Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1898-11-23

o-stions by the general laws OF this state.
Such corporation is created for the pur-
| pore OF a. gu ring the title to, and owning
nd operau"g the rail- Dads Of the Central
Vermont Railroad company, the Missis
qrci Valley Railroad mpanv. the Bur-
hngton and Lamoil'e Valley Railroad com
pa,y, together with all their property,
equipment and appurtenances, and al: o the
lease of the New London Northern Rail-
road, and the stock of the Montreal and
Vermont Junction Railroad company, with
power, on the approval of its siockhold ers,
to acquire by purchase or lease, and to
operate any other railro ads within or with
out the state.
Section 2. TIE capital stock of the
company h, reby created shall be three m l.
lion dollars, divided into $4,000 shares.;o
800 each. Such stock may be purchased,
owned and voted by citizens or corpora
| lions Ct the United States, or citizens or
corporations OF foreign countries. At all
elections and meetii g. of stockholders,
each share of stock shall be entitled to one
vote, to be cast by person or by proxy
All general laws inconsi tent with the pro
| Visions of this section shall not be held APP
plicable to the corporation hereby created
Section 3. The board Of directors of
said corporation shall consist of not less
than seven nor m re tban,.13 members to
bea elected annually by the. stockholders
and to hold their office until their success
sors are duly elected and qualified. All
such directors must be stockholders of the
corporation and majority thereof must be
citizens and residents of the state of Yer
mont.
Such board of directors shall have and
exercise all 'hH powers of the corporation
and shall elect one of their number presi-
dent OF the board, who shall be president
of the company, and they shall elect a clerk
a, a treasurer who shall be residents Of
this state and such other officers as they
may desire Thew shall make bylaws for
the government OF the corporation and its
officers end. may alter the same at their
pleasure but such bylaws shall not be in
consistent with the constitution and laws OF
this state.
Section A. Whenever the railroads and
other properties of the Central Vermont
railroad company have been sold under the
decree or DEGREES of the circuit court OF
the United States for the district of Yer
mont and such sale has been confirmed, the
corporators named in the firstssection Of
this act or a majority Of them, shall meet
at St. Adams in this state for permanent
organization. Such corporators shall at
such meeting appoint the first board Of
directors and such board shall elect pres
ident. clerk and tre asurer, and such cor
poration shall thereupon be deemed to be
fully organized. 1t shall thereupon be
fully authorized to purchase, own and
thereafter held and operate by steam or
other.ise, and enjoy the several railr oads.
lease-holds, stocks and other properties
specified in the first section of this act. In
payment for the said railroads and other
properties, the corporation hereby create d
is fully authorized to execute and deliver
its full paio capital stock to the amount Of
three million dollars and twelve million
dollars of its four per cent gold bonds, to
be secured by first mortgage on all its
railroads and other property and the in
come thereof and all appurtenances, includ-
ing after acquired property.
Section 5. There shall be delivered
$50. 900 of said bonds, when executed and
certified to D. D. R.nlett, treasurer of the
Central Vermont Railroad Company, or if
he will not accept the trust then to the
Weldon National. bank to .ell on the open
market and pay in full without interest the
unpaid claims and notes due from the Cen
trail Vermont Railroad Company for sup
plies, amounting to the sum of A 1903 dol
lars, as appear by the hooks Of the auditor
of said company and its receivers. Any
funds remaining in the bands OF the trustee
shall be returned to the company hereby
incorporated. There shall be delivered to
said trustee in trust for the settlement in
full of the following notes and demand
against the Central Vermont Railroad
Company, w;
Nellie p Hubbard. note, $15, 900 90
Randolph National bank, note, 5000 90
National Bank OF Redemption,
note, 93,S42. 1O
Weldon National bank, notes, Z 10000 90
Wagner Car company, for car
destroyed, 1000 0C
the following of said bonds, viz:
1. For the Nellie P. Hubbard note
$18,75O. par value of raid bonds.
2. For the Randolph National bank
note, S., 900. par value of said bonds,
| 8. For the National Bank of Redemp.
ton note, $93,S42 10 par value of sad
bonds.
For the Weldon National bark note
$4,000 par value Of said bonds.
5 For the Wagner Car company claim
81 ,000 par value of said bonds.
The remainder of the stock and bonds
representing the purchase money of said
railroads, shall be distributed to the severa
persons and corporations entitled thereto
under the provisions of certain agree
ment in writing dated Boston, September
30, 1898, between the executor of j. Greg
ory Smiths estate, the Grand Trunk Rail
way company, the bondholders' committee
and others. And this grant is accs pied OF
the above conditions. Provided further
that this company shall pay the installmeD
due the equipment bondholders under the
Webb mortgage 1925, 900. and interest due
upon all the bond, due up to the date o
the new Dor DIS provided for iu the torego
ing agreement in cash and shall exchange
new bonds for the equipment bonds, t.
wit $3.50. 900. dollar for dollar.
Section 6. Any company whose rail
road is herein referred to may sell anc
convey, upon such TENS as shall bt
approved by its stockholders, its railrosc
aud franchises to the company hereby
created.
Section Z. This act shall be AIKEN to bt
public act and shall be subject to altera
ton, amendment or repeal, as the pnblic
good NAV REQUIRE. and shall take effsc