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For the relief of the stockholders and creditors of the Fairmount Passen
ger Railway Company. WHEREAS, The Fairmount Passenger Railway Company Preamble.
has become greatly embarrassed, by numerous unsettled claims, and complicated legal questions, arising from improvident ex penditures, 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, Number of That the number of shares of stock, authorized to be issued, shares of stock, by the said company, shall be sixteen thousand, and that the to be issued, shares of stock, heretofore issued, by the said company, and fixed.
which have been purchased, or hypothecated for valuable conStock, hereto sideration, shall be estimated, and taken, as a part of the said fore issued, to sixteen thousand shares, and shall be as good and valid stock, be taken as part of the same.
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 Notes, heretofore issued, to company, and for which a valuable consideration has been be valid and given or paid, shall be valid and binding, upon the said combinding pany, 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 col
lect and receive that amount. A certain mort
SECTION 3. That the mortgage, heretofore executed by the gage, executed said company, dated the fourteenth day of January, Anno by the compa Domini one thousand eight hundred and sixty-one, in favor of ny, declared
Pearson S. Peterson and John Roache, trustees, and recorded valid. 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
SECTION 4. That the bonds, issued by the said company, for terms of said
a valuable consideration, under, and in pursuance of, the terms mortgage, to be binding upon
and provisions of the said mortgage, as certified to have been su the company. issued by the said Pearson S. Peterson and John Roache, trus.
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.
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.
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 state, the 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 apting forth the names of all the persons claiming to be stock master and ex
pointment of a holders 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 pow. appointed 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 stockbolder 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; To be filed in that such report, or decree, shall be made, and filed in the office office of pro
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.
SECTION 8. That it shall be the duty of the person, so apNotice to be given of the fil. pointed by the said court, to give notice of the filing of his said ing of the de- decree, for ten days before the same shall be filed, by publi
cation, 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 esCourt to decide upon the excep
amine, and decide upon, the said exceptions, if any such shall tions and refer be filed, according to the rules of practice prevailing in courts back to master, of chancery, in similar cases, coming within their jurisdiction, with directions and to refer the case back to the said master, for further proof, with to make a final
proper directions to him, or to make, and enter, a final decree, 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 Effect of.
of this act of assembly; and such decree, when so made, sball 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, bond and note
hold, and declare, any stockholder, who has, heretofore, paid holders to be
valuable consideration for his said stock, to be a stockholder of determined and the said company; and, also, all such persons as bave advanced decreed. 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, ou account of such advance loan, or hy. pothecation; that all noteholders, and bondholders, shall bave 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.
SECTION 11. That it shall be the duty of Joseph J. Sharpless, The receiver to file with the
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 in his hands.
do, by the said master; and it shall be the duty of the said Distribution master, to report a distribution of the said balance, after deamong credi.
ducting all the expenses, and costs, of the proceedings taken tors.
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.
master an ac
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 business of the
company. 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.
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 all have been made, all creditors of said com- til that time. pany shall bave 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
LOUIS W. HALL,
Speaker of the Senato. APPROVED— The seventeenth day of July, Anno Domini one thousand eight hundred and sixty-two.
A. G. CURTIN.
To extend and renew the charter of the Columbia Bank.
SECTION 1. Be it enacted by the Senate and House of Represen. staves of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same. that the charter of the Columbia Bank be and the same is sereby extended and repewed for the term of ten years, Trom 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 ma-
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.
To an aot, entitled "An Act to incorporate the M'Cauley Monntain Rail
SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assen
oly met, and it is hereby enacted by the authority of the same Re-organiza That Thomas Kimber, junior, and such persons as may be astion.
sociated 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 Name. the name and style of the M'Cauley Mountain and Black Creek
Railroad Company, with power to hold the railroad and its Powers. franchises, so purchased, under the same regulations, and re
strictions, as are contained in an act incorporating the M'Cau
ley Railroad Company, approved the fifth day of May, Anno Subject to
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." Authorized to
SECTION 2. That the said company shall have the right to conconstruct later. struct, and hold, subject to all the regulations, and restrictions, al roads. 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 Proviso. exceed eight miles in length: Provided, That the provisions
of this act shall not take effect, until said company shall have