The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1875-06-05

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other property, and the acquisition Of It'll
thereto BY the committee above named
the present stockholders shall surrende
their certificates Of stock into the hands o
the said committee, to be held BY then
either as conirmatory evidences or NUM-
ments Of title, to be used accordingly b,
them
Preferred stock shall DO created and is
sued to the amount of SOL 900 900 (beinl
majority Of the share capital for the
following purposes To retire the princi
pal of the outstanding BIO bonds, anC
the interest thereon due and to become du,
up to and including July /, 1873, at thu
rate of 8 per cent. currency, per annum
and also to retire the principal and inter
est to and including Jan. l, 1875, Of tn,
land warrant bonds; to pay the floating
debt not protected under the existing or
ders Of the court, and generally for the
purpose of carrying into effect this plan.
This preferred stock shall have all the
rights aud privileges Of the common stock
including voting power, and the holder'
thereof shall be entitled to dividends, moi
exceeding eight per cent, per annum as
the met earning" hereinafter defined, in
each calendar year, may suffice to pay,
and before any dividends shall be paid on
the common stock.
After and during the time the income
Of the road shall be sufficient to pay eight
per cent. dividends on both the preferred
aud the common stock the surplus shall
be divided on both alike per share accor-
ding to the number of shares issued of
each. A'fA va f4f< tR AsAeA
This stock shall be convertible at the
par value into any lands belonging to the
company, or hereafter to belong to it, east
Of the Missouri river in the State of Min
nessota and in the Territory of Dakota,
until default shall occur in some Of the
provisions of the new first mortgage bonds,
and such conversion shall be an extinguish-
ment of such stock. The proceeds Of all
sales of such lands until such default shall
be used likewise in extinguishment Of such
stock.
Common stock shall be issued to the
amount authorized by the charter, less the
amount Of SOL ,000,OO0 of preferred stock.
The holders of the stock shall be entitled
TO dividends 10 each year only 40 the dis
erection Of the Board of Directors, when
the net earnings exceed an amount suifi
cient to pay interest aud sinking fund on
the mortgage debts, aud eight per cent.
on the preferred stock. Certificates Of
this stock shall be issued to holders of or
to those now entitled to certificates, share
for share; and the residue ratably to those
originally entitled thereto or their assigns.
10 provide the means to complete and
equip the road, there shall be issued first
mortgage bonds, not to exceed an average
of SIS, 900 per mile of road actually COM
pleted and accepted by the President of
the United States, to be secured by mort
gage or mortgages which shall be first
and paramount lien on the whole line Of
road, constructed and To, be constructed,
and on tho equipment, property, landsand
franchises, acquired aud to be acquired,
the franchise to be corporation,
subject only to the right OF the holders Of
the preferred stock to convert their stock
into the lands Of the company now owned
Or hereafter to be acquired east Of the Mis-
souri, river, in the State Of Minnesota and
Territory Of Dakota, aud also the right 70
the proceeds of the sales Of said lands, to
be used ip the extinguishmeut of said
stock, until any default is made in the
provisions Of this mortgage. The princi-
pal of these bonds shall be payable forty
years after date, and the interest and sink
ing fund may be made payable in gold.
There shall be provided asinking fund
for'ths redemption Of the principal Of tkese
first mortgage bonds, at or before their
maturity, which shall be accumuIatiye and
shall commence five years after the date Of
the issue Of each series. The first mort
gage bonds shall be countersigned by one
or more trust companies, and said trust
company Or companies shall deliver To the
railroad company bonds to the amount Of
s25, 600 per mile OF each mile OF road al
ready completed, aud shall continue 10 de.
liver bonds to the company, not TO exceed
$4,000 per mile Of road constructed. or
for which the materials may have been
furnished.
Provisions shall be made in the fins.
mortgage or mortgages to secure efiectual-
lv the holders of the honda ;ssnad ,,n.l.-