New-York tribune., 1869-05-11
NEW-YoRK TUESDAY, MAY IL. 1869.

| TO his chagrin, and the pleasure of the Senate.
There was long fight in the House, tonight, on
the bill abOlishng the charter election in your city
Hustled and Selkreg attacked the bill so severely
that it was killed.
One Of the most important bills which passed the
Legislature and is now in the hands of the Governor
is the following. 1t was urged principally by the
Vanderbilt people and not seriously opposed by any
other corporation:
SECTION /. It shall aud may be lawful for any railroad
company other corporation organized under the laws
Of this State Of this State and any other State aud op
partly within and partly without this state, to merge and
consolidate its capital stock franchises and property with
railroad company or companies organized under tie laws
OF this State or under the laws Of this State and any
States whenever the two or more railroads Of the com
S ns S SS o Of T
the means OF an intervening railroad bridge or ferry
SIC Sand consolidation shall be made under the con-
dtions provisions and restrictions, aud with the powers
hereinafter in this act mentioned and contained that Is
1. The Directors Of the railroad companies pro-
posing to consolidate may enter into q JOINT
eompany for %HuT the '"S consolidation Of said COM
panies and railroads, and prescribing the terms and
effect the OF the corporation. the number and
names Of the directors and other officers thereof and
places OF residence the number OF shares Of the capital
stock, the amount value OF each share and the
said companies into that Of the corporation and how
and when directors and officers shall be chosen, with
such new organization and the consolidation OF said COM
@ said agreement shall be submlttedEto the sockhod
ers OF each OF the said companies or corporations at
meeting thereof called separately for the pnrpose, %, OF
time and place Of holding said meeting and the object
thereof shall be gved by each company to its tockhod
ers by written printed notices addressed each Of the
persons In whose names the capital STOCK OF such
company stands on the books thereof and dellY-
cred to such persons respectively or sent TO them by
mail when their post once address is known 70 inc com
pany at least 80 days before the time OF holding such
meeting and also by general notice published daily for
at least four weeks in some newspaper printed In the
city, town. county where such company has Its princl
pal Office place Of business and at the said meeting OF
stockholders the agreement OF the said directors shall be
rejection OF the same each share emitting the holder
thereof TO VOTE and said ballots shall be cast In per-
the stockholders shall be for the adoption OF said agree
meut then that fact shall be certified thereon by the sec
OF the respective companies under the seal
thereof. and the agreement so adopted or eerunea
copy neieo, Sna 9e eT h IN n1 no deeed and toLen ~
be the agreement and act Of consolidation OF the SAID
eonsodstion, duly eercd by the secretary Of State
under his official SEAL shall be evidence In all courts and
places o, said corporation. aud that
ihe foregoing provisions of this Get have been fully OBJ
served and compiled with.
SIC Upon the making and perfecting such agree
ment and OF consolidation herein before provided
and fng the same or copy thereof 10 the office OF the
thereto shall be deemed and taken 70 be corpora
tion by the name provided In sad agreement ana act
but such act OF consolidation shall not release snoh new
corporation from any OF the restrictions, disabilities OF
Of
nothing this contained shall allow any rate OF fare
for passengers greater than two cents per mile 70 DO
charged taken the track tracks Of that railroad
now known the New-York Central Railroad Company,
and the rate OF fare passengers over the track or
tracks operated by the said NewIork Central Rail
and more wherever IL IL now restricted 10 tat rate
railroads.
SIC 4 Upon the contamination Of said act OF consol
daon Aforesaid all and singular the rights privileges
exemptions aud franchises Of each OF said corporations
parties 10 the same aud all the property real personal
either Of said corporations, as well as all stock subscrp
tons and other nSS in action belonging 70 TO S either Si
ierred 10 and vested In such new eoTporat9n without
rgbts Of way ana every other interest shall
uhy the property Of the new corporation as they were
aud act aud the title 10 all real real estate, taken by
deed otherwise under the laws OF tins state vested IN
either such corporations, parties TO said agreement
aud act shall be deemed TO bo in any
%G bs u be- s ysS Se Gr o NEW GSne By
virtue OF such act Of consolidation.
SIC rights OF all creditors OF and all liens upon
the property OF either OF said corporations parties 10 said
agreement and shall be preserved unimpaired and
in existence preserve the same and all debts and LA
bes incurred by either OF said corporations except
mortgages and duties OF either Of said corporations shall
thenccfOrh attach TO such corporation and be en-
forced against and its property 70 the same extent as
contracted by it, No sul action. or other proceeding
pending before any court or tribunal In which either
Of said railroad companies Is party shall bo deemed 10
have abated or been discontinued 10y the agreement ana
%av nss be in " the Ga%o Of the the e4
ing corporations 20 final judgment, or such new
corporation may be. BY order OF the Court on mosion,
substituted as party Suits may be brought and main
taned against such corporation IN the Courts OF this
State, for all Of action in the same manner as
against other railroad corporations therein.
SEC g. The real estate Of such corporation.
situate within this State, shall DO assessed ana
taxed in the several towns and cities where
the same shall be situated In like manner as tho
real estate OF other railroad corporations is, or
may taxed and assessed aud such proportion OF the
capital stock and personal property OF such new corpora
tOn shall in like manner DO assessed and taxed III this
Gfafa tae m of
this State bears the number OF miles OF Its railroad
situate In tho other State or States.
SIC T. Nothing this act contained shall be so con-
srued allow such consolidated company 20 charge
higher OF fare per passenger per mile for any part
or portion Of such consolidated line than IL now allowed
by law 10 be charged by each existing company respect
iyely nor shall this act apply TO street railroads, and
nothing In this contained shall be construed as to
affect impair In any way tho validity Of any contract
now existing between the Buffalo aud State Line Rall
road Company and the New-lork Railway Company.
SEC g. All the provisions OF the act entitled An act
10 authorize formation OF railroad corporations and
to regulate the same passed April q 1880 ana OF the
several acts amendatOry thereof In addition thereto,
shall be applicable the corporation 80 TO DO formed
as aforesaid far the applicable TO the
railroad companies OF this State which may be c0nsol
dated with any other company or companies by virtue o
this act. 49,, a..
SEC. o. No companies corporations Of this state,
Whose railroad run parallel competing lines, shall
be authorized by this act To merge or consolidate
SEC TO- This act shall take effect immediately.
NEW-YORK LEGISLATURE.