Page:United States Statutes at Large Volume 31.djvu/323

FIFTY-SIXTH CONGRESS. Sess. I. Ch. 718. 1900. 271 Georgetown and Tennallytown Railway Company, the Metropolitan Railroad Compaxiy of the District of Columbia, and the Washington and Great Fal s lectric Railway Company may, under the authority of this Act, and the Washington and Rockville Railway Com any, the WashingV·fpn, Woodside and orest Glen Rail way and Power Chmpany, and the ashington and Glen Echo Railroad Company may a so, if not inconsistent with the laws of Maryland, from time to time, by their respective boards of directors, enter into contracts with eac other, or with any of the others, for the use of their respective roads · or routes, or any part thereof. No such contract shall take eifect until p,§,‘$’§§§§§§§g§_ ‘° “*" the same shall have been approved by the written consent of the owners of record of at least three-fourths of the capital stock of each corporation, or by the vote of the owners of three-fourths of such cagital stock represented at a special meeting called and held as prescribe by law: Provided, That in case any corporation enters into any such con- of me tract it is hereby authorized to change its corporate name to any other uameim °°rp° corporate name not then lawfully used by any existin corporation incorporated or organized in the said District. Such change may be T made by a certificate signed and acknowledged by a majority of the directors of such corporation and filed with the recorder of deeds for the District of Columbia. . _ Sec. 2. That the Washinglton and Great Falls Electric Railway Com- G,‘Q',’§““;.'g§,;°'g,e§{},,§ pany may acquire and hol stock in any street railway corporation Iiaikvay mayacquire specifically named above with which it is authorized by the terms of il§°§sd,"j °°mP°m°° t is Act to enter into a contract for the use of its road or route, and g‘,{,‘f*‘,>;,`,}§y‘{,§€n‘{°°d’· may provide for payment for the same by issuing additional amounts. ` of its own capita stock in such classes and with such preferences as it . may determine, or by issuing its bonds, secured by mortgage or deed _ of trust upon its right of way, property, and franchises, or other obligations, or by issuing both such stock and bonds or other obligations to an amount not exceeding the amounts of the actual consideration paid or payable for the stock so acquired, and may also issue further amounts of‘its stock or bonds or other obligations not exceeding the amounts of the actual consideration paid, or to be paid, for any equipment or extensions of any such road or route or for electric power therefor: _ Provided., That the capital stock of said compan _ shall at no time fi,‘§{’§§’,;,pi,,,l smh exceed fifteen million dollars. WhGHOVG1‘ the said Washington and miggsv tzuarameg Great Falls Electric Railway Company shall have acquired a majority c¤mp¤¤Yy.a°quu° of all the stock issued by any such corporation, it shall have power to guarantee the bonds or other obligations of such corporation and to gurchase such bonds or other obligations. The Washington and Great ém¤Y P¤¤>¤¤¤¢»¢¤=- alls Electric Railway Companymay also agree with any corporation specifically named above with which it is authorized by this Act to enter into a contract for the use of its road or route for the purchase of the estate, property, rights, and franchises of such other corpora- .. ·· ~ tion, and_ for payment for the same in cash or in the stock or bonds or other obligations of said Washington and Great Falls Electric Railway Company, to be issued in the manner and subject to the limitation herembefore provided; and each such corporation is hereby empowered, with the consent in writing of the owners of three-fourths of its ca ital stock to enter into such contract of purchase and sale through) its bogd of Ellirectors. f h f h s d h n the execution o suc coutracto purc ase an the payment or ¤<>¤¢=¤1 of xwdelidfry of the consideration therein agreed upon the estate, property, chased pmpmy rights, and franchises of the cor oration selling the same shall vest in and be held and enjoyed by the {Washington and Great Falls Electric Railway Company as full* and entirely, without change or diminution, as the same were before held and enjoyed by the company selling the same, and shall be managed and controlled by the board of directors of the said Washington and Great Falls Electric Railway Company in its