Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1867-04-10

And all said officers shall hold office t,
/ one year, aid until others are duly clecte
! or appointed in their stead.
/, 81. When said corporation shall ha,
, been duly formed and organized Under til
J provisions of this act, it shall become We.
, ted with all the powers, rights, privilege
and franchises for maintaining and cpel
J, atiDg said railroad which we're VISITED i
and enjoyed by said Rutland and Bur
lington Railroad Company. And It shall
be subject to like duties aud liabilities
And shall likewise succeed to, hold an,
enjoy all rights benefits, title and advan
tage derived or to be derived by the trus
tees of said second mortgage or deed o
trust under any decree of foreclosure o
the same or Of sale of said road and mort
kaged property. And all rights, title and
Interest acquired by said trustees under
any such foreclosure or sale shall vest in
said corporation. And said corporation
may at once take possession of and main.
tain and operate said railroad subject to
all existing rights Of other parties. and
may proceed in any manner it may deem
expedient, either by purchase or otherwise,
to obtain the title and ownership or the
use and benefs of the whole estate and to
satisfy the Interests or claims, undivided
or otherwise, of any other party or parties
interested in said railroad or any part
thereof. And until 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.
5 8. Said corporation shall be author
lied upon vote of their directors to issue
preferred or guaranteed stock for the pur-
pose Of satisfying, paying or Purchasing
prior claims or membranes upon or in
terests in said road and property, and not
exceeding in amount the amount Justly
due upon said prior claims or incum bran
,es AMI such stock may be exchanged
for such prior claims or incum brances up
IN such terms as may be agreed on. And
'aid preferred or guaranteed stock when
10 issued shall be entitled to receive divi.
lends from the earnings and income Of
aid corporation at the rate of seven per
ent, per annum, payable semi, annually,
rec of United States tax, before any 9TH
T dividends shall be made therefrom
md said corporation shall pay and shall
e liable to pay such dividends on said
referred stock semi annually from their
arnings or income Ard until declared,
interest shall he added to each dividend
rom the end Of the half year when the
anne should be declared. And no divi-
ends shall be paid on the common stock
said cooperation until dividend is
Jade Oh said preferred stock, nor while
Dy semianDual dividend on said stock or
lterest thereon, herein provided for, re-
aims undeclared. And no mortgage of
i'd road and property, or any part there
, shall be made by said corporation that
'all take precedence of said preferred or t
laranteed stock in the application of the Z
come of said corporation. t
S 8. No preferred or guaranteed stock q
all be issued by said corporation unless a
equal amount of claims or incumbran. =
on said road and property prior to a
at OF said corporation shall be thereby v
tisfed, retired or exchanged Il crefor a
I'D if any such preferred or guaranteed b
'ck shall be issued in violation of the !,
DIVISIONS of this section, the directors of o
ID corporation shall be personally liable o
any holder of such stock for such dam. a
eS as he may sustain in consequence OF o.
Cd over issue. t.
5 10. Said corporation shall be au. =,
'rlzed and empowered 10 make any by a,
vs. not inconsistent with the provisions >,
this act nor With the laws of this State. G,
to make any and al. lawful contracts -
ching the satisfaction, adjustment or =,
'ment Of prior membranes On said .,
d and property. =
III. Said corporation shall be auth.
sed to make the preferred stock herein :"
gded for convertible into common stock :"
'aid corporation at the option of the "
der. az
~ Ibis act shall be subject to the ma
ION OF any future legislature, to amend, OH
II or repeal, as the public good may he
uire. w
~l3. This act shall take effect from pu
passage. fu
approved March %, 1867. an
{ Concluded neat Veek Of
all
AID FATALITIEs.-Miss Marriette Bib. fir,
J, of West Rupert, Vt, was burned so pie
ously on Tuesday afternoon last, that for