If the governor, upon the receipt of the monthly estimates and certificates of the state engineer, shall approve thereof, he shall transmit the same and his approval thereon to the state treasurer, and the state treasurer shall thereupon deliver the amount of scrip so certified for, to the treasurer of the Troy and Greenfield Railroad Company, or to his order, subject to the provisions hereafter mentioned. If he shall not approve thereof he shall submit the same to the council, and their approval transmitted to the state treasurer as aforesaid shall authorize such delivery.
Sect. 4. The company shall at least thirty days before any interest on any state scrip delivered to said company becomes payable, transmit the amount thereof, with costs of exchange, to the treasurer of the state, and he shall in all cases and at the charge of said company, pay at maturity all interest and costs of exchange which become payable on said scrip where the same is payable; and if said interest and exchange and all interest and costs thereon, or any payments required to be made into the sinking fund, or interest thereon, or any part thereof, remain unpaid when said company becomes entitled to the next delivery of state scrip, then the state treasurer shall deduct the amount so remaining unpaid, with all costs and interest thereon, from the amount of scrip then deliverable.
Sect. 5. The Troy and Greenfield Railroad Company may construct their railroad across the public highways at grade, in cases where the county commissioners of the county do not determine such manner of crossing to be detrimental to the public safety and convenience; but whenever they do so determine, said company shall construct the same in such manner as the county commissioners direct.
Sect. 6. The legislature shall immediately after the passage of this act, elect two directors of the Troy and Greenfield Railroad Company, to hold their office for one year, or until others are elected by the legislature; and any city, town or corporation that may subscribe not less than one hundred thousand dollars, shall have the right to elect annually one director; and any city that may subscribe not less than five hundred thousand dollars, shall have the right to elect annually by their council two directors in said company, which election may be held at any time after such subscription is made.
Sect. 7. The capital stock of the Troy and Greenfield Railroad Company shall consist of twenty-five thousand shares of the par value of one hundred dollars each, in which shall be included all shares heretofore issued or subscribed for, conditionally or unconditionally, or payable in work, an accurate account of which shall be made by the company, and recorded in the records of the directors. And the residue of said shares, and all shares which may revert to said company, shall be hereafter issued only at par value, and for cash, or town or city scrip, or for the bonds of the company.
Sect. 8. The Troy and Greenfield Railroad Company is hereby authorized and required to purchase the entire road, franchise, stock, bonds, and other property of the Southern Vermont Railroad Company, together with the income, benefits and reversion of its lease to the Troy and Boston Railroad Company, and subject to its provisions, for the sum of two hundred thousand dollars; and for the purpose of enabling them to make such purchase, and transfer the same to the Commonwealth as additional security to the Commonwealth for its whole loan, a further issue and loan of state Scrip in federal currency; of the description specified in chapter two hundred and twenty-six, of the acts of the year eighteen hundred and fifty-four, is hereby authorized to be made, to the amount of two hundred thousand dollars, deliverable as follows, namely:
Whenever all the capital stock of the Southern Vermont Railroad, excepting not exceeding twenty shares, of one hundred dollars each, and one hundred thousand dollars of its mortgage bonds, with coupons attached, the whole amount being one hundred and fifty thousand dollars, payable in twenty years from the date of issue, with six per cent. interest, payable semi-annually at the Bank of Commerce, in the city of New York, and the aforesaid lease of said company to the Troy and Boston Railroad Company, together with the rent reserved therein of twelve thousand dollars per annum, payable semi-annually, shall have been transferred to the treasurer of the Commonwealth, for the future security of the Commonwealth for its whole loan of credit to the Troy and Greenfield Railroad Company, in such manner as the attorney-general shall prescribe, and to the satisfaction of the governor and council, the state treasurer shall deliver one hundred and twenty-five thousand dollars of said scrip to the treasurer of the Troy and Greenfield Railroad Company; and when the remaining portion of said bonds, with the coupons attached, shall be in like manner delivered to the state treasurer, he shall deliver to the treasurer of the Troy and Greenfield Railroad Company the balance of said scrip, amounting to seventy-five thousand dollars: provided, that if any holders of said bonds, not exceeding ten thousand dollars in all, shall refuse to surrender the same at par, the Troy and Greenfield Railroad Company shall not be required to purchase the same, but the state treasurer shall withhold an equal amount of state scrip at par in lieu thereof.
The semi-annual payments of the coupons, with the balance of the income from the lease of the Southern Vermont Railroad, shall be collected by or paid to the state treasurer, who shall therefrom pay the interest on the two hundred thousand dollars of five per cent. scrip herein authorized to be issued, and shall pay the balance to the commissioners of the sinking fund of the Troy and Greenfield Railroad loan, to be by them from time to time invested as is now by law required.
The Troy and Greenfield Railroad Company shall, as soon as may be after the passage of this act, procure from the legislature of the slate of Vermont the requisite authority for purchasing, holding and mortgaging to the Commonwealth the franchise, railroad and property of the Southern Vermont Railroad Company, according to the provisions of this act; and in case such authority shall not be granted, and any want of security by reason thereof accrue to the Commonwealth, the governor and council shall withhold from the Troy and Greenfield Railroad Company portions of scrip constituting the last deliveries to be made on the completion of the tunnel, to such amount, not exceeding two hundred thousand dollars, as may be required for further security.
Sect. 9. All acts and parts of acts inconsistent herewith, are hereby repealed: provided, however, that such repeal shall not, and nothing contained in this act shall, have effect or be construed in anyway to release or impair any security which the Commonwealth now has or may hereafter have by force of the bond and mortgage now held by the Commonwealth on the franchise, railroad and property of the Troy and Greenfield Railroad Company.