Franchise to be approved by President
Ante. p. 83Sec. 2. That all railroad, street railway telegraph and telephone franchises, privileges or concessions granted under section thirty-two of said Act shall be approved by the President of the United States, and no such franchise, privilege, or concession shall be operative until it shall have been so approved by the President of the United States, and no such franchise, privilege, or concession shall be operative until it shall have been so approved.
—provisions required in charters granting.Sec. 3. That all franchises, privileges or concessions granted under section thirty-two of said Act shall provide that the same shall be subject to amendment, alteration, or repeal; shall forbid the issue of stock or bonds, except in exchange for actual cash, or property at a fair valuation, equal in amount to the par value of the stock or bonds issued; shall forbid the declaring of stock or bond dividends; and, in the case of public-service corporations, shall provide for the effective regulation of the charges thereof and for the purchase or taking by the public authorities of their property at a fair and reasonable valuation.Functions of corporations limited No corporation shall be authorized to conduct the business of pm m`buying and selling real estate or be permitted to hold or own real estate except such as may be reasonably necessary to enable it to carry out the purposes for which it was created, and every corporation hereafter authorized to en age in agriculture shall by its charter be restricted to the ownership and control of not to exceed five hundred acres of land; and this provision shall be held to prevent any member of a corporation engaged in agriculture from being in an wise interested in any other corporation engaged in agriculture. Corporations, however, may loan funds upon real estate security, and purchase real estate when necessary for the collection of loans, but they shall dispose of real estate so obtained within five years after receiving the title. Corporations not organized in Porto Rico, and doing business therein, shall be bound by the provisions of this section so far as they are applicable.
Approved, May 1, 1900.
[No. 24.] Joint Resolution Recognizing the gallantry of Frank H. Newcomb, commanding the revenue cutter Hudson; of his officers and men; also retiring Captain Daniel B. Hodgsdon, of the Revenue·Cutter Service, for efficient and meritorious services in command of the cutter Hugh McCulloch at Manila.
Lieut. Fran H. Newcomb, etc., medals presented to.Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That in recognition of Lieutenant Frank H. Newcomb, of the Revenue Cutter Service, commanding the revenue cutter Hudson, his officers and the men of his command, for their intrepid and heroic gallantry in the action at Cardenas, Cuba, on the eleventh day of May, eighteen hundred and ninety-eight, when the Hudson rescued the United States naval torpedo boat Winslow in the face of a·most galling fire from the enemy’s guns the Winslow being disabled, her captain wounded, her only other officer and half her crew killed. The commander of the Hudson kept his vessel in the very center of the hottest fire of the action, although in constant danger of going ashore on account of the shallow water, until finally he got a line made fast to the Winslow and towed that vessel out of range of the enemy’s guns. In commemoration of this signal act of heroism it is hereby enacted that the Secretary of the Treasury be authorized and directed to cause to be prepared and to present to First Lieutenant Frank H. Newcomb, Revenue-Cutter Service, a gold medal, and to each of his officers a silver medal, and to each member of his crew a bronze medal.
Capt. Daniel B. Hodgsdon, retired.That in recognition of the efficient and meritorious services of Captain Daniel B. Hodgsdon, United States Revenue-Cutter Service, while in command of the United States revenue cutter Hugh McCulloch, under the orders and in cooperation with the fleet commanded by Rear-Admiral George Dewey, United States Navy, at the battle of
