Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1872-11-13
The New Central VI. X. Z. Bill.

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The following is an abstract Of the bill
to incorporate the Central Vermont Rail.
road Company :"
Section Que provides that the bondhold-
crs under the first or second mortgage OF
the Vermont Ccniral shall be corporaiOrs,
for the purpose cfpurchasing the Vt. Cen.
trail aud VI. aud Canada aud for retiring
by purchase or exchange the bonds and
stock of those roads.
Section two provides that the capital
stock shall be sufficient to retire the first
aud second mortgage bonds oftbe Central,
and as much more as majority Of the
stockholders at any annual meeting may
vote.
Section three names james T. Langdon,
Montpelier, John w. Stewart, Middle
bury, and j. d. Hatch, Burlington, as
commissioners to receive subscriptions,
which may TO pad for in the FIRST or Sec
ond mortgage bonds at their marke value.
When a Thousand shares (nothing in the
bill tells how large the shares shall hcJ
shall have been subscribed, the stockhold.
may elect directors.
Section four provides that the directors
shall not be less than seven nor more than
thirteen, a majority Of whom shall reside
in Vermont, shall hold for a year, may
appoint a president, also treasurer and
clerk whose Office shall be in VerRlont,
and may make bylaws.
Section FIVE provides that the directors
may take the bonds in exchange for the
stock on such conditions as will secure the
exchange, aud when a majority OF the first
mortgage bonds shall be retired, the COM
pany shall be provided with all the powers
OF the VI. Central Co., and many take
possession OF and operate both roads sub
ject to the rights of the bondholdcrs who
do not exchange and the stockholders of
the VI. 4 Canada and to the trust debt :;
and that before the majority of the stock
shall be subscribed the new company shall
have the power to temporarily operate
the roads, under the Court of Chancery.
Section SIX provides that the act shall
not impair the right Of the trustees of the
hrs' mortgage to forecose their MORTGAGE
aud that if such foreclosure is obtained
the Vt Central Go to the extent to which
the bonds under that mortgage may have
been exchanged for Central Vermont G
stock, shall be tenants in common with tho
holders of the mortgage bonds who NAV
not have exchanged; aud thereupon the
Court of Chancerv, by an order not appeol.
able may appoint commissioners to anprais.
the value OF such bonds and may decree
the assignment of such louds to the nav
company upon payment of appraised val.
ne or the Court may by an order Is not
appealable'') direct a sale of the whole in.
terest SO acquired by foreclosure.
Section seven provides that by vote
OF majority of the stockholders in each
company, the Vt, & Canada Co. NAV he.
come merged in the new Co., the ineyita.
bic Court of Chancery to settle the hash
of any dissatisfied stockholders.
Section eight authorizes the issue Of
preferred stock by majority vote of the
stockholders, which shall bear 8 per cent
payable out of the earnings before the
common stock.
Section nine authorizes the issue of
hlrty year bonds at per cent, secured {
y mortgage on anything and everything
he company may own.
section ten provides that if this com.
'any purchases the Vermont Central q,
my other railroad, it shall have the same n
privileges and be subject to tho same il.
Utilities.
Section eleven gives the company all a
ha powers of the trustees or MANAGERS c
I the Vt. Central aud Vt. g. Canada b
allrOads' and permits it to modify. en-.
arge or renew all old contracts made hv !
hose roads, and to make new ones with n
ny 20. by purchase or otherwise, of anv r,
abroad stock or bonds. in or out of the b
tate Tor the benefit of its connections. !,