New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-01-29

when be cancelled une'' Sred in Payment ONE
Tbs no mcysre ,ha be created in Excess Of the Present
mortgage debt Of the Compsny
Auue COPY nom inc iDN' HORATIO N. OTIS, Secretary.
,., ,, VI ,eolo.uie and Sale of the New \ ork
nd Vie RsToSd paed April lS6o-hreehfhs oeiHg pres
ent. e,,,of Ven. YORK ,epre,eated in Senate and
S..1.IIy do enact as }ol!o,rs: -, "
SEcTIoS In the event Of ana Sa s ., %
,eS by the New and Erie Railroad Company 70 James
b ucb sale and conveyance thereon shall We maze SUP
ect TO The enscIeated by The act entitled AZ p a.. J
=, nay h, 9' Palmer joseph wsr Uish J. Smith dated
N.Y. Igig an TO the lieu created by under other out
1rS Cyrsre by Tie Ne,y.Yoik Ehe Railroad Company,
prior Of the mortgage under which the 'a may DC
Conrtio lien uron the see prior q the Tor ihe az
charge which han he . O. which ,h1 be ieiesd i, 70 he
same ball be Purchased oy p"dley D'esa ayc, J%a
agreement between the sand Company and its ceitos
or tie survivor OF them or his or thu; SUCCESSOR
uncovered 10 associate with enough otheTs to constitute to
erthtr with such puchaser purchasers seventeen Peon
way Company Upon ASSOCIATE filing with the Secretary
ting forth that they have associated together for ne pi
this and That they have Organized a. Board oil Oe lo
the Flie RaiwsV COMPANY. ard chosen President iIeAe
AID secretary aud such Other officers may be necessary 20 an
Organization aud stating the humber oil hir' d eala ~
any Il what portion Of sad stock / preferred stocs
provided however the whole amount Of stock shan not sfGeed
Ra;lroad Compsny and the debt Of said Company not
by norrsse lien upon the sd Ia'",d d s E,;I.
sich articles Of association the s'id association hoh pc
eSdy Il s be sBSwn aSc me poWes and P
leres by law conferred upon the New-hCk ahd RE
ssd New Yof aud Erie Railroad Company eenacted IN
the Erie Railway Company and all laws Leang
The New ard Enc Railroad Company aud to me nowe
and duties Of the Board Of Directors and al me genera u.s.
e State applicable to the New ok SnS h % bs Ns
York ard Railroad Company shall be apphcape No the
Esw Coz and the .a C6h H 81 a h be vested
with all the prorerty, real aud personal sud a tne |
wRs1eTe. situate, and wbeheT in the States of New wv
York Ne-yJersey Pennsyl NOT % ,,on
other hg1 III lien Of mortgage pIi 70 lhs mo's . %
nav he crced bv the Supreme Court TO be hen 1non we
anne yr 10 the for the discharge o when sha be su
or Wis .hs be decreed to remain lien upon the same AMER
sss The said Erie Railway Company authorized to use
the tocl or any part thereof authorized b the t section o.
his at in arrangement made or TO We made De
tw the NewYoTk and Enc Railroad Company aud the stock
holders thereof and any unsecured cred'oI are
forecossd by such foreclosure or any scao@ "a
e creditors in aid OF for The protection the rights oil nch
stockholders ard unsecured creditors bnt1he gh become par
tes sid smcabe agreement shall be extended TO not less than
six months aler eSh ya s Sd & Rarosd censny
nsTs within that time la receive for their
srectiye debts preferred the a6 Erie Railway Company
SEC The said Erie Railway Company shall be authorized
,otske and hold execute fulfill and cancel and
and agreements for the use and po..e9n OF any
real franchises personal property Of the said Newly ORR
and Erie Railroad Company with individual individual
this 5theT state, and especially
with Long Dock Company and with the Cnion Railroad
Company and thu Paterson and ksmGBo haoHd company or
State of NewJesey the extent that the NeYo and
Erie Railroad Company ere authorized to do.
cred 10 make with the holders Of any Of the mortgage
bonds Of the and Ere 5 Ra0sd Company to extend
said bonds perpetual lien up~ the property and estate pur
% The bonds under the third and fourth mortgage,
Of raid and EIe Railroad Company but only for The
purposes said mortgages respectively named and 10 receive
endeIs any outstanding mortgage bond or bonds Issued or
to he issued under d mortgages and the provisions o this act
bond lieu thereof TO De secured In IKE manner
spc IL bs be lawful for the supreme Cont to decree
the property aud franchises Of the and Erie
Rsroad al therein be designated by
ssh 6eSs eS saes ana ss anything 10 the law.
this contrary and to authorize
bic agreement survivor his their and
bs tgs sncs treo may be decreed to Be sold together
and If sold The purchaser shall tsss title BY virtue Of
sT The mortgage or mortgage under which .od
ShSI hs msp be- Situated in this State q. that which may be
situated N other sts,e 20 - , a. ''ch title " not inconsistent
Sneh, now o. formerly Of the NewYork and Ee Railroad
S 70 sT So gP0o bali not by Of such a. be-
IN e:. liable Se s AID Rs'R Com
nApy can arrange with the stockholders and creditors 10
SOe 70 preferred stock exchange for heir
bonds and interest thereon and 9ea preferred STOCK .hs be en-
in the year after payment Of the mortgage interest be
dividend made the general stock and also 10 issue
md sell and eshalse unsued bonds under any all Of it,
mortgages. ., ,,, j,
of the by other than
lid Trustees under said ancsble agreement the said trustees
survivor OF them his their
sncce,.or redeem the property and estate sold within
nom the day Of sale oy PAYING The sS that h al
he same with the of y per the
me-. earnings rosd after the Ale which shall be
10 nrh person as Supreme Court shall direct and the said
theedpon become vested with all the said property
and subject al the Hens declared in tnd and
the and to the trnss created by said amie
n,reeen aud with all the rights powers and py
eoes relating thereto IN this heTenbefore bed
SEc Nothing IN this act contained shall be constr bed 20 in
tefsre the % and Of the Receiver Of the New
York and Erie Railroad. heretofore appointed
SIC. TO- This act shsll tsfe effect immediately.