Page:United States Statutes at Large Volume 47 Part 1.djvu/781

 72d CONGR ESS. SESS. II. CH. 10. JANUARY 14,1933 . 757 closing : Provided, That any excess or deficit in such reserve Disp osit ions at a nal remaining after the final liquidation of such claims for injuries liquidation. and damages shall be credited or debited, respectively, to the surplus of the New Company. Aequfsitiou and The New Company is authorized to acquire any or all of the merger of Washington ,o utstan ding s tock o f the Washin gton R apid Tr ansit Compan y (the pan . Transit Com- Bus Compaq) at the fair value thereof and on such terms as may be accepted by the owners of said shares of stock and may be approved by the Public Utilities Commission ; if and when a majority of the outstanding shares of the said Washington Rapid Transit Company is acquired, by the New Company, the Wash- ingto n Rap id Tr ansi t Com pany shal l be merge d or cons olida ted with the New Company when and if the Public Utilities Commission shall so require. Ninth. The foregoing is based on the present conditions and Basis. bu siness of the part icipating companie s and on the assu mption th at, in the interv al bef ore th e cons ummati on of t he for egoing trans - actions, there will be no change in the transit businesses, other than as a result of normal operations or necessary to meet changed operating conditions, and that no distribution will be made to the stock holde rs of Cap ital Compa ny, excep t the regu lar divid end payments, at not exceeding 7 per centum per annum, and that, subject to such exceptions, the assets and liabilities of the partici- pating companies will be substantially as appears from their balance sheets, as of the 31st of December, 1931, subject to variation s in the normal co urse of b usiness. Tenth. The Washington Company shall cause the Potomac Elec- Power contract. tric Power Company to enter into a contract with the New Com- pany, subject to the approval of the Public Utilities Commission, said power contract to become effective as of the date of con- summation of this merger and run for the life of whichever of the last- mentioned companie s expires first, a nd to pro vide that the Potomac Electric Power Company, or its successors, and/or assigns will at all times, on request, furnish an adequate supply of electric power for the maintenance and operation of the transit properties of the New Company, and at such reasonable rates as the Public Utilities Commission may from time to time fix. The Washington ~g Assignment t of exist. Company shall assign to the Potomac Electric Power Company all of its existing contracts for the sale of power to other railway companies. E l ev e nt h. The Washington Company shall remain subject to vtuiti~es ic on of o b lic the ~urisdiction of the Public Utilities Commission. Any sinking funds now held by it shall remain available for the dischar a of securities for which it remains liable and which are secure di- rectly or indirectly by any .lien upon property turned over to the New Company. Twelfth. Any and all rights with reg ird to valuations and/or Rightto b~tioon rate bases now possessed by any of the parties to this agreement prejudiced. shall not be prejudiced hereby, and shall be enjoyed by the New Company until a valuation of the properties of the company shall Provide. be fixed as now or hereafter provided by law- Provided, That Rights of New Com- nothing contained herein shall deprive the New Company of any pa uy s rights under the Constitution of the United States. Thirteenth. The New Company shall grant with each street- far S rest-railway trans- railway fare a free immediate transfer to any connecting por- tion of its street-railway lines within the District of Columbia, subject to reasonable, rules and regulations to prevent abuse thereof. In addition, transfers between street cars and busses and between bus lines shall be granted under such reasonable terms