Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1877-12-04

the New Company with the approval
OF the Purchasing Committee will
! nave Iower to do so without prejudice
to the lien of the securities extended.
All the Divisional Securities funded
| under the provisions of this scheme
Will be held in trust, unCancelled aud
without their Iein being impaired, bv
the trustees of the REORGANIZATION lst
! Mortgage, for the Sc urity of the hold
ers OF bonds under such mortgage
and shall be cancelled when all such
Divisional Securities shall have been
so funded, but not before.
The coupons on the Divisional Sc
curities, so funded, will be cancelled
! by the Trustees, from time to time, on
maturity, as and when the coupons,
on such or the Reorganization LIST
Mortgage Bonds as have been issued,
shall have been paid.
should any surplus of bonds or pro-
ceeds remain in the hands of the
purchasing Committed in trust af-
ter all the Divisional Securities shall
have been funded as aforesaid, such
surplus of bonds shall be cancelled,
ana surplus of proceeds shall be paid
over to the New Company, to be APP
plleu Tor such purposes as the "Pur-
chasing Committee" shall direct, and
not otherwise.
~. RECOMMENDATIONS. - ID MORT
GAGE PER CENT. GOLD BONDS.
! The principal of the Consolidated 7
| per cent. Gold Bonds will be repre-
ted by Reorganization I'd Mortgage
per cent. Gold Bonds at par, having
so years to run, from the 1st of April,
1879.
These bonds. however, shall only
bear interest at the rate of per cent.
for the five first years, and 5 per cent.
per annum thereafter, and thew shall
be issued and delivered to the "Pur-
chasing Committee, in trust.
The mortgage to secure these bonds
will be made and delivered by the
New Company to the "Purchasing
Committee" as Trustees, and will
contain a provision that no fOreclos
ure, or any proceedings to that end in
respect of a default in the payment of
Interest shall be taken, except in pur-
suance of The express request in writ.
ing, addressed to the said Mortgage
/ Trustees, by the holders of at least
one-fifth of the outstanding bonds, Sc
cured by the mortgage, and not then
| unless the said Mortgage Trustees
shall deem such proceedings judicious
and advantageous to sLch boudholders
generally.
Y. ACKNOWLEDGEMENTS INCOME 4
FER CENT. CURRENCY BONDS.
The following claims will be repre-
sented by Reorganization Income 4
per cent. Currency Bonds, at par,
which Bonds will be issued and dc
livered to the purchasing Commit.
tee" in trust.
(d) The overdue interest on the
Consolidated per cent. Gold Bonds
to the lat of April, 1879, inclusive, to-
gether with interest thereon TO such
date.
(b) The difference between the in
tefest secured by the Consolidated
a per cent. Gold Bonds, and the in
terest secured by the Reorganization
ID Mortgage Gold Bonds, capitalized
from the IL. of April 1879, to the 1st
of October. 1901, inclusive.
Payment of interest, or any part
thereo! on these bonds, will he con-
tingent on the net earnings Of the
company (after providing for all prin-
cipal and interest that may be due Oh
prior securities and other proper
charges), and without accumulation.
The question whether there be any,
and how much net earnings applica-
BILE to the payment of of such interest
or part thereof, will be decided and
declared 10y the Board of Directors.
VI. REORGANIzATIoN.-2D INCOME
SIX PER CENT. CURRENCY BONDS.
The claim of the State of Virginia
to be paid under covenant, 81, 600 000
by the Atlantic, Mississippi and Ohio
Railroad Company, may be represent
ed by Reorganization Second Income
Six Per Cent. Bonds at par. These
bonds will be subordinate in all re-
spects in point of obligation and in
terest to the bonds in the last preced-
ing paragraph mentioned, and without
accumulation of interest.
VII.-The "Purchasing Commit
tee" will deliver or cause to be deliv-
cred TO the representatives., for the
time being, of the holders of the seven
per cent. Consolidated Gold Bonds,
parties to this scheme, the amount
pro rata of the Reorganization I'd
Mortgage five per cent Gold Bonds
and of the Reorganization lst Income
four per cent. Currency Bonds to
which they are entitled as near as may
be, and the Purchasing Committee"
will dispose of fractions of the latter
bonds for the benefit of the parties en-
titled thereto i'm such manner as they
may deem most eXpedient and equita-
BILE.
If, owing to the failure of any Of the
holders or the representatives., for the
time being, of the holders of CONSOLE
dated seven per cent. Gold Bonds to
assent to this scheme, within the time
limited by the Purchasing Commit
tee" there should be surplus of the
Reorganization securities mentioned
in the preceding paragraph OF this
clause remaining in the hands of the
purchasing Committee" this sur
plus may be used by the purchasing
Committee" in and towards reim-
bursting any sums of money which
they may have advanced or raised for
the general purposes of carrying out
this scheme, including the proportion
of the purchase money paid or to be
paid To nou- asserting bondhOlders. -
Any surplus remaining will thereafter
be disposed of Ivy the Purchasing
Committee" for the benefit of the New
Company.
The "PurC hasiug Committee" will
charge, IL IL should be considered by
them necessary or expedient so to do,
all sums of nonsy raised or any obli-
CATIONS created for any purposes incl
dental TO this scheme, either upon the
proceeds OF the Consolidated seven
per cent. Gold Bonds aud Coupons
when collected or i'm case of purchase,
upon the New Company aud the
frannbises au6 OTOneTtV thereof in