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Proviso.

Proviso.

Company authorized

Company may hold real estate.

others shall be chosen, and should a vacancy occur by death or otherwise, in the said board of directors, or in any subsequent board, the remaining directors, or a majority of them, may appoint a director to fill such vacancy; provided always, that no person shall be appointed a director who is not a stockholder in said company; and provided further, that the said company shall not commence business until fifty thousand dollars shall be subscribed, and the sum of ten thousand dollars paid in.

6. And be it enacted, That said company shall have the to establish exclusive right, privilege, and authority to establish' and

maintain a steam-boat ferry from any part of Constables Hook, or Point, to the city of New York, and that it shall be the duty of said company to keep and maintain the said ferry, and keep a steam-boat running at said ferry, from sunrise to sundown, at all seasons of the year, except when it shall be deemed impracticable or dangerous.

7. And be it enacted, That for the purpose of carrying out the objects of this act, the said company may purchase or lease real estate, and erect wharves, piers, slips, buildings, and other necessary appendages, and may build, purchase, or hire steam-boats, vessels, and other ferry boats, as they may deem necessary for the establishment and continuance of a complete ferry or ferries between said places.

8. And be it enacted, That it shall and may be lawful for said company to ask, demand, and receive, for transportation on said ferry not exceeding the following rates, viz:For each passenger, five cents. For every four wheel carriage drawn by four horses,

seventy-five cents. For every four wheel carriage drawn by two horses, forty

cents. For every four wheel carriage drawn by one horse, twenty

cents. For every two wheel carriage drawn by one horse, fifteen

cents. For market carriages, with their drivers, with four wheels

loaded, drawn by two horses, seventy-five cents.

Rates of ferriage.

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For market carriages, with their drivers, with four wheels

empty, drawn by two horses, forty cents. For horses, mules, and neat cattle, each, ten cents. And for all other carriages and merchandise such rates in

proportion to the above.

9. And be it enacted, That this act shall be deemed and Public act. taken as a public act, and shall.go into effect immediately after the passage thereof, and continue in force thirty years, and the said corporation shall possess the general powers, and be subject to the restrictions and liabilities contained in the act entitled "An act concerning corporations, arproved February fourteenth, eighteen hundred and fortysix," so far as the same are applicable.

Approved February 26, 1858.

CHAPTER LXII.

As Act to incorporate the Freehold and Smithville Turnpike Company.

scriptions

1. BE IT ENACTED by the Senate and General Assembly of Commisthe Siate of New Jersey, That the subscription books of the receive sabe capital stock of the Freehold and Smithville Turnpike Company, shall be opened by James M. Smith, William W. Thompson, John R. Haley, Benjamin Dubois, William Lefferson, Levi Solomon, William Smith, Denise Thompson, Sylvester Buck, Daniel D. Denise, William W. Forman, Charles C. Clayton, and William D. Davis, or a majority of them, who are hereby appointed commissioners to receive subscriptions to the said 'stock, at such times

Amount of capital stock.

Payment of instalments.

and places as they or a majority of them may direct; giving
notice thereof, at least twenty days prior to the opening of
said books, by publishing the same in at least two of the
newspapers published in this state.

2. And be it enacted, That the capital stock of said com-
pany shall be fifteen thousand dollars, with liberty for the
said company to increase the same to twenty-five thousand
dollars, and shall be divided into shares of twenty-five
dollars each; and that when three hundred shares shall be
subscribed for, the persons holding the same shall be and
they are hereby incorporated into a company, by the name
of “The Freehold and Smithville Turnpike Company,"
and by that name shall have, enjoy, and exercise all the
rights, powers, and privileges appertaining to corporate
bodies, and necessary to carry the objects of this act into
effect.

