The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-02-11
THE AGREEMENT HERE.
COPIES OF TEE TERMS OF DEPOSIT
HAVE ARRIVED.

A~HS the OnQerBS6u0luA OSpOSA-
tors Must Have About the Reorgsni-
cation Plan-The Committee's Full
! Powers Under the Agreement
=Explicitly Stated.
Copies of the reorganization agreement
OF the Central railroad and its allied prop
critics have been received by Garrard, Mel
drim az Newman, counsel TO the committee
on reorganization in Georgia. These copies
viii be distributed TO the different banks
the board of trade, the cotton exchange
and at other public places, where they may
be examined by parties interested. Copies
can also be had on application to the atsor-
neys Garrard, MeIdrim g. Newman.
The agreement will prove a most inter
eslng document to all holders OF Central
stock and securities and others interested in
central railroad properties. 10 is between
tnree parties. The depositors are the parties
OF the first part, each depositor becoming a
party 70 the agreement; the committee OF re-
organization, H. B. Hollius, Louis Fitzger-
eLo, Emanuel Lehman, E. Rollins Morse,
James L. Woodward, James Stillman, C..
II. Phinizy, E. K. Denniston and F. NJ.
Colston, constitute the party Of the second
part, and the Mercantile Trust Company is
the party of the third part.
LENGTHY DOCUMENT.
There are twelve articles to the agree
ment The first article is the most lengthy
| and the most important Every holder of
securities depositing under the agreement,
| In 30 doing accepts the agreement and be-
comes party to 1t. Articles A, B and G
OF the first section are of interest. They are
as follows:
C1,) A printed copy Of this agreement, sub
scrloed by the members Of the committee and
SAID trust company, and lodged with said trust
company at its office in the city OF New York,
shall be held and taken as the original agree
Inent. Every deposit Of securities hereunder,
| and the receipt Of a certificate or certificates
therefor, shall constitute full acceptance of
Ghls agreement by the depOsitor, and after each
deposit hereunder the trust company may, in
us discretion, add to thus agreement the name
OF such depositor, and the amount and Kind of
securities deposited as further evidence of the
| depositor's acceptance hereof.
% When such deposit shall have been re-
celVea, the holder of such certificate, or any
certificate or certificates substantially similar
| issued in lieu thereof or in exchange therefor,
as registered on the books of the trust company,
shan be- entitled to have and exercise all the
rights OF the deposition of the securities emu
nerated IN such certificate, and be bound by all
Obligations Of the original deposition.
Co ~ appropriate terms in the certificate,
the holder thereof shall be notified of this agree
ment so as to be bound by it with the same
force and effect as though an actual subscriber
hereto; and each depositor and each certificate
securities the securities TO which he will be en-
titled by the terms of this agreement when the
plan shah have been declared operative as to
thst class OF securities deposited by him.
THE COMMITTEES POWER
The committee is given the fullest power
with regard to the reorganization. Among
other things it is empowered to use and dis
pose Of any Of the securities deposited
toward the payment Of any bid at any Judi
nj a Nr of no
ested and to settle, compromise, adjus or
provide for the liquidation of past due
interest on the securities or past due rentals
| on leases OF properties covered by the plan
| of reorganization; also, 10 cause to be reor-
gained a railroad corporation under
the laws of Georgia, as set
forth in exhibit A, to take
to transfer to the new CORPORATIONS all of
| the properties placed under It's charge and
| to make distribution of the new securities
provided for by the plan of reorganization
as specified in the plan.
Section 4 provides that the committee
may allow its members suitable compensa-
| ton for their services and may employ
counsel agents, clerks and assistants, and
| allow them suitable compensation out of
the securities OF the rev company set forth
! In exhibit A, provide for the payment of
any compensation authorized and the neces-
sary expenses of the company.
HOW MONEY CAN BE RAISED.
The fifth section provides that
The committee shall have power after it shall
have declared the aforesaid plan or any plan as
herein provided, operative, to raise money In
and about the execution of said plan and Is
hereby authorized to pledge for the repayment
thereof any all of the securities deposited
hereunder which may be covered by the plan
which is declared operative and which loan
shall, in the opinion of the committee be for
the benefit OF the property represented by the
securities pledged; but such action on the part
| of the committee shall first be approved In
writing by the president Of the trust company.
The sixth section is important, 1t pro-
vides that:
The committee may at any time, with the
like approval provided for in the fifth paragraph
| of this agreement, make any change in or
amendment Of or addition to said plan of reor-
| ganization without the consent of the depos-
| ttor, provided, however, that he shall have the
right within ten days after notice of aid change
| to be given by advertisement for five consecu-
| tive days in two newspapers published in the
city of New York. and for like period In one
newspaper published in the city of Savannah
Georgia, to withdraw his deposited securities
on surrender of the certificate or certificates
representing the same duly Endorsed.
WHEN THE INTEREST BEGINS.
The interest on the first mortgage bonds
to be issued by the new company is to be-
gin to run from July /, 1898.
The committee agrees to use its best
efforts to csrry the plan into effect, but
assumes no personal responsibility for the
| execution thereof, and mo member Of the
committee" it is stated, "shall be liable for
| the conduct, omission OF default of any
| other member
A syndicate is to be formed to carry out
the plan of the agreement aud to secure and
guarantee the same on such terms as the
committee may approve, and any or all OF
the members of the committee may become
parties to the syndicate.
The time for the deposit Of securities Is
| limited 70 April l, but the committe re-
serves the right to make extensions of the
| time to the whole or to any particular class
of the securities it is proposed to include in
the plan.
-@If, after making the effort, she commit
tee is convinced that the plan of reorgani-
cation contemplated cannot be carried into
effect, il is to give notice to the receiver
| declaring the plan imperative, whereupon
the trust company is to give notice Of its
readiness to return all securities deposited
in exchange for the deposit certificates and
to make such return without cost to the
depositors.
THE FORM OF CERTIFICATE.
Form Of the certificates to be issued upon
receipt of stock and bonds are given. The
certificates read as follows:
CERTIFICATE OF DEPOSIT OF srocK.