Page:United States Statutes at Large Volume 47 Part 1.djvu/784

 760 72d CONGRESS. SESS. II. CH. 10. JANUARY 14, 1933 . trict of Columbia for the fiscal year ending June 30, 1917, and for other purposes," approved September 1, 1916, as amended to date . Restriction on estab • SE C. 4 . N o competitive str eet railway or b us line, that is, li ne bus or ing competitive railway line f or the transpor tation of passen gers of the char acter which runs over a given route on a fixed schedule, shall be established without the prior issuance of a certificate by the Public Utilities Commission of the District of Columbia to the effect that the com- petitive line is necessary for the convenience of the public . Capital Traction SEC. 5. That the Capital Traction Company is hereby authorized Company . Liquidation and die- and empowered, upon the consummation of the aforesaid unification tribution . agreement, to dissolve and to l iquidate its asse ts and make dist ribu- tion among its stockholders in acco rda nce wi th said agreement Provisos. Pro vid ed, That the existing liabilit ies of the said t he Capital Trac- Existing gati ng liabilities, tion Company a nd the rights o f its creditors shall not be aff ected thereby, and that such creditors shall have, as to the said Capital Transit Company, upon the transfer of property to it as provided in said agree ment, all right s and remedies which they may then abat ed. Actions, etc ., not have as to th e Capital Tract ion Company : Provided further, That no action or proceedings to which the Capital Traction Company is a party, shall abate in consequence thereof, but the same may be continued in the name of the party by or against which the same was begun, unless the court in which said action or proceedings are pending shall order the Capital Transit Company to be substituted Notice of dissolution in its place and stead : And provided further, That the fact of such tobepubli shed. dissolution in accordance with this provision sh all be published once a week for two successive weeks thereafter in at least two daily newspapers of general circulation published in the city of Washing- ton District of Columbia. anTEl .c,gcocopang 9Ec . 6. That the Washington Railway and Electric Company is stock, etc., holdings. hereby authorized and empowered to retain and hold stocks and bonds as provi ded in said uni fication agreeme nt, and to issue from time to time s tocks, bonds, a nd/or other evid ences of indebte dness subject to the approval of the Public Utilities Commission of the District of Columbia. Transit OompanRapid S EC. 7. That in accordance with said unification agreement, the Acquisition and Capital Transit Company to be created as aforesaid is hereby author- mer ger. ized and empowered to purchase all or any part of the outstanding capital stock of the Washing ton Rapid Trans it Company ; and sa id company shall be merged or consolidated with the said Ca pit al Transit Company when and if the Public Utilities Commission shall so req uire. Supervision of Public SEC. 8. That nothing contained in this resolution shall be taken IIt,,,tiesCo mmw tonn as extending or limiting the powers and duties of the Public, Utili- ties Commission except as provided in this resolution and by said unification agreement, and all powers granted by this resolution to the Capital Transit Company shall be exercised subject to the super- vision of and regulation b y the Public Utilities Commission as pro- vided by law. Effective date. SEC. 9. The unification herein provided for shall become effective when but n ot until agreed upon by vote o f more than a m ajority in amount of the stock of the respective companies and notices to that effect have been filed with the Public Utilities Commission of the District of Columbia within two years from and after the passage of this joint resolution. Reasonable charges. SEC. 10. Any and all charges to the Capital Transit Company made by any corporation or person holding a majority of the capital stock thereof for any services shall be proved to be fair and reasonable, and only such part of said charge s as the Public Utilities Commis sion,