Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1873-06-25

The CENTRAL VERMoNr.-The hearing at
St. Adams has closed, and the new corpora
ton takes the place of the old trustees as re-
ceivers. Chancellor Royce's decision gives a
review of the questions that were brought UP
on the hearing, and is in substance the fol-
lowing:
With reference to the organization of the
Central Vermont Company, objection is made
that it was not properly organized. We are
of the opinion that the requirement of the
statute for the commissioners to fix the price
of bonds was not mandatory but was for the
benefit of the security holders who might ask
it. No one seems to have asked it, but one
bond-holder subscribed and he with full
knowledge that the price was fxei by two OF
the commissioners; consequently he is not in
a position to object. Whether the fixing the
price of bonds was ministerial or Judicial
act is not material under that view. The
price fixed by commissioners is not an arbi-
trary one upon the directors they are at
liberty to fix any price. The objection to the
organization is not well taken.
The objection that the Central Vermont
Company IS a stran ger to the cause might be
good one were the petition signed by the
company alone, but this petition has also the
signatures of the receivers and managers,
who are not strangers to the cause, and
hence We are not inclined to dismiss the pc
tition.
We thlnk the objection that the Central
Vermont Companyo ght not to be appointed
because it is a corporation, is as general
ruls valid objection. There are no prece-
dents, but this is an exceptional case. All
the proceedings in this case ought not to be
taken as precedents. The exigencies of the
case require that We make an exception, and
as the legislature have intimated whom the
Chancellor may appoint in particular case,
the doubt which | might otherwise have, is
removed.
As to the propriety of this charge we con-
slider it unnecessary tie detail a history of the
cause; everybody has expressed desire tc
get this property out Of the rut. This cor
poration now come forward and propose tC
take it out, and pay all debts and demands
Now it seems that if this can be done, it i,
proper to be DONE
great deal of complaint has been made
OF the present manage ment, but the cause one
can Judge as well as another. Petitions have
been brought for the removal of receivers
but no one has ever nominated or named
tier successors until now. This is the frs
instance that any one with pecunlary ability
has ever offered to take this property anC
manage it. We therefore decide that the
prayer of the petition should be granted anC
make the following order.
The order is quite lengthy, and it passe.
the property over to the Central Vernon
Company, providing that receivers and man
ayers shall settle and pass their accounts
making Hon. D. A Smalley Of Burlington t
special master to hear and report upon al
claims and demands against the present re
celvers, and appoints the Central Company
and managers, requiring them to pay all tht
debts and liabilities and to manage and oper
ate the railways subject to the orders of tn,
court
The amount of the bonds to be given by
the new company was not fixed in the order
After discussion by counsel the Chancellor
fixed the amount ut 81 900 900, conditioned
tor faithful performance of dut Is as receiver
and managers.
The order was not signed, but was left fo
counsel to make suggestions upon the minor
points.
The order does not give the new receivers
power to take lease of the Sullivan, New
London, Northern and Montreal and Yer
mont junction railroads; that part of TIL,
prayer of the petition was denied.