Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1867-04-19

u GU uOllarS each. And ever
holder OF a bond secured by said sec
4 ond deed of trust or mortgage on sal,
n Rutland and Burlington Railroad sbal
9 be entitled to surrender the same {,
said corporation and TO receive il
, lieu thereof one share of capital stocE
for each hundred dollars of principa
and interest due on such bond.
: SEC. 3. This act shall not take eff
feet to incorporate said company un
less the holders of three-fourths ii
In amount Of the bonds issued under
said second mortgage shall within
four months after the passage of this
act surrender their bonds as herein
after provided.
SEC. 4. John Prout d John
Howe, Jr., are hereby appointed com
missioners whose duty it shall be to
give public notice in one newspaper
published in the city of Boston, and
one newspaper published in each coun-
ty through which such roads runs, for
three weeks successively, of the time
and place when and where they will
sit to receive subscriptions for the
stock of said cor poration in
exchange for the bonds afOremention-
| ed. And the books for such sub
scription shall remain open at least
ten days after the last publication Of
such notice. And said commission
ers shall at the time and place appoint
ed proceed to receive such subscrip-
tions and to receive The bonds in ex-
change therefor And no such sub
scription shall be received for a great
er sum than the amount due as herein
provided upon bonds under said sec
ond mortgage, actually deposited by
the subscriber at the time of his sub
scription with said commissioners
And if the holders cf three-fourths 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 deposited,
SEC. ). When the holders of three
fourths in amount of said bonds shall
have subscribed for such capital stock
in exchange for said bonds in the man
ner herein provided. said commission
ers shall certify the fact under their
hands and seals, and cause such GER
tifcate to be recorded in the Office of
/ the Secretary Of State And said
commissioners shall then call the first
meeting of said stock holders for the
organization of said company, to be
holden at Rutland on some dav by
said commissioners to be designated.
And ten days notice shall be given by
said commissioners of the time and
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 cor
poration who shall be chosen at said
first meeting shall be not less than
five, nor more than nine directors
And said directors shall elect one of
their number as president, and shall
appoint a treasurer and a clerk
And q. said officers shall hold Office
for one year, and until Others.a are duly
/ elected or appointed in their stead.
SEC I. When said corporation
shall have been duly formed and or
gauized under the provisions of this
; act. it shall become vested with all
r the powers, rights, privileges and
, franchises for maintaining and opera
Q ting said railroad, which were vested
in and enjoyed by said Rutland anC
|, Burlington Railroad Company AnC
e it shall be subject to like duties anC
T liabilities. And shall likewise succeed
: to, hold and enjoy all rights, benefits
5 title and advantage derived or to bt
J. derived by the trustees Of said seconC
d mortgage or deed Of trust under an,
/. decree Of foreclosure Of the same o
s. OF sale Of said r1ad and mortgage
h property. And al rights. title an
d interest acquired by said trustees III
h der any snch foreclosure or sale sha
k, vest in said corporation. Aud sal
]t corporation may at once take posses
sion of and maintain and operate sal
a railroads subject to all existing right
o. of other parties. and may proceed
4 any manner it may deem expediea
r. either by purchase or otherwise,
ar obtain the title and ownership or ii
ID use and benefit of the whole estat
st and to satisfy the interests or claim
so undivided or otherwise, Of any 9th
he party or parties interested In sa
So railroad or any part thereof. Al
l. until the interests OF such other pa
nv ties shall become vested in such ne
he corporation, said corporation shall
ed the trustees thereof, and shall be &
countable therefor as such.
de SEC. s. Said corporation shall
ity authorized upon vote of their directc
on to issue a preferred or guarante
of stock for the purpose Of satlsfyli
ap- paying or purchasing prior claims
in membranes upon or interests
aid said road and property, and not
,of. ceeding in amount the amount JUS
ect due upon said prior claims or incu
brances. And such stock may be
changed for such prior claims or
cumbrances upon such terms as n
and be agreed on. And said prefer
or guaranteed stock when SO 1881
shall be entitled to receive divide
A. from the earnings and income of s
aft. corporation at the rate Of seven
Ger, cent. per annum, payable seml-ann
Eld- ly, free of United States tax, bel
ond any other dividends shall be m
Rut- therefrom. And said corpora
the shall pay and shall be liable to