The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1912-12-11

lONAS VI kOullQOlld vi VI Alllu5tOn
and as to any dam on any stream
flowing through or into the Town of
Woodford by any three freeholGers
or the Towns of Bennington or
Woodford.
Section 8. The capital stock of
this corporation shall be fifty thous-
and dollars, which may be increased
by a majority vote of its stockllold-
ers at any time to an amount not to
exceed one million dollars Shares
of stock may be issued as preferred
stock both as to dividends and as to
assets upon liquidation either upon
organization or upon increase of the
capital stock, but no stock shall be
in any way preferred unless the
terms of preference are definitely
stated in the stock certificate; nor,
in case of stock issued upon an in
crease of capital stock, unless It's
preference is authorized ana APPROX
ed by vote of two-thirds of the COM
mon stock issued and outstanding.
Section TO- In case of an increase
in the capital stock of said corpora
ton, as provided in the preceding
section. above fifty thousand dollars,
said corporation shall file a certifl-
cate thereof in the Office of the
Secretary of State, together with
such additional fee or franchise tax
as Is provided by the general laws of
the state, and such increase of stock
shall not be valid until such certif-
cate is filed and such fee or tax paid
Section IL. The management of
the affairs of said corporation snail
he vested in a board of directors, to
consist of not less than five mem
bers, chosen from the stockholders,
and a majority of such directors
shall constitute quorum for the
transaction of its business.
Section r. Said corporation may
borrow money, issue it's notes or
bonds therefor, and upon vote. of its
stockholders, mortgage its property,
payment of such bonds to an amount
not exceeding the amount of its
capital stock.
Section IL. Said corporation shall
organize and issue its authorized cap
ital stock in the manner and upo
the terms prescribed by the genera.
laws of the state in the case of cor
porations organized by voluntary as
sociation, it shall be subject to the
provision of Sections 4241, 4242. and
f2f3 of the Public Statutes, it shall
in all respects be subject to the gen
eral avs of the State, shall have all
the rights and privileges given by the
general laws to corporations organi-
yea hereunder and to corporations
engaged in similar business, and
shall be subject TO all the provisions
of Act No. 1l6 of the laws of 1908
and amendments thereto except so
far as the same may be inconsistent
herewith.
Section IA. This act shall be
deemed and taken 10 be a pubic
ac- and construed favorably and
boneticially for all the purposes FOR
which il is granted and shall be with
in the control of the legislature at
eny time to amend or repeal as the
public good may require, and if said
corporation shall not before January
LIST. 1917 expend at least fifty thOus-
and 100000 dollars in the purchase
Of property and rights. or in con-
struction work for the development
In the town of Sunderland of the
power herein authorized to be there
developed and within three years
from that date substantially com
plete the development said power
in said Sunderland, then this act
shall be void so far as it relates to
the development of power and cleo
trical energy in the town of Sunder
land. and if said corporation shall
not before January LIST, 1917 expend
at least fifty thousand (50,000) dol
lars in the purchase of property and
rights or in construction work for
the development of power aud cleo
trical energy as herein authorized
In the towns of Woodford and Ben
nington and within three years from
that date substantially complete the
development of said power in said
Pennington and Woodford. then this
act so far as il relates to the devel-
opement of power or electrical ener-
gy in said Bennington or Woodford
shall be void; but any court in
chancery may, upon application of
this corporation, extend the time for
the completion OF this work for rea-
sonable cause shown, and the failure
of this corporation 10 develop
power in part Of the territory cover
ed hereby, shall not avoid this char
ter nor rescind the rights herein
granted and authorized as to any
power which it shall have already
developed in some other part or
parts OF said territory.
Section 16. This act shall take
effect from its passage.