The tri-weekly standard., 1867-04-25
TPUBLIC No. 105.
AN ACT to incorporate the Joint Stock Company
of the Young Mems Christian Association of
WASHINGTON

of the Young Mems Christian Association OF
Washington.
Be it entcted By tie Senate and House of Re,re
&entGtires otthe United Sdteso Of america II, COJyess
0&sen.bIed, That 5. P Chase, 0. o. Howard, John
K. Elvans, s. L. Brown, H. D. Cooke James Har.
Ian, George P. Fisher, o. II. Browning, james A.
Ekin A. r. Shepherd, B. II. Stinemetz, William
Ballantine, A. C. Richards, F. A. Lutz, L. Gle
phane, and Samuel Norment, all of the District
of Columbia, and their associates and successors
are hereby erected into a body corporate in deed
and in law, by the name, style and title of the
Joint Stock Company of the Young Mems Chris
tian Association, for the purpose of erecting a
suitable building for the meeting of the assoca-
ton, with hall, free reading rooms, and library
for the employees of the public Departments and
the citizens of the District of Columbia
SEC. 2. Ap0 be it further enacted That the said
corporation, by the same name and title, shall
have capital stock of two hundred thousand
dollars (S2OO, ,000) in shares OF twenty five dollars
(S25) each, and be able to sue and te sued, plead
and be lmPleaded, in all courts of law, and else
where, and shall be capable and able, in law and
equity to take, purchase, hold and receive to
them and their successors, for the use of said
company, lands, tcnemcnts, chooses in action,
goods and chattels of whatever kind, nature or
quality, real, personal or mixed, which now are
or hereafter may become the property of said cor
poration or be held for their use, by Gift grant
bargain, sale, conveyance, devise, bequest, or
otnerW'Se from any person whomsOevcr capable
OF making the same: Provided, THAT the value
of real and personal estate held by this corpora
ton shall never exceed the said sum OF two bun
dred thousand dollars. The said corDoration
change, or renew the same, and in general do ali
Things which may be necessary for the we'll being
and due management of said corporation
SEC. 3. Ind be it further enacted, That the
corporation hereby erected shall have power to
elect board of directors and such officers for its
government, the management of its property
and the superintendent Of its affairs, and make
such bylaws as they may deem proper not in
consistent with the Constitution and laws of the
United States, and to change or modify them at
pleasure.
SEC Sec. 4 T. ,: Ana be it further enacted, That the
board OF directors shall receive all rents and re-
venues arising from the building, and shall from
the rents and revenues received by them declare
and pay an annual interest of not exceeding siy
per cent. upon the capital stock of said cornoro
tion.
SEC. 5. And be 1t further enacted, That when
the rents and revenues of the building shall ex-
ceed the amount necessary to pay the interest
upon the capital stock the board of directors
Shall pay over to the Young Mems Christian
ASSOCIATION the surplus of rents and revenues
which surplus shall be used by the association to
purchase the stock hereby authorized at rates not
exceeding its par value, and for no other pur-
pose.
y. SEC 6. And be it further enacted, That when
the Young Mems Christian Association shall
nave purchased and absorbed all the stock issued
oy tne JOINT stock company the board of direc-
tors shall transfer to the association the real
and personal estate held by it, and all books aud
papers relating TO its transactions; after which
transwerthe full title and interest in such build
ing and property shall vest and be in the Young
Mems Christian Association of Washington; and
the corporation hereby created shall then be
dlssoived and the rents and revenues of the
building shall thereafter be used exclusively to
sustain, 50 improve, and enlarge the public hall,
library, parlors, and gymnasium and for the
men. ~ -. ,'se Q
SEC. T. And be 1t further enacted, That the
,ulldlng and grounds, the rents and revenues of
ne ;,I: same, ana the stock issued tc, erect such
.ullding shall be forever exempt from taxa
ion. ~, -, : -
SEC. .. and be ii further enacted. That Con-
fess :es may alter, amend, or repeal this act at
Approved, March 2, 1857. y. s.,y,.. ]