Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1876-01-21

hon. DAME. Roberts. OF Burlington. tu51
commenced hi argument t1r the Page
board tie began uy saving ina- iae nrs-
question T. s. - the . $50 sl1re- l- =torE
which had been subscribed 10y uv mistake.
OF without authority No assessmeui- nav
ing been pGIl on them. am the I'VE Der
cent paid down having been rc-urus-. thl
stock became merge- A corporation can
not be allowed u 70 int market am buV
IL own stOcE " nat was tnc l1tcu- Iu rl-
gard - tnese . 800 snare a portion Cd
the subscribers were not bound a. ali. and
the Others desired O. be relieved The
question was now cuu.l relel be Effected
L0unsel advised tnGt theY co4l1 nos canre.
the stock because they had Represented o.
the chancellor tnGt they had ~ 600 suares.
The advice, then. We T. g. through the
form OF purchasing the STOCK. which would
relieve the 81 bscrioe-s. Eu- sill leave the
matter al right Oh the book " hau the
company afTerwzrd voted o. reduce it,
STOCK l. le.Oio shares i pat The ina sea.
Of cancellation Oh tins stocE bui TINS
question l. not Vita t. or cas-. lna main
point l.. even eoncediu- ru4J TINS was
stock. tnat II Wa held b. the COMPANY 10y
the benefit OF a. IT. stockull1cr- J. the
stock was Tor dIsrri button. DC must have
been given 10 ali alike. 30 was q breach FOL.
trust ior portion of the directors O. sell j.
70 themselves or their friends These shares
could not be voted upon. Dor could any
portion o. the directors weld tnem Tor the
purposes o. an election and especially e
minority could not L l- SAID by ar
tIhe-- that the motive hy winch a legal act
l- done j. lmmateri1. lat delightful
DstltIe prIHcluu LOok ~ Inc TACT ~
lhIs case on the l7th Of MAY. Gov smith
and MS associate became fearful that tnev
were 10 be turned Out OF once nv q mai0rIrv
o. the stock To avert tins they c0urrlvec o
scheme. summoned meeting ci the direct
ors ny telegraph. and what ilr They pre-
tend tnAt II WAS Necessary On order ~ Re
spOnd % CO.. Wait letter ab1u. the -
mont Valley road. But thar Eaz not nee
essay Tor ten GAYS vet. ana besides the
whole subject had been referred 10 GOV
Page and he was attending % j. Inev
further pretend that It was 70 rai-e money
70 pay the ermont and Canal. Bat tneir
payment would not become due until the
nrst OF June, and could % n0r have been
provided Tor az the regularly called meetir-
20 be held the next DAY when alI tha
directors Gnl st0cEnOiae-- W1u.l be-
present. or at some subsequent meetIn-. 10y
the holding OF which there WAS ample tIme2
Inns undue haste SHOWS fraudulent intent
Again. notice bY telegraph j. nos the no
tee IN writing required bv me hy-iaws
besldes. II was Understandable. ior the .aei j.
that portion OF the directors could not and
did not get there The conspirators Assem- o.
hled, ana there being less than a Quorum
they had 10 power TO do business Nam
testify they could wait Tor the gathering
OF others or adjourn. but not 10 another
place kven II they could adjourn 10
any other place. II certainly could not have
been an impossible or indefinite place. on z
tram moving at the rate Of 30 OF 40 miles
an hour here there was no possibility Of
the other directors finding or ovsrtaElur
them Ny. Roberts reviewed the autnor-
ties sitea oy air. fIheld On this point. show
ing that the cases were n no respect par-
al.el As Tor the vote passed nv the direc-
tors IN the car, It WAS II the alternative.
giving the right 70 pledge or sol stock OF
assets II the stock was pledged. the cor
pOratIOn could not confer upon It's pledges
the Eight 70 vote upon the stock. Tor tnev
mad no such right themselves Now was
TINS pledge Of the STOCK a. collateral
or Wa II n sale The transfer book snovs
that II wa pledge a. collateral
but seeing that be might be lame mere Gov
ernor Smith went 70 Langd0u and said II
1A- ~ give Z more sure rlgnt 70 vote on the
STOCK II ne purchased 1t. and 20 they went
through the poor juggie OF making a pre-
tended sale. though we canno; fnd tbat
the money mas ever been received nv "a.
treasurer 10 this day NoE the resolution
Eaiea the7 passed II the cars REQUIRED the
approval OF the sale BIZ two OF the finance
COMMITTEES besides tine president lie 81
cured the approval Of bat one and be can
not &c allowed TO thus duplicate himself.
Ii il be said that Langdoh approved by tax
ing the transfer, thus making a majority of
the finance committee. we reply th4t II was
-, competent Tor a trustee 10 approve a
sale TO himss.i s.r. Roberts then referred
to the mUtises which had inn1eueed Gogcr-
nor Page to join with the leading reDresep-
tatlves Of the Vermont and Ccnada lnterse,
10 reform the management He and Gov
esn9z kG'th, the year before. had purchased
the Eark stocs So BAD entered INTO an M
derstanding that certain th.nss were IN h.
done for the mutual beneat OF their rene.
tive interests. But at the krst elecr;on
alter tEs., smith Sio.aIed MS hath 10 Pace
BY deprising hin Of txs aisesiurs-wil-
iizms and o0hier, whom hs hss
agreed IL elect. Afterwsrd he sIviv