Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-03-27
TPTBLIC-No. Ini
AN ACT TO incorporate the Joint Stock Com
pany OF the Young Mems Christian Assccia.
ton Of Washington

AN ACT TO incorporate the Joint Stock Com
pany OF the Young Mems Christian Assccia-
ton of Washington.
Be 20 enacted b1I the Senate and ITo,tse of Psnre
seRtGtires Of tie United States of America an
CosgSess assembled, That y +. Chase, @.
o. Howard. John X. Elvans, : l. Brown. H .
H BOW BGown fane Ja aaTaa GTss Fisher O.
berd, X. H StineInetZ, William BailantvneA
Z. Richards, +. A. Lutz. l.. Clephane, anA
Samuel Normeni, all of the District OF Column
ola, and their associates and successors, arr.
hereby erected into a body corporate in deed
and IN law, by the name, style and tltle of the
JOINT Stock Company of the Young Mems
Christian Association, for the purpose of erect
ing a suitable building for the meetings of the
association, with a hail. free reading rooms
and library for the employees of the public
Columbia.
SEC. . ARd be At further enacted, That the
said corporation, by the same name and title
man nave capital stock of two hundred
thousand dollars (S2Ute000) in shares Of TWENTY
hNe collars (>25) each, and be able TO sue aud
he sued, plead and be implicated, in all courts
OF law, and elsewhere, aud shall be capable
ana able, IN law and eQuieF, to take, purchase
hold and receive TO them and their s a ccessors
FOR the use OF said company, lands, teuements
cbos.s in action, goods and chattels OF what
ever KIND, nature or quality, real, per sonai or
mixed, which now are or hereafter may become
The property OF said corporation or be cid for
tnelr use. oy gift grant, bargain, sale convey
ance, devise, bequest, or other wise from auy
person whomsoever capable OF making the
same: Prorided, THAT the value of the real
and personal estate held by this corporation
shali never exceed the said sum of two hun
cred thousand dollars. The said corporation
may have a common seal and al pleasure alter
change, or renew the same and in general do
all things which may be necessary for the
ration.
SEC. 8 And be IL further enacted. That the
corporation hereby erected shall have power TO
elect board of directors and such officers for
H. n of its
and the superintendence of its affairs. and
make such bylaws as they may deem proper
not inconsistent with the Constitution and laws
OF the United States, and TO change or modify
them AZ pleasure.
SIC 4. and be IL further enacted That tie
board OF directors shall receive all rents and
revenues arising from the building. and shall
from the rents and revenues received by them
declare aud pay an annual interest OF not ex
ceedlng SIX per cent upon the capital stock of
SAID corporation.
SIC ). And be al further enacted That when
the rents and reyen aes of IL g building shall ex
ceeu me amount necessary 10 pay The interes.
upon the capital stock the board OF directors
snail pay over to the Young Mems Christian
Association the surplus of rents aud revenues
which surplus shall be used by the association
TO purchase the stock hereby authorized ar
rates not exceeding its par value, and tor no
other purpose
SEC. 6. And be II further enacted. That when
the Young Mems Christian Association shall
nave purchased and absorbed all the stoc X
Issued by the Joint stock company the board O
direc tors shall tran sfer TO the association the
real and personal estate held by it and Ali
books and papers relating TO its tran actions;
after which transfer the full title and interest
IN sucn building and property shall vest and
be in the Young Mems Christian Association
or Washington; and the corporation hereby
created shall then be dissolved; and the rents
and revenues Of the building shall thereafter
be used exclusively to sustain, improve. and
enlarge the public hall, library, parlors. and
gymnasium and for the moral and intelIectnaI
improvement of young men,
SEC. :. And Dc 1T further enacted. That tho
building and grounds, the rents and revenues
OF the same, and the stock issued to erect such
building shall be forever exempt from taxa
ton.
Sic. 6. And BE- Il further enacted. That Con.
gress may alter, amend, or repeal this act al
will.
Approved, March ?. 1867 st.