Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-02-27


Provided further. That the total
amount Of capital stock that may be is
sued under and by virtue of this act by
the Washington Gas Light Company shall
not exceed seven million four hundred
thousand dollars unless the said certifi-
Gates of Indebtedness shall have been first
| converted into capital stock. nor more
than ten millions of dollars after the said
certificates have been converted into capt
tai stock. above provided; nor shall
the total amount of capital stock that
may be issued by the Georgetown Gas
Light Company exceed two hundred and
twenty-five thousand dollars. unless its
outstanding certificates of Indebtedness
shall have been first converted into CAPT
tai stock, nor more than four hundred
| and fifty thousand dollars after the said
! outstanding certificates of Indebtedness
| have been converted into capital stock. as
above provided.
Provided further, that the amount NJ
| stock, bonds. and certificates of indebted
ness at any time outstanding shall not
| exceed the value of the property of the
| corporation used in the conduct of Its
| business and the cost of any extensions
/ and engagements of plants that ii may he
necessary hereafter to make. as deter
mined by the court; and all proper costs
and expenses incurred in said proceed
| ings. including compensation to the board
Commissioners of the District of Columbia,
as the court may approve and allow. shall
be borne by the said corporation. And
| the said corporation, as a part of it's petit
| ton herein provided for. may include 4
description of any improvements. extern
| sions or additions to it's property then
| contemplated, with estimates of their cost
and, if approved and allowed by the court,
| bonds equal to the amount OF the actual
| cost thereof may be issued therefor, but
only from time to time said improve
ments, extensions and additions are ac-
| tually made and completed
Sec. 4. That il at any subsequent time
such corporation may desire to issue add
| tional bonds upon it's property, to be Sc
| cuDed by mortgage or otherwise, it shall
| file its petition to said court setting forth
| the necessity of such issue; and thereupon
| the said court. after thirty days nouce
| TO the Commissioners of the District of
Columbia, may, under regulations to be
| prescribed by said court, permit the is
suance of such bonds
Rate of Dividends.
That on and after the appraisement
| of the property used in the conduct OF
| it's business and the increase of the cap
| ital stock as hereinbefore provided the
standard rate of dividends to be paid by
such corporation to its stockholders shall
not exceed per cent per annum the
| par value of its capital stock which rate
shall not thereafter be increased except
| as hereinafter provided, and il during
| any entire. year ending the Both day OF
| June the maximum net price per thou
| sand cubic feet charged by the said cor
poration has been less than the price in
this act specified then the said corporation
may. on and after the said Both day OF
| June. declare and pay dividends exceed
| ing the standard rate above named in the
| ratio of one-fifth of 1 per centum for
every l cent of reduction below the ma XII
| mum price as hereinbefore provided.
That if the net profits of the corpora
ton applicable to the payment of divi-
dends amount in any year to larger sum
| than is sufficient to pay the dividends
which the corporation is herein author
| lied to pay, an excess above the sum nee
essary for that purpose may be accumu-
| lated as reserve fund. the aggregate
whereof shall not at any time exceed j
| per centum Of the par value of the capt.
| tai stock of the said corporation, said
| reserve fund to be held by said corpora
| ton to meet extraordinary emergencies
| Provided, That if any net profits in ex-
the price of gas shall In that event be re-
duced and the dividend be increased in ac
cordance with the terms of this act"
The bill also contains a section repeal
| ing the Imitation clause" of the act of
June 8, 1896, which was killed by both
houses yesterday in another form.