• Current through October 23, 2012

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.

(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.)


Prior Codifications

1981 Ed., § 43-803.

1973 Ed., § 43-503.

Effect of Amendments

D.C. Law 18-378, in subsec. (a)(1), substituted "Chapters 1, 2, and 4 of Title 29" for "Chapter 3 of Title 29".

Legislative History of Laws

Law 18-378, the "District of Columbia Official Code Title 29 (Business Organizations) Enactment Act of 2009", was introduced in Council and assigned Bill No. 18-500, which was referred to the Committee on Public Services and Consumer Affairs. The Bill was adopted on first and second readings on December 7, 2010, and December 21, 2010, respectively. Signed by the Mayor on February 27, 2011, it was assigned Act No. 18-724 and transmitted to both Houses of Congress for its review. D.C. Law 18-378 became effective on July 2, 2011.