Preamble
Whereas, the Stockholders of the Manila Railroad Company of the Philippine Islands in a meeting held on February sixteen, nineteen hundred and twenty-two, have voted to issue a series of bonds to be known as "Seven Per Cent Sinking Fund Bonds" in the sum of one million five hundred thousand dollars gold, United States currency, for the purpose of paying certain indebtedness of the Company and for construction purposes and to provide for a sinking fund to pay such bonds and interest thereon, such bonds to be secured by deposit with a trustee of unsold first mortgage four per cent gold bonds of the said company to the amount of two million eight hundred and eleven thousand dollars, United States currency, said trustee having power to sell said bonds if necessary to pay the principal and interest of said bond issue: Now. therefore,