Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-01-18
THE GASL CHIT COMPANY
BILL PROVIDING FOR ITS REOR-
GANIzATION PREPARED.
Authority to Increase Its Plant and
to Purchase Stock of
other Companies.

committee, consisting of Mr.. Babcock Mr.
Pea1re and Mr. Norton, have whipped into
shape for presentation to the full commit
tee the bill for the reorganization of the
Wash ngton Gasi;ght Company. A special
meeting of the committee has been called
tomorrow morning to consider the bill
The b IL as shaped by the subcommittee is
in full as follows:
That the Wash. ugton Gaslight Company
be, and IL is hereby, authorized and direct
ed from time to time to increase its man
ufacturing and distributing pant and the
capacity thereof as tie present and future
needs and growth of the District of CO.
lumn.a may render necessary, and for such
purpose :aid company, under the super
vision and permit OF the Commissioners OF
the District of Columbia, be, and it Is here
by, author zed and empowered to construct
and ma ntain Sucn additional reservoirs ana
other works and imp, ovements and to lay
such additional mains and condu.ts IN me
streets, roads. avenues and alleys In the
D. strict If Columbia as may be considered
necessary by The Commissioners OF the DIS
tr- ct of Columbia, and IN a l cases the APP
prevail of the Commissioners must De Oh
tanned prior TO commencing work: Pro-
vided, T. at the Commissioners OF the DIS
trict of Columbia may require SAID COM
pany to lay such mains or condu-ts IN any
g.aded street. highway. avenue or alley IN
the District Of Columbia not already pro-
yided Herewith as may be necessary.
Sec =. That in order to provide and FUR
nish artificial Light to all residents III the
District of Columbia at uniform rate, tne
Wash ngton Gaslight Company, upon the
assent Of a ma jority in value OF It's Stock
holders, is hereby authorized to contract
for, purchase. own or hold the whole or any
part of the cap.iai stock of any other iiiu-
m mating company now dung business III
the District of Columbia: or upon ike as
sent to contract to purchase. purchase, or
lease the property, plant, distributing plant,
-,yl off ND
other Illuminating company. and. so pur-
chasing or leasing, to exercise in said DIS
trIct all the rights. privileges and franchises
of such other company. And in the event OF
any such purchase of stock contract, pur-
chase of property and franchises or lease,
the Wash ngton Gasiight Company Is hereby
authorized 10 issue and sell so mucn addi-
tiona. capital stock. of The par value 81 StW
per share up-n terms and conditions to he
prescI ibed by a majority of the stockhold-
ers, may be necessary to complete Such
purchase of stock, contract purchase oil
property or lease: Provided however. That
the existing liabilities of such ether COM
pany or companies. and the rights of the
creditors thereof, shall not be affected
the eby: And provided further Ihat no ac-
ton or proceeding to which said other com
pany may be a party shall thereby abate,
but the same may be continued against
such other company unless the court in
which said action may he pending snail
order sad Washington Gasight Company
to be substituted as party thereto.
Sec s. That in order to enable the Wash
ington Gaslight Company to comply with
the foregoing provisions and requirements
of this act. and to provide such additional
capital as the increase of its business herein
provided for may require and to change the
rar value of the present shares OF Its capt.
tai stock without increasing the same be-
yond the limitation of its actual value. the
Washington Gaslight Company, upon the
written consent of majority of the own
ers of record of the capital stock of said
hxr1 0f n
of the owners of such capital stock repre-
serted at a special meeting called and he'd
as prescribed by law, Is hereby authorized
to issue stock of the par value of 500 per
| share, at such times and in such amounts
as in the judgment of the board OF directors
may be necessary: Provided. That the new
stock so issued shall be allotted to the
stockholders of said company upon Such
terms as to the cancellation and surrend ar
of the old stock as the said resolution Or
written consent of the stockholders shall
specifically set forth and provide. The bat
ance of the stock issued under this autil0rl-
ty not allotted, may be sold by the COM
pany for the purpose of carrying out the
provisions of this act: Provided further.
That the total amount of the stock of said
company herein authorized to be issued
shall not exceed its actual value, to be GS-
ccrtained by it's board of directors by a
CAPT aiiZation upon per cent basis of The
average net earnings of the company for
three years next preceding the issue or is
sues of said stock. the said capita ization
by said board of directors to be made under
the supervision and approval of the SUI
preme Court of the District of Columbia
! upon petition therefor by said company
under such regulations as the chief justice
| and the justices thereof shall prescribe
! Sec. 4. That where asphalt pavements or
! trees are injured or destroyed by leakage
| from gas mains the company owning such
mains shall be responsible for such damage
| or loss and the Commissioners of the Dis
/ trict of Columbia are hereby authorized 10
l,v, It, rxrt,< To
/ action in any court of said District having
| jurisdiction of the same.
| Sec. :. That all acts parts of acts in
| consistent with the provisions of this act
| are hereby repealed.
Sec. g. That Congress reserves the power
| to alter, amend. or repeal this act.