Articles of Consolidation of The Sault Ste. Marie and Marquette Railway Company The Mackinaw and Marquette Railroad Company The Wisconsin Sault St. Marie and Mackinac Railway Company and The Duluth, Superior and Michigan Railway Company Whereas, the three companies first above named are corporations organized and existing under an Act of the Legislature of the State of Michigan entitled "An Act to revise the laws providing for the incorporation of railroad companies and to regulate the running and management and to fix the duties and liabilities of all railroad and other corporations owing and operating any railroad in this State," and the said last above named Company is a corporation organized and existing under the Statute of the State of Wisconsin relating to corporations and to rail- roads. And Whereas, The lines of the said three first above named Com- panies form a continuous and connecting line from Sault Ste. Marie in the county of Chippewa and St. Ignace in the County of Mackinac, to the boundry line between the said States of Michigan and Wisconsin at a point on the Montreal River in Section five Township forty seven north Range forty seven west, in the county of Ontonagon in the said State of Mich- igan and there connect with the line of the said last above mamed Company which extends thence to West Superior in the County of Douglas, in said State of Wisconsin and the lines of the said companies, when united, will form a continuous line from Sault Ste. Marie and St. Ignace aforesaid to said West Superior. And Whereas, The said several corporations are by the laws of the said States of Michigan and Wisconsin authorized to con- solidate themselves into one corporation and it has been de- termined by the Directors of said several corporations that it will be for their mutual interest to so consolidate and in consideration of the premises and to effectuate such consol- idation, said Directors acting on behalf of said Companies, have entered into this agreement which Witnesses: That said several corporations above named, to wit: The Sault Ste. Marie and Marquette Railroad Company, The Mackinaw and Mar- quette Railroad Company, the Wisconsin Sault Ste. Marie and Mackinac Railway Company and the Duluth, Superior and Mich- igan Railway Company have consolidated and do consolidate themselves into a single corporation upon the basis, terms and conditions hereinafter specified to wit: 1. The name of said corporation shall be The Duluth, South Shore and Atlantic Railway Company. 2. The said Corporporation shall succeed to and posses all the franchises, rights, powers, privileges and property heretofore possed by, and become and be subject to all the obligations pe 2 Articles of Consolidation and liabilities heretofore resting upon said several corpor- ations so consolidating, and the purpose of said corporations shall be to complete, maintain and operate the said line of road formed by the union of the lines of the said several cor- porations hereby consolidated as hereinbefore described and such branches as from time to time be deemed advisable. 3. The Capital Stock of said Company shall be Twenty Two Mil- lion dollars divided into two hundred and twenty thousand shares of One Hundred dollars each, of which Capital Stock Ten Million dollars shall be preferred at six percent per annum non-cumula- tive and the residue Common Stock. The said Common Stock shall be entitled to receive dividends up to six per cent out of the surplus earnings of any year after payment of a dividend of six per cent upon said preferred stock and after payment of such dividend any remaining surplus shall be appropriated to the pay- ment of a dividend on said preferred and common Stock without preference. 4, The first Board of Directors of said Corporation shall consist of the following named persons, to wit: Columbus R. Cummings of Chicago, Illinois James McMillan of Detroit, Michigan George I. Seney of the City of New York Norman B, Ream of Chicago, Illnois Calvin S. Brice of Lima, Ohio August D, Julliard of the City of New York Hugh McMillan of Detroit, Michigan 5. The first election of Directors of the said Corporation shall be held on the third Thursday of July, AD, 1887, at Marquette, -Michigan, and an election of Directors shall be held annually thereafter at such time and place as may be provided by the by- laws. The number of Directors shall be seven. 6. The Capital Stock of the corporation hereby organized shall be issued as follows, to wit: 1. In lieu of and in exchange for the present Capital Stock of the said Sault Ste. Marie and Wisconsin Railroad Company Ten Thousand shares of preferred and Eleven Thousand Two Hun- dred shares of common. 2. In lieu ofandin exchange for the present Capital Stock of the said Mackinaw and Marquette Railroad Company Thirty Eight Thousand shares of preferred and Forty Five Thousand Six Hun- dred share of common. 3. In lieu of and in exchange for the present Capital Stock of the said Wisconsin Sault Ste. Marie and Mackinac Railway Com- pany Twenty Six Thousand share of preferred and Thirty Two Thou- sand Two Hundred of common. 4, In lieu of and in exchange for the present Capital Stock of the said Duluth, Superior and Michigan Railway Company Twenty Six Thousand share of the preferred and 31,000 shares of the common. The stock of said several corporations hereby consolidated shall be converted into the stock of the corporation hereby organized by the surrender and cancellation of each certificate of stock of said several corporations, as are now soustanding, pe 3 Articles of Consolidation and the issue of new certificates in lieu thereof, and by the issue of certificate by the Company hereby organized to parties — entitled to stock of either of several corporations for which certificates have not been issued. The Corporation hereby organized shall continue in existence for the term of ninety-nine years. In witness whereof, the Board of Directors of each of the said several corporations, parties hereto have caused this agreement to be signed by its President and attested by its Secretary and the seal of said Company, this 22nd day of Dec- ember AD, 1886 in duplicate. The Sault Ste. Marie and Marquette Railroad Company By James McMillan, President Attest, Hugh McMillan, Secretary The Mackinaw and Marquette Railroad Company By James McMillan, President Attest, Hugh McMillan, Secretary The Wisconsin Sault Ste. Marie and Mackinac Ry. Co. By James McMillan, President Attest, Hugh McMillan, Secretary Duluth, Superior and Michigan Railway Company By J. He Hammond, President Attest, E. E. Barton, Secretary SSM&M RR. M&M RR. WSSM&M Ry. DS&M Ry. VOSSRA Rye p- l-a Articles of Consolidation - consolidating and the - of said corporation shall be to com- plete, maintain and operate the said line of road formed by the union of the lines of the said several corporations hereby con- solidated, as hereinbefore described and such branches as from time to time may be deened advisable.