New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-01-21
cnepce it IS empowered to determine and

establish routes and general plan of con-
sruction. which be laid ont streets ave-
and lands within said city, including blocks between
streets and avenues. excepting public parks and pubic
lands occupied by public buildings OF the State city or
United States Fifthave. in NewYork City, Fourth'ave.
above Fortysecond.st, Broadway below Thirtythrdst
and Madisonave Necessary provision is made for OBJ
tanning the consent OF one-ha in value OF the property
upon the determined upon, as well as the
consent OF the local authorities such authorities being else
where defined In the bill as the Common Council
Sec. 5. Requires the Board Of Rapid Transit Com
mssioners transmit its designation OF routes and Its
general plan Common Council and provides for the
consideration the plans by the Common Council and
subsequent by the Board based upon the action
OF the Common Council. Upon obtaining the approval
and consent local authorities above provided the
said Board Rapid Transit Railroad Commissioners shall
take the steps obtain the consents OF the
propertyowners along the line Of the routes The value
Of the property that portion Of street in upon over
or which is proposed to construct such railway
shall sscertaned from the assessment roll Of the city
which the property is situated confirmed or completed
before the local authorities shall have given Their
consent IL such consents properyowners cannot bo
obtained the Board in its own name make apphca-
ton General Term OF the Supreme Court in the
Judicial District in which such railway is TO be con-
the appointment OF three commissioners 10
determine and report after due hearing whether such
railway ought to be constructed and operated Ii the
the construction and operation OF such
road their report when confirmed by the court shall be
taken in consent OF the properyowners men,
toned
Secs. and provide the manner in which the
commissioners shall prepare plans etc. after consents OF
the propery.owners authority OF the courts have bee'
obtained and the way In which the franchises shall be
sold The OF sale must specify among other things
and number Of shares Of capital stock "hcn
successful corporation shall be authorized TO ISSUE
percentage to be paid In cash TO the SUBSCRIBERS ar
the maximum amount bonded Indebtedness which this
corporation be permitted to incur and which may be
by It's property and franchises ana
the maximum rates Of and freghs which such cor
lpctfo
and property. The Board mby, It considers that the
public requires it to do So reject all bids and re-
advertise said rights privileges and franchises of
SALE different terms OF sale as often as
IL may necessary in the interest OF such city, ana
shall finally accept bid which under all the circum'
in its opinion is most advantageous 10 the puoc
and such city, and bid shall be accepted without inc
vote OF five members OF the Board Such sae
NAV be adjourned from the discretion OF
Board The said Board shall sell such rights priv
eges and franchises for definite term OF years but the
expiration Of the shall not impair any mortgage or
other lien upon the property Of such corporation or the
rights any creditor creditors OF such corporation pro
Ndded however, that nothing herein contained shall oe
so construed extend the for which such rights
privileges franchises sold and the Board Is en-
powered 70 make suitable provisions for securing TO any
corporation which may acquire such rights and franchises
and such railway railways suitable compen
saton property. real and personal which the said
corporation may and Of which may be vested at the
expiration which such rights privileges and
franchises may have been sold.
Sec g. Empowers the Board to employ engineers at
torneys others, be necessary TO ara u IN 'he
proper performance of its duties.
Sec 0. Authorizes the board to make requisition
upon the proper public body for appropriation OF moneys
enable the work OF the commission TO be carried on
The requson in detail what the moneys are
needed for The proper public body, and in New-York
City Board OF Estimate is required to make the ap
propriaon conformity with the requisition The Con-
roler sell bonds TO raise the sum
necessary appropriation. and to make payment
out Of appropriation upon the requsition OF the Board
as payments Of public moneys are now made The
amount Of the revenue bonds sold is to be included In
the as levy succeeding and the entire amount
Of the 1avments made Of such appropriations Is re-
qured included in the terms of sale in such way that
the bidder franchise shall repay the same principal
and interest to public treasury condition pre-
redent to the grant of the franchise thus saving the city
Of any cost or expense the premises Salaries OF the
commissioners shall be fixed by the Board OF Estimate and
Apportionmont
ton 10 enjoy and exercise these franchises, shall bo
created and organized The articles OF incorporation Of
any such company shall include the terms OF sale and all
plans and specifications which are required TO be referred
10 and made part Of such articles The articles further
more are required contain such further provisions as
the Board Of Rapid Transit Commissioners may deem
requisite necessary not inconsistent with the terms
Of sale The articles be approved by the Board and
then be filed Secretary OF State and County
Clerk the filing OF the articles books Of subscrip
the capital stock Of the corporation are TO be opened
by the Board Rapid Transit Commissioners after giving
notice as prescribed ana altef sVOck
have been subscribed and proper percentage Of tho
amount subscribed shall have been paid H. the Board
Of Rapid Transit Commissioners required 70 call meet
ing OF the subscribers purpose OF organizing
corporation. the OF subs ripton the highest
bidders TO whom the award made under the sale
entitled TO preference for themselves and their associates
In subscribing for and the allotment of shares OF the
capital stock Of the company.
Sec. IL. Provides the election at subscribers
meeting OF board OF thirteen directors OF any such
poraton, and the in which such directors shall
be elected Requires the Board TO pass bylaws and
specify generally. already specified in other like
acts the general provisions which the bylaws shall
tain.
sec H. Requires copy Of the subscription list.
copy OF the bylaws. together with the OF the
directors chosen q be properly certified by Board
Rapid Transit Commissioners. and to be Sled with the
Secretary Of State and County Clerk and hcreupon
and after there shall paid
tax OF oneeighth Of per OF the Lar value Of
the capital stock (Which is the tax imposed
corporations in like cascs the cooperation shall be
to be fully organized.
Sec. 49, Permits the Board OF Commissioners by
concurrent vote OF five members any time alter or
add TO the detailed plans and Specifications, provided
there shall be no change Of route and provided be
no departure from the general plan. This done for
the purpose Of making IT impossible any errors
with regard TO minor details, 10 Switches turnouts
etc. ETC. This section provides generally for the
In which such authorization IOard for tho change
Of plans and specifications shall be made.
Sec. IA. Requires that every corporation crcanized
under the shall have its principal Office In and bo
taxed its property in the city where railways are
- situated.
Sec IS. Requires that the affairs the corporation
shall be permanently managed by board thirteen direc.
tors and provides for the method pursued In all
future in the election OF directors which is tho
method prevailing under the general law.
Sec 10. Authorizes the directors for the sub.
scrptions, etc.
Sec IT. Makes the stakeholder in any such corpora.
ton individually liable for the debts OF corporation
to equal to the unpaid on hia capital
stock. IT also makes him liable for
this section being far this bill
Is concerned OF the law In force.
Sec is, Provides for the in which the stool.
Of the corporation snail be transferred on It's books
Sec 10. Provides for the reduction tho
capital stock Of the corporation. upon obtaining ap.