§ 35-271 — Merger of street railways permitted.

District of Columbia § 35-271

• Jurisdiction: District of Columbia
• Title 35: Railroads and Other Carriers.
• Ch. 2: Street Railways and Bus Lines.
• Subch. IV: Merger of Street Railways.

Text

Any or all of the street railway companies operating in the District of Columbia are hereby authorized and empowered to merge or consolidate, either by purchase or lease by 1 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 as may be agreed upon by a vote of a majority in amount of the stock of the respective corporations and as may be approved by the Public Service Commission of the District of Columbia; provided, that 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 Chapters 1, 2, and 4 of Title 29, 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 Service Commission. Congress reserves the right to alter, amend, or repeal this section or any provision thereof.

Legislative History

Mar. 4, 1925, 43 Stat. 1265, ch. 527, §§ 1, 3; Aug. 30, 1964, 78 Stat. 634, Pub. L. 88-503, § 21; July 2, 2011, D.C. Law 18-378, § 3(aa), 58 DCR 1720