Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-01-29
FOR CONSOLIDATION
Bill introduced by Mr.. Mcmillan in
the Senate.
PROP SBD EXTENSION SYST E N
Street Railroads and Electric Light
ing Companies.
TEXT OF THE MEASURE

Mr.. Mcmillan today introduced bill in
the Senate for the consolidation of the
street railroads and the electric lighting
companies of the District, known as the.
system of the Washington Traction and
Electric Company This bill in full follows:
Section ]. That the Anacostia and Poto-
mac River Railroad Company, the Bright
wood Railway Company of the District of
Columbia, the Capitol Railway Company.
the City and Suburban Railway Company,
the Columbia Railway Company, the
Georgetown and Tenleytown Railway Com
pany, the Metropolitan Railroad Company
and the Washington and Great Falls Elec-
trio Railway Company, may under the au-
thorfty of this act, and the Washington and
Rockville Railway Company. the Wash
ington, Woodside and Forest Glen Railway
Company and the Washington and Glen
Echo Railway Company, may, also, if not
inconsistent with the laws of Maryland
from Tune to time, by their respective
DcafdS OF directors, enter into contracts with
each other or with any of the Others or
with any other street railway corporation
owning or operating any street railroad or
Tallroad route, wholly or partly within the
DlStrlct OF Columbia, for the use of their
respective roads routes, or any part
thereof. Such contract may provide for
the exchange or guaranty of the stock or
cOrDOfa-
tons by any of the others, and must be
by the contracting corpora lions
under the corporate seal of each corpora-
tlon and approved by the written consent Of
tne stockholders owning at least two-thrds
OF the stock of each CORPORA ton given in
person or by attorney; provided that only
one rare, not exceeding the rate now a,-
tnor1zed by law, shall be charged for a
single continuous ride in the District of CO.
lumbia over any of the lines affected by
any contract or contracts, made under The
authority of this act, or over any mart
sme[eoI, with the right and privilege of
sucH transfer system as is now in force or
winch from time to time NAV herea Fer he
estaoi1shed; and, provided that in cast. any
corporation enters into any contract in this
ACT provided for, 1t is hereby authorized nv
aclion OF It's board of directors to change
us corporate name to any other corporate
name' not then lawfully used by any exist
ing corporation Incorporated or organized
in the said District
surrender or Transfer of stock,
section = That any of said corporations
may acquire by surrender transfer the
capital STOCK OF the stockholders or any of
'ne"' III any corporation or corporations
whose roads or routes are held. or are
authorized hereunder to become held nm
yer tease, or are used. or are authorized
hereunder to become used under contract
ana may provide for payment for the same
by issuing additional amounts Of its own
Nopieai SlOch OF or other obligations
not exceeding the amounts of the actual
consideration paid or payable for any such
surrender or transfer, and NAV also issue
lurtner amounts of its stock or obligations
not exceeding the amounts of the actual
consideration paid, to be paid for any
equipment or extensions of any such road
or route, or for electro power therefor
And whenever 80 per cent of the canitaI
stock issued and outstanding Of any cor
poration shall have been SO surrendered or
transferred the corporation acquiring such
percentage may contract with said other
corporation or corporations, whose capital
stock shall have been so surrendered or
transferred for the purchase of the es-
tates, property, rights and franchises of
such other corporation or corporations and
each such corporation is hereby empowered,
with the consent in writing of the holders
of 80 per cent Of its capital stock, to enter
into such contracts of purchase and sale
from time to time through its board of di-
rectorS.
Upon the execution of such contract of
purchase the estates, property, rights and
franchises of the corporation selling the
same shall vest in and be held and enjoyed
by the corporation purchasing fully
and entirely, without change or diminution,
as the same were before held and enjoyed
Subject, however, to the payment to all
nCn-assenting stockholders of the value
of their shares of capital stock, deter
mined by the purchase price of said prop
critics under said contract or, at the option
of the non-assenting stockholders as ascer-
tanned by apprasement as herein pro-
vided), and shall be managed and controlled
by the board of directors of the corpora
ton to which such sale shall have been
made, and in the corporate name of such
corporation, provided. that the existing
liabilities of the selling corporation and the
rights of its creditors shall not he affected
thereby.
In case such contract of purchase shall
not be made, such acquiring corporation
may file for record with the recorder OF
deeds for the District of Columbia, under
its cOrpOrate seal, a certificate of the acQui-
sition by it of said 30 per cent of capital
stock. and upon the filing of such certifi-
cate the estates. property, rights and fran
chises of the corporation whose capital
stock shall have been acquired shall vest
in and be held and enjoyed by the corpora
ton filing such certificate, with the same
effect (subject to the payment to the non
asserting stockholders OF the value OF their r
estates, property, rights and franchises
had been acquired under such contract OIL
purchase and sale.
And if any stockholder shall refuse
omit to transfer or surrender his stock
on the terms provided in such contract of
purchase or offered by the corporation FL
ing such certificate, such stockho.der at
any time within sixty days after notice to
him of the making of such contract of pur-
chase or of such filing may file with the
clerk of the Supreme Court of the said Dis
trict petition to the said court for the APP
pointment of three persons to appraise the
value Of his stock
Appointment of Appraisers.
The court shall thereupon appoint three
such appraisers and designate the time
and place of their first meeting, and also
direct the manner in which payment for
such stock shall be made to such stock
holder. The court may fill any vacancy in
the board of appraisers occurring by re-
fusal or neglect to serve otherwise. The
appraisers shall meet at the time and place