Chapter CXC. *to incorporate the Joint Stock Company of the Young Men's Christian Association of Washington*
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CHAP. CXC.— An Act *to incorporate the Joint Stock Company of the Young Men's Christian Association of Washington*. March 2, 1867. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Joint Stock Company of the Young Men's Christian Association incorporated. That S. P. Chase, O. O. Howard, John R. Elvans, S. L. Brown, H. D. Cooke, James Harlan, George P. Fisher, O. H. Browning, James A. Ekin, A. R. Shepherd, B. H. Stinemetz, William Ballantyne, A.
C. Richards, F. A. Lutz, L. Clephane. and Samuel Norment, all of the District of Columbia, and their associates and successors, are hereby erected into a body corporate in deed and in law, by the name, style, and title of the Joint Stock Company Objects.of the Young Men's Christian Association, for the purpose of erecting a suitable building for the meetings of the association, with a hall, free reading rooms, and library for the employees of the public departments and the citizens of the District of Columbia.
Sec. 2. Capital stock.*And be it further enacted*, That the said corporation, by the same name and title, shall have a capital stock of two hundred thousand dollars ($ 200,000) in shares of twenty-five dollars ($ 25) each, and be Powers of corporation.able to sue and be sued, plead and be impleaded, in all courts of law, and elsewhere, and shall be capable and able, in law and equity, to take, purchase, hold, and receive to them and their successors, for the use of said company, lands, tenements, choses in action, goods and chattels of whatever kind, nature or quality, real, personal, or mixed, which now are or hereafter may become the property of said corporation or be held for their use, by gift, grant, bargain, sale, conveyance, devise, bequest, or otherwise from any person whomsoever capable of making the same:
Limit to value of property.*Provided*, [That] the value of the real and personal estate held by this corporation shall never exceed the said sum of two hundred thousand Seal.dollars. The said corporation may have a common seal, and at pleasure alter, change, or renew the same, and in general do all things which may be necessary for the well-being and due management of said corporation. Sec. 3. Directors.*And be it further enacted*, That the corporation hereby erected shall have power to elect a board of directors and such officers for its government, the management of its property, and the superintendence of By-laws.its affairs, and make such by-laws as they may deem proper, not inconsistent with the constitution and laws of the United States, and to change or modify them at pleasure.
Sec. 4. Directors to receive rents, &c. and pay interest on stock.*And be it further enacted*, That the board of directors shall receive all rents and revenues arising from the building, and shall from the rents and revenues received by them declare and pay an annual interest of not exceeding six per cent upon the capital stock of said corporation. Sec. 5. Surplus of rents, &c. above interest, how to be applied.*And be it further enacted*, That when the rents and revenues of the building shall exceed the amount necessary to pay the interest upon the capital stock, the board of directors shall pay over to the YoungTHIRTY-NINTH CONGRESS.
Sess. II. Ch. 190, 191. 1867.551 Men's Christian Association the surplus of rents and revenues, which surplus shall be used by the association to purchase the stock hereby authorized at rates not exceeding its par value, and for no other purpose. Sec. 6. *And be it further enacted*, That when the Young Men'sWhen whole stock is purchased and absorbed, real, &c. estate to be transferred to Young Men's Christian Association.Corporation to be dissolved.Income, how then to be applied.
Christian Association shall have purchased and absorbed all the stock issued by the joint stock company, the board of directors shall transfer to the association the real and personal estate held by it, and all books and papers relating to its transactions; after which transfer the full title and interest in such building and property shall vest and be in the Young Men's Christian Association of Washington; and the corporation hereby created shall then be dissolved; and the rents and revenues of the building shall thereafter be used exclusively to sustain, improve, and enlarge the public hall, library, parlors, and gymnasium, and for the moral and intellectual improvement of young men.
Sec. 7. *And be it further enacted*, That the building and grounds, theProperty and income exempt from taxation. rents and revenues of the same, and the stock issued to erect such building shall be forever exempt from taxation. Sec. 8. *And be it further enacted*, That Congress may alter, amend, orAct may be repealed. repeal this act at will. Approved, March 2, 1867.