raising money bequest of by the town of Wakefield between the first day of April, relative to SECTION 2. This act shall take effect upon its passage. AN ACT AUTHORIZING THE NEW YORK AND NEW ENGLAND RAIL- Be it enacted, etc., as follows: Sweetser, Chap. 85 ceeds of sales future liabilities, bonds as collateral security. SECTION 1. The New York and New England Rail- May use proroad Company is hereby authorized, in addition to the for present or existing authority, to use the proceeds of the sales of the or may use second mortgage bonds of said company, authorized by chapter two hundred and forty of the acts of the year eighteen hundred and eighty-two and not yet issued, for the purpose of paying any present or future liabilities of said company, or to use said second mortgage bonds as collateral security for money borrowed for that purpose. preferred stock, fifty thousand SECTION 2. Said railroad company is authorized, by May issue vote of a majority in interest of its stockholders present not exceeding and voting at a meeting duly called for that pur- shares. pose, to issue not exceeding fifty thousand shares of preferred stock of the par value of one hundred dollars each, the holders of which shall be entitled to receive out of the net earnings of the company dividends of seven per cent. per annum, the same to be paid in semi-annual instalments in such sums as the directors of said corporation may determine; and, if the net earnings of any year shall not be sufficient to pay said dividends, the same shall be To be paid for in cash, or in cash and common stock. Common stock taken in pay. ment to be cancelled. Owners of preferred stock to have same rights of voting, etc., as owners of common stock. Rights of second mortgage bond holders not to be impaired without their consent in writing. Consent of the Commonwealth not implied. P. S. 112, §§ 58, 59, and P. S. 105, § 20, preferred stock. not to apply to Subject to acceptance at a meeting called within one year. cumulative and payable out of the net earnings of any subsequent year, but without interest; said dividends and accumulations to take priority over the dividends on all other stock of the company, until, in addition to said dividends on said preferred stock, there shall be paid an equal dividend upon the common stock, after which any dividend declared by said company shall be divided equally between said preferred and common stock. SECTION 3. Said preferred stock may be paid for wholly in cash or by payment of fifty dollars in cash and two shares of the common stock of said company for each share of preferred stock. SECTION 4. Said common stock taken in payment for said preferred stock shall be immediately cancelled when received by said company. SECTION 5. Owners of said preferred stock shall have all the rights of voting and transfer which are or may be enjoyed by the owners of said common stock, and said preferred stock shall be counted with the common stock in all questions of majorities and quorums. SECTION 6. No legal or equitable right of any holder of any second mortgage bond heretofore issued under the authority of chapter two hundred and forty of the acts of the year eighteen hundred and eighty-two, shall be in any way affected or impaired by the provisions of this act or by the issue of any bonds hereafter to be issued under the same, until he shall have signified his consent to the provisions of this act by filing such consent in writing with the trustees under said mortgage, specifying therein the numbers and amounts of the bonds held by him, and by endorsement of such consent on said bonds. The consent of the Commonwealth as a holder of said bonds shall not be implied by the passage of this act, but may hereafter be given by the treasurer of the Commonwealth, with the approval of the governor and council, when in their judg ment the interests of the Commonwealth require it. SECTION 7. The provisions of sections fifty-eight and fifty-nine of chapter one hundred and twelve, and of section twenty of chapter one hundred and five of the Public Statutes, shall not apply to the shares of preferred stock which may be issued under this act. SECTION 8. This act shall take effect on its acceptance by the stockholders of said railroad company at a meeting called for that purpose, provided such meeting is called within one year from the passage of this act, at which AN ACT TO AMEND THE CHARTER OF THE CITY OF CHELSEA RE- Be it enacted, etc, as follows: Chap. 86 be elected to years. SECTION 1. The assessors to be elected in the city of Assessors may Chelsea during the current year shall be elected to serve serve three one for one year, one for two years and one for three years, and until their successors are elected and qualified; and thereafter the city council shall annually elect an assessor to serve for three years and until his successor shall be elected and qualified. Any vacancy occurring in the Vacancy. board of assessors may be filled at any time, and the member so elected shall hold office only for the unexpired term of the member who has ceased to hold office. SECTION 2. All acts and parts of acts inconsistent Repeal. herewith are hereby repealed. accepted within SECTION 3. This act shall take effect upon its passage Void unless but shall become void unless accepted by the city council thirty days. of Chelsea within thirty days thereafter. Approved March 17, 1884. AN ACT TO AUTHORIZE THE INCORPORATION OF THE MEIGS ELE Chap. 87 VATED RAILWAY COMPANY. Be it enacted, etc., as follows: Railway SECTION 1. Joe V. Meigs, William S. Butler, William Meigs Elevated A. Russell, Roland Worthington, Thomas W. Pierce, Company. Henry Hastings, Nathan Appleton, Franklin E. Gregory, Edgar E. Dean, George A. Alden, George E. Harrington, Frank Jones, J. W. Johnson, George J. Carney, Charles E. Powers, their associates and successors, may associate and become a corporation as the Meigs Elevated Railway Company in the manner provided by chapter one hundred and thirteen of the Public Statutes and acts in addition thereto, subject to all the