Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1898-10-21
THE LEGISLATURE.
FIFTEEN MILLION DOLLARS
Involved in Most Important Bill
of the Session.
Il Relates TO the Central Vermont Rail-
way--May Dispose ofthe Grand Trunk
BugbeRr--Senator Proctor Reelected.
MONTPELIER, Oct. Is

q
single bill is something the Vermont legis-
lature does not often have to do with, but
that amount is in question in the bill in
troduced in the lower house today by Mr.
| Wall of Randolph, IAN act to incorporate
the Central Vermont Railway company"
1t is without doubt the most important
bill of the session and taken in connection
with this weeks sale of the Rutland rail
road 1t involves the business interests of
almost the whole of Vermont. 1t is the
outgrowth of the plans for the re0rganiza-
ton of the Central Vermont, but it is con-
deeper meaning.
The sale of the Rutland road was to
trio composed of w. Seward Webb, p. w.
Clement and w. X. Vanderbilt, but it is
admitted that Webb is the controlling fac
tor. 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 event
ualy will be in full control The belief
| gives universal satisfaction here as it dis
poses of the Grand Trunk bugbear The
complete text Of Mr.. Wallis bill introduced
this afternoon is as follows:
Section lie. c. Smith, D. D. Ranett,
Charles NJ Hayes, Charles Percy, John G.
Mccullough, William Seward Webb, Ezra
Baker and Samuel L. Kilner, there asso-
ciates and successors, are hereby created a
body corporate and polite, 5y the name of
ID T....
to possess and enjoy the right of eminent
domain and all the rights aud powers con-
fprred upon railroad corporations 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 Missis-
quot Railroad company, the Burlington
and Lamolle Valley Railroad company,
together with ali their property, equipment
and appurtenances, and also the lease of
the New London Northern railroad, aud
the stock of the Montreal and Vermont
junction Railroad company, with power
on the approval of its stockholders TO ac-
quire by purchase or lease, and TO operate
any other railroads within or without the
state.
Section 2-The capital stock of the
company hereby created shall be three mil
lion dollars, divided into thirty thousand
shares of one hundred dollars each. Such
stock may be purchased, owned and
} voted by citizens or corporations of the
4 United States, or citizens or corporations
, Of foreign countries At ak elections and
meetings of stockholders each share OF
stock shall be entitled to one vote 10 be
cast by person or by proxy. All general
s laws inconsistent with the provisions Oh
this section shall not be held applicable "a
the corporation hereby created.
Section 3.-The board of directors oi
said corporation shall consist of not less
e than seven nor more than 13 members to
q be elected annually by the stockholders
[ and TO hold their office until their success
. sors are duly elected and qualified. Al
. such directors must be Stockholders Of tht
- corporation and q majority thereof mus
y he citizens and residents of the state o
y Vermont Such board of directors shal
n have and exercise all the power of The cor.
r. p0ration, and shall elect one of their mem
bers president of the board, who shall alsC
be president of the company, and the,
s. shall elect clerk and a treasurer VIII,
shall be residents of this state, aud suci
, other officers as they may desire. The
sh Ill make bylaws tor the government o
the corporation and its officers, and ma
u alter the same at their pleasure, but sucl
IS bylaws shall not he inconsistent with tn,
II constitution and laws of this state.
IS Section Whenever the railroads an,
a other properties of the Central Vernon
= Railroad company have been Sold unde
" The decree, or decree.o the circuit court o
< the United States for the district OF Yer
e mont, and such sale has been cOniirme,
"a The coFporators named in the first section
e of this act, or majority of them, shal
. meet at st. Albans in this state for tn
permanent organization. Such corpora
= tors shall at such meeting appoint the frs
e board of directors, and such board shal
e elect a president, clerk and treasurer, anC
a such corporation shall thereupon b.
a deemed to be fully organized. 1t shal
= thereupon be fully authorized TO purchase
. own and thereafter hold and operate BY
d steam, or otherwise, and enjoy the sew
Q eral railroads, leaseholds, stocks and othel
properties specified in the first section O
this act. In payment foT the said rail
roads and other properties the corporation
e hereby created is fully authorized to exc
cuSe and deliver its full paid capital stocL
! to the amount of 81, 900, ,000, and $12, 900,
600 ,ot its four per cent gold bonds 10 bl
. secured by first mortgage on all its rail
roads and other property, and the income
thereof, and all equipment and appurle
nances including other acquired property
Section 5.-The stock and bonds repre-
senting the purchase money Of said rail
roads shall be distributed to the severa
persons and corporations entitled thereto
under the provisions of certain agree
ment in writing dated Bostcn, Sept. 20
1898, between the executors of j. Gregory
Smiths estate, the Grand Trunk Railway
company, he bondhOlders' committee and
others, and this grant is accepted on thai
condition.
Section 6.-Any company whose rail
road is hereto referred to may sell and con.
vey upon such terms as shall be approved
by its stockholders, its railroad and fran.
chses to the company hereby created.
Section This act shall he taken to be
public act and shall be subject to altera,
tion, amendment or repeal, as the public
good may require, and shall take effect
from its passage.
The railroad bill has killed general in,
terest in other matters and the reflector
Of Senator Proctor proves only an ordina