Preamble. Number of shares of stock, to be issued, fixed. Stock, hereto fore issued, to be taken as part of the same. Notes, heretofore issued, to be valid and binding. A certain mort gage, executed by the company, declared valid. No. 623. An Act For the relief of the stockholders and creditors of the Fairmount Passerger Railway Company. WHEREAS, The Fairmount Passenger Railway Company has become greatly embarrassed, by numerous unsettled claims, and complicated legal questions, arising from improvident expenditures, and from misconduct of its former officers, which cannot be determined for many years to come : And whereas, The bondholders, stockholders, and creditors, interested in said company, have, by very general consent, agreed to the terms of a proposed compromise, whereby the difficulties and embarrassments, of said company, are to be adjusted and settled; and it is proper that the litigation, likely to grow out of the complicated affairs of said company, should be avoided and prevented; therefore, SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That the number of shares of stock, authorized to be issued, by the said company, shall be sixteen thousand, and that the shares of stock, heretofore issued, by the said company, and which have been purchased, or hypothecated for valuable consideration, shall be estimated, and taken, as a part of the said sixteen thousand shares, and shall be as good and valid stock, as though the same had been regularly and lawfully issued by the said company. SECTION 2. That all the notes, heretofore issued by the said company, and for which a valuable consideration has been given or paid, shall be valid and binding, upon the said company, to the extent of whatever value has been given, or paid, for the same, with interest, at the rate of six per cent. per annum therefor; and the holders, thereof, shall be entitled to collect and receive that amount. SECTION 3. That the mortgage, heretofore executed by the said company, dated the fourteenth day of January, Anno Domini one thousand eight hundred and sixty-one, in favor of Pearson S. Peterson and John Roache, trustees, and recorded in upon all the property, real and personal, of the said company, shall be valid and binding upon the said company, to the extent, and for the uses and purposes, therein contained, mentioned and set forth; and the lien thereof shall The bonds, is- be held to commence, from the execution and delivery of the sued in pursu- said mortgage. ance of the terms of said SECTION 4. That the bonds, issued by the said company, for mortgage, to be a valuable consideration, under, and in pursuance of, the terms and provisions of the said mortgage, as certified to have been so issued by the said Pearson S. Peterson and John Roache, trus binding upon the company. tees, shall be valid, and binding, upon the said company; and the holders thereof shall be entitled to all the rights intended Rights of the to be secured to them, under, and by virtue of, the said mort- holders thereof. gage, to the extent of whatever value has been given, or paid, for the same, with interest, at the rate of six per cent., per an num, therefor; and the holders thereof shall be entitled to collect, and receive, that amount. adoption or re SECTION 5. That it shall be the duty of the president, and Meeting of directors, of the said company, within twenty days after the stockholders to passage of this act, to call a meeting of the stockholders of the be called, to said company, to be held at the office of the company, in the vote upon the city of Philadelphia, fifteen days after the date of such notice, jection of this for the purpose of taking into consideration the adoption, or act. rejection, of this act of assembly; and, at such meeting, the vote Mode of taking shall be taken according to the number of shares held by each the vote. stockholder, respectively; and if, upon such vote being taken, it shall appear that a majority of the votes, according to the number of shares held by the persons voting, each share being entitled to one vote, shall have been cast in favor of the adoption of this act, then this act of assembly shall be, and become, an amendment to the charter of the said company, and be binding upon the said company, from and after the date of its said adoption. pointment of a SECTION 6. That as soon, thereafter, as it can conveniently A petition, conbe done, it shall be the duty of the president, and directors, of taining statethe said company, to cause to be presented, to the supreme ments and askcourt, for the Eastern district of Pennsylvania, a petition, set- ing for the ap ting forth the names of all the persons claiming to be stock master and exholders and creditors, (whether as noteholders, bondholders, aminer in chanor otherwise,) of the said company, and setting forth the diffi- cery, to be preculties, and embarrassments, existing in the affairs of the