Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-01-24

er OF them subject however to the out
standing bonds and other Indebtedness
OF either of said merged railroad COM
panias existing at the time OF such
merger. which said Maine Central
Railroad Co. shall assume and pay;
and said Maine Central Railroad Co.
shall also be subject to all of the iu-
ties. restrictions and liabilities to
which tine said above named railroad
shall then be subject by reason of any
charter, contract or general or special
law. or otherwise; and the capital
stock of the above named companies
owned by said Maine Central Railroad
Co. shall be cancelled upon the COM
pletion of said merger as provided un-
der the terms of this act except as
hereinafter provided:
Said merged corporations shall sew
orally be regarded as subsisting so far
as may be necessary for the protection
of creditors or mortgages and for the
purpose of giving any deeds. assign
ments. transfers or eonveyances which
nay be necessary or advisable to con-
firm and complete the title OF the
Maine Central Railroad Co. to all the
property. rights and franchises merged
in it under the provisions of this act:
and 10 shares Of the capital stock Of
each of the said merged corporation
shall be retained by said Maine Gen.
tral Railroad Co., without cancellation
for a sufficient length of time. to carry
out the foregoing purposes.
The Maine Central Railroad Co.
shall pay FIR all of the stock issued
and outstanding in either of said COR
poratians not owned by 1t, to the hold.
ers thereof, Just and reasonable val
Nc for SAID stock, and in case said
stockholders, Or any of them, shall fail
TO agree with said Maine Central Rail-
road Co. upon such value. the same
shall be dat Arlniled by any Judge OF
the supreme judicial court upon petit
ton presented by any stock holders o.
the Maine Central Railroad Co. with
in &C days after said merger takes
effect. and upon notice and hearing.
Upon the payment of the amount SO
determined each stockholder shall
transfer to the Maine Central railroad
company the stock held by him under
such order and upon such terms as tho
Judge shall award upon petition.
All proceedings, suits at law or in
equity WHICH may pc peIidii6 a. SAC
time of such transfer and merger to
which the above named companies
may be party may be prosecuted, or
defended by the Maine Central Rail-
road Co.. as if such merger had not
been made. All claims, contracts.
rights and causes of action. of OF
against said above named companies
or either OF them may after such
transfer and merger. be enforced by
an action begun or prosecuted by OF
against the Maine Central Railroad
Co. and all the duties imposed by law
OF. contract on said merged companies
shall become duties of the merging
corporation. ~
In Section it is provided that the
capital stock of the Maine Central
Railroad Co. is authorized to- be OF
such amount as may be fixed from
time TO time by the stockholders. but
in no event shall any such. capital
stock he issued for less than par IN
cash paid into the treasury OF the
company or in property certified by
the railroad commissioners as OF q
value at least equal to the par value
of the stock issued therefor, in ex-
change at par for the stocks OF other
companies purchased under the pro-
visions Of this act, and to an amount
not exceeding the authorized oatstano-
sing capital stock of said companies 50
purchased.
CONTINUED on Page Five.)