Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1857-12-03

-~r~~NS w c"ttOuuCE III puJuttub@ puFb pay
ment OF his subscription; such subscription
may be made by the hoIdor in person, or BY his
attorney or agent. and any three Of the persons
named in said article as directors may be in
spectors of such 50 descriptions, and the pro iuc
ton OF aaysuch bond shall be Evidence of the
right of the person holding the same to sub.
scribe to said articles.
Sec. 2. Sach articles of association shall be
hled IN ~ Office of Secretary Of State, and a
copy thereof filed and recorded in the Offices of
the clerks of each Of the counties through
whch the said railroad shall pass; and ia notice
o. inc formation OF such corporation, and OF
the Hing Of the articles, shall pnblished
once week FIR threa ssysesssy lesresks in 1.
newspaper published in each OF such counties,
u any be publisled tlereia and for six succsss-
I've days in two or more dailies published in
each of the cities of New York and Boston;
but such articles shall not be so filed until the
amount of bonds, to be surrendered by the sub
sbribers thereto for that purpose, shall be at
least majority in amoant of the principal of
the bonds secured by the mortgage referred to
in such articles nor until there is endorsed
thereon, OF annexed thereto, an affidavit made
by at least three of the directors named in said
articles, that they have in good faith examined
eve the said subscribers intend, in good faith,
to comply with the terms of their subscription.
Sec 3. Any holder of bond or bonds secur-
ed by such mortgage, may within thirty days
after the lust publication of the notices provid-
ed tor IN the second section OF this act, either
In person or by attorney or agent. subscribe tho
articles OF association, or copy thereof, for
any aiAount of stock equal to the amount Of
bends held BY him or them, which he or they
intend to surrender to the dieccors of said
new company, in payment or in part payment
OF his or their subscription but no subserip-
ton shall be made for u fractional part of
share; and when holder of bonds would eth
er~se be entitled to subscribe for fractional
part OF share. he may subscribe for full
share and piy the excess in cash.
Sec. In case any holder or hollers of bonds,
secured by the mortgage referred to in such ar
ticles of association, decline or neglect to sub
scribe said articles and to become stockholders
In the company formed, the court of chauncery
may, upon the application of such no der, or
upon the application Of the new company, by q
decree direct the estate, title and interest of
, such holder or holders TO be assigned to said
company, and such company shall pay such
sum OF money at such times and in such man
ner to the ether party or parties AS the COM
mlssioners appointed by the court shall Judge
just and equitable; and it said holder or hold
ers shall not be satisfied with such appraisal AZ
aforesaid, the court shall order the commission
ers to sell such estate ut public or private SALE
r agreeabee to the order of the court, and axe.
cute good and sufficient conveyance to the pur
, chaser thereof, as provided in chapter forty
three of title thirteen Of the compiled statutes
: relating to the partition of real estate
: Sec. o. Esery company formed under the
prests,ens Of this act shalf. rotn~the time its
articles of association are filed as aforesaid, bt
u corr oratTon, vested with all the powers
i. rights privileges, and franchises for maintain
n Ing and operating lis railroad, which we're vest
= ed IN and enJ"yed by the corporation mortgag
ing il, and ii shall be snbjec, to like duties anc
d liabilities, and shall be subject to the future
, legislation of this State; and it may at once
Q take possession OF and maintain and operate
!, said roiroad, and may proceed in any manne
e it may deem expedient, either by purchase ol
otherwise, to obtain the title and ownership, O.
7, the use and benefit OF the whole estate, and t
satisfy the undivided interests OF claims Of any
= other party or parties interested in said rail
e road and until the interests of such othe
y parties shall become vested in such new corpol
e alton, said corporation shall he the trustees
: thereof and shall be accountable therefor a
e tenants in commea.
If Sec. 8. copy Of any articles OF associa
tien filed and recorded in pursuance If This act
g or OF the record in the Offices of tho count
/, clerks, and certified to be IL copy by tbe Sec
}. retary of State. or his deputy, or by the cer
J. of either Of the counties in which it is directe
:, to be filed, shal be presunptive evldenceoi tn
Is Incorporation Of such company, and OF TIL
,e facts therein stated and ii shall be the dut
8, OF every corporation formed under this act
of keep safely and have the custody of the records
G. titledeeds, and archives Of the corporation pre-
& vioasly (owning) and mortgagin5 such railroat
or and the clerk of any such new corporation sha
" be and is hereby created the certifying Office
10 of any matter or document relating to sal
Sc former corporation.
II Sec. T. If there should be II case Of negle'
er o, failure to organize q nav corporation uad'
L. the provisions of this act, when II mortgae
er has been foreclosed or it the railroad, on whlc
- the mortgage exists, shall be sold or asslsne
n by virtue of any order, decree or judgment
to any court, than and in that event, when tt
he purchaser, purchasers, grantee, or grantee
shall have. take and possess all the rights, poV
n, ers and privilege in this act herein belo'
o. granted 10 a majority Of the bondholders. ar
as bs subject to like duties; and may assocla
Us with him or them any number of persons, ar
Ill make, sign aud file articles of association as
,e- fore prescribed by this aet and shall therenpt
be corporation with all the powers. priyieg
of and franchises, and be subject TO all the dsti
ch granted to or imposed upon railroad corPor
wv tions.
ss, Sec. 8. This act is declared to be public ac
lis and 10 take effect immediately.
Sec. .. Nothing contained in this act sh;
its be construed to impair or affect the rights
claims OF any person or party against any RI
road corporation in this State, or against t
trustees or assgnees of any such railroad &C
poration but such claims or debts shall rems
without prejudice, as they were before the p'
ny sage of this act.
Ill Sec l0. Whenever a sale shall be made
~ any railroad property, under or by virtue
nd any railroad mortgage or power of sale there
Der Tor tho security OF any debt Of any railro
he company, or when any such sale shall be ma
rm under the order Of any court, any creditor
of any number of creditors of such road, unt
i'll such mortgage, may within three months NJ
IN after such sale pay into the court of chance
1er making such order oil sale, or if no order
file sale has been made, into the court of chanct
set in some county through which such road is
re- Gated, for the use Of the purchaser at such sa
i've sum bearing the same proportion to the pr
int paid by such purchaser with twelve per ce
red interest thereon from the time of such sale 81
ion the debt 30 held by such creditor under ST
ck, mortgage bears to the whole amount of
pal outstanding under such mortgage whtreul
per such creditor so paying shall have legal a
the equitable interest in all the properly 80 sed
fly comnen with such purchaser in the proporti
be aforesaid and in all such cases the ceurt
the chancery shall have power in a summary mi
Of ner to adjust the rights of the parties and
ar, grant such specific relief as the nature of
ind case may require.
ion Approved, November IL, 1857.
rib
lip No. l6.-An Act in relation to Trustee,
or Railroads
aid a.. ka..ab,, mn 1cfaJ 4.c