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Amount of capital stock.

Commis. sioners to

and conveying any lands, tenements, goods and chattels whatsoever, necessary or expedient for the object of this incorporation.

2. And be it enacted, That the amount of the capital stock of said company shall be two hundred and fifty thousand dollars, and shall be divided into shares of one hundred dollars each, which shall be deemed personal property, and transferable in such manner as the said corporation shall by their by-laws direct.

3. And be it enacted, That the above named persons or å seriptions.. majority 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 some newspaper published in Jersey City, and 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

fifty thousand dollars of the capital stock shall be subElection of scribed, such commissioners shall give like notice of a

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 stock entitling the holder thereof to one vote, and the above named persons or a majority 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 to the said directors, and the time and place of holding the first meeting of the 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, and at the annual election of said corporation, shall as soon as may be after every election choose out of their number a president, and in case of the death, resignation or removal of the president or any director, such vacancy may be filled for the re


mainder of the term for which they were elected 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 as the by-laws of the said corporation shall prescribe.

4. And be it enacted, That five directors of said corporation Duties and shall be a quorum for the transaction of all business of directors. said corporation, and shall have power to call in the capital stock of the 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 said corporation, and shall have power to appoint such officers, clerks and servants as to them shall seem necessary, and to establish and fix such salaries thereto as to them shall seem proper.

5. And be it enacted, That in case it shall happen that an Corporation election of the directors should not be made during the solved for day, when pursuant to this act it ought to be made, the clect on day

prescribed. said corporation shall not for that cause be deemed to be dissolved, but such election may be held at any other time, and the directors for the time being shall continue to hold their offices until others shall have been chosen in their stead.

6. And be it enacted, That the president and directors of Company said company be and they are bereby authorized and in- to construct vested with all the rights and powers necessary and expedient to survey, lay out and construct a railroad from some point on the Kill Van Kull, at, or near Bergen Point, to the Newark turnpike road leading from Jersey City to Newark, with the privilege of constructing one or more branches extending to the several ferries in the county of Hudson, south of the city of Hoboken, said road not exceeding sixty feet in width, except in such places where

failure to


from the depth of excavation or the height of the embankment, it is necessary to take more land for the slope and protection of the side banks of said railroad, in which case so much land as may be necessary for the purpose and no more shall be taken ; and it shall be lawful for the said president and directors, their agents, engineers, superintendents or others in their employ, to enter at all times upon all lands and waters, for the purpose of exploring, surveying, levelling or laying out of the route or routes of such railroad, and of locating the same, and to make and erect all necessary works, buildings and appendges thereof, doing no unnecessary injury to private or other property, and when the route of such railroad shall have been determined and a survey thereof filed in the office of the clerk of Hudson county, then it shall be lawful for the said company by its officers, agents, engineers, superintendents, contractors, workmen and other persons in their employ, to enter upon, take possession of, hold, have, occupy and excavate any such lands, and to erect embank. ments, bridges, and all other works necessary to lay rails, and do all other things which shall be suitable or necessary for the completion or repair of said road, subject to such compensation as is hereafter provided; provided always, that the payment or tender of payment of all damages for the occupancy of lands through which the said railroad may be laid out, be made before the said company, or any person under their direction or employ shall enter upon or break ground in the premises, except for the purpose of surveying and laying out of said road, unless the consent of the owner or owners of said lands be first had and obtained, and provided also, that in constructing said railroad or branches through any of the streets or avenues of Jersey City, the consent of the common council of said city shall first be obtained; the said work shall be done under the inspection of the commissioner of streets or other proper officers of said cities, and shall not unnecessarily interrupt the public travel during the progress of said work, and shall restore the streets or avenues to their former good


condition without unnecessary delay, and provided further, Proviso. that borse power and no other shall be used by the company in running their cars or carriages, unless where the grade of said road may be so steep as to require other power than horse power; in that case the company shall have the right to erect stationary engines.

7. And be it enacted, That when the company, or its agents, in case coincannot agree with the owner or owners of such required pany and land or materials, for the use or purchase thereof, or when not agree. by reason of the legal incapacity or absence of such owner or owners, no such agreement can be made, a particular description of the land and materials so required for the use of the said company, in the construction of the said road, shall be given in writing, under the oath or affirmation of some engineer or proper agent of the company, and also the name or names of the occupant or occupants, if any there be, and of the owner or owners, if known, and their residence, if the same can be ascertained, to one of the justices of the supreme court of this state, who shall cause the said company to give notice thereof to the person interested, if known and in this state, or if unknown or out of this state, to make publication thereof as he shall direct, for any term not less than six days, and to assign a particular time and place for the appointment of the commissioners hereinafter named, at which time, upon satisfactory evidence to him of the service or publication of said notice aforesaid, he shall appoint under his hand and seal, three disinterested, impartial, and judicious freeholders, nonresidents in the county in which the lands or materials in controversy lie, commissioners to examine and appraise the said lands or materials, and to assess the damages, upon such notice to be given to the persons interested as shall be directed by the justice making such appointment to be expressed therein, not less than six days; and it shall be the duty of said commissioners (having first taken and subscribed an oath or affirmation before some person duly authorized to administer an oath, faithfully and impartially to examine the matter in controversy, and to make a true

report, according to the best of their skill and understanding), to meet at the time and place appointed, and to proceed to view and examine the said land or materials, and to make a just and equitable estimate or appraisement of the value of the same, and assessment of damages as shall be paid by the company for such land or materials, and damages aforesaid, which report shall be made in writing under the hands and seals of the said commissioners, or any two of them, and filed within ten days thereafter, together with the aforesaid description of the land or materials, and the appointment, and oaths or affirmations aforesaid, in the clerk's office of the county in which the land or materials are situate, to remain of record therein, which report, or a copy thereof, certified by the clerk of said county, shall at all times be considered as plenary evidence of the right of said company to have, hold, use, occupy, possess and enjoy the said land or materials, or of the said owner or owners, to recover the amount of the said valuation with interest and costs, in an action of debt, in any court of competent jurisdiction, in a suit to be instituted against the company, if they shall neglect or refuse to pay the same for twenty days after demand made of their treasurer, and shall from time to time constitute a lien upon


property of the company, in the nature of a mort. gage, and the said justice of the supreme court shall, on application of either party, and on reasonable notice to the others, tax and allow such costs, fees and expenses to the justice of the supreme court, commissioners, clerks and other persons performing any of the duties prescribed in this section, as they or he shall think equitable and right, which shall be paid by the company.

8. And be it enacted, That in case the said company, or may appeal. the owner or owners of the land or materials, shall be dis

satisfied with the report of the commissioners named in the preceding section, and shall apply to the justice of the supreme court, at the next term after filing of the said report, the court shall have power, upon good cause shown, to set the same aside, and thereupon to direct a proper

Parties dissatisfied

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