The Portland daily press., 1881-03-23

Be 1t Enacted By the Senate and House of Repre-
Sentatices, in Legislature assembled, as foiloos:
SECTION l. George P. Wescott, Samuel E. Spring,
Stephen j. Young Frederic Fox, Harrison j. Libby,
John A. Waterman, Nathan Webb and William L.
Putnam their associates and successors are incor-
porated under the name of the Portland & Roches-
ter Railroad, with all the powers and rights, and
subject to all the liabilities and duties of railroad
corporations, as provided by the General Statutes
of this State.
SECTION 2. Said corporation may acquire all the
rights property, franchises privileges and immuni-
ties of the Portland and Rochester Railroad Com
pany in this State, or in the State of New Hamp-
SHIRE by purchase lease, hereinafter provided
or partly by one method and partly by others.
SECTION 8. The capital stock of said corporation
shall not exceed six hundred thousand dollars di-
vided into shares of one hundred dollars each.
Notice of reasonable fixed times and places for sub
scripton to said stock, which notice shall include
copy of this Act, shall be given by said corpora
ton by at least three several publications in one
daily newspaper published at Boston, Massachu-
sets, and in one daily newspaper published at Port
land, Maine, and any person or corporation who is
or may become a holder of capital stock, debt or
road Company shall be entitled within six months
from the last publication of said notice. subscribe
for take and hold SO much of said stock, either at
the times and places named in said notice. or at the
office of said new corporation, as lie will within said
six months pay for in said stock, debt, or other
curites of said Portland Rochester Railroad Com
pany in the following proportions, viz.
Fifty shares of the capital stock of the Portland
& Rochester Railroad Company duly transferred to
Sdlu IeN COrpOrdIlOH Oue SHARE OI us capital
stock.
One hundred dollars of the principal of the float
ing debt of the Portland g. Rochester Railroad Com
pany without charge for accumulated interest,
duly transferred to said new corporation for one
share of its capital stock.
, The four hundred and fifty thousand dollars of
the bonds of the Portland & Rochester Railroad
Company, with all unpaid coupons attached, secured
by its mortgage dated November third, eighteen
hundred and seventy one duly transferred to said
new corporation for four hundred and fifty shares
of its capital stock and in that proportion for any
amount OF said bonds and coupons less than the
whole of the same.
The three hundred and fifty thousand dollars of
the bonds of the Portland Rochester RAILROAD Com
pany with all unpaid coupons attached secured by
It's mortgage dated November first, eighteen hun
dred and seventy, duly transferred to said cor
poration for seventeen hundred and fifty shares of
its capital stock and in that proportion for any
amount of said bonds and coupons last named, less
than the whole of the same.
The seven hundred thousand dollars of debts to
and liabilities assumed by the city of Portland with
interest due thereon, secured by the mortgages of
the Portland & Rochester Railroad Company, dated
June twenty-fourth, eighteen hundred and sixty
seven, and June twenty NINTH eighteen hundred
and sixtyeight, under which said city of Portland
advanced SAID seven hundred thousand dollars duly
transferred to said new corporation for three
thousand one hundred and ninety-one shares of its
capital stock and in that proportion for any amount
Of said last named debts, and liabilities less than
the whole.
Fractional holders shall be entitled to scrip, ex-
changeable on demand for stock, when presented in
sums equal to one share, or multiples thereof
Stock not taken and paid for as above provided,
may be issued for not less than par in cash.
Any corporation created by the laws Of Maine.
New Hampshire or Massachusetts, or by the laws of
more than one of said States, shall have the same
right as any person. to take and hold stock of said
Portland & Rochester Railroad.
SECTION f. Said corporation, its stock, property,
franchises and other rights shall be subject to the
same public duties, and entitled to the same prvi
leges as the stock property, franchises and other
pany; and said Portland & Rochester Railroad
may by vote of stockholders, lease all its railroad,
er Of them to any other railroad corporation provd-
ed said lease shall secure direct payment to every
stakeholder, of dividends not less than three
dollars semi-annually upon each share, free from
all deductions whatever.
Whenever said new corporation shall have Sc
6nG oy deh of s.d 81 any Class Oh
road Company, and deenWft necessary in order to
obtain quiet title to the railroad and appurtenan-
ces property, rights franchises and privileges of
said Portland " Rochester Railroad Company, it
may file bill in equity in either county into which
said railroad extends for the taking and appraisal
OF the interest in said railroad and appurtenances
property, rights franchises and privileges he'd by
any portion of said class of stock debt not al
ready acquired by it, upon which bill in equity
issues shall be made up summarily at nisi prius
to be tried by jury if claimed by either party other
wise by the court at nisi prius, and thereupon the
priuS, subject to all rights of exception and of
trials to be taken and heard, as in suits at common
date of award, shall be paid by said new corpora
ton into court to be distributed by the court to the
persons enttledthereto, and upon said payment into
court, said new corporation shall become the alb
solute owner of all said interest.
Said new corporation shall make parties defend
ant to said bills in equity the Portland Rochester
Railroad Company, all known holders of the class
of stock or debt in controversy and if said class is
of mortgage bonds, the surviving trustees to whom
the mortgage runs; but notice of the pending of
said suit shall also be given by such publication as
may be ordered by some Justice of the Supreme
Judicial Court in term time or vacation and any
person interested in the subject matter of said suit
may become party defendant therein.
SECTION 5. Nothing in this act shall be con-
strued surrenderng the power to tax the corpora
ton hereby created, the control of the legisla-
ture over such corporation.
SECTION. 6. The first meeting of said new cor
poration shall be held at Portland in the County of
Cumberland, in said State of Maine.
SECTION 7. This act shall take effect when ap-
proved.
IN HOUSE OF REPRESENTATIVES,,
This bill having had three several readings,
passed to be enacted. S. C. HATCH,
Speaker pro TEN.
IN sENATE,)
Feb. 2, 1881. I
This bill having lad two several readings passed
to be enacted Jos. A. LOCKE, President.
FEBRUARY. g. 1881.
HARRIS M. PLAIsrED, Governor
Which act has been Duly accepted by. the cor
porators at a meeting legally called and held on
the 8th day of March, A. D., 1881.
Notice is hereby given that books for receiving
subs criptons to stock in said incorporated company
upon the terms mentioned in the foregoing charter
will be open during business hours on every day
from the 22nd day of March to the 2Sth day Of
September, in Portland in the State of Maine. at
the office of George P. Wescott, Number 33 Plum
street, and at the office of the Treasurer of the
Portland s. Rochester Railroad Company, at the
foot of Preble street, also in Boston, in the Com
monwealth Of Massachusetts,, at the office of G. d.
Head and 7. III. Perkins, Number 68 Devonshire
Street.
PORTLAND & ROCHESTER, RAILROAD,
by GEO. p. WEsCOTT, Pres't.
IMPORTED