capital 2. And be it enacted, That the amount of the capital stock Amount of of said corporation shall be thirty thousand dollars, with stock. privilege to increase the same to one hundred thousand dollars, and shall be divided into shares of twenty-five dollars each, which shall be deemed personal property, and transferable in such manner as the said corporation shall by their by-laws direct. sioners to receive sub scriptions. directors. 3. And be it enacted, That the above named persons, or a Commismajority of them, shall be commissioners to open books to receive subscriptions to the capital stock of said corporation, at such time or times and place or places, as they, or a majority of them, may think proper, giving at least twenty days' notice of the same in two of the newspapers published in the city of Trenton, and that at the time of subscribing, ten per centum shall be paid for each share subscribed for to the commissioners, or some one of them; and as soon as twenty-thousand dollars of the capital stock shall be subscribed, such commissioners shall give like notice for a Election of meeting of the stockholders, to choose eleven directors, a majority of whom shall be residents of this state; and such election shall be made at the time and place appointed, by such of the stockholders as shall attend for that purpose, either in person or by proxy, each share of the capital stock entitling the holder thereof to one vote; and the said above named persons, or any three of them, shall be inspectors of the first election of directors of the said corporation, and shall certify under their hands, the names of those persons duly elected, and deliver over the subscription. books and money paid in, deducting all expenses previously incurred, to the said directors; and the time and place of holding the first meeting of said directors shall be fixed by the said persons named in the first section of this act, or a majority of them, and the directors chosen at such meeting, or at the annual election of said corporation, shall, as soon as may be after every election, choose out of their own number a president, who shall be a resident of this state; and in case of the death, resignation or removal of the president, or any director, such vacancy or vacancies Corporation not dissolv to elect on day pre scribed. may be filled for the remainder of the year in which they may happen, by the said board of directors, or a majority of them; and in case of the absence of the president, the said board of directors, or a majority of them, may appoint a president pro tempore, who shall have such power and functions as the by-laws of the said corporation shall provide. 4. And be it enacted, That in case it shall happen that an ed for failure election of directors should not be made during the day when, pursuant to this act, it ought to be made, the said corporation shall not for that cause be deemed to be dissolved, but such election may be held at any other time, in the manner provided by law in such cases, and the directors for the time being shall continue to hold their office until others shall have been chosen in their places. Payment of instalments. Company authorized to construct road. Proviso. 5. And be it enacted, That six directors of the said corporation shall be competent to transact all business of said corporation, and shall have power to call in the capital stock of said company, by such instalments and at such times as they may direct, and in case of the non-payment of said instalments, or any one of them, to forfeit the share or shares upon which such default shall arise, and to make and prescribe such by-laws, rules and regulations as to them shall appear needful and proper touching the management and regulation of the stock, property, estate and effects of the said corporation, and also shall have power to appoint such officers, clerks and servants, as to them shall seem meet, and to establish and fix such salaries to them, and also to the president, as to the said board shall appear proper. 6. And be it enacted, That the said corporation shall have power and authority to construct a railroad, with necessary turnouts, through Clinton and State streets, from the northeasterly to the westerly limits of the city of Trenton, with a branch or branches to the railroad depot or depots as the same now or hereafter may be, and such other branches in the streets of said city as may be deemed necessary; provided, the said railroad shall not be constructed through any of said streets without the consent of the common of rails to be 7. And be it enacted, That the rails used by the said com- Description pany shall be of the pattern and shape now used by the used. Fifth and Sixth Street Passenger Railroad Company of the city of Philadelphia; that the track shall be of the same width as the wagon track now established by law, and said track and rails shall in all cases be laid level with the surface or face of the streets through which the same may pass, and in conformity with the grades of said streets, as the same now are or hereafter may be established by the common council, so that said railroad shall not present any obstruction to or in any way interfere with wagons or vehicles turning in or crossing said street. keep streets which the pass in re 8. And be it enacted, That the said company shall at all company to times maintain and keep in good repair from gutter to through gutter the street through which said road may pass, and road may that no damages or other compensation shall be demanded pair. or recovered from said company for the use of said streets or the right of way through the same either by the city or the land owners along said streets, other than the maintenance and repair of said streets as aforesaid; provided, that the said company shall be liable, as in other cases, for all damages done by them to private property. estate may 9. And be it enacted, That the said company may pur- What real chase, have and hold real estate at the commencement and be held. termini of their railroad, and at any other place or places in the city of Trenton, not exceeding two acres at each place, or five acres in the aggregate, and may erect and H Dividends. Company authorized or purchase &c. build thereon houses, warehouses, stables, machine shops, and such other buildings and improvements as they may deem expedient for the safety of property and the construction of carriages and other necessary uses, and take and receive the rents, profits and emoluments thereof. 10. And be it enacted, That the president and directors of the said corporation shall declare and make such dividends as they may deem prudent and proper, from time to time, out of the net profits of the said railroad. 11. And be it enacted, That the president and directors of to construct said corporation shall have power to have constructed, or machinery, to purchase with the funds of said corporation, all such machinery, horses, cars, wagons, carriages, or other vehicles for the transportation of persons or any species of property on railroads as they may think fit, reasonable, expedient or right; but no steam power shall be used as a motive or propelling power on said railroad; and they are hereby authorized to demand and receive such sum or sums of money for the transportation of persons or property thereon as they, from time to time, may think reasonable and proper; provided, that not more than five cents shall be demanded or received for conveying any person from any one point to another on said road. Proviso. Penalty for injuring works. Corporation authorized to borrow money. Proviso. 12. And be it enacted, That if any person shall wilfully impair, injure, destroy or obstruct the use of said railroad, or any of its necessary works, carriages or machines, such person so offending shall forfeit and pay to the said company the sum of fifty dollars, to be by them recovered in any court having competent jurisdiction, in an action of debt, and further shall be liable for all damages. 13. And be it enacted, That the said corporation shall have power to borrow such sum or sums of money, from time to time, as shall be necessary to build, construct, repair or equip said road, and to secure the payment thereof by bond or mortgage or otherwise on the said road, lands, privileges, franchises and appurtenances of or belonging to said corporation, at a rate of interest not exceeding seven per centum per annum; provided, that it shall not be lawful for the said company to plead any statute or statutes of this state against usury in any suit in law or equity, instituted to enforce the payment of any bond or mortgage executed under this section. ment and of road. 14. And be it enacted, That if the said railroad shall not Commencebe commenced within three years, and be completed at the completion expiration of five years, from the fourth day of July next ensuing, that then, and in that case, this act shall be void. Approved March 9, 1859. CHAPTER XCVIII. A SUPPLEMENT to the act entitled "An act to incorporate the town of Bergen, in the county of Hudson," approved March twenty-fourth, eighteen hundred and fifty-five. WHEREAS, doubts have been suggested whether, in case Preamble. any assessment authorized to be made by the act aforesaid, has been, or shall be set aside, in whole or in part; it is lawful for the councilmen of the town of Bergen, to appoint again commissioners or freeholders, to make anew such assessment, so set aside; therefore to remove such doubts, and give additional power as hereinafter contained; therefore, in case as 1. BE IT ENACTED by the Senate and General Assembly of Proceedings the State of New Jersey, That in case any assessment, or any estimate of value and damages, made by any commis sessment is set aside. |