The Coconino sun., 1912-10-04

and by readjusting it's capitaliza- tion so as to enable the Committee to make delivery of the preferred stock and common stock as above provided to the Santa Fe Pacific Company and to Depositing Bond- holders; and, in that event, the Railroad Company shall be deemed to be the new railroad company under the foregoing provisions of this plan.
 The Depositing Bopdholders re- spectively authorize the Committee to do all acts and things which the Committee in its discretion may deem necessary for the purpose of carrying out said plan and this agreement. and each Depositing Bondholder for himself but not for the others by the deposit of his bonds, assigns and transfers the deposited bonds to the Committee and the survivor and their or his successors, as joint tenants, and agrees that the Committee shall be vested with all the rights and powers of owners thereof. And without limiting the foregoing general provision, it is hereby ex- pressly declared that the Committee shall be authorized to exercise every power vested in the holders of said bonds; to purchase or other wise acquire or contract for the purchase or satisfaction of any liens upon any part of the mort gagged property or any claims against said Railroad Company, and to compromise with any such lien claimants or other creditors of said Railroad Company; to take any action which said Committee may in its discretion deem proper for the purpose of obtaining, securing or perfecting the title, ownership and possession of said railroad and property of the Railroad Company or any part thereof for the pur- pose of expediting the reorganiza- tion or avoiding litigation; to apply for said purposes the de- posited bonds and any funds raised by the Committee, and to raise all necessary funds upon pledge of the deposited bonds, charging there with the rights of depositors under this agreement and their interest in the new securities to be issued, i, and in general to do whatever in the opinion of the Committee may be judicious or advisable for the purpose of carrying out the fore going plan and this agreement: it being hereby expressly declared that the specification of particular powers herein shall not be con- strued as limiting the general powers hereby granted, and that the exerclse of the powers by this agreement conferred upon the Committee shall be in all respects discretionary With 1t.
 It is, however, expressly under stood and declared that the Com mittee shall not have any power to render any Depositing Bondholder personally liable for any moneys borrowed by the Committee or voluntarily subject any Depositing Bondholder to any personal lia- bility or obligation, but only the property which is the subject mat ter of this agreement may be charged with the liabilities or ob- legations incurred by the Com mittee.
 The amount to be bid by the Committee at any foreclosure or other sale of the railroad or other property of the Railroad Company shall be entirely discretionary with the Committee.
 All bonds and other property deposited win or held by any de- positary hereunder shall be re- ceived and held by such depositary subject to the order and cotnrol of the Committee; and at any time the Committee may appoint new depositary.
 The ommittee may organize the new company proposed to be l formed, in such manner as the Committee shall deem best, and may receive and vote upon the stock of such new company until the same shall be transferred to the parties entitled to receive the same hereunder.
 This agreement is to be opera tive whenever $8O0,0OO par value of such bonds of the Railroad Com pany, or such less amount as the Committee shall deem to be suffi- cient, shall have been deposited hereunder. In case for any reason the Committee shall determine that it has become expedient to attempt to carry out the plan, it