Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1867-04-19

subscribed Tor snch capitai STOCK IN eA
change for said bonds in the manner here
in provided, said commissioners shall GER
tify the fact under their hands and seals
and cause such certificate to be recorded
in the Office of the Secretary of State
Ard said commissioners shall then call the
first meeting of said stockholders for the
organization of said company, to be holden
at Rutland on so ne day by said commits
sioners to be designated. And ten days
notice shall be given by said commission
ers Of the time and place of said meeting
TO each of said stockholders, either per-
sonally or by mail, properly directed and
post paid.
Sec. 6. The officers of said corpora
tion who shall be chosen at said first meet
ing shall not be less than five, nor more
than nine directors. And said directors
shall elect one Of their number as presi-
dent, and shall appoint a treasurer and a
clerk. And all said officers shall hold
office for one year, and until others are
duly elected or appointed in their stead.
Sec, z. When said corporation shall
have been duly formed and organized un-
dCl thC VI tIlIS dtl. IL siIdll Ut-
come vested with all the powers, rights,
privileges and franchises for maintaining
and operating said railroad, which were
vested in and enjoyed by said Rutland and
Burlington Railroad Company. And it
shall be subject to like duties and liabili-
ties. And shall likewise succeed TO. hold
and enjoy all rights, benefits, title and ad-
IaPsral to. ha IL 49, tt,.,
trustees of said second mortgage or deed
of trust under any decree of foreclosure
Of the same or of sale of said road and
mortgaged property. And all rights, title
and interest acquired by said trustees un-
der any such foreclosure or sale shall vest
in said corporation. And said corpora
tion may at once take possession of and
maintain and operate said railroad, subject
to all existing rights of other parties, and
may proceed in any manner il may deem
expedient, either by purchase or other
wise, to obtain the title and ownership or
the use and benefit of the whole estate,
and to satisfy the interests or claims, un-
divided 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 the, efor as such.
See. s. Said corporation shall be au.
thorized upon vote of their directors &c
issue "A preferred or guaranteed stock for
the purpose OF satisfying, paying or pur.
chasing prior claims or membranes upon
or intere, is in said road and property. and
not exceeding in amount the amount just
ly due upon said prior claims or incum
brances. And such stock may be ex
changed for such prior claims or incum
brances upon such terms as may be agreed
on. And said preferred or guaranteed
stock when so issued shall be entitled tc
receive dividends from the earnings apS
income OF said corporation at the rate o.
seven per cent. per an"uH, payable semi
annually, free of United States tax, before
any other dividends shall be made there
from. And said corporation shall pay and
shall be liable to pay such dividends on
said preferred stock semi-annually from
their earnings or income. And until de-
clared, interest shall be added to each div
idend from the end of the half year when
the same should be declared And no
dividends shall be paid on the mmon
stock of said corporation until dividend
is made on said preferred stock, nor while
any semi-annual dividend on said stock or
interest thereon, herein provided for re-
mains undeclared. And no mortgage of
said road and property, or any part there
of, shall be made by said corporation that
shall take precedence of said preferred or
guaranteed ock in the application of the
income of said corporation.
Sec. 8. No preferred or guaranteed
stock shall be issued by said corporation
unless an equal amount of claims or in
cumbrances on said road and property
prior TO that of said corporation shall be
thereby satisfied, retired or exchanged
therefor. And if any such preferred or
guaranteed stock shall be issued in viola
tion of the provisions of this section, the
directors of said corporation shall be per-
sonally liable TO any holder of such stock
for such damages as he may sustain in
consequence of such over issue.
Sec. 10. Said corporation shall be au-
tHOTiZtu anu tillpoNcTtI 10 Ildke any DY-
laws not Inconsistent with the provisions
of this act nor with the laws of this State.
and TO make any and all lawful contracts
touching the satisfaction, adjustment or
payment of prior membranes on said
road and property.
Sec. /. Said corporation shall be au-
thorized to make The preferred stock here
in provided for convertible into common
stock of said corporation at the option of
the holder.
Sec. II. This act shall be subject to
the action of any future Legislature. to
amend, alter or REPEAL, as The public good
may require.
Sec. 3. This act shall take effect
from its passage.
Approved March 28 1867.
An act to enable the towns therein named
to aid in the construction of the Mont |
peler and St. Johnsbury, and Essex
County Railroad.
u is hereby enacted, sc.
Sec. |. The towns of Montpelier, Plain |
field, Marshfeld and Cabot in Washington
County. the town of Orange, in Orange
County, the towns of Hardwick. Walden, |
Danville, Peacham. ST. Johnsbury, Water