The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-01-24
Portland and Rochester.
THE TEXT OF TUE BILL.
Provision for the Purchase of the Inter-
est of the City OF Portland.

r
in the House of Representatives at Augusta
and on motion of Mr. Fox of Portland, laid on
the table and ordered to be printed, in order
that all parties may have notice and bearing
if desired:
An Act relating to bondholders of the Portland
and Rochester Railroad Company.
l. The holders of the bonds of the Portland
& Rochester Railroad Company, are hereby
authorized and uncovered to organize and
form corporation, for the purpose of taking
possession of and operating the railroad, prop
erty and franchises nortgaged by that COM
pany for the security Of its bonds, with all the
powers, rights and privileges conferred and
subject to the duties imposed BY Its charter
and the laws of the State.
2. A meeting for the purpose of organizing
such new corporation may be called by one or
more persons owning mortgage bonds of the
Portland & Rochester r abroad Company to an
amount not less than one hundred thousand
dollars, by publishing notice IN two daily
papers printed in Portland, every day for two
weeks. stating the time, place anj general pur-
poses of the meeting.
At the meeting called as provided 10 the
preceding sections, moderator shall be cbos-
eD, and a clerk; the clerk shall be sworn by the
moderator, or by justice of the peace, to keep
a true record OF the proceedings, which record
snail constitute portion of the records of any
OF the same meeting, organized under this act.
4. No person shall be entitled to vote at any
meeting of the bondholders after the choice of
a moderator and clark, until he has produced
bis bonds, and a record of their numbers, date,
principal sum, and the place of the residence of
the owner has been made by the clerk; apy
person who has SO produced or caused to be
produced and recorded his bonds, may vote in
person or by proxy. Whoever at any meet
ing two persons 30 demand, the vote upon any
question shall be taken according to interest
one vote being allowed to each one hundred
dollars OF the principal of the bonds At the
first meeting held and called as above provid-
ed, provision shall be made for calling other
meetings, and all further meetings called and
held accordingly, shall be taken to have all the
rights, powers and consequences of adjourn
ments of the first meeting.
5. The bondholders at meeting duly held
under this act, with the concurrence of the
holders of not less than three-fourths of the
amount OF the total principal of the outstand-
log bonds of the Portland & Rochester Rail-
road Company, exclusive of its Indictment to
the City of Portland, may vote to purchase the
interest and title of the City of Portland in
that railroad, and to assess the amount to be
pad therefor upon the persons voting in favor
OF such purchase, in proportion to the amount
OF bonds held by them respectively If any
person 20 voting shall refuse to pay the amount
assessed upon him, any other boDdholder or
bondholders may pay the amount in his stead,
and bs substituted in all his rights and priyi-
ieges under this act, subject to the right of the
person SO refusing to redeem his interest BY
paying INC anountot h.a assessmentwith inter-
est at any time within thfoa years and not
Ao'
6. If 10 pursuance of the power conferrsa h,
the preceding section, the interest of the city OF
Portland is purchased by boudholders, the
amount paid therefor. together with such pei
centage or portion of the total amount of the
mortgage bonds of the Portland and Rochester
Railroad Company, exclusive of interest, as
shall by the purchasing bond-holders be deter
mined at the time of purchase. shall be the
capital stock OF the new corporation, to ba d.
for W hich scrip shall be issued to the parties
entitled. convertible into stock, on the perfec-
ton of the corporation as hereinafter provided;
and treasurer of the cooperating bondholders
shall be chosen to manage their financial mat
ters.
amount paid by each bondholder towards the
purchase OF the interest Of the city of Portland,
which account shall he certified by the treas
1rer to the clerk, and by him entered on the
records any bondholder wishing to participate
10 the benefits of this act, may at any time
prior to the full completion and establishment
Of the corporation in this act provided for, pay
to the treasurer his pro rata proportion of the
amount paid 60 the city OF Portland, with inter-
est from the time of the purchase till he pays,
and shall thereup0n have all the rights and in
terest of an original purchaser; all sums so paid
inal purchasers All right, title and interest of
any b 'ndholder, neglecting or refusing to con-
tribute the just proportion upon any of his
bonds, shall as to such bonds be forever extin.
guished and barred, after the full organization
and establishment of a new corporation as
herein provided.
s Whenever the;bondholders shall have pur.
chased as above provided, the interest of the
city of Portland, they may take possession of
all the property and franchise of the Portland
and Rochester railroad, for the purpose of fore
closure of the mortgages to the city of Port
land, for their own benefit, end shall cause no.
tice thereof to bs recorded In the registry of
deeds in the counties of York and ambsrland,
within thirty days from SO taking possession.
which notice shall be sigued by the clerk aud
treasurer of the bondholders; and they shall
have full power and authority to manage, con-
n the name OF the existing company, and
shall be- subject to and bound by all existing
lawful business contracts of the company.
8. The bondholder in possession shall keep
true and regular accounts of all earnings and
and shall cause to be published
In the State paper, and in one paper
printed in each of the counties of York and
Cumberland, an abstract showing the gross
EARNINGS, the expenditures aud the net |
earnings of the property for the year preceding !
such abstracts. At any time within three |
years from the time when possession is taken,
he railroad company or the stockholders may
redeem the property. by paying to.the persons
q possession, the amount paid to the city of |
with inter est, and the amount due to |
The bondholders on their bonds, principal and |
interest, aud they shall be credited in such |
with the net earnings of the property |
20 the time Of redemption, with interest on the |
let profits shown at each annaa. state nent. If |
within three years from the time of taking |
possession, there is no redemptio the right of
he company and its stock holders to redeem |
!uch property shall be forever .foreclosed, and
he title to the same shall be and become
Ibsolute in the bondholders entitled according
% the provisions of this act to share in the |
anne.
TO- When according to the provisions of
his act foreclosure is complete and absolute,
held, for completing and perfecting their
'rganizat;on into new corporation; at such
Meeting they shall adopt q corporate name,
hoose board of not less than seven directors,
president, who shall ex officio be- one of the
directors, a clerk and treasurer.
IL. The president and directors shall cause
signed and sworn to by them,
citing cut the facts OF the purchase. taking
and that no redemption has taken
'iace, the meeting for organiz alton, the cor
'ofate name adopted, and the names of the |
Ulcers chosen, and the amount of capital |
toCh " uo TtCorueu III tu0 oIuCe Oh Tue
egister of deeds in each of the counties of
York and Cumberland; and copy of such
certificate verified by the registers of both
counties, who shall also certify the record of
he same in their resp ctive counties, shall be
lied in the Office of the secretary of State, aud
he date of such fling shall be certified by the
ecretary on the original.
II. Uoon the fling of the certificate as
provided in the preceding section, the corpora.
ION shall be legally and fully established and
,rganized, and shall have all the franchises,
lights and powers, and subject to all the duties
md obligations provided by law for railroad
corporations in this State.
49, This act shall take effect on its approval