Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1867-04-11
An Act to Incorporate thr
Railroad Company.

An Act TO Incorporate the Rutland
Railroad Company.
Is As hereby cRocte9 etc.
SEC. l. john B. Page, Edwin 4 Birch
ard. Peter Buter, John b. Taft, James
s. WhitneJ Aaron B. Spencer, Frederick
Chaffee and John S. Eldridge, bond hold
ers under the second mortgage or deed
Of trust on the Rutland and Burlington
Railroad, in the State of Vermont, their
associates and successors are hereby in
Corporated under the name Of the Rut.
land Railroad Company, FOR the purpose
Of holding, maintaining and operating
the said railroad, and as such shall have
succession and be entitled to all the
rights and privileges of a corporation.
SEC, 2. The capital stock Of said cor
poration shall be three millions of dol
lars divided into shares of one hundred
dollars each And every holder of q
bond secured by said second deed Of
trust or mortgage on said Rutland and
Burlington Railroad shall be entitled to
surrender the same to said corporation
and to receive in lieu thereof one share
Of capital stock Cor each hundred dollars
due on such bond
SEC. 3. This act shall not take effect
to incorporate said company unless the
holders Of three fourths in amount of
tho bonds Issued under said second
mortgage shall within four months after
the passage Of this act surrender their
bonds as hereinafter provided.
Sec. 4. John Prout and John Howe,
Jr, are hereby appointed commissioners
whose duty it shall be to give public
notice in one newspaper published in
the city OF Boston, aud one newspaper
published in each county through which
such road runs, for three weeks success
lively, OF the line aud place when and
where they viii sit to receive subscrip-
lions for the stock of said corporation
in exchange for the bonds aforemention-
ed. And the books for such subscrip-
ton shal! itVnain open at least ten days
after the last publication of such notice.
And said commissioners shall at the
tine and place appointed proceed to re-
ceite such subscriptions and to receive
the bonds In exchange therefor. And no
such subscription shall be received for
gr,a'er sum than the amount due as
herein provided upon bonds under said
secoLd mortgage, actually deposited by
TOE subscriber at the time of his sub.
scrtptiOn with said commissioners. And
If the holders Of three C0urths in
amount OF said bonds do not subscribe
for such stock in exchange therefor,
then said commissioners shall return to
each subscriber the bonds so by him dc.
posted.
SEC. 8. When the holders of three
fourths 10 amount Of said bonds shall
have subscribed for such capital stock
IN exchange for said bonds in the man
ner berein provided, said commissioners
shall certify the fact under their hands
and seals, aod cause such certificate to
be recorded ia the office OF the Score
tary OF State, And said commissioners
shall then cal the FIRST meeting Of said
stock holders for the organization of
said company to be holden at Rutland
on some day by said commissioners to
be designated, And ten days notice shall |
be given by said commissioners Of the |
time aud place OF said meeting to each !
OF said stock holders, either personally |
or by mail, properly directed and post |
paid
SEC. 6 The officers OF said CORPORA.
ton who shall be chosen at said first
meeting shall be not less than five. nor
more than niue directors. And said |
directors shall elect one of their lumber
as president, and shall appoint q trea.
surer and clerk. Aud all said officers
shall hold office for one year. aud until
''hers are duly elected or appointed 10
Llelr stead.
SEC. z. When said corporation shall
have been duly formed and organized
under the provisions of this act, 1t shall
become vested with all the powers, rights,
privileges aud franchises for maintaining
and operating said railroad, which were
vested In and epjoyed by said Rutland
and Burlington Railroad Company. Aud
it shsll DO jet to like duties and
Liabilities. Aud shall likewise succeed
to. hold and city all rights, ben,dts,
title and advantage derived OF to DO de-
rived by the trustees of said second
mortgage or deed of trust under auy
decree OF foreclosure of the game OF of
sale Of said road aud mortgage proper
~. And all rights. tide sad interest