Section 52: Trustees in possession of railroad; annual meeting
139 words·~1 min read·
/ma/part-i/title-xxii/chapter-160/52·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 52. Trustees in possession of a railroad under a mortgage shall annually call a meeting of the bondholders or creditors for whose security they hold the railroad in trust, to be held in December, of which notice shall be given by publication, at least ten days before such meeting, in two or more daily newspapers in Boston, and in at least one newspaper in each county where the railroad is located; and at such meeting they shall submit a report for the year, similar to the annual report of railroad directors to stockholders.
If they fail to call such a meeting, five or more bondholders or creditors, whose claims secured by the mortgage amount to not less than ten thousand dollars, may in the same manner call such meeting, to be held in the January following said December.