3. And be it enacted, That at the time of subscribing for said stock, two dollars shall be paid upon each share subscribed for to the commissioners, or any of them; which money shall be paid over to the treasurer of the company, as soon as one shall be appointed, and the residue of the subscriptions shall be paid in instalments, at such times and places, and to such persons as the president and directors of the company shall, from time to time, direct, and give public notice thereof, in manner aforesaid; and upon failure of the payment thereof, as so directed, the said president and directors shall have power to forfeit the shares of each and every person so failing to pay the said instalments, or any of them, to and for the use of said company; provided, that if the number of the shares subscribed for shall exceed the number of shares authorized by this act, that the said commissioners shall apportion the said stock among such subscribers in proportion to the amount or number of shares by them subscribed for as aforesaid; provided also, that no subscription for less than six shares of said stock shall be reduced by such apportionments; provided also, that the stock holders shall upon request have the right to pay the stock subscribed, except the first in

Proviso.

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Proviso.

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for in certain time.

directors.

stalment, by work upon said road, they doing the work as
cheaply as it otherwise can be done, under such regula-
tions, at such time and upon such notice by either party as
the directors may determine.

4. And be it enacted, That if the number of shares herein Charter to before made necessary for the incorporation of the said stock is not company, be not subscribed for within three

years

from the time of opening the said subscription books, this act, and all the subscriptions under it shall be null and void; and the said commissioners, after deducting thereout the expenses incurred, shall return the residue of the money paid in to the respective subscribers, or their representatives, in proportion to the sums paid in by them.

5. And be it enacted, That when three hundred shares of Election of said stock shall be subscribed for, the said commissioners shall call a meeting of the stockholders, giving at least twenty days' notice of the time and place of said meeting, as hereinbefore directed with regard to the opening of said books, at which meeting the subscription books shall be laid before the stockholders, who shall thereupon proceed to elect, by ballot, seven directors, a majority of whom shall be citizens of this state, to manage the affairs of said company for one year, of which election the said commissioners or a majority of them shall be judges; and at the expiration of that term, and annually thereafter, upon like notice, to be given by the directors for the time being, the said stockholders shall elect, by ballot, the same number of directors, a majority of whom shall be citizens of this State, as aforesaid; and at every such election, and in all other cases in which the stockholders shall be entitled to vote, a vote may be given for each share, by the holder or holders thereof, either in person or by proxy; provided, nevertheless, Provisu. that no stockholder shall have more than twenty votes, although he or she may have a greater number of shares.

6. And be it enacted, That within twenty days after the Duties and annual election as aforesaid, the said directors shall elect president. from their number a president of their said company, who shall be a citizen of this State and resident in the county

Duties and powers of directors.

of Monmouth, who shall hold his office for one year and
until another shall be elected, and receive such compensa-
tion for his services as a majority of the said directors shall
direct, and shall be the presiding officer at all meetings of
said directors, and shall have the casting vote when they
shall be equally divided; he shall have charge of the seal
of the company, and shall appoint the judge or judges of
all elections of the stockholders, or in case of his death,
absence or inability so to do, the said directors shall ap-
point some other suitable person, who, for the time being,
shall possess the same powers and authority, and perform
all the duties herein prescribed.

7. And be it enacted, That the said directors, or a majority
of them, may supply any vacancy occurring in the interval
between the annual elections, by death, resignation, removal
or refusal to act, of any president or director, and may ap-
point a treasurer, who shall be a citizen of this state and
resident in the county of Monmouth, and all officers, agents,
superintendents and other servants that may be required to
transact the business of the company, with such compen-
sation as they may determine upon, and may exact from
them such security for the due performance of their re-
spective trusts as they may think expedient; they shall
regulate the tolls and have the superintendence and direc-
tion of all receipts and disbursements, and all other affairs
of the company, and may make and enforce such ordinances
and by-laws as they may think expedient for regulating
the transfers of the stock, and for the general government
of the company and management of its affairs; provided,
the same are not repugnant to the constitution or laws of
this state or of the United States.

8. And be it enacted, That at the annual meeting of the stockholders it shall be the duty of the president and directors of the preceding year to exhibit to the stock. holders a full and complete statement of the affairs of the company during said term.

9. And be it enacted, That special meetings of the stockmay be call- holders may be called by the order of the said president

1

Proviso.

Annual statement to be made.

Special peetings

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