Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1890-07-11
Clinoh Valley News.
FRIDAY, JULY11, 1890.
v,.IRJGWIA'S DEBT.

Oh Inc NSi'' Nep'' Hufc HStceu 10
recomy@nd the following, which is
prefyed with preamble, containing
pDmber of whcrcascs
I'irst-The following gentlemen
4, Tvo consented to act rs IN Advisory
}1rd for the creditors i'll this behalf,
Nrit: Grover Cleveland, Thomas
4. Bayard, Edward J. Phelps, Geo.
S. Coe, Geo. &. Williams.
Tho duty and function of said Adj.
visory Board is to examine such
plans or propositions of adjustment
rs may be formulated and proposed
by the Bondholdcrs' Committee rep
rcsenting tho holders of the obiga
tons of Virginia, which shall he sub
mitted to it in accordance with the
terms of this agreement, and to state
its approval and recommendation or
the contrary. It's approval and rec
ommendation of any clan shall be
unanimous and Ill writing.
Vacancies in the Advisory Board
shall be filed by the remaining mem
bcrs.
Socond-Thc duty and function of
said Bondholdcrs Committee sLall
be:
L. To bring about deposit of said
obligations of Virginia under this
agreement, so far as possible,
.. To formulate plan of settle
ment, and after same has been APP
proved by the Advisory Board
cause tho same to be submitted to
tho creditors and Virginia for their
acceptance, us herein provided.
3. To act rs the agent Of the dcpos
ltinS creditors III carrying out the
purposes OF this agreement
Aud power is hereby given to said
committee TO contract with any in.
dividual, syndicate or corporation in
relation hereto, and generally to do
OF perform any act necessary or prop.
CT to accomplish said purposes and
add TO its number.
Tho members of said committee
shall mot be personally liable in any
'oass for the uc!s of each other, nor
Tor theM'own acts, except III cases of
wilful mnlfensancc, nor shall thov be.
come personally liable for the acts OF
their agents OF employees.
The action of Il minority of said
Bondholdars' Committee shall con
'stitute the action Of tho whole, and
may bs expressed by vote OF i'll writ
;ingsu9lllId
2. 9s93V'ldea6cies III tho Bondholders'
: iiqsas%SiMIift tteee;}shall BE filled l,y the re
1 : a.. Either &c l,A=:tsory herein
named receiving on deposit here I'M
der my evidence Of said debt, shall
Issue therefore its certificate of dc
post. The certificates for Consn!
and Ten Forty Coupon Bonds Shall
s'be negotiable and uniform in char
ncter, and those issued by ,lcpositu.
ries in America snail he engraved in
accordance with the requirements of
the New York Stock Exchange. The
certificates shall DO issued in such
forms as Tho Bondholdcrs' Committee
shall approve.
Fourth-Subjcct to the rcsiric-
Ions nerc, mentioned; ,, ihn E L u eiOr
holders Committee Shall have fall
power to perform any net necessary
Or proper 10 bring about II settle
ment Of the respective claims Of thu
depositors against Virginia us rep
resented by the obligations deposit
ed.
Provided, that no settlement can
be concluded unless it has been pre-
viously unanimously approved and
recommended by the Advisory Board
md also been submitted to the cred
itors, and accepted ms follows, to.wit
l. AS soon as aplan Of settle
mcnt has been approved ant
recommended by tho Advisory
Board, the Bondholdcrs' Com
mittec, before proposing sucl
settlement to Virginia, shall al
vertise for at least twenty day.
in one or more of the ncwSpa
pers published in the cities O
London, New York, Baltimore
and Richmond, that settlement
found practicable has been form
ulatcd, and notifying parties il
interest where copies of sue!
4 a