The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-04-27

hUUl ! Ilnu III UUllU
HIGHWAY To WASH Ms TON
CONTINUED from First page)
construct or aid in the construction of
an improved highway between Rich
1nont and Washington.
After discussion of said report.
which was made N writing, the COM
nlttee Was continued with Instruc-
tons To perfect an organization along
the genera! hines indicated in slfti rei
port and 20 report back their action
20 i subsequent meeting Of The rep
reseutatiyes Of said organizations
Since that time. your committee has
had a number Of meetings for the
purpose of carrying out the instruc-
tons aforesaid
Al the request Of tho Chamber Of
Commerce of Richmoud. u meeting
was arranged between tho Chamber
OF Commerce OF Washington and the
represeutatiS OF the various organ
gallons In Richmond, including your
committee. and twenty-five of the
representative OF those ORGANIZATIONS.
Including the members OF your COM
mittee. went to Washington the list
day Of April, 1Sl2. and presented A
plan for the construction or aiding
in the construction of this highway.
TO the directors OF the Chamber Of
Commerce of Washington anu suD-
ssquently presented SAID plan in writ.
ing. Your committee vas advised
that the plan was referred TO q spec
ltl com nit,ee OF the board of direc-
tors Of the Chamber of Commerce OF
Washington, but have not been sd-
vised OF any further action by the
men Of that city.
Your committee then took up the
matter Of perfecting permanent or
ganization through which money
could be raised by subscriptions. sifts
and otherwise to aid in the construc-
tion % this highway
Corporation Formed.
With this object In view. a corpo-
ration has been formed under the
Jaws Of the State of Virginia with q
minimum capital stock Of 5000, and
maximum authorized capital oil
100000, with power to increase the
same az may be needed, with corpo.
rate powers to own. construct and
operate such road or to aid the coun-
ties directly or indirectly In the con-
struction and Improvement thereof
. copy of the articles IF association
being herewith returned.
by the terms OF tae charter OF
this corporation. II Is provided that
not exceeding so per cent. OF all
money derived from subscriptions to
Its capital stock. or gifts. may be APP
pI osriated for the construction or 10
aid In the construction Of the pro-
posed highway and that not less than
90 per cent. Of moneys derived from
the sources aforesaid shall be reserved
in A fund TO he known as the
maintenance fund" the income and
principal OF which may be appro-
priated in the maintenance of said
highway after the same is con
structed.
The charter also provides that nc
dividends shall be paid upon the
capital stock Of the corporation. bat
That The holders of the capital stooA
shall have the right to vote at al
meetings OF the stockholders Of the
corporation 10 the extent Of one woe
for each share Of capital stock Of the
par value OF $40, In this way 81
money contributed to this work vii
be appropriated absolutely TO he put
lie good in the construction Of tns.
highway, but the control aver tn,
administration of She affairs Of ,ht
corporation and the Application IT il,
funds VIII be vested In the stock
holders representing thus~ who con
trfbHte money for tnis purpose
=. ~. IT,, 'e@ntse, shi. rgonsts7ss.,4. w.s
have 10 te operated IN ACCORDING,
With H. laws Of this state ano proper
annr7>. rst.ort viii have 10 - anal.
and @"failed accounts submitted q
all expenditures If funds contributed
- its objects
Offlciai Organization.
The Official organization OF the cor
roraton will consist OF A hoard o
DIRECTOR Of NOT exceeding nfty mem
hers Of whom thirty have been Sc
.ecfeo. president not only ten actfv,
;szsf',F' .'sessl1 Hsts aS1f suSf, isert@rsT
vice presidents as from time tim,
vice presidents by tSe board of dlrec
tors or executive committee 4 score
tsry and a treasurer. The charte
TrsN ides that no executive officer .
the corporation other tha1 the score
taFy shall receive any compensation
for services.
subscriptions to the capital rtocf
OF the corporation will be payable !,
instalments Of not exceeding 90 peI
cent each on the call OF the board O.
directors of the executive committee
with the provision that no mere tina,
one all shall be made In any one cal
endar month until tho amount Of sub
scription Ii paid.
The meeting Of the incorporatorr q
this corporation was held on the lBtl
OF April. and the necessary actor
taken TO organize the corporation.
Subseritions to the capital stocl
Of the minimum amount Of $500
were then requested In order that tn
nrst meeting OF the stockholders nigh
be held. There were only six per
sons present at this meeting. and on,
additional ofiicer OF the cornoratio,
represented. and subscriptions wer
thereupon received to the amount O
$500 10 the capital stock
The hrst ~oeeting Of the s,ocxhoid
efs representing this stock was there
upon held. and the necessary corpo
rate action taken to perfect the or
ganfxAticn-
The first meeting Of The board O
directors Of the corporation was he'll,
on this evening.
Merely an Agency.
Your cOirwftsee would EN- AHA sta
nEATHg