Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1864-05-06
~ MAINE.

IT the had not been paid redeemed; ana II no
such payment shalt have been made within the year
Aforesaid tie rights of all persons failing t" pay their
propuron with interest aforesaid in and to the prop
erty conveyed by the prior mortgage shall lie forever
n@red' All money PAID to Sad Trustees III Go
several persons who paid or advanced the same he
tce aforesaid shall he published for at least ten weeks in
Thereof shall not be Until after the prior "te would
have become orecosed if it had not been paid or 'e-
SECT. g. All persons who have contributed or shall
hereafter contribute to the payment OF any prior mort
have the right to organize and form new corporation
with such they designate, to he celt lied ny
the president and secretary OF such corporation TO
the secretary of stat and shall have and ENJOY all the
rights and privileges wnich are provided ly law, or
which would attach the bondholders other persons
holding claims secured by such prior mort-aGe II tho
same had been orccIosed without any payment or re-
demption thereof prorded hoeeuer that the said rights
aud privileges aud also the chartered rg t. and tmnun
ties conferred upon the holders OF bonds secured by
mortgage of railroad and its franchise upon "rtcio
sure thereof under the provisions OF chapter .y %
amended altered repealed ut the pleasure of the e
SECT. l. When the foreclosure of a railroad mortgage
shall have been completed and co poaton formed
the president and treasurer of the new rporaton sa
certificates of stock therein to each holder OF bonds
coupons other claims secured by the mortgage re
acloSed to the extent OF one share Tor every huea o
lars secured held at the time of foreclosures and
shall issue certificates for the fractions
when presented in sufficient to make one OF moro
shares and when such certificates shall be presented IN
sufficient cntte the holder to or more shares,
the president and treasurer shall issue certificates oil STOCK
der any such tgagc As described in the rst secton
OF this act put on foreclosure in any meeting called for
tina purpose may by instruct the trustees oextend
the tune for the redemption of such mortgage; ana
thereupon the trustees of such mortgage shall be auto
lied aud required by writing under their hands gwen 10
the party entitled to redeem. to extend the time OK
the pton and the shall be extended accord
ingly.
SECT O. In all where bondhoders or other per,
secured by such subsequent mortgage sha ayall
themselves of the provisions OF this act The stoekh"aes
of the company any number of them desiring To &c
may have the privilege of redeemins the property
described in such prior mortgage at any time whh Two
after such redemption, payment OF such pror
mortgage the trustees of such subsequent moita2e
with cent interest thereon, until paid together
with the amount which shall he due to such redecainS
bondholders other claimants bonds or other claims
held by them secured such subsequent mortgage WIN
interest there and thereupon such paying stocNhou-
els shall succeed and have all the rights ami III ie
gal aud equitable such mortgaged property rs SAID
bondholders claimants succeeded to, and were
possessed under by operation OF their 81 ftaethp-
ton, and Of which they re possessed under sue suisse
quent mortgage And in the ea nngs ol such road
Il taken possession of and managed by the trustees OF
such subsequent mortgage snail exceed the cost oil ho
expenses and necessary repairs, ana proper cN-
pcndurcs for the Improvement and MAJ agemeht oil the
road such shall be deducted from the amount 10
he paid bv stockholders aforcSaiC and shall he al
lowed 10y of such subsequent mortgage 10
the said st ckholderS much payment towards inc
zion fts mn rttr1rp n