said sented to the company, and praying the said court for the appointment of supreme court. some suitable person, with the powers of a master, and examiner, in chancery, for the purpose of taking testimony, and deciding, and reporting, a decree, settling and adjusting the rights of all the parties, both stockholders, and creditors, interested in the said company. SECTION 7. That it shall be the duty of the said person, so Duties and powappointed by the said court, within thirty days after his said ers of the masappointment, to give notice, by a public advertisement, to be ter in chancery published twice, in the Legal Intelligencer, and to be published, appointed. for two weeks, in two daily newspapers, in the city of Philadelphia, of his appointment; and that all persons, claiming to be stockholders, and creditors, whether noteholders, bondholders, or otherwise, are required to appear before him, at a time, and place, to be appointed by him, and present their claims, as stockholders, and creditors, of the said company; and it shall be the duty of the said person, so appointed, to examine the said claims, to take proof thereon, and to determine, and decide, upon the rights of the respective claimants who shall appear before him; and, for those purposes, to adjourn, from time to time, for such period, and so often, as may be necessary, in order to fulfil the duties of his appointment; and, after having fully heard, and determined, the questions, so submitted Decree to be reto him, it shall be his duty to report a decree to the said court, ported. settling, and deciding, who are the stockholders in said com pany, what number of shares of stock each stockholder is entitled to, who are the creditors of the said company, and whether such creditors are noteholders, bondholders, or in whatsoever other manner the said company is indebted to such creditor; that such report, or decree, shall be made, and filed in the office of the prothonotary of the said court; and, unless the same is thonotary, and excepted to, within ten days after it is so filed, it shall become be final, unless final, and binding, upon all parties, or persons, interested in excepted to, within ten days. the said company, without appeal, or writ of error, and shall be conclusive evidence of the fact, and rights of persons, as therein found reported and decreed. To be filed in office of pro Notice to be given of the filing of the de cree. Court to decide upon the excep. tions and refer back to master, with directions to make a final decree. Effect of. bond and note holders to be decreed. SECTION 8. That it shall be the duty of the person, so appointed by the said court, to give notice of the filing of his said decree, for ten days before the same shall be filed, by publication, in two daily newspapers, in the said city, and by one insertion in the Legal Intelligencer, also published in said city. SECTION 9. That it shall be the duty of the said court to examine, and decide upon, the said exceptions, if any such shall be filed, according to the rules of practice prevailing in courts of chancery, in similar cases, coming within their jurisdiction, and to refer the case back to the said master, for further proof, with proper directions to him, or to make, and enter, a final decree, in such form and manner as may be in accordance with equity, and the rights of the parties, and in pursuance of the provisions of this act of assembly; and such decree, when so made, shall be final and binding, without appeal, or writ of error, upon the said company, and upon all parties, or persons, whether stockholders or creditors, interested in said company; and shall be conclusive evidence of the fact, and the rights, and equities, of all persons interested in the said company, as therein found reported and decreed. SECTION 10. That the said master, and the said court, shall Rights of stock, hold, and declare, any stockholder, who has, heretofore, paid valuable consideration for his said stock, to be a stockholder of determined and the said company; and, also, all such persons as have advanced money upon the said stock, and are holders thereof, by pledge or hypothecation, to be such holders; and shall, also, decree the amount due to them, où account of such advance loan, or hypothecation; that all noteholders, and bondholders, shall have their rights, respectively, determined, declared and decreed, according to the amounts, in money, or other valuable consideration, which they have, respectively, given, advanced or loaned, for, or on account of, such bonds, or notes, as they may hold. The receiver to file with the master an ac in his hands. SECTION 11. That it shall be the duty of Joseph J. Sharpless, the receiver of the estate, and effects, of the said company, to file, with the said master, an account, showing the balance of count of balance money in his hands, at such time as he shall be required so to do, by