Book Description

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1894 edition. Excerpt: ... improvements upon the Lessor's property not provided for in the preceding paragraph, if made by the Lessee's Directors with the assent of the Directors of the Lessor, or, in case of their disagreement, decided by the Railroad Commissioners of Massachusetts to be necessary and proper, shall be paid for from time to time by the issue and sale in accordance with the statutes of Massachusetts of additional stock or bonds of the Lessor as the Lessee may from time to time request. Stock issued or sold as herein provided after the inception of this lease shall, from the time of such sale or issue, be deemed part of the Lessor's capital stock within the provisions of Article I, Section 3, hereof, and be entitled to quarterly dividends at the same rate and in the same manner as stock of the Lessor outstanding at the inception of this lease. Bonds issued as herein provided after the inception of this lease shall be scheduled and the interest thereon paid as part of the Lessor's indebtedness under and pursuant to Article III hereof. The indebtedness of said Lessor as scheduled, including the bonds of the Vermont and Massachusetts Railroad Company payable under its lease to the Lessor, shall be renewed by the Lessor, with the aid of the Lessee, as the same matures, and the whole or any portion thereof shall, at the request and under the direction of the Lessee, be refunded at such time or times and at sucli rate of interest as may be approved by the Lessee. Any benefits from reduced rates of interest consequent upon such renewal or refunding of the indebtedness of the Lessor or of any of its leased or operated lines shall enure to the Lessee. All premiums obtained from the sale of bonds of the Lessor issued hereunder to renew or refund the Lessor's...