The Republican journal., 1870-01-20

if issued at ALL should be issued to all taking and
paying for stock, preferred and non-preterred.
The rate of interest to be paid such bombs,
should be provided in section Is of the Bylaws
Of the Company, which were in force when the
subscriptions We're made.
Your Committee have reason to believe that this
arrangement Will be entirely satisfactory to those
OF the individual original subscribers who for the
reasons before stated, have been thus far dilaOrN
IN the payment of their assessments.
by adopting the course recommended we believe
that the cooperation of all fcllowcitizens Will
be secured. and that our enterprise will progre>,
rapidly to Il harmonious and successful consumma-
ton.
Your Committee therefore recommend the pass
noe of the following votes.
/. Ioted, That the Board of Directors be ill.,
structed and are hereby authorized tn issue the
Bonds Of this Company, i'll amount not exceeding
in the whole one hundred and lift V thousand dol
lars, payable at the office Of the Treasurer OF said
Company, in the city of Belfast, in twenty years
from the fifteenth day Of May, A. ID. 1870, with in
cIest at the rate Of six per cent per amman, paya-
bic scmi-mnually ut the office aforesaid, according
To the interest warrants to be annexed to each
bOnd; each OF which bonds shall be signed by the
President and IreasuIer of said Company i'll its be
half, and countrrsignGd by one of the Trustees to
whom the railroad of said Company aud it appur-
tenanGcs, including It's franchise, may be conveyed
in mortgage for the purpose of securing payment
OF 7gid bonds, and the interest warrants thereto
affixed: and each of said interest warrants shall be
signed by the Treasurer OF this Company.
= IOtpd. That the Board of Directors he in
stru,tcd and are hereby authorized to make. exc
cute and deliver TO three persons, residents, of thu
State to be by them selected, and 10 their sucrt--
Sor> in Joint tenancy, conveyance in trust and ia
mortgage, of the railroad Of said Company and s
appurtenance, from lis terminus in Belfast to it,
junction with the Maine Central Railroad COMPANY,
to secure the payment OF the before named bond,
aud interest warrants said conveyance to be under
| the seal of this Company, signed by its President
and rOunter>igned by its Treasurer, and to contain
all necessary provisions for The appointment 81
successors to said Trustees, and for he maintain
ancc and protection of the right of the Maine Cen
/ tt.li Wa,
least Of the railroad of this Company, entered into
June 10, 1869, and under any lease which may ~.
made under and by virtue Of said contract
3. Totcd That the bonds issued under and il
virtue of the vote just passed. shall be known a.
the " First Mortgage Bonds of this Company and
shall take precedence of all others which may be-
| issued under any subsequent vote.
4. EOted, That the Board of Directors be in
Structed and are hereby authorized to make sale ot
said bonds at the highest rate possible, and appru
pirate the proceeds thereof exclusively To the
otructi0n and uses of the railroad of this Company.
| .. Foted, That the Board of Directors be in
strueted and are hereby authorized to issue to every
person, or corpOration taking and paving for ,tock
in this Company and receiving certificate thereof
the bonds of this Company to an amount equal tu
the par value of the shares covered by said certiI
cate, payable ut the office of the Treasurer of sai
Company in Belfast, in fifty wears from the date OF
said certificate; with interest ut the rate of six per
cent. per annum payable semi annually, at the OF
fee aforesaid, on all such bonds held by 1T
certificates of pretPlTed stock in said COMPANY.
and with interest on all such bonds held by owner
OF certificates OF N0H-pFttPfred stock ut the rate
! per cent. per annum. provided in the eighteenth
section Of the Bylaws of this Company; and that
said bonds and the interest warrants annexed
thereto. be made payable and signed and auhent-
Gated i'll the way and manner provided in the
Of $ First Mortgage Bonds; and that the payment
at said bonds and interest warrants annexed there
to be secured by conveyance and mortgage in trust,
Substantially i'll the same form, executed and
thtntcated as provided in ease of - First Mort
gage Bonds; and that said bonds shall be Known
rs the : Second Mortgage Bonds" of this Company
"a 4 b.; l.. H.. l,.,..t
W. G, CROSBY,
v. II. BUnRmI, Committee
W. II. SIMPSON.
Ihr plan proposed was adopted, and the
several votes passed unanimously.
AT Il subsequent meeting of the Directors.
William q. Crosby. }. q. Dickerson and
Albert W. Paine, were selected as the per
sons 10 whom the property should be con
veyrd in trust