to stock. 4. And be it enacted, That it shall be the duty of said cor- sSubscriptions poration immediately after the passage of this act, or as soon thereafter as it can consistently be done, to hold a meeting and appoint a time, place and manner in which subscription to the capital stock of said corporation may be made, and that as soon as fifty shares shall be subscribed, they shall call a meeting of the stockholders, who shall organize the said corporation, by electing from their number nine directors. and the adoption of a constitution and by-laws for the said corporation, and at the said election and at all subsequent elections, each stockholder shall have one vote for each share of stock held by him or her, but no stockholder shall be allowed more than five votes, either in person or by proxy, and a majority of the votes cast shall determine the election. 5. And be it enacted, That thereafter the said board of Directors. nine directors (any six of them shall constitute a quorum) shall manage the affairs of said corporation in accordance with the provisions of this act, and the constitution and by-laws adopted by the stockholders aforesaid; and that the said directors may make such dividends as the profits, plans and rules of the said corporation may or will allow. be made. 6. And be it enacted, That it shall be the duty of the di- Statement to rectors of the said corporation to call an annual meeting of the stockholders at the time fixed in the constitution adopted as aforesaid, and to make a report at each annual meeting, setting forth the affairs of the company, and that if required by any of the stockholders, shall produce the books, accounts and papers of the company; and if the directors shall neglect or refuse to call an annual meeting of the stockholders at the time prescribed, then said meeting may be called at any time. thereafter by any number of the stockholders holding no less than ten per centum of the stock paid in. proceedings 7. And be it enacted, That so far as said company, con- Actions and sisting of the aforesaid persons and their associates, is already declared valid incorporated and organized, and has executed its business in conformity to the foregoing provisions of this act, such incorporation and organization, and such business transactions shall be and are hereby declared to be legal and valid, the same as though the organization and transactions of its business had been executed subsequent to the passage of this act. 8. And be it enacted, That this act shall take effect immediately. Approved March 26, 1872. CHAPTER CCCLXXVIII. An Act to incorporate the Hackensack and Englewood Horse 1. BE IT ENACTED by the Senate and General Assembly of Corporators the State of New Jersey, That William S. Banta, M. M. Knapp, G. Ackerson, junior, Charles H. Voorhis, George H. Coffey, Abram Collerd, Cornelius A. Herring, Joseph B. Miller, Cornelius Lydecker, J. Smith Homans, junior, and Thomas W. Demarest, and such other persons as may hereafter be associated with them, their successors and assigns, be and are hereby created a body corporate and politic, in fact and in name, by the name of "The Hackensack and Englewood Horse Railway Company," and shall be capable of purchasing, holding and conveying any lands, tenements, goods and chattels whatsoever, necessary or expedient for the object of this corporation. Name. Amount of capital stock. Books of subscription. rectors. 2. And be it enacted, That the amount of capital stock of said company shall be one hundred thousand dollars ($100,000), with the privilege of increasing the same to five hundred thousand dollars ($500,000), and shall be divided into shares of one hundred dollars ($100) 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 books of subscription to said stock shall be open at such place as the directors shall designate, for any time not exceeding sixty (60) days, under the direction of the board of directors, or such of them as may be designated for that purpose. Election of di- 4. And be it enacted, That the stock, property and concerns of said corporation shall be managed and controlled by a board of directors, seven in number, who shall be stockholders, and a majority of whom shall be residents of the state of New Jersey; and that the said directors shall be chosen on the third Tuesday of December in each year, at such time and place, and in such manner as shall be designated in the by-laws of said corporation, and shall hold their offices for one year, and until their successors are elected; and the directors chosen at such meeting shall, as soon as practicable, after every election, choose out of their own number a president; and if it shall happen that any vacancies occur from any cause, the same may be filled by the remaining directors, or a majority of them, at any meeting of the board of directors; and until those elected at the first annual meeting shall enter upon the duties of their office, the persons named in the first section of this act shall be directors of this company. subscriptions feiture. 5. And be it enacted, That four (4) directors of said cor- Fallure to pay poration shall be competent to transact all business of said to work for corporation, and shall have power to call in the capital stock of said company by such installments and at such times as they may direct, and in case of the non payment of such installments, or any 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 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 board shall appear proper. and operate 6. And be it enacted, That the said corporation shall have May construct power and authority to construct, maintain and operate lines street railroad of street railroads upon any highway, public road and street, between the village of Englewood, in the township of Englewood, and the county of Bergen, and the railway stations in ths village of Hackensack, township of New Barbadoes, and county of Bergen. 7. And be it enacted, That the president and directors of Dividends. said corporation shall declare and make such dividends as they may deem proper from time to time, out of the net profits. of the business of said corporation. money and 8. And be it enacted, That the said corporation shall have May borrow power to borrow any sum or sums of money, from time to issue bonds, 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, not exceeding the sum of one hundred thousand dollars, 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. Penalty for inJuring works. Steam power not to be used. 9. And be it enacted, That if any person