Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1872-11-06
Northern Vermont and Lake
Champlain Extension Rail-
read COMPANY.

introduced by Mr.. Ballou Of Burlington and re-
hifed To the Committee OF Railroads.
10 rs hereby enacted by The Central As.
SemJty otthe State q Vermont:
SIC. |. Such persons as shall hereafter
become stockholders are hereby constitu-
ted a body corporate, by the nome of the
Northern Vermont and Lake Champlaln
Extension Railroad Company, for the
purpose and with the right of bnildinp a
railroad, with single or double track
from some point in the town of Cambridge,
III the county Of Lamoile, to a point of
connection with the Vermont Central or
|ermont and Canada Railroad, IN the
counties Of Chittenden or Franklin, or 10
any point % Lake Champlain, in said
counties to TRANSPORT and carry persons
and property on the same by the power of
steam or otherwise; and by that name
may sue and be sued, may have a seal
and shall have all the rights incident to
corporations.
SEC. The capital stock shall be sum
sufficient TO construct and furnish said
railroad with all OF The necessary appara
'us and equipment for operating the same.
not exceeding two million of dollars
which shall be divided into shares of one
hundred dollars each, aud be deemed
personal property.
SEC. 3. lfsaid company shall not with.
In SIX years commence the survey or con.
structIon Of said railroad, and shall moi
within ten years expend at least ffty
thousand dollars thereon, and shall not
within fifteen years complete and put in
operation said railroad. then this act shall
be null and void, except so far as said
railroad is completed and put in opera.
ton.
SEC. 4. Horace Fairbanks and Franz.
lln Fairbanks of St, Johnsbury, Calvin
Blodgett and Carolus Dyes ofburlineton.
Il, .. Howe OF Jerico, Waldo Brigham
OF Hydepark, and William B. HatcE of
New York City, shall be commissioners
Tor receiving subscriptions to the capital
stock OF said corporation. A majority of
SAID commissioners shall be competent to
DO any acts Tor saiu corporation, and as
soen as two hundred and fifty sbares
shall be subscribed, said commissioners
shall proceed to give notice for a meet
ing OF the stockholders for an election of
directors.
SEC. D. Said corporation, lift shall vote
so to DO at meeting of the stockholders i
called for such purpose, shall have power {
to issue its notes or bonds for the purpose ,
Of building or furnishing its road or paw. {
ing any debts contracted for building or
the same, bearing such rate
'f interest, not exceeding seven per cent
per anum, aud secured in such manner as
hey deem expedlent, which notes or =
bonds shall be for sum not less than one ,
hundred dollars each, aud shall be made !
payable IN not less than three years, nor
more than thirty years from the tune of
ssuing the same
SEC. b. This act shall be deemed to be .
pullc act, ami shall be constructed favor. /,
bly and bencfcialy for all the purposes
or which the same is enacted, and shall g
'e subject to any general law of the State =
expecting railroad corporations which is \
low IN force or may hereafter be enacted =
nd all the general laws of the State, re. r
ntlng to railroad corporations, shall be Z
eemed and taken TO be a part of this act Q
SEC. Z. All meetings of the stockhole.
RS OF the corporation hereby created,
hall be held with, The G., II
every such meeting shall be published III
at least one newspaper printed in each fo
ounty where the road is located W
SEC 8. This act shall at all times be 81
nder the control of the Legislature to al
mend or repeal as the public good may pr
squire. Eth
SEC. .. This act shall take effect from at
s passage. at