The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-19
ts district (includinC the issue OF Fed

Its district t%including the issue OF Fed
eral railroad company stock, to pro-
vide money TO enable any railroad COM
pany In its district to pay or purchase
outstanding obligations or to pay for
past or future improvements, equipment
or extensions. stock OF such railroad
company being issued to the Federal
railroad company in consideration OF
such money!. as may be determined by
its board Of directors; also to exercise
the power. which is hereby given to It..
of eminent domain. to acquire any shares
of the capital stock OF any and all rail-
road corporations within its district or
to acquire any railroads themselves or
railroad property or property for rail-
road purposes. in its district whenever
In its opinion II is necessary or advan-
tageous to II to do so by condemnation
under judicial process. and the United
states District Court or courts OF the
district wherein such stock or property
Ia located shall have jurisdiction OF rro-
cecdings for such condemnation. The
practice. pleadings. forms and modes or
proceedings in causes arising under the
provisions OF this act shall conform. as
near as may be. to the practice. plead
ings, forms and proceedings existing at
the time in like causes in the courts OF
record Of the state within which such
District Courts are held. any rule or the
court to the contrary Notwithstanding. .
Third-To vote its own holdings OF
stock and to solicit proxies from other
stockholders to vote their holdings or
stock in any railroad corporation in its
district. and such vote Of such stock and
proxies By the Federal railroad COM
pany for directors in said railroad cor
poration or corporations shall be limited
to persons who shall have resided within
the district for ut least nine months IN
each of the five years prior to the cleo
ton. and have been actively engaged
during said five years in the district In
commerce. agriculture or some other In
dustrial pursuit. or in the practice OF a
profession.
Sec. AT least six members Of the
board Of directors of each Federal rail-
road shall for at least nine
months OF zach of the preceding two
years ave resided in the district In
which lie Is chosen director. No SEN
ator or Representative in Congress shall
be an officer or director of a Federal
railroad company. No director OF a
Federal railroad company shall be an
officer. director. or employee of any rail-
road company. Any director Of n
Federal railroad company may be re-
moved at any time for cause by The
Federal Railroad Board. TIL board of
directors of each Federal railroad com
pany shall consist of nine members, all
of whom shall be designated by the
Federal Railroad Board. In each year
after such designations have been made
notice thereof shall he sent to all OF the
stockholders Of record and said stock
holders by a majority OF the aggregate
possible votes shall have the right by
letter vote to veto any one or more OF
such designations. The stock shall he
voted as follows: The owner Of ten
shares or less shall have one vote: the
owner of from ten TO and including
fprty-nine shares shall hav two votes
The owner of from f~orty-nine to and
Including one hundred shares shall have
three votes the owner of from one hun
drcd to and including two hundred
shares shall have four votes the owner
Of over two hundred shares shall have
i've votes and no more. Protests by
stockholders or by the public shall he
open to public inspection. Vacancies
from amy cause in the boards of directors
Of any Federal railroad conpany shall
be filled by the Federal Railroad Board.
The directors Of each Federal railroad
company shall receive such compensa-
ton as the board Of directors may de-
tcrmine in advance In each instance.
subject to the approval OF the Federal
Railroad Board Tn board OF directors
Of each Federal railroad company shall
IL It's UTSl meeting NaIttF us nTsI pOdTu
retires from oi'ice) designate three d.
reriors 20 serve one year from the next
first day OF January. and three for two
wears. and three for three years. and
4 thereafter ali directors shall hold Office
Tor three wears. Each Federal railroad
| company shall every three months make
y fan report Of it's operations to the
Speaker OF the House OF Representatives,
who shall cause the same to he printed
tAr sNz - Fac, -, - toe 90 49,
sruck ISSUES Y OF pIv,.
nESps.
So. The capital stock of each Fed.
.rdl railroad company shall be divided
INTO shares OF ten dollars each. The out.
standlng capital stock may he sed
from time 70 inn as authorized by the
board of directors. When the apita'
stock of any Federal railroad onpa
shall have been increased. the board OF
directors shall cause 10 he executed a
certificate 20 the Secretary OF Railroads
showing the increase of capital stock
Tho shares shall be, represented by GER.
t~!,icatos which shall he transferable.
Soc. G-pividends on the stock Of each
Federal railroad company shall not ex,
coed i per cent.
See. The United states Govern.
ncut hereby guarantees the payfnerr 70,
= per cent dividends on tho shares al
the stock Of the several Federal rail
road companies the Secretary Of
the Treasury is hereby authorized ant
directed to sign the name of the United
states of America TO A guaranty TO tina,
effect on the face of the certificates ri
stock issued by the corporation 9TH,
guaranty on cancelled certificates To y,
cancelled when the certificates are can
celled by Transient, the form OF saic
guaranty to he as follows:
The United States Of America hereby
guarantees 10 the record holder OF thi.
certificate OF stock the payment BY the
Federal railroad company issuing the
same j per cent, annual dividends
ON the shares Of the capital stock
represented by this certificate payahle
sclui-innually on the first days OF
January and July Of each year after
IN" date Of this guaranty.
II AZ any time the United States n
America 10y Act Of Congress ceases I,
pay SAID guaranty. the United states q
America @hall pay 10 the holders OF sail
certificates of stock the price ,t whic,
they We're originally issued or tho vain,
az the time Of issuH Of the property 70,
which tHcN We're originally issued.
sec N-Tho United states Government
shall be entitled to all the profits Of IN,
several Federal railroad companies 4,
excess of said SIX per cent. dividends an,
shall apply such excess profits 10 exten
s'ors and improvements. or purchase n
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