Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-12-06
Designated to be published in the Ne,ospa-
perS by the Secretary Of State.

pers by the Secretary Of State.
No. IAN Act relating 10 proceedings by
railroad bondholders after foreclosure.
1t is hereby enacted By the General Assembly
ofMe State Of Termont.
SEC. |. In all cases where two or more
mortgages on undivided portions of any rail-
road or any part thereof, made by any railroad
company 10 secure the payment of bonds, shall
have been foreclosed and the legal title to the
mortguged premises vested in the mortgages,
according TO their respective interests, the
holders of Il majority of the bonds under each
of said mortgages may form themselves into a
corporation for the purpose of owning or MAIN
tanning and operating such railroad or part
| thereof for public use in the conveyance OF per-
| sons and property, upon such terms and con-
| ditions in regard to their respective interests
as they may mutually agree upon. and substan-
| TALLY in the manner provided in chapter twen-
| ty-eight of the General Statutes, so far as the
same are applicable to such case; and all hold
ers of bonds under either Of said mortgages,
who shall not join in such arrangement and be-
come parties thereto, shall be entitled to all the
rights and remedies provided in said chapter
twenty-eight, or otherwise in law or equity
and such new corporation so formed shall have
all the rights and be required to perform all
the duties of q corporation, in the same man.
ner as if formed by bondholders under single
mortgage.
SEC. 3 This act shall take effect from its
passage.
Approved November 10. 1873.
No. Am act taxing the deposits of savings
banks, savings institutions and trust compa-
nics.
| 1t is hereby enacted, ETC.:
SEC. /. Every savings bank, savings institu
| tion and trust company Incorporated under The
laws ofthis State, shall pay TO the treasurer ol
the State tax. on account of its depositors, oil
half of cent. luullm on Int
amount of its deposits and accumulations, al.
| ter deductng the amount of its assets invested
| in real estate owned by such corporation, 10 be
| assessed one-half of said annual tax on the av-
erage amount of its deposits and accumulations
| for the six months preceding the first day OF
| July, and the other half on the average amount
of its deposits and accumulations for the SIN
| months preceding the first day of january (and
no other tax shall be assessed on such deposits
| and accumuiatiOns, or against the depositors on
account thereof, and the first tax payable un'
der this act shall be assessed upon the average
| amount of such deposits and accumulations less
| the aforesaid deduction for the six months pre-
| ccding the first Of July, 1879. Provided, how
| ever. that the provisions Of this act shall mol
| apply to any savings bank and trust company,
or any trust company during such time as il
shall pay to the government of the United
| States a tax which amounts TO onc-hali oil one
per cent annually upon its capital and depos,
| its but shall apply to any savings bank and
| trust COMPANY OF trust fOtnpiHN NutlV iH'
| same shall for any reason cease TO pay such taN
| to the government of the United States, u
| aforesaid.
| SEC. =. The treasurer of each savings bank
savings institution and trust company, shal
| semi-annually on or before the fifteenth days o.
| July and January, transmit TO the treasurer o.
| the State a statement under oath, of the aver
| age amount of all deposits and accumuations,
| less the aforesaid deduction, during the terms
specified in section one of this act.
SEC. g. 1t shall also be the duty of the treas
urer of each savings bank, savings institution
and trust company, to make and transmit ts
| the State treasurer, on or before the fifteenth
| dav of July annually. statement under oath
| of the total amount of deposits due on the firsi
day Of the same July, 10 depositors resident in
each town in the State, stating each town sep
| arately; and shall Il lsO, when required by INT
| proper town officers, transmit TO the tow
| clerk Of that town the name and amount o
| each deposition of such town; and the stat,
treasurer shall, on or before the twenty-iitl
| day of August, annually, pay into the treasury
| of each town in the State in which any of salt
depositors so appear 10 reside, such part of sait
total tax for the current year as is In proportion
| 10 the amount of deposits due 10 residents o
such town.
sEC.4 If any treasurer of any savings bank
| savings institution or trust company, shall neg
lect or refuse 10 make the returns required II
sections two or three of this act, within tel
| days from the said fifteenth days of july
and january, he shall forfeit and pay TO thu
treasurer of the State for the benefit Of the
State, the sum of five Thousand dollars, TO b.
recovered in the name of the State treasurer
by an action founded on this statute.
| SEC. 5. All taxes provided for by this act
| shall be paid semiannually, within ten days nj
ter the first days of August and February, re
spectively; each payment TO be an assessment
by the treasurer of One-half of the annual per
centage. Every savings bank, savings institu'
ton and trust company, neglecting to pay any
of the taxes imposed by this act, shall be liabl
| for the same, with costs and interest. in an ac
ton Of debt in the name of the State.
SEC. &. All acts and parts of acts inconsist-
ent with this act are hereby repealed.
SEC !. This act shall take effect January |
1873.
Approved November 20, 1873.