the said master; and it shall be the duty of the said master, to report a distribution of the said balance, after deducting all the expenses, and costs, of the proceedings taken in the said court, as herein provided, pro rata, among the said various creditors of the said company, according to the amounts which may be found, and decreed, to be due, to each, respectively. Distribution among creditors. business of the SECTION 12. That the board of directors elected, heretofore, Board of direeon the twenty-fourth day of March, one thousand eight hundred tors, heretofore and sixty-two, shall take the charge, control and management, of elected, to take all the books and papers of the said company; and after the control of the decree, hereinbefore provided for, shall have been made, the said board of directors shall allow, regulate and control, the issue and transfer of stock in the said company, as so found, and decreed, in the manner provided by the charter and by-laws of said company; and do all other acts, necessary and proper, in the transaction of the business of said company. company. SECTION 13. That all proceedings, in any and all suits now Proceedings, in pending, by stockholders or creditors, whether as noteholders, suits pending, to bondholders, or otherwise, against said company, shall be sus- be suspended pended, until the said decree shall be made; and no suit shall until the decree has been made, be brought against said company, by any stockholder, or cred- and no suits to itor, until said decree shall have been made; but, so soon as be brought unsuch decree shall have been made, all creditors of said com- til that time. pany shall have the right to proceed for the collection of the Proceedings amounts found to be due to them, by said decree, according to thereafter. law; and the suits, now pending against said company, may, thereafter, be proceeded with, in accordance with the rules of law and equity, applicable to the courts in which such suits are pending. JOHN ROWE, Speaker of the House of Representatives. LOUIS W. HALL, Speaker of the Senate. APPROVED-The seventeenth day of July, Anno Domini one thousand eight hundred and sixty-two. A. G. CURTIN. No. 624. An Act To extend and renew the charter of the Columbia Bank. SECTION 1. Be it enacted by the Senate and House of Represen Caves of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same. hat the charter of the Columbia Bank be and the same is aereby extended and renewed for the term of ten years, from the expiration of the present charter, with all its present rights and privileges; and the president and directors shall, within six months after the passage and approval of this act, file, in the office of the secretary of the commonwealth of Pennsyl vania, the within acceptance of stockholders, possessing a majority of shares issued. JOHN ROWE, Speaker of the House of Representatives. LOUIS W. HALL, Speaker of the Senate. APPROVED-The fifth day of January, Anno Domini one thousand eight hundred and sixty-three. A. G. CURTIN. Re-organization. Name. Powers. Subject to. Authorized to al roads. No. 625. Supplement To an act, entitled "An Act to incorporate the M'Cauley Monntain Railroad Company." SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assem oly met, and it is hereby enacted by the authority of the same That Thomas Kimber, junior, and such persons as may be associated with him, in the purchase of the M'Cauley Mountain railroad, under proceedings upon the mortgage executed by the M'Cauley Mountain Railroad Company, in favor of Charles S. Smith, trustee, their successors and assigns, be and the same are hereby created a body corporate, in deed and in law, under the name and style of the M'Cauley Mountain and Black Creek Railroad Company, with power to hold the railroad and its franchises, so purchased, under the same regulations, and restrictions, as are contained in an act incorporating the M'Cauley Railroad Company, approved the fifth day of May, Anno Domini one thousand eight hundred and fifty-four, and subject to the provisions of the third proviso of the act of the nineteenth April, one thousand eight hundred and fifty-eight, entitled "An Act to consolidate the M'Cauley Mountain Railroad Company, with the Columbia Coal and Iron Company." SECTION 2. That the said company shall have the right to conconstruct later- struct, and hold, subject to all the regulations, and restrictions, contained in an act regulating railroad companies, approved the nineteenth day of February, Anno Domini one, thousand eight hundred and forty-nine, and the several supplements thereto, additional or lateral roads connecting said M'Cauley Mountain railroad with other railroads, or with coal, or mineral, lands: Provided, That no such extension, or lateral road, shall exceed eight miles in length: Provided, That the provisions of this act shall not take effect, until said company shall have Proviso. |