17 - Exchange or sale of railroad stock and bonds.

§  17.  Exchange  or  sale  of  railroad stock and bonds. The railroad  commissioners or officers of a municipal corporation, having the  lawful  charge  and control of any railroad stock or bonds, for or in payment of  which the bonds of such municipal corporation have been lawfully  issued  in  aid of such railroad corporation, may exchange the stock or bonds of  such railroad corporation for and in payment of such bonds, or  the  new  substituted  bonds of such municipal corporation, when such exchange can  be made for not less than the par value of the stocks or bonds  so  held  by them. If they can not make such exchange they may sell such stocks or  bonds  at  not  less than par; but they may, on the application and with  the approval of the governing board of the municipal corporation  owning  such  stock  or bonds, exchange, sell or dispose of such stock or bonds,  at the best price and upon the best terms obtainable, for the  municipal  corporation  they  represent,  and  shall  execute  to the purchaser the  necessary transfers therefor. All moneys received for any stock or bonds  shall only be applied to the payment and extinguishment of the bonds  of  the  municipal corporation, lawfully issued in aid of any such railroad,  or  substituted  therefor;  except  that  if  the  bonds  so  issued  or  substituted  have all been paid, or the moneys so realized shall be more  than sufficient to pay them in full, and all the costs and  expenses  of  the sale, such proceeds or balance thereof shall be paid by the officers  making  the sale, to the supervisor of the town, or the treasurer of the  municipal corporation, and applied to such lawful uses as the  governing  board  of  the  municipal corporation, entitled to the same, may direct.  The provisions of this section shall apply to all such commissioners  or  officers of a municipal corporation elected or appointed or acting under  the  provisions  of  any special act, and the authority hereby conferred  shall not be limited by the provisions of any such special act.