Author: Pennsylvania Railroad

Publisher: Rarebooksclub.com

Published: 2013-09

Total Pages: 490

ISBN-13: 9781230026671

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. 1899 edition. Excerpt: ...person then owning outstanding bonds of the issue hereby secured. Eighth. It shall and may be lawful for said Railway Company, its successors and assigns, and with the consent and approval in writing of the trustee for the time being, at any time or times hereafter to exchange for other property, or to sell any part of the hereby mortgaged estates and premises free and clear from the lien or incumbrance of this indenture, and to convey the same without liability on the part of the grantee for the disposition made of the price paid or property received in exchange: Provided, however, that evidence of the propriety of such proposed sale or exchange shall be given to the trustee by certificate in writing of the president, or by a certified copy of a resolution of the directors of the Railway Company, and that the proceeds of any sale so made shall, at the option of the Railway Company, be invested by it, either in the improvement of any remaining part of the mortgaged premises, or in the purchase by said Railway Company of other property, real or personal, which property so purchased, as also any that may be acquired in exchange as aforesaid, by the Railway Company, shall be subject to all the trusts hereby declared (including that of sale or exchange) of the property in this indenture described, and shall be conveyed in mortgage by the Railway Company to the trustee for the time being so to be held; or in the purchase of bonds hereby secured at the same time and in the same manner as in the purchase of bonds for the sinking fund, which bonds so purchased shall be forthwith cancelled and retained by the Railway Company. Ninth. Six hundred and twenty-seven bonds of the issue hereby secured, or as many thereof as may be necessary, shall be...