Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1898-10-20
THE RAILROAD BILL.

Section /. T.. c. Smith. ID. u. Ranett
Charles NJ Hays. Charles Percy. John q.
Mccullough. William Seward Webb. Ezra
II. Baker and Samuel l.. kilncr their as
sociatoS and successors, are hereby Great
ed n body corporate and polite, by the
name of the Central Vermont Railway
company" to possess and enjoy the right
of eminent domain ana all the rights and
powers conferred upon railroad corpora
lions by the general laws OF this Safe.
Such corporation is created Tor me nur-
pose of acquiring the title md owning
and operating the railroads Of the Central
Vermont Railroad company, the Mlssis-
puoi Valley Railroad company, the Bur-
hngton and Lamoille Valley Railroad
company. together with Ill their property
equipment and appurtenanceS, ma also
the lease Of the New London $urthcrn
railroad, and the stock Of the Montreal
ind Vermont Junction Railroad company,
with power on the approval Of it's stock
holders to acquire by purchase or case,
and to operate any other railroads within
or without the State.
Sec o The capital stock Of the company
hereby created shall he three million uol-
lars, divided into thirty thousand shares
of one hundred dollars each such stock
may be purchased, owned ana voted by
citizens or corporations of the United
States. or citizens or corporations Of for
eign countries At all elections and meet
ings of stockholders eaCn share of stock
shall be entitled to one vote to be cast by
person or proxy. All general laws mcon-
sistent With the provisions Of this section
shall not be held applicable to the cotpo-
ration hereby created.
Sec. 3. The board Of directors of said
corporation shall consist Of not less than
seven nor more than thirteen members
TO be elected annually 10y the stockhod-
ers, and to hold their Office until their sue
ccssors are duly elected and qualified. All
such directors must hc stoo kholdcrs # the
corporation and majority thereof must
BE- citizens and residents ~ the State OF
Vermont. Such board of directors snail
have and exercise all the powers of the
corporation, and shall elect one of their
number president Of the board, VINO shall
also he president of the company. and
they shall elect a clerk and n trca 81
who shall be residents Of this state. and
such other officers as they may desire.
They SHALL make bylaws for the govern
mrnt of the corporation and its officers,
and may alter the same at their plea sure,
but such bylaws snail not be Inconslstcn,
with the constitution and laws of this
State,
Sec. l. Whenever the railroads AMI 9TH
er properties Of the Central Vermont Rail-
road company have been sold under the
decree, or DEGREES OF Tho Circuit Court, o!
the United States. FOR the district NJ Yer
mont, and such sale has been confirmed
the cCrporltors named in the ,irst section
of this act, or n majority of them, shall
meet ut st, Adams in this
State for permanent organization
Such corporation shall at sucl
meeting appoint the ilrst beard OF
directors, and such board shall elect
president, clerk ana treasurer, and sucl
corporation shall thercupon be deemed I,
be fully organized, II shall thorcupon IN
fully authorized to purchase, own am
thereafter hold and operate by steam oil
otherwise, and enjoy the several railroads
leascholds, stocks and other properties
specified in the first section Of this act
In payment for the said railroads an,
other properties the corporation hcrcb!
created is fully authorized to execute an,
deliver its full paid capital stock To tn
amount of three million dollars, an,
twelve million dollars of its 4 per cent
gold bonds TO be secured by first mort
gage on all It's railroads and other proper
ty and the income thereof and all equip
mcnt ana appurtcnances included afte
acquired property,
Sec D. The stock aS'S eurds representing
ISe niiss=2s~-o money of said railroads shall
ro distribute to The several persons ant
corporations entitled thereto under tn
provisions of a certain agreement in writ
ing dated Boston, September 70, 1895, ne
tween the executors of j, Gregory Smith
estate, the Grand. Trunk Railway com
pany the bond holders committee ant
condition.
Sec. D. Any company whose railroad /
hereto referred to may sell and convc,
upon such terms as shall be approved b.
its stockholders, its railroad and fran
Chses to the company hereby created.
Sec. Z. This act shall he taken to be
public act and shall be subject to altera
ton, amendment or repeal, as the publ
good may require. and shall take effec
from its passage.
ATTORNEY GENERAL.
The most important bin which appeare
during the morning session was an &C
.'creating the Office OF attorney genera
and defining the duties OF the same" tn
bin was introduced in the House by MI
Butterfeld of Derby and in the Senat
by Senator Smith of Chttenden, 1t pro
vdcs for the appointment Of an attorne!
GENERAL by the Supreme Court, to he com
nissioned by the governor. to hold his Of