (1) First Mortgage of the City and Suburban Railway of Washington, dated September 1, 1898, made to the Baltimore Trust and Guaranty Company, as trustee. (2) First Mortgage of the Anacostia and Potomac River Rail- road Company, dated April 1, 1899, made to the Baltimore Trust and Guaranty Company, as trustee. (3) Consolidated Mortgage of the Washington Railway and Electric Company, dated March 1, 1902, made to United States Mortgage and Trust Company, as trustee. In consideration therefor the New Company shall issue to the Washington Company such shares of its capital stock and/or other securities as may be agreed upon by the Capital and Washington Companies and approved by the Public Utilities Commission of the District of Columbia, and shall assume such of the above- described bonds as may be approved by the Public Uilities 1 Com- mission, and in addition shall assume and discharge, as the same mature, liabilities of the Washington Company incident to the transit business to be transferred as aforesaid. Out of the total net current assets received by the New Company there shall be set aside a reserve in an amount sufficient in the opinion of .the Public Utilities Commission to liquidate all claims for injuries and damages against the Washington Company and the Capital Company on account of operations prior to the date of Rights, etc ., not in- c luded. Description of prop- erty. Vesting of, subject to existi ng mortgages. Consideration there- for. Issue of capital stock by New Company. Assumption of ila- bilities, etc. ~steserva to liquidate 1Bo in originst