SECT. 2. Said trustees are hereby created a railroad corporation under the name of the State Board of Trustees of the Hoosac Tunnel Railroad, and shall have all the powers and privileges, and be subject to the duties, restrictions and liabilities set forth in the general laws relating to railroads, so far as the same may be applicable and not inconsistent with the provisions of this act. SECT. 3. Before entering upon their duties, said trustees shall be sworn to the faithful performance of the same. They shall organize by the election of a president, who shall be one of said trustees, a clerk and such other officers as shall be necessary, and they shall prepare by-laws in accordance with which their meetings shall be held. SECT. 4. Said board of trustees shall have sole charge, direction and control, subject to the provisions of this act, of the Troy and Greenfield Railroad and of the Hoosac Tunnel, when said tunnel shall be completed by the contractors of the Southern Vermont Railroad, and of such other railroads as may be leased or acquired under the provisions of this act. They shall appoint a treasurer, a general manager, whenever they deem such an officer necessary, one or more superintendents and such other agents as may be required for the operation of said railroads and tunnel, and they shall define the duties and fix the compensation of such officers and agents. They shall establish rates for the transportation of passengers and merchandise, and make contracts and arrangements with connecting roads in relation to joint rates and joint business, and they may do all other things, not inconsistent with the provisions of this act and the general laws in relation to rail roads, which may be necessary for the efficient and economical operation of said railroads and tunnel. SECT. 5. Said board of trustees shall hold in trust all moneys received from the operating of said railroads and tunnel, and all moneys which may be appropriated by the Commonwealth for the completion, extension and improvement of said railroads and tunnel and for the equipment thereof, and shall faithfully apply the same. They shall annually pay into the treasury of the Common wealth the net income received from said roads and tunnel after the payment of the expenses; and the same shall be set apart, under the direction of the governor and council, and applied in such manner and at such times as they shall direct to either or all of the following purposes: the extinction of any indebtedness, or payment of interest thereon, which the Commonwealth may at any time incur to carry out the purposes of this act, or any act in addition to or amendment thereof; the extinction of the indebtedness, or payment of interest thereon, which has been or may be incurred in the construction of the Hoosac Tunnel; and the purchase of stock in any company which shall lease its franchises, railroad and property in perpetuity to the corporation herein before created.