The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-10-04

in five days after the passage of this act the
porators named in the first section, or majority
of them, if any refuse neglect to act, then
a majority of the remainder, shall cause books
OF subscription to the capital stock of said COM
pany to be opened and kept open, i'll some con-
venient and accessible place in the city of Wash
ington, from nine O'Clock i'll the forenoon till five
O'Clock in the afternoon, for period to be fixed
by said corporators, not less than two days, and
said corporators shall give public notice, by ad-
vertisement in the daily papers published in the
city of Washington of the time when and the
place where said books shall be opened, and sub
scribers upon said books to the capital stock of
the company shall be held to be stockholders:
Provided, That every subscriber shall pay at the
time of subscribing twenty-five per centum of
the amount by him subscribed to the treasurer
appointed by the corporators, or his subscription
shall be null and void. Ii at the end of two days
a larger amount than the capital stock of said
company shall have been subscribed, the books
shall be closed, and the said corporators named
in the first section shall forthwith proceed to ap
portion said capital stock among the subscribers
pro rata, and make public proclamation of the
number of shares allotted to each, which shall be
done and completed on the same day that the
books are closed Provided further, That moth
ing shall be received in payment of the twenty
five per centum st the time of subscribing except
money or checks o certificates of deposit endor-
sed "good" by the president cashier of
some good solven bank or banks. And when the
books of subscription to the capital stock of said
company shall be closed, the corporators named
in the first section, or majority of them, and in
case any of them refuse or neglect to act, then
majority of the remainder, shall, within twenty
days thereafter, call the first meeting of the stock
holdrs of said company, to meet within ten days
thereafter, for the choice of director, of which
public notice shall be given for five days in two
public newspapers, published daily in the city of
Washington, or by written personal notice to
each stockholder by the clek of the corporation;
and in all meetings of the stockholders each share
shall entitle the holder to one vote, to be given
in person ol by proxy.
Sec. IA. And be it further enacted, That the
government and direction of the affairs of the
company shall be vested i'll the board of directors
seven in number, who shall be stockholders, and
rhn clnl hold hoir nffipa fOt.n upnr a16fi
others are duly elected and qualified to take their
places as directors; and the said directors; a
majority of whom, the president being one, shall
be a quorum shall elect one of their lumber to
be president of the board, who shall also be pre-
sident of the company; and they shall also choose
treasurer, who shall give bonds with surety to
said company, in such sum as the said directors
may require, for the faithful discharge of his
trust. In case of vacancy in the board OF direc-
tors by the death, resignation, or otherwise, of
any director, the vacancy occasoned thereby shall
be filled by the remaining directors.
Sec. Is. And be ii further enacted, That the
directors shall have full power to make and pies
crbe such bylaws, rules, and regulations, as they
shall deem needful and proper tousching the dis
position and management of the stock, property,
estate, and effects of the company, not contrary
to the charter to the laws of the United States
and the ordinances of the cities of Washington
and Georgetown.
Sec l6 And be it further enacted, That there
shall be an annual meeting CT the stockholders
for choice of directors, to be holden at such time
and place, under such conditions, and upon such
notice, the said company in their bylaws may
prescribe; and said directors shall annually make
report in writing of their doings to the stock
holders and to Congress
Sec. II. And be it further enacted, That the
Mayor Common Council, and the several officers
of the Corporations of the cities of Georgetown
or Washington, and the said Corporations are he
reby prohibited from DUNG any act thing to-
hinder, delay, or obstruct the construction or
operation of said railroad, as herein authorized.
Sec. IS. And be it further enacted, That the
said company shall have at all times the free and
uninterrupted of their roadway, and if any
person persons shall wilfully and unnecessa-
rily obstruct impede the passage on or over
said railway, or any part thereof or shall injure
or destroy the cars, depot stations, or any pro-
perty belonging to the said railway company, the
person persons offending shall forfeit and
pay for every such offence the sum of five dollars
to said company, and shall remain liable, in ad-
dition to said penalty for any loss or damage oc-
caSioned by his, her, other act, as aforesaid;
but suit shall be brought unless commenced
within sixty days after such offence shall have
been committed.
Sec 10; And be it further enacted, That unless
said corporation shall make and complete their
said railways between the Capitol and George
town within sixty working days from and after
the company shall have been organized, and from
thereafter, and on said Seventh Street, and from
said Boundary Street, on Fourteen Street, to the
point of intersection as aforesaid, within six
months from the approval OF this act shall be
null and void and no rights whatsoever shall be
acquired under it.
Sec. 20. And be it further enacted, That all
acts and parts of acts heretofore passed, which
are inconsistent with any of the provisions of
this act, are, for the purposes of this act hereby
repealed so far the same are inconsistent here
with.
APPROVED, May II, 1862.