Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1898-10-31
FIFTEEN MILLION DOLLARS
INVOLVED IN MOST IMPORTANT
BILL OF THE SEASON.

in single bill is something the Yer
mont legislature does not often have to
do with, but that amount is in ques-
er house by Mr.. Wall of Randolph,
can act to incorporate the Central
Vermont Railroad company"
It is without doubt the most i'm
portant bill of the session and taken
in connection with the sale of the
Rutland railroad it involves the bust
ness interests of almost the whole Of
Vermont. It is the outgrowth of the
plans for the reorganization of theCen-
trail Vermont. but it is confidently be-
lieved here to have a much deeper
meaning.
Col. Webb is one of the incorporators
of the new Central Vermont and that
and other things lead to the belief that
the Vanderbilt interests have taken
hold of the railroad tangle here in
Vermont and eventually will be in in
full control. The belief gives univer-
sal satisfaction here as it disposes of
the Grand Trunk bugbear. The COM
plete text of Mr. Wallis bill introdnc
ed is as follows:
Section lie. c. Smith, D. D. Ranlett,
Charles NJ. Hayes, Charles Percy, John G.
Mccullough, William Seward Webb, Ezra
| Baker and Samuel E. Kilner, are hereby
created a body corporate ard polite, by
the name Of the Central Vermont Rail-
way Company" to possess and enjoy the
right of eminent domain and all the rights
| and powers conferred upon railroad COR
porations by the general laws of this state.
Such corporation is created for the pur-
pose of acquiring the title to and owning
and operating the railroads of the Central
Vermont Railroad company, the Missisquoi
Railroad company, the Burlington and
Lamoille Valley Railroad company, togeth-
er with all their property, equipment and
appurtenances, and also the lease of the
New London Northern railroad, and the
stock of the Montreal and Vermont juno
tion Railroad company, with power on the
approval of it's stockholders to acquire by
purchase or lease, and to operate any other
railroads within or without the state.
Section 2.-The capital stock of the COM
pany hereby created shall be three million
dollars, divided into thirty thousand shares
of one hundred dollars each. Such stock
may be purchased, owned and voted by cit
zens or corporations of the United States,
or citizens or corporations of foreign coun-
tries. At all elections and meetings of
stockholders each share of stock shall be
entitled to one vote to be cast by person
or by proxy. All general laws inconsistent
with the provisions of this section shall
not be held applica bic to the corporation
hereby created.
Section 3.-The board OF directors of said
corporation shall consist of not less than
seven nor more than thirteen members to
be 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
Vermont. Such board of directors shall
have and exercise all the power Of the cor
poration, and shall elect one of their mem
bers president of the board, who shall
also be president fthe company, and they
shall elect a clerk and a treasurer who
shall be residents of this state, and such
other officers rs they may desire. They
shall make bylaws for the government Of
the corporation and its officers, and may
alter the same at their pleasure, but such
bylaws shall not be inconsistent with the
constitution and laws OF this state.
Section 4.-Whenever the railroads and
other properties of the Central Vermont
Railroad company have been sold under
the decree, or decree of the circuit court
Of q Stcto for n ri0 of IF
mont, and such sale has been confirmed,
the corporatOrs named in tie first section
of this act, or a majority Of them, shall
meet at St. Adams in this state for the per-
manent organization. Such corporators
shall at such meeting appoint the first
board of directors, and such board shall
elect a president, clerk and treasurer, and
such corporation shall thereupon be deem
ed to be fully organized. It shall there
upon be fully authorized to purchase, own
and thereafter hold and operate by steam,
or otherwise, and enjoy the several rail-
roads, leaseholds. stocks and other proper
ties specified in the first section of this act.
In payment for the said railroads and
other properties the corporation hereby
created is fully authorized to execute and
deliver its full capital stock to the amount
of SO, o00 900, and So, 900, 900 of its four per
cent gold bonds to be secured by first
mortgage on all its railroads and other
property, and the income thereof, and all
equipment and appurtenances including
other acquired property.
Section 5.-The stock and bonds repre-
senting the purchase money of said rail
roads shall be distributed to the several
persons and corporations entitled thereto
under the provisions of a certain agree
n1ent in writing dated Boston, Sept. 90,