Norway owns most of the transportation company, but some are in individuals’ hands.
NORWAY – Town attorney Geoffrey H. Hole is suggesting that the Norway Branch Railroad get back in good standing with the state.
According to Hole’s computations, the railroad hasn’t filed the paperwork required annually by the state of non-profit entities since its inception in 1870 by act of the Maine Legislature.
Railroad board member Dennis Gray agreed, as did the five selectmen who voted unanimously toward that end.
The town will have to deal with a wide range of issues concerning the railroad, but nothing can be done until the railroad pays the state $560 it owes for back filing fees. Hole said the state is only charging back five years.
Once fees are paid a stockholder and board meeting can be held to elect another board member. Only Gray and Mike Noble are on the board now. Bylaws say three members are needed to conduct business.
Gray said Norway is the major shareholder, holding 200 of the 350 available shares.
If other shareholders aren’t found, their stock’s value may roll over to the state. Gray estimated that each share could be worth about $175.
Finding and determining who the other shareholders are may present a problem.
Hole had a hand-written list of stockholders from 1938 that appears to have been upgraded in 1979. “There’s probably six people on that list who are still alive,” Town Manager David Holt said.
Gray said the railroad’s fund balance is $59,000 and a small amount of income is accrued from leasing property to the Atlantic & St. Lawrence Railroad, to Jack Shaner, owner of Shaner’s Family Restaurant and to Bessey Motor Sales.
The examination of the railroad began when Shaner asked the board in September to sell the railroad property that passes behind his restaurant.
Hole cautioned selectmen that a title search must be done on the property before any sale and that the voters should have the final say on the disposition of the land. The title search was needed because Hole said it was crucial to make sure no strings were attached when the property is sold.
Hole told selectmen to have someone gather the deeds and follow a plan written by associate attorney Wendy Harlan that would guide them through the meeting and election of officers.
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