The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1867-04-16

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'uref ana d clerk And I'D said ofieer
shah bold Office for one wear. md mb
others are iUiy gleeted or appointed ID
Geir stead
Sec When said corporation shal
baso been duly formed aud organized
under the provisions If this act. it shal
become vested with al the powers
nights. privileges and franchises for
maintaining and operating said railroad
which were vested III and enjoyed hy
said Rutland and Burlington Railroad
Company And { shall b subject t1
like duties and liabilities And shall
likewise succeed Is, hold aud enjoy all
rights, benefits title and advantage de-
rived orto be derived by the trustees oI
said second mortgage OF deed of trust
undor amy decree Of foreclosure OF the
same or Of sale Of said road and mortg-
aged property Aud all rights. titla
and interest acquired hy said trustees
under any such foreclosure Oh sale shall
vest in said corporation Aud said cor
poratioH may at once take possession q
aud maintain and operate SAID railroad
subject 70 All existing rights Of other
parties, and may proceed in any man
ner il may deem eXpedient, either by
purchase OF otherwise, to obtain the ti-
tle and ownership or the use and bene-
iit of the whole estate, and to satisfy
the interests or claims, undivided or
otherwise, of any other party or parties
interested in said rallroad on any part
thereof And until the interests OF
such other parties shah become vested
in such new corporation, said corpora
ton shall be the trustees thereof aud
shall be accountable therefor as such,
See S Said corporation shall be au-
thorized upon vote Of their directors to
issue q preferred OF guaranteed stock
for the purpose Of satisfying, paying Or
purchasing prior claims Or incumbran-
eos upon or interests m said road and
property, and not exceeding IN amount
the amount justly due upon said prior
claims or membranes. And such
stock may be exchanged for such prior
claims or cneumbrances upon such
terms as may be agreed on And said
preferred or guaranteed stock when so
issued shall be entitled to receive diyi-
dcnds from the earnings and income Of
said corporation at the rate Of seven
persen. per annum, payable semi-annu-
ally, free o. United States tax, before
ony Other dividends shall bemade there
from. And slid corporation shall pay
and shall Be Liable q pay such aiyiden-
ds ca said preferred stock semi-annuaIly
from their earnings or income And
until declared, interest shall be added
to each dividend from the end the half
year when tic same SHOULD be declared.
And no dividends shall be paid on the
common stock Of said corporation until
q dividend is made on said preferred
stock, nor while any semi-annual diyi-
dend on said stock or interest thereon.
herein provided for, remains undeclar-
cd. And no mortgage Of said road and
property, or any part thereof, shall be
made by said corporation that shall
take precedence OF said preferred on
guaranteed stock in the application Of
the income Of said corporation.
Sec. 8. No preferred or guarrenteed
stock shall issued by said corporation
unless an equal amount OF claims or in
cumbrances on smd road and property
prior to that Of said corporation shall
be thereby satisfied, retired or exchang-
ed therefor And if any such preferred
or guaranteed stock shall be issued III
of the provisions of this section, the di-
rectors Of said corporation shall be per-
sonally liable to any holder Of such
stock for such damages as he may sus-
tain III consequence Of such over issue.
Sec 10 SAID corporation shall be
authorised and empowered to make any
bylaws not inconsistent with the pro-
visions OF this act nor with the laws of
this State, and to make any and all law
ful contracts touching the satisfaction,
adjustment or payment Of prior incum-
brances on said road and property
Sec. IL. Said corporation shall be
authorized to make the preferred stock
herein provided for convertible into
common stock Of said corporation at
tie option Of the holder.
Sec. y This act shall BE subject TO
tho action q any future legislature, %
amend, alter or repeal, rs the public
good may require
See l3 Tins act shall take effect
from its passage
Approved March Is. 1867