duties, restrictions and liabilities contained therein, so far as the same can be applied thereto, except those parts referring to the "gauge" of the road, the amount of its capital stock, and the manner of paying in the same, for the purpose of building, maintaining and operating an elevated railway between some point Between Comin the city of Cambridge and Bowdoin Square in the city Bowdoin of Boston. The location of said road across the Charles Boston. bridge and Square in Location of road. Proviso. Capital stock to be not less than $100,000 for each mile of road. Location of tracks may be granted or refused by aldermen of city where location is asked. River shall not be south of the southerly line of West Boston Bridge, and shall thence proceed in the most direct practicable route to Bowdoin Square in Boston, and there terminate provided, however, that the board of aldermen of the city of Boston may, for reasons of public necessity and convenience, to avoid unnecessary damage to property deflect the route from the most direct line. For the purpose of applying said provisions of said chapter one hundred and thirteen to the corporation hereby authorized, it shall be deemed a street railway corporation. SECTION 2. The amount of its capital stock shall not be less than one hundred thousand dollars for each mile of road. Not less than ten per cent. of said stock shall be paid in before a certificate of incorporation is issued, and the whole capital stock shall be paid in in cash before the construction of the road shall be commenced. SECTION 3. Locations for tracks shall be petitioned for between the points named in section one of this act, and after fourteen days' notice, of which notice a copy shall be left with the owner or occupant of each estate on the line of the proposed location, seven days before the hearing, a hearing shall be had before the board of aldermen of the city in which the location is asked, as provided in section seven of said chapter one hundred and thirteen, and after such hearing the board of aldermen may refuse the location asked for, or grant the same, in whole or in part, under such restrictions as they shall deem the public interests require, and the board of aldermen of either of said cities of Cambridge or Boston may, on Location may be like notice and hearing, revoke any location after the expiration of one year from the granting of the same, if, in their judgment, the public interests so require, and in case of such revocation may require the structures of the company to be removed and the location to be restored to its original condition at the expense of the corporation, in the same manner and with like requirements as in the revocation of locations for street railways under sections twenty-three, twenty-four, twenty-five and twenty-six of said chapter one hundred and thirteen. revoked after one year, and structures required to be removed at expense of corporation. Location of tracks in Boston not to be petitioned for, SECTION 4. No location for tracks shall be petitioned for in the city of Boston until at least one mile of the road has been built and operated, nor until the safety and built, etc., and strength of the structure and the rolling stock and motive safety, etc., has power shall have been examined and approved by the until one mile of road has been commissioners. board of railroad commissioners or by a competent engi- by the railroad neer, to be appointed by them, and to be paid by said corporation a price fixed by said board. according to SECTION 5. The Meigs elevated railway shall not be Road to be built built after the manner of the New York elevated railways, plans, etc., of but shall be built according to the plans, methods and Joe V. Meigs. inventions of Joe V. Meigs, a copy of which shall be filed with the secretary of state within sixty days of the passage of this act; and upon granting a location, the board of aldermen shall prescribe the height at which the lowest part of the girder shall be above the ground, and the width of the track, provided that its greatest width shall not exceed twenty-two and one-half inches. P. S. 113, §§ 13, 43-45. SECTION 6. The provisions of sections thirteen and Provisions of fourteen of chapter one hundred and thirteen, and sections 14; 112, § 38-40, thirty-eight to forty inclusive, and sections forty-three to 1882, 265 to forty-five inclusive, of chapter one hundred and twelve of apply. the Public Statutes, and of chapter two hundred and sixtyfive of the acts of eighteen hundred and eighty-two, shall apply to said corporation. The corporation may take, in May take land. the manner prescribed in sections ninety-one to ninetythree inclusive, of chapter one hundred and twelve of the Public Statutes, as much land as may be necessary for the proper construction and security of the road, or as may be necessary for depot and station purposes. for damages. SECTION 7. The owner of any property taken for such Compensation railway, or of any property abutting on streets through which said railway may pass, not so taken, in any manner injuriously affected or lessened in value, whether by smoke, noise, obstruction of light, air or access, disturbance of quiet enjoyment or otherwise, by the construction, maintenance or operation of said railway, may petition for assessment of his damages, and his petition shall be heard and determined in the same manner and with like effect as now provided by law when real estate is taken for public highways. But said corporation shall not acquire title Title to land to any land, nor enter upon any street, until all damages quired until to the owners of land and abutters on any part of a street damages have occupied, or to be occupied, by its structure have been secured to the paid or secured in a manner satisfactory to the owner, or to be fixed by the superior court or any justice thereof, sitting in equity for the county where the land lies, upon the petition of either party and summary hearing. And the erection of the structures authorized by this act in any not to be ac. been paid or Owner. |