SECT. 4. The penalty provided in section three of this act may be enforced by an action on the case in the name of the State of Vermont, and it shall be the duty of the railroad commissioner or commissioners to commence and prosecute such action for each violation of this act. SECT. 5. This act shall take effect from its passage. No. 35.-AN ACT TO ENABLE TOWNS AND CITIES TO AID IN THE CONSTRUCTION OF RAILROADS. SECTION 1. Towns may aid in construction; amount limited. 2. Aid how given. 3. Vote and assent to be certified and recorded; where. It is hereby enacted by the General Assembly of the State of Vermont ; SECT. 1. Any town or city in this State may aid in the construction of any railroad organized under the provisions of an act entitled "An act to authorize the formation of railroad corporations and to regulate the same," approved November 20, 1872, by issuing bonds to aid such railroad, by taking capital stock therein, or in such other manner as such town or city shall direct; provided, that no town or city shall assume liability for any such road exceeding eight times the grand list of such town or city at the time such aid is granted. SECT. 2. Such aid shall be given in the following manner: The selectmen of any towr, and the mayor of any city, on the application of ten or more legal voters of said town or city shall, within ten days after the receipt of said application, warn a meeting of legal voters of such town or city, to be held at the usual places of holding town or city meetings in such town or city, which notice shall specify the time and place of the meeting, which shall not be more than twenty nor less than twelve days from the time of posting said notice; and the warning shall be sufficient if it states the business to be done at said meeting is to aid in the construction of the railroad so organized, the name of which railroad shall be stated in such warning; and if a majority of the votes given at said meeting shall be to aid said road, then the town or city shall fix the amount of aid to be given, and the terms thereof, and may appoint three commissioners, who shall be resident tax payers of the town or city, and if no commissioners be appointed, the selectmen of such town and aldermen of such city shall act as commissioners until commissioners shall be appointed by said town or city. Said commissioners, selectmen or aldermen, shall be duly sworn, and shall as soon as may be prepare suitable books in which said votes shall be set forth, in which the tax payers of said town or city may sign their names, assenting to said vote, and the grand list of each person signing said assent shall be annexed to his name; and when a majority of the tax payers of said town or city, both in number and amount of grand list, shall have signed the same, the same shall be binding on the town or city: provided, the signatures are procured within one year after the first signature to the paper is made; and all persons and corporations liable to pay taxes, and all persons who shall be owners of real estate taxed at the time the assent is given, shall have a right to assent to said vote. SECT. 3. The said vote and assent, when 30 signed as aforesaid, shall be duly certified by the commissioners, selectmea or aldermen, and recorded by the town or city clerk in the town or city clerk's office, at length in the records of said town or city, and a duly certified copy of the vote of the town or city, and the certificate of the commissioners, selectmen or aldermen to the same, that the act has been complied with by a majority of the tax payers, both in number and amount, who have duly signed the same, with the certificate of the town or city clerk that the same has been duly recorded in his office, shall be recorded in the office of the secretary of state; and certified copies from either office shall be full proof in any court that the law has been complied with. SECT. 4. Said town or city may issue bonds, with coupons payable semi-annually, at any rate of interest not exceeding seven per cent., for the purpose of aiding such road. SECT. 5. The commissioners, selectmen, or aldermen aforesaid, as soon as the assent is given and recorded as aforesaid, shall proceed to carry into effect the vote of said town or city, according to the terms and conditions thereof, and shall have power to vote and act for said town or city on all proper occasions to carry into effect the vote aforesaid; and their votes and acts shall be binding on said town or city. Approved, November 26, 1872. No. 14.-AN ACT IN RELATION TO RAILROADS. SECTION 1. Power granted to issue preferred stock; regulation of such issue. 2. Original stockholders to have first right to take such stock, 3. Rights of holders of preferred stock. It is hereby enacted by the General Assembly of the State of Vermont : SECT. 1. Every railroad company in this State shall have power to issue preferred capital stock, in shares of not less than fifty dollars each, to take preference over the common capital stock of such company, in dividends to be made out of the profits of the business, not exceeding seven per cent. per annum, for the purpose of paying, discharging, retiring, or exchanging, any outstanding claim, lien, mortgage, or encumbrance against such company, or upon its property; provided, the stockholders thereof shall at a legal meeting duly called for that purpose so vote, by a vote of at least two thirds in amount of the entire capital stock of such company, in favor of such issue; and such preferred stock may be made convertible into the common stock of such company at the option of the holder thereof. SECT. 2. The original stockholders in such corporation shall have the first right to take such preferred stock in proportion to the amount of original stock owned by the several holders of such original stock. SECT. 3. The holders of such preferred stock shall have the same rights to vote at all stockholders' meetings as the holders of the common stock of said company, and be deemed equally qualified to be officers thereof. SECT. 4. This act shall take effect from its passage. No. 4.-AN ACT TO ASSESS AND TAX THE REAL ESTATE OF RAILROADS IN THIS STATE. SECTION 1. Real estate of railroad companies to be set in the grand list; railroad bed and track, &c., to be considered real estate. 2. Road bed and track not to be valued at more than two thousand dollars per mile of main line. 3. Exemption from taxation for ten years from beginning of traffic operations. 4. Constables in default of payment of tax may levy on personal property 5. Certain laws repealed. 6. To take effect. It is hereby enacted by the General Assembly of the State of Vermont: SECT. 1. The listers of the several towns and cities in this State shall appraise and set in the grand lists of their respective towns and cities all the real estate situated in such towns or cities, which shall be owned or occupied by any railroad corporation, or which shall be owned, leased, possessed or operated by any persons, company or corporation whose title, right, interest or possession shall have been derived in any manuer from such railroad corporation; and the road-bed and track of any railway, and all land taken and used for railroad purposes, shall be considered real estate for the purposes of this act; and all said real estate shall be set in the list to such corporations, owners, occupants and possessors, and shall be subject to the general provisions relating to the assessment and taxation of real estate, except as herein otherwise provided. SECT. 2. No road-bed and track shall be assessed by the listers of any town or city at a valuation exceeding two thousand |