Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1857-11-20

No. 15--AN ACT RELATING TO RAILROADS.
Vermont, as toi2irS:
SEC In all where mortgage of any railroad or any
part thereof by any railroad company in this State to s
the payment of hond shall have been lorecosed and the
legal title to the mogaged premises vested in the mortgages
any number of persons holding majority in amount Of the pn
cpa OF the bonds secured may form themselves into corpo
ron loi tnG purpose OF o"hlS OF maintaining ana operating
such railroad part thereof for public in the conveyance
of persons and property, in the manner following they may
mac subscribe and file articles OF association in which shall be
set forth brief statement Of the making and foreclosure of the
mortgage under which they have become interested in such rail
road tho amount o bonds which were owing upon and secured
by the mortgage the of the corporation to be formed the
amount of its capital stock which shall not exceed the Of
principal and interest of said bond and twenty-five per cent on
which shall be fifty dollars into which the capital stock shall be
divided; the number Of directors by whom the corporation shall
be managed the Of the persons who shall be directors for
the first year. and until others chosen in their places and
majority of the directors of such corporation shall be residents
Of this State Each subscriber such articles shall in his
subscription the number Of shares which he takes
take and the of bonds held by him and secured by such
mortgage which he intends surrender payment part pay
mont OF his subscription such subscription may be made by the
holder in person. by his attorney agent and any three of
the persons named in said article directors may be inspectors
ptons aud production shall
be evidence of the right Of the person holding the same to sub
scribe to said articles
SEC 2 Such articles Of association shall be filed in the Office
of the secretary Of and copy thereof filed and recorded
the Offices Of the clerks of each of the counties through which
the said railroad shall pass and notice of the formation of such
corporation and of e filing Of the articles shall be published
week for three successive weeks in newspaper published
each Of such countless if any be published hccn, and for six
days two dacs published IN each of the
cities of New York and Boston, but such articles shall be
filed until the amount Of bonds to be surrendered 10y the subsc
bers thereto for that purpose shall be at least majority in
of the principal of the bonds secured by the mortgage
crrod such articles until there endorsed thereon
annexed thereto affidavit made by least three of the drcc
named in said articles, that they have good faith examined
the list of such subscribers and that they believe the said subscr
be be the holders representatives Of the of bonds
therein stated and that they believe the said subscribers intend
good faith, comply with the Of their subscriptions
SEC B. holderof bond bonds secured by such mort
gage within thirty days after the last publications. of the notices
provided for in the second section Of this either person by
attorney agent subscribe the articles of association copy
thereof for any amount Of stock equal the Of bonds
held by him them which he they intend surrender
the directors OF said company payment in part pay
of his their subscription but subscription shall be
made for fractional part Of share and when holder of
bonds would otherwise be entitled subscribe for fractional
part share he may subscribe for full share and pay the
in cash
SEQ A. In any holder oFholdcs of bonds secured by the
mortgage referred such articles of association decline neg
ect subscribe said articles and TO become stockholders
the company formed the Of chancey may upon the APP
picaon of such holder upon the application Of the COM
pany by direct the estate tide and interest Of such
pany shall pay such of money such times aud in such
manner TO the other party parties the commissioners APP
pointed by the court shall judge just and equitable and if SAID
holder holders shall be satisfied with such appraisal
aforesaid the court shall order the commissioners TO sell such
tate public private sale agreeable the order of the court