The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1881-03-22
City of Portland.
Portland & Rochester Railroad.
SUBSCRIPTIONS FOR STOCK.
DURSUANT to an Act of the Legislature of the
Il State of Maine, true copy of which is as fol-
STATE OF MAINE.
IN THE YEAR OF OUR LORD ONE THOUSAND EIGHT
HUNDRED AND EIGHTY-ONE.
An Act to incorporate the Portland Il
Rochester Railroad.

BE 1T Enacted By the Senate and House of Repre-
sentatires, in Legislature assembled, as toilo,s:
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-
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, as hereinafter provided
or partly by one method and partly by others.
SECTION g. The capital stock of said corporatio
shall not exceed six hundred thousand dollars, di
vided into shares of one hundred dollars each
Notice of reasonable fixed times AMI places for sub
scrption to said stock, which notice shall include
copy of this Act, shall be given by said corpora
daily newspaper published at Boston, Massachu-
setts and in one daily newspaper published at Port
land, Maine, and any person or corporation who is
or may become holder of capital stock, debt or
other securities of the Portland & Rochester Rail
road Company, shall be entitled within six months
from the last publication of said notice. to subscribe
for, take and hold so much of said stock either at
the times and places named in said notice. at the
office of said new corporation as lie will within said
six months pay for in said stock debt, or other
curities 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
said new corporation for one share of its capital
stock.
One hundred dollars of the principal of the float
ing debt of the Portland 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 g. Rochester Railroad
Company, with all unpaid coupons attached secured
by its mortgage dated November third, eighteen
hundred and seyenty-one. duly transferred TO said
new corporation for four hundred and fifty shares
of its capital stock and in that proportion for any
flf enid hn,da a.,1
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
Its 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 sixty-eight under which said city of Portland
advanced sad 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 4. Said corporation its stock property
franchises and other rights shall be subject TO the
same public duties and entitled to the privi.
eges as the stock, property, franchises and other
pany; and said Portland & Rochester Railroad
may, by vote of stockholders, lease all it's railroad
property franchises, privileges and rights, eth
ed said lease shall secure direct payment to every
stakeholder, of dividends not less than three
dollars semi-annualy upon each share, free from
all deductions whatever.
Whenever said new corporation shall have Sc
cured by transfer, majority of any class of stock
bonds or debt OF said Portland & Rochester Rail
road Company, and deems it necessary in order tc
obtain quiet title to the railroad and appurtenan-
ces, property rights. franchises and privileges Of
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 or debt not al
ready acquired by it, upon which bill in equity
issues shal! be made up summarily at nisi prius
to be tried by jury claimed by either party, other
wise by the court at nisi prius and thereupon the
value of said interest shall be determined at mis-
prus subject to all rights of exception and of new
trials to be taken and heard, as in suits at common
law; and the amount awarded with interest from
date of award, shall be paid by said new corpora
persons enttledthereto, and upon said payment intc
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 g. Rochester
Railroad Company, all known holders of the class
of stock or debt in controversy, and if said class
of mortgage bonds the surviving trustees to whom
the mortgage runs; but notice Of the pending oi
said suit shall also be given by such publication a.
may be ordered by some Justice of the Suprem,
Judicial Court, in term time or vacation, and an,
person interested in the subject matter of said sui
may become party defendant therein.
SECTION 5. Nothing in this act shall be con-
strued surrenderng the power to tax the corpora
tion hereby created, or the control of the legsla
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 This bill i'll having having had three several readings
Speaker pro TEN.
IN SENATE,
| Feb. 2, 1881. !
This bill having Lad two several readings, passed
| to be enacted. Jos. A. LOCKE, President.
FEBRUARY. 3, 1881.
HARRIS NJ. PLAIsTED, Governor
porators at meeting legally called and held OF
| the 9Th day of March, A. D., 1881.
Notice is hereby given that books for receiving
subscriptions to stock in said incorporated company
| upon the terms mentioned in the foregoing charter
| will be open during business hours on every da.
from the 22nd day of March to the 2Sth day Q
| September. in Portland, in the State of Maine. a
| the office of George P. Wescott, Number 33 Plum
street, and at the office of the Treasurer of the
Portland & Rochester Railroad Company, at tn,
foot of Preble street; also in Boston, in the Com
monwealth of Massachusetts,, At the office of c. d
| Head and Il. H. Perkins, Number 6S Devonshir
| Street.
PORTLAND & ROCHESTER, RAILROAD,
| by GEO. P. WEsCoTT, Pres't.