The times. [volume] (Washington [D.C.]) 1897-1901, 1899-01-22

| able
Sec 5. That when the subscription for
| the stock provided in section of this
act is so made the offices now held by the
directors of the Maritime Canal Company
of Nicaragua, except such as represent the
states of Nicaragua and Costa RIGA, shall
become vacant and said Maritime Canal
Company of Nicaragua shall be reorgan-
lied under this act. The board of directors
of the Maritime Canal Company of Mica
ragua shall thereafter consist of seven di-
rectors, one appointed by Costa Rica, one
by Nicaragua, removable by said states,
respectively, and five to be appointed by
the President of the United States, who
shall be removable by the President of the
United States. Such directors shall be ap-
pointed by and with the advice and con-
sent of the Senate. and no two OF the same
shall be residents OF the same State, Ter
ritory or District of the United States,
nor shall either of the said directors have
been connected heretofore with the Mari
time Canal Company of Nicaragua, either
as director, officer or empioyc thereof. In
case of 4 vacancy in the membership of
directors appointed by the President the
same shall be filled by appointment of the
| President, by and with the advice and
consent of the Senate. for the uneNpired
term. The directors appointed by the
President of the United States are prohib-
tied from being interested, directly or in
directly, in any contract made by the said
reorganized company for implements,
| equipment, material, work, or any con-
| tract connected with the construction,
equipment or operation of said canal
Sec. 6. That at their first meeting the
directors appointed by the President of the
United States under this act shall proceed
to divide themselves by lot into five classes,
one of which shall consist of director who
| shall hold office for one year. one of one
| director who shall hold office for two years,
one of one director who shall hold Office
| for three years, one of one director who
shall hold office for four years. one of one
director who shall hold office for five years.
| and their successors shall be appointed by
| the President, by and with the advice and
| consent of the Senate, and shall hold office,
respectively, for five years. and all direct
ors shall hold Office until their successors
are qualified. Said directors shall take the
oath of office prescribed to other executive
officers of the United States, and shall be
amenable TO like responsibilities, civil or
criminal. Four of the seven directors, of
whom three at least must be directors ap-
| pointed by the President of the United
States, shall constitute a quorum for the
transaction OF business under the charter
of said company. The board of directors
shall elect president and vice president
| from their number, and also a secretary
and assistant secretary and treasurer; but
neither the secretary nor the assistant sec
! rotary nor the treasurer shall be a di-
| rector.
The treasurer of said Maritime Canal
i Company of Nicaragua shall give bond and
security to said company in such sum as
may be fixed by the board of directors.
Sec. Z. That the compensation of the
directors shall be $1,000 per. year, except
! the president, who shall receive So 600 per
year. The actual travelling expenses in
CURED by said directors in the service of
the company shall be paid on approval of
the same by the president of the board.
The directors shall fix the salaries and
compensation of all their employees. agents.
and managers, including engineers not de-
| tailed for duty by the Secretary of War
All of said salaries and expenses shall be
fixed charges on the treasury of the com
pany and shall be charged to the account
for administration.
And the board of directors shall, on
or before the 18th day of November of each
year, make and send 10 the President of
! the United States full and complete re-
port in writing of all the acts and doings
OF the company, with a clear and detailed
statement OF the progress and condition
of the work. together with their recon-
mendations. A copy of said report shall
! be laid before Congress by the President
with his annual message.
Sec s. That no dividend upon any stock
OF said company shall ever be made by
said directors except from the net earn
ings of said corporation, after deducting
all fixed charges and the expenses for
construction and administration.
Sec. 9. That the Maritime Canal Com
pany of Nicaragua, with the consent and
approval of the President OF the United
States, is authorized to contract with re-
sponsible parties, who shall be citizens of
the United States. for the construction
completion, and equipment OF the Nicara-
qua Canal within a period of six years
from the date Of this act: and all work
on said canal and all material used in the
| construction shall be subject to the i'm
mediate and continuous inspection, super
vision, and approval of the engineers as
| provided by this act; and said Nicaragua
Canal is TO be constructed, completed and
equipped for the use and navigation of
! the largest seagOing vessels at a cost not
! 10 exceed the estimate of the engineers,
and not to exceed slI5, 900. 900; and the
said sum of s1l5, 000,0 900 is hereby appro-
| priated permanent appropriation. out
of any money in the Treasury not other
| wise appropriated, and the same is to be
| expended in the manner following: The
| board OF directors. at the commencement
of the work, and quarterly thereafter
! shall file with the Secretary of the Treas
ury statement of the work necessary to
be done and the expenses necessary to be
| incurred by the company during the three
| months next ensuing, and shall submit
| Herewith an estimate OF the amount which
| will be due and payable thereon, together
| with all other or extraordinary expenses
| necessary TO be incurred by said board
during said quarterly period, and on his
| examination and approval of said state
meEt the Secretary of the Treasury shall
| issue a warrant upon the Treasury of the
| United States TO the said board OF directors
| for the amount so approved by him; and
| this section shall apply to any contract
| that is made for the construction of the
entire canal. or any part thereof. or
any contract work connected with said
canal, or any railroad. telegraph,
! telephone, or other facility to be
| used in constructing said canal, or
| in forming or deepening the harbors
| connected Herewith. Said board of di-
rectors, through their proper account
| ing officer, shall, at the end of each
quarter, or as often as they shall
| be so required by the Secretary of
| the Treasury make Il full and com
! plete accounting for all money which
| shall have been expended in any way in
| the construction of said canal or any part
| thereof. For the security of the repay
ment by said company of said moneys so
| advanced and interest thereon. by the
United States TO the said board of direc-
tors, a lien is hereby declared in favor OF
| the United States of America upon all the
property, real. personal. and mixed, and
upon all the rights. franchises, easements
privileges. rents, and tolls. and interest OF
every description, belonging to the Ma i
| time Canal Company of Nicaragua and ap-
purtenant to said canal or conn cted there
] uFTth hot ar in act n mr. inn nd