The news-democrat. (Providence, R.I.) 1906-1909, 1908-01-14
Continued from Page One)
TEXT on AGREEMENT

i. hereinafter called the trust coili'
psny'D and all other creditors OF said
Trust company who may become parties
hereto I'm the manner hereinafter pro
yided hereinafter called the Creditors y
OF tho first part. Samuel NJ Nicholson. q
st0ckholder OF said trust company. and
all other stockholders OF said trust com
pany who may become parties hereto In
the manner hereinafter provided therein-
after called the ''stockholders') of the
second part. and the Rhode Island Hos
pital Trust company and Industrial
rrust company. both OF said Providence.
acting as depositaries OF release OF claims
against and evidences OF Indebtedness OF
said trust company. and OF certificates
OF stock OF said trust company hereln'
after called the "depositaries ,, OF the
third part.
wITNEsSETH
Whereas. the trust company has sus-
pended payment and Is nowein the hands
OF receivers appointed by the superior
court OF the state Of Rhode Island. and
A Is deemed desirable that the creditors
and stockholders shall cooperate for the
purpose OF bringing about the reorganlza-
tlon Of and the resumption OF business by
said trust company: and
Whereas. the following plan for such
reorganization and resumption OF busi-
ness is acceptable to said creditors ana
sfockholders:
CHere follows plan In fun as already
printed I'm these colnmns).
Now. therefore, the parties hereto, IN
consideration of the premises and oi the
mutual BENEFITS 10 he derived from sald
rlan and OF the agreements herein con-
fained. respectively agree as follows;
First The creditors severally accept
eaid plan aud all the terms and provi-
sions thereof and will do all In their
power 10 put the same into operation.
They will forthwith execute releases OF
their respective claims against said trust
company substantially In the form OF re-
lease marked Exhibit A. and hereto an
nexed and will deposit with one OF the
depositaries said releases and all evil
dences OF indebtedness OF said trust com
pany held by them respectively. IheS
Will at the request OF the said deposita-
ries, or either OF them. do and perform
any and every act and thing requisite.
necessary or desirable to be done by them
70 carry said plan into effect
Second. The stockholders sevcraily ac-
rept said plan and all the terms and pro-
xas,ons thereof and will do all in their
mower 10 put the same into operation,
They will execute in blank transfers ana
assignments of the stock owned by them
respectively. and Will deposit the cerl-
fIcates. together with such transfers ana
assignments with one OF the depositarlss.
They will execute powers OF attorney 10
Arthur l.. Brown. itathbone Gardner AT,
thur l.. Kelley. Henry ID. sharpe ano
Herbert J. Wells Hereinafter called uae
"votlng trustees'D. and their successors
IN the trust, giving TO them fuli controi
os the stock represented by such certih-
Gates and full authority to vcte the sums
IN such manner as the voting trustees
shall deem TO be necessary or desirable 10
carry said plan into effect. and Will de-
liver the same TO one OF the depositailes
ana will al the request OF the said deposi-
ear1es or either OF them, do and perform
env and every act and thing requisite.
necessary or desirable TO be done by them
70 carry said plan into effect
FORMATION or COMMIT LES
Third The creditors and stockholders
veverally agree that they VIII commit the
determination as TO whether and wheh
said plan shall become operative 70 two
romrittees, on the Receivers Advisory
committees. one the 'Receivers' Advisory
- or as said committee may from
fine 20 time be constituted, as herein
after provided and the other the DE-
positors' Committee" so-called, consist
Ing OF (-), or as said committee may
from time to time be constituted as mere
matter provided. In case OF vacancy IN
r,ther OF said committees tho committee
In which such vacancy shall occur may
All the same and shall give notice
thereof in writing, signed by the chair
man and secretary OF such committee, 10
The depositaries and the voting trustees
A majority OF each committee shall con-
ptitute the quorum thereof and the as
sent OF Mt least the majority of the mem
bers of the committee. given either In
person at any meeting thereof or by
writing subscribed by member not pres
ent at such meeting shall be necessary
to any action OF either committee Any
action taken as aforesaid shall consti-
tute the action OF the entire committee
whenever said committee shall declare
aid plan TO be operative or shall declare
said plan 70 be impracticable notice
thereof shall be given by such committee
10 the deposltaries by writing signed
by all the members OF such committee
who shall have voted TO declare said plan
10 be impracticable. No member OF
either Of said committees shall be I'm any
manner responsible 10 any of the parties
hereto for any act or thing done by him
In good faith. The members OF said COM
mttees and the depositaries, or any or
either OF them, may be or become pecu-
niarily interested In any contract or other
transaction within the scope OF the plan.
or in any manner affected thereby or re-
lated thereto
DELIVERY TO VOTING TRUSTEES.
Fourth The depositaries, but each for
itself only. agree that they will receive
releases OF claims and evidences OF in
nebtednes- and certificates OF stock with
The transfers thereof and powers OF at
torney 10 the voting trustees. and the
pfher deposits 20 be made in accordance
With the terms Of tho agreement. and
will hold the same subject 20 the decision
r said committees as 20 putting sad
plan I'm operation and that in case and
when said plan is declared operative they
rill do and perform all acts and things
requisite and necessary 20 be done by
the INTO put such plan into actual opera
non. and will deliver all releases OF claims
and all evidences OF Indebtedness and cer-
hncates OF stock and transfers thereof
deposited with them 20 said trust com.
pany upon receiving from said trust com
pany certificates 20 be delivered BY ga Il
trust company I'm accordance with the
erns OF said plan and this agreement,
md will deliver the powers OF attorney
n the voting trustees and will when re-
Suested by the voting trustees. deliver
qualifying shares OF said stock TO per-
IONS designated by the voting trustees 20
pe elected directors OF the trust company.
md VIII deliver 10 said creditors and
rockhclders. their executors admins
rators or assigns. the certificates which
hoy are respectively entitled 20 receive
Jnder said plan upon tho irrender OF the
receipts Issued 20 such creditor or stock
holder properly released. providc1 how