The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-01-10

or reasonableness of such order Said
proceedings as to any dam in the
town of Sunderland mcy be instituted
upon the petition of any three free
holders of The towns of Sunderland or
Of Arlington and as to any dam on
any stream flowing through or into
the town OF Woodford by any three
freeholders of the towns of Benning-
ton or Woodford For the purposes
of this section the Governor or Public
Service Commission may employ ex-
pert assistance at the expense of the
State.
Sec. 8. The capital stock of this
corporation shall be fly thousand
dollars, which may be increased by a
majority vote of its stockholders at
any lime to an amount not 10 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 pre-
ferred unless the terms of preference
are definitely stated in the stock GER
tifIcate; nor, in case OF stock issued
upon an increase of capital stock I'M
less its preference is authorized and
approved by vote of two-thirds of the
common stock Issued and outstand-
ing
Sec. TO- In case of an increase in
the capital stock of said corporation,
as provided in the preceding section,
above fifty thousand dollars, said cor
poration shall file certificate there
of 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 certificate is filed and
such fee or tax paid.
Sec. II. The management of the
affairs of said corporation shall be
vested in a board of directors to con-
sist OF not less than five members,
chosen from the stockholders, and a
majority of such directors shall con-
stitute quorum for the transaction
of its business
Sec H. Said corporation may
borrow money, issue its notes or
bonds therefor. and upon vote of its
stockholders, mortgage its property,
rights and franchises TO secure the
payment of such bonds to an amoLlt
not exceeding the amount of its CAPT
tai stock
See. 10. Said corporation shall or
game and issue its authorized CAPT
tai stock in the manner and upon the
terms prescribed by the general laws
of the state IN the case OF corpora
tons organized by voluntary associa
ton it shall he subject to the provi
sions of sections 4241, 4242, ana 4243
of the Public Statutes, it shall in all
respects be subject to the general
laws of the state, shall have all the
rights and privileges given by the Gen
eral avs TO corporations organized
Hereunder and TO corporations ell
gagged in similar business. and shall
be subject to all provisions of No. 116
of the acts OF 1908 and amendments
thereto. except so far as the same
may be inconsistent herewith.
Sec. IA. This act shall be deemed
and taken to be a public act and shall
be within the control of the legislature
at any time to amend or repeal as The
public good may require, and if said
corporation shall not before January
/, 1917 expend at least fifty thousand
dollars in the purchase of property
and rights, or in construction work
for the development in the town of
Sunderland of the power herein au-
thoriLed to be there developed and
within three years from that date sub
stantially complete the development
of said power in said Sunderland.
then this act shall be void so far as it
relates to the development of power
and electrical energy in the town of
Sunderland. and if said corporation
shall not before January 1. 1917 ex-
pend at least fifty thousand dollars
in the purchase of property and rights |
or in construction work for the deyel- |
opment of power and electrical ener- |
gy as herein authorized in the towns
of Woodford and Bennington and with I
in three years from that date sub
stantially complete the development |
of said power in said Bennington and
Woodford then this act so far as Il |
relates to the development of power
or electrical energy in said Benning-
ton or Woodford shall be void; but |
any court in chancery may. upon ap. 4
phcation o. this corporation. extend |
the time for the completion OF this |
work for reasonable cause shown, aud |
the failure OF this corporation to de- |
velop power in part of the territory |