Section 53: Trustees in possession of railroad; election and confirmation of trustees
173 words·~1 min read·
/ma/part-i/title-xxii/chapter-160/53·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 53. At the annual meeting held under the preceding section, the bondholders or creditors, by a majority in interest vote, may, in person or by proxy, elect three trustees under the mortgage for the ensuing year, and until others are chosen and qualified. And the trustees or any of them or a bondholder or creditor may submit the proceedings of the meeting for confirmation to a justice of the supreme judicial court, in court or at chambers, first giving notice of their intention so to do to the former trustees under the mortgage, to the trustees of all other existing mortgages upon the railroad, and to the corporation, seven days at least before the hearing thereon; which notice may be served by an officer or disinterested person.
The justice may hear the parties, ratify the election, and enter such decree as he may find necessary to transfer the property to the new trustees; which decree shall be filed in the office of such clerk of the court as the justice may direct.