Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1857-11-28

new trustees as he may deem necessary and lust,
and such order and decree shall be fled in the of
fee of the Clerk of said court
| SEC. 5. The trustees so designated and confirm
ed as aforesaid, and their successors, shall be
Corporation, under the name and style of the trus
tees of the railroad company under whose mort.
gage such trust may have been created by its cor
porute name, In which name they shall hold all tbe
trust property, and sue and be sued, and as such
corporation shall have the right to run, manage
and operate the said railroad during the continu.
Gnce OF the said trust. The members of the said
] corporation SO organized may elect one of their
number president, or make such organization as
they deem necessary and proper, not inconsistent
with the trust, and may fill any vacancies that oc
cur in their number, during the term for which they
are appointed
SEC. 6. Every Chancellor within this stse shall
have jurisdiction OF all cases arising under this act
according to the usages and practices of courts of
chancery, and Of all questions arising out of rail
road mortgages, and shall have power in summa-
ry manner to remove any trustee under any rail.
road mortgage, whether such trustee he in posses.
sion OF such railroad or not, and to appoint new
trustee in his stead, whether such trustee be nom;
mated by the bondholders, or creditors, as in tbis
act provided or not and may fill any vacancies that
may arise in any such trust. The said Chancellor
on application of any person interested, shall have
power at any time, and in a summary manner to
nav examjns ,be,n orslIv ~ ohos;s nm ana
the business of their trus, and NAV ,L ,al .oas rs
ther action in the premises and make snch ordor.
and DEGREES therein as in his opinion iust;ce and
equity requires
SEC 7. This act shall take effect from its pas.
age.
approved NOV. io' 1897.
No. IAN Act to expediate proceedings in Chan
cery IN regard to the Trustees of Railroad Mort
gages; ges;,..,
e., yvu ~
ohc; L. whenever the owners or holders of
no'es' oonds, OF oohga'ions secured by rail
@ roao in"f'eaee, 10 an amount oi not less than
nny '"1uSanu uo''a's' anu IN number bve or
n'o,e' s'i'i "eeh any trustee Oh soch mortgage
W oc d" u"so"ao'e person 10 administer such
t'us'' ney may Apply oy pei'ion TO any chan
nor Tor 'he removal oi such trustee, and shall
set forth in general manner the grounds and
reasons Tor such removal. The court shall there
upon appoint some short day for hearing such
petition, and shall give due notice thereof to the
trustees OF such mortgage and to all other per-
sons interested, lhe court shall take especial
care to give notice OF such application, and of
the time and place OF hearing to all persons in
terested who reside out Of this State. by publ.
cation IN one or more daily newspapers publish
cd IN Boston and New York.
e. =, ri n" ~ I"e ea''.s' 'nc Pe,it,oners
a,;,aS Ill hacon, Witnesses si,a.i DE ex
sn"eu s.n," o,ay oo,o's ~ ,he c'ancenor. Inc court
or nees"s Or omissions nj 81 u, ureacnes o. rust
ness and competency of the trustees no 70 ,,,s;r
holding any other offices or having any interests
either Of public or private nature inconsistent
in any way with the true Interests of ,be ces.,,;
oue trusts. or interE-rinn in anv r,v viii ,ho.
nromnt. fair. and impartial d,scbsras or ,ho ,,,,
lies of such trusts and venerable "a ,o ali ths
circums,ances or conduct Of the trns,ees ab;oS
IN continue them in otBce IF mo-, sro, haa,
;nc ,be chancellor 6nJs n. .rot P," $500 ous" n.a
r. ro,,,oy.d ho shaI - s: ''uS.eo ousu, m
apfon, a new trustee in his piaee' and shail
make such orders and DEGREES as to the transfer
""a -'""~syanea of 'he trust properly from the
o'i TO the new trustees, as 10 ascertaining the
debts and liabilities OF the old trustees and the
payment oi me same; as TO the future manage
ment oil the trust and the accounting thereon,
and generally as to all other matters and things
connected with suriI trust, as the exigences of
the case, the protection OF the old trustees, and
the security ana welfare OF the trust fund shall
require.