Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1857-11-20
we'd, November II, 1857.
No 16-AN ACT IN RELATION TO TRUSTEES OF
RAILROADS.

RAILROADS.
herby eactd By HE General assembly of e State of
PermOnt fOL0cs:
SEC l. 1t shall be the duty possession of any
railroad under mortgage call meeting of the bondhoders
creditors for the security Of whose claims they hold such
property trust convenient place the line of
such road in the month of December in each year. by giving
notice of such meeting least twenty days previous thereto
two daily papers published each of the cities of Bo
ton and New York and at least paper published in each
county through which the said road located if any such there
be- aud a such meeting the said trustees shall submit report of
their business and proceedings according to the usual custom of
railroad directors, to the stockholders.
SEC ?. If such trustees shall omit call a meeting, in
the first section provided it may be called by any five
bondhoe creditors holding claims under said mortgage
to The amount IN the aggregate OF not less than nifty thousand
dollars any time in the month of January February following
such omission, by giving notice in manner aforesaid
SEC At such annual meeting the bondolders creditors
under such mortgage proceed to nominate not less than
three than five trustees under said mortgage for the
year ensuing, hold their Office until others shall be legally APP
pointed in their stead and such nomination each bondhoder
entitled to one vote for every hundred dollars owing to him and
secured by said mortgage and majority of the trustees
mated shall be residents of this state
SEC A. The proceedings of such meeting may a summary
manner be presented by any party in interest to chancellor
within whose district said road located either in
chambers, whose duty it shall be forthwith appoint day for
hearing and order such notice Interested parties he may
deem proper and at such hearing he shall have to rat
and confirm such nominations and make such order and decree
for the purpose Of transferring the property to such new trustees
he deem and just and such order and decree
shall be filed in the Office of the clerk of said court.
SEC 3. The trustees designated and confirmed afore
ad and their successors shall be corporation under the
and style of the trustees OF the railroad company under whose
mortgage such may have been created by corporate
in which they shall hold all the trust property and
and be sucd and such corporation, shall have the right
to manage and operate the said railroad during the contn
Of the said The mcmbe of the said corporation
organized elect of their number president make
such organization they deem necessary and proper not ncon-
sscnt with the trust and may fill any vacancies that
in their number during the term for which they appointed.
SEQ 6. Every chancellor within this shall have iuris
dcon of all arising under this according to the
and practices Of courts of canccry and Of all questions arising
Of railroad mortgages and shall have power in summary
manner any trustee under any railroad mortgage,
whether such trustee be in possession of such railroad not,
and to appoint trustee in his stead whether such trustee
be nominated by the bondoders creditors this pro-
yded not aud may fill any vacancies that may arise any
such The said chancellor application of any person
Interested shall have power, at any time and in summary
said trustees to appear before him. aud may
anime them orally otherwise touching the business of their
trust and may take such further action in the premises and
make such orders and decrees therein in his opinion justice
and equity require
SEC. T. This act shall take effect from its passage
Approved, November 10, 1851
No IAN ACT TO EXPEDITE PROCEEDINGS IN
CHANCERY IN REGARD TO THE TRUSTEES OF
RAILROAD MORTGAGES
Is herebg ece{ 6y tie General assembly Of the State Of
Vermont, foiiows:
SIC T. Whenever the holders Of notes. bonds,
obligations secured by railroad mortgage, To an amount of not
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