Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1867-04-12


: by sad commissioners 10 be DESIGNATED An
: zen days notice shsl be given ty sail commis
: Honefs OF the time aul place Of said mes,i1s q
{ each Of said stockholders, either personally 90
I y mail, properly directed and rost paid
sec. o. The cttlcers of s1il corporation VII,
shaI he chosen AT sad first meeting shall be ug
less than i've, nor more thsn nine directors
and said directors shall elect one or their nam
Der as president, aud shall appoint a treasurer
and clerk. And all sail officers shall hold o.-
nee Tor one year, aul until others are ,'aly
elected or appointed in t4.i- steal.
Sec. !. When sl.I corporation shall aars
tcen duly formed arl organized urlsr a.. mo-
VISIONS oi this act. it shall become vested E.;l
al! the powers, rights, privileges AL franc. ss-s
hr maintaining alI operating said faInai,
winch were yesiel IN 1li sBi1yci hv s.-I Er.-
land ard Burlington Ei,roai Germany. .rf
II saall be subject 20 Ike duties .ai li' ..iss
+ ana shall likewise succeed 20 hold aul cr;.- all
, nights, benefits, tile AMI alvantaee derived rr
10 be derived by The trustees ,ts.-l second
T mortgage or deed Ci trus, Urdtr auy ie.-e. q
foreclosure Cf The s1.1e r- e SHE c.s.5I rr.I
and mortsasei property. And an sights. ti,-,
ami interest &c uirei ty ssiI trustees under aav
such foreclosure or srle shall vest iu slI cor.
p1iaiion. Ard said corporation nav az once
lake possession o. and maintain and operate
SAN rai.rold s1bisc, o. sl. cz.st,r, rights cr
.'her partiCs. AMI IasY proceed in any manner
2 may deem Cxpelicut, either by pufchs-, or
ltntrWise, 10 obtain tie title ali ownership or
the use and benefit o.! the whole estate. ana 10
satisfy the interests or claims. uuIiviIel or
otherwise, Of any other patty or parties inter
esied ~ said rsilrcad or any part thereof And
lrtl the interests Of such other parties shall
become vested in such new corporation, said
corporation shall be the trustees thereof. and
shall be accountable therefor as such
Sec. :. Said corporation shall be authorized
upon vote Of their directors 10 issue pTeferrel
OF guaranteed stock for the purpose Of satisfying
paying or purchasing PRIOR claims or incual-
hrances upon or interests in SAID road AMI pro-
reriy, and not exceeding in amount the amount
y due upon sail prior claims or incum
hrances. And such stock may be exchanged I
iJf such prior claims or membranes upon
such terms as may be agreed on. And said pre- .
iefreI or guaranteed stock when So issued shall .
te entitled 10 receive dividends from the earn
i'ss and income Of said corporation al the rate
oi seven per cent. per anuum, payable semi-an-
Lusly, free Of United States tax. before any
other dividends shall be made tLerefrom Ana .
saii corporation shall pay and shall be liable TO
Fay such dividends on said preferred stock semi-
a1ru1!'y from their earnings OF income And
until declared, interest shall be aided 10 each
DIVIDEND from the end Of the half year when the
same SHOULD he declared And no dividends
=Aail be pa,i or the common stock Of SAID cor
p1-ati0u until a dividend is ma1eo On said prefer
r-I si0cs nor while any semi-annual dividend
"a sad stock or interest thereon. herein pro
'.icI t.r, remains u1lecl4red. And no mort
gage ci sei road and property. or any part
thereof shall be made by said corporation that
shall take precedence Of said preferred y guar
ll;eei s.ock Oh the aDp icati1n 4 the income Of
lid corporation.
sec. @. No preferred OF guaranteed stock
if.. Is isErtI by said corporation unless an
..gt' sno1ut of clums or membranes on said
.1tI o.. property prior 10 that Of said corpora
hon -a-i be thereby satisfied, retired or ex-
'h'ngei therefor And if any such preferred
'5 guaranteed stock shall be Issued in viclition
q The provisions of this section, the directors Of
a!l corporation shall be personally liable 10 any
.o!ier G. s1ch st- K for such damages as he u7y
ustaiu Ia ceusCg gueuce Of Euch over issue.
Sec lu. SAT- corporation shall be au;h0riz-
] AMI empowered 60 make any bylaws not n
l1sisicnt vi;h iie provisions Of this act nor
'lih the laws Of ia., State, and 70 make any
al a!l AwlG. contracts touching the satisfac-
;a' adjustment tr payment Of prior incum
RANGES % s'.i road aui property.
See. ll. Saii corporation shall be authoriz-
] 20 make thr preferred stock herein provided
'r convertible INTO common stock Of said cor .
Grafton q 40 the option co the holder.
See. j.. Tbs a-t lllu De subject 10 the
-ti1n @. auy fltlre .s-.s..,ure, to amend. alter
3 repeal, as t.e public -.rl may require. {
see. l..- li'- set >lH- 'sse effect from i.s 2
lssa-a
Approved 1u.t--. i,.-. s
u -.-. -.i..- B.. TIE GATED states exclusive S