The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-03-27
(Cuutinued from First page.)

tContinued from First page.)
Of Virginia To he known as the Rich
mond- Washington Memorial Highway
Association.
2 That the present capital stock
of this corporation be fixed at a min
imum of $4,000 and maximum
OF $l5o,0oo. with power to Increase
the same from time to time in the
usual manner and that the shares OF
stock be fixed at par value of VIZ
each.
3. That the purposes OF this cor
poration should he. among others. the
following:
Tar To construct, OF to aid in any
lawful manner the construction of,
permanent highway between the
cities of Richmond and Washington.
tb) For the purposes aforesaid to
receive and accept contributions OF
money. property. gifts, devises Of any
kind, and tn Use and apply the sans
for the general purposes of the cor
poration, either directly or 10 the aid,
under proper regulation and direc-
ton, OF county. State or local author
tiles In the construction of such high
way.
No Income From Highway.
tcJ Ii should be provided that the
holders of the stock Of the corpora.
ton should not be entitled to receive
either directly or indirectly any dvt-
dends either by way Of income or
from the proceeds or distribution OF
any property which the corporation
might acquire or own, the intent be-
ing that all resources of the cor
poration should be applied purely to
public purposes. In this way the
/ stock ownership would only give the
right of voting at the meetings of
the corporation and the power to
control its affairs and administration.
/ including the methods OF expenditure
! Of money for the purposes of its or
! ganization and especially with refer
ence to the future maintenance Of
such highway.
Cd II should be provided either
| in the charter or bylaws that no ex-
executive officer of the corporation
should ever receive any compensa-
tion for his services. but the cor
/ poration should have the usual power
to employ the services OF engineers
and others necessary for the prosecu-
I ton of It's work
| Maintenance Fund.
e, Il should bo provided either in
the charter or bylaws OF the cor
poration that the proceeds OF sub
iscrtptions to the capital stock of the
| corporation should be applied. under
| the direction OF the board OF direc-
/ tors or executive committee. in the
construction or to aid In the con-
struetion OF the proposed highway;
/ provided. however. that not less than
20 per cent of all subscriptions should
be retained by the corporation to pro-
vide a maintenance fund for the road
when constructed. In this way the
board of directors or the executive
committee would have tina right to
apply up TO 20 per cent Of all SUBJ
! scrtntlnns, .,so .-tha5 stock ,Gr the ,eors.
poration toward the construction OF
the proposed road. but the remaining
30 per cent. would have to be re-
tained and used only lor the main
tenance of the highway when con-
structed. 1t Is believed that by en-
tering into proper ARRANGEMENTS with
the several counties alon~ the line
\ of the proposed road that. ~ a con-
dition OF aid In the construction Of
the road, they win agree TO provide
n certain amount per mile for its
Jniaintsnance after, it ! IN, constructed
! In each year and by the ipteliigeni
and judicious application OF the main
tenanee fund thus retained In the
hands OF the corporation as well az
any income which may be derived
from the investment thereof the
maintenance OF the road can reason
ably he insured until the derelou-
ment Of highway Improvement In this
State has reached point that either
the State will take over the high
way as State road ~ was done In
Massachusetts,. or permanent pro-
vision will be made for its mainte.
nance.
(f1 The principal Office OF the cor
porat i0n should be located In the city
OF Richmond, with the power to es-
tablish branch Offices either In this
city or In Washington.
Oniccrs of Company.
4. That the officers at present
should consist OF president and
FIVE active vice presidents and such
honorary vice-prestdents A. might
from time to time be elected or ap.
pointed by the board Of directors 81
executive COMMITTEES. Two OF the
A active rice-presidents should be 10,
Gated IN Richmond for convenience II
! administrations; one should be II
Washington and one In tho country
between, and honorary vice. PRESIDENT
could he appointed or elected from
each county through which the ront
passes. There should be a secretary
and one or more assistant secretaries
and n treasurer and one or more A.
s.stant treasurtrS.
Il 5. There shouid be u board OF direc
tors or perhaps twenty to twenty-1v,
who Hhotfd be distributed throuGhou
the territory served By the proposes
, road. Including Richmond and Wash
ington. with an executive committee Q
1--WE 10 seven persons who could nice
conveniently, and In whose hands IN
! detailed administration cf tho Atkair
Of the corroratfOn yt0n3A - yeoead.