Chapter 527. To permit the merger of street railway corporations operating in the District of Columbia, and for other purposes
352 words·~2 min read·
/statutes-at-large/vol-43/chapter-527-5295048·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
CHAP. 527.— An Act To permit the merger of street railway corporations operating in the District of Columbia, and for other purposes. March 4, 1925.[[S. 4191](/us/bill/68/s/4191).][[Public, No. 602](/us/pl/68/602).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * That any or allDistrict of Columbia.Street railway companies in, permitted to merge. of the street railway companies operating in the District of Columbia, be, and they are hereby, authorized and empowered to merge or consolidate, either by purchase or lease by one company of the properties, and/or stocks or securities of any of the others, or by the formation of a new corporation to acquire the properties and/or stocks or securities and to succeed to the powers and obligations of each or any of said companies under such terms and conditions asAgreement of stock-holders. may be agreed upon by vote of a majority in amount of the stock of the respective corporations and as may be approved by the Public Utilities Commission of the District of Columbia: *Provided*, That*Proviso*.Subject to approval of Congress.Incorporation requirements.Vol. 31, p. 1284. no merger of said companies shall be finally consummated until the same is approved by a joint resolution of Congress.
Such new corporation shall be incorporated under the provisions of Subchapter IV, Chapter XVIII of the Code of Law of the District of Columbia as far as applicable, with issues of stock at a stated par value and/or of no par value, as may be approved by the Public Utilities Commission. Antimerger restrictions removed.Vol. 37, p. 1006. Sec. 2. The inhibitions and restrictions contained in section 11 of the Act of March 4, 1913 (commonly known as the antimerger law, Public, Numbered 435, Thirty-seventh Statutes at Large, page 1006), be, and the same are hereby, removed so far, and only so far, as they affect the acquisition by any corporation of the stocks or bonds of any of the corporations referred to in the foregoing section.
Sec. 3. Congress reserves the right to alter, amend, or repeal thisAmendment. Act or any provision thereof. Approved, March 4, 1925.