Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1877-12-04
Atlantic, Mississippi and Ohio
Railroad Company.
Re Organization Scheme.
Continued From First Page. !


Continued From First Page
VIII REORGANIZATION -STocK.
The New Company will create and
issue from time to time TO the "Pur-
chasing Committee" such an amount
of Reorganization Stock as the
"Purchasing Committee" may deem
expcdient, and as may be coufOrma
bic to law.
IX.-The purchasing Commit
tee may create, issue and dispose
OF their own certificates representing
the beneficial interest in the Reor-
ganization Stock issued to them
subject to the retention to themselves
of the legal title thereto, aud voting
power thereOn-On such terms, and
for such purposes, mud in such man
ner, as they may think proper, in
Guiding discretionary power to use
such certificates in aid Of the con-
struCtiun Of the eXteutiun to Cum,
berland Gap contemplated in the
charter Of the Atlantic Mississippi
and Ohio Railroad Company, and for
the purpose Of settling in such man.
ner as may seem TO them judicious
with the creditors and stockholders
Of the Atlantic Mississippi and Ohio
Railroad Company, and the holders
of the uncOnverted stock Of the Nor
folk Il Petersburg, South Side, and
Virginia q Tennessee Railroads.
X.-PURCHAsING COMMITTEE.
The purchasing Committee
shall consist Of four members includ-
ing chairman, all of whom shall be
nominated by the Committee of Con-
soldated BondhOlders ofthe Atlantic,
Mississippi e. Ohio Railroad Compa>
ny, who shall also designate a Chair
man.
In the event of any difference of
opinion between the members, and
of their being equally divided, the
Chairman will have a casting vote,
in addition to his vote as member
of the g Purchasing Committee"
The "Purchasing Committee" may
delegate so much of their authority,
from time to time, to other persons
of their selection as they may con-
slider to be needful or proper, and
shall have power to fill all vacancies
occurring from any cause in their own
body.
The "Purchasing Committee will,
once in each year, call in such mans
ner as they may deem proper, and at
sach place rs they may designate,
meeting Of the holders of Reorgani,
cation I'd Mortgage Bonds, at least
three months before the annual meet,
ing of the New Company.
The fiscal years Of the Neg Com
pany will terminate at least three
months before the annual meetings of
the bondholders, and the report Of
the New Company for the next pres
ceeding year, shall be delivered to
the "Purchasing Committee at lcas,
t1cO months beforehand. At such
meetings the holders in the aggregate
of three-iourihs of all the Reorgani-
cation I'd Mortgage Bonds issued and
outstanding, may, by a unanimous
vote, revoke the appointment Of any
person or persons designated by the
"Purchasing Committee" to fiji any
vacancy or vacancies, and may, by a |
like vote, appoint successor or sue.
cessors to those Displaced
XI,-The general principles Of this
scheme, aud the order of priority,
and the respective amounts of the |
Reorganization Securities being main
tanned, the Purchasing Committee
may change this scheme in matters
Of detail, in case they may deem it
expedent so to do, but such changes
will only be made under the advice Of
counsel to be nominated by the Com
mittee Of the Consolidated Bondhold-
ers of the Atlantic, Mississippi &
Ohio Railroad Company.