Chapter 88. To incorporate the Ellen Wilson Memorial Homes
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/statutes-at-large/vol-38/chapter-88-3986245·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
CHAP. 88.— An Act To incorporate the Ellen Wilson Memorial Homes. March 3, 1915.[[S. 7743](/us/bill/63/s/7743).][[Public, No. 276](/us/pl/63/376).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, District of Columbia.Ellen Wilson Memorial Homes Incorporated.Incorporators. That George Foster Peabody, Hugh C. Wallace, Arthur Jeffrey Parsons, Walter S. Ufford, Archibald Hopkins, Julia C. Lathrop, Grace V. Bicknell, and Charlotte Everett Hopkins, their associates and successors, be, and they are hereby, 955created a body corporate and politic in the District of Columbia, by the name, title, and style of the Ellen Wilson Memorial Homes, and by that name shall have perpetual succession, and it shall be lawful for the said corporation to have a common seal, sue and be sued, plead and be impleaded, and have and exercise all the rights, privileges, and immunities for the purposes of the corporation hereby created, Purposes.which purposes are declared to be to acquire, hold, improve, rent, mortgage, sell, and convey real estate within the District of Columbia for building, in memory of the late Mrs.
Woodrow Wilson, one or more blocks of sanitary houses for the working classes, and renting the same at a rental sufficiently low to cause the abandonment of dilapidated and insanitary houses, as an object lesson in the housing of the working classes under good conditions and at reasonable rates: *Provided*, That the value of any and all property so acquired shall *Provisos*.Value of property restricted.Limitations.not exceed the sum of $500,000: *Provided further*, That no land shall be acquired or house built thereon except of the character hereinbefore described.
Sec. 2. That the capital stock of said corporation shall be $25,000, Capital stock.divided into two hundred and fifty shares of the par value of $100 each, and when said amount shall have been subscribed the said corporation shall be fully authorized and empowered to commence business: *Provided*, That said capital stock may be increased by the *Provisos*.Maximum.sale of additional stock from time to time, but the total issue thereof shall not exceed the sum of $500,000: *Provided further*, That it shall Dividends limited.be unlawful for the officers or directors of said corporation to declare any greater dividend to the stockholders than five per centum per annum upon the capital stock outstanding at the time of such dividend.
Sec. 3. That the affairs of the corporation shall be managed by a Board of directors.Number, powers, etc.board of directors consisting of fifteen persons, who shall for the first year be elected by the incorporators, hereinbefore named, and there-after said board shall be elected annually in such manner as may be provided by the by-laws of the corporation, and such board of directors shall have power to ordain, establish, and put into execution such rules, regulations, ordinances, and by-laws as they may deem essential for the good government of the corporation, not contrary to the laws and the Constitution of the United States or of this Act, and generally to do and perform all acts, matters, and things which a corporation may or can lawfully do.
Sec. 4. That Congress reserves the right to repeal, alter, or amend this Act. Approved, March 3, 1915.