FIFTY-FIFTH CONGRESS. Sess. Il. Ch. 468. 1898. 48] Smo. 13. That the government and direction of affairs of the com- ·B<>¤¤l Of directors. pany shall be vested in a board of directors, nine in number, who shall be stockholders of record, and who shall hold their office for one year, and until others are duly elected and qualified to take their places as directors; and the said directors, a majority of whom shall be a quorum, E-¤>¤l¤¤t¤¤i¤¤r¤¤f¤h¤ shall elect one of their number to be president of the board, who shall °mpa°y' also be president of the company, and they shall also choose a vicepresident, a secretary, and a treasurer, who shall give bond with surety to said company, in such sums as the said directors may require, for the faithful discharge of his trust. In the case of a vacancy in the —r¤¤¤¤¤i¤¤- board of directors by the death, resignation, or otherwise of any director the vacancy occasioned thereby shall be iilled by the remaining directors. ‘ Sec. 14. That the directors shall have the power to make and pre- —1>¤w¤r¤ •>fl¤>¤r11 scribe such by-laws, rules, and regulations as they shall deem needful and proper touching the disposition and management of the stock, property, estate, and effects of the company not contrary to the charter or to the laws of the United States and the ordinances of the District of Columbia. Sec. 15. That there shall be at least an annual meeting of the stock- A¤¤¤¤1<=1¤>ic¤¤f•h- holders for choice of directors, to be holden at such time in the District r°°°°”` of Columbia, under such conditions, and upon such notice as the said company in their by—laws may prescribe; and said directors shall Hgvew of tv ¤¤>¤k annually make a report in writing of their doings to the stockholders. ° °"' Sec. 16. That said company is hereby authorized to issue its capital Issueofcngitqlswck stock to an amount not to exceed the estimated cost of the construction mi °°"d“’ 1"'“" and equipment of the road, in shares of fifty dollars each, and to issue bonds not to exceed the cost of construction of the road, but such stock and bonds shall not exceed in the aggregate more than the actual cost of the right of way, construction, and equipment of said road. Said s,§;_§""°¤°¤ °f °*Pi*·¤* company shall require the subscribers to the capital stock to pay in ` cash to the treasurer appointed by the corporators the amounts severally subscribed by them, as follows, namely: Ten per centum at the time of subscribing and the balance of such subscription to be paid at such times and in such amounts as the board of directors may require; and no subscription shall be deemed valid unless the ten per centum thereof shall be paid at the time of subscribing, as hereinbeiore provided; and jmwt *0 my i¤· if any stockholder shall refuse or neglect to pay any installment as ° °°° aforesaid, or as required by the resolution of the board of directors, after reasonable notice of the same, the said board of directors may sell at public auction, to the highest bidder, so many shares of his stock as shall pay said installments, and the person who oiiers to purchase the least number of shares for the assessment due shall be taken to be the highest bidder, and such sale shall be conducted under such general regulations as may be adopted in the by-laws of the said company; but no stock shall be sold for less than the total assessments due and pay- able, or said corporation may sue and collect the same from any delinquent subscriber in any court of competent jurisdiction: Provided, That Frm-vo. no certilicates of stock shall be issued until the same has been paid for °°"‘°°""’s°f"°°]“ in money at its face value. Sec. 17. That all articles of value that may be inadvertently left in ,Di{·¤}<>si¤¤¤ ¤f ¤¤· any of the cars or other vehicles of the said company shall be taken to ° " ° m °°”` its principal depot and entered in a book of record of unclaimed goods, which book shall be open to the inspection of the public at all reasonable hours of business. Sec. 18, That the East Washington Heights Traction Company shall T¤¤¤¤ annually pay to the District of Columbia a franchise tax of live-eighths of one per centum of the entire gross earnings of such company, and a personal tax of two per centum per annum on the entire gross earnings of said company. There shall also be levied and collected upon all of the real estate of said company a tax in the same manner and to the same extent as upon all other real estate in the District of Columbia; VOL xxx-—-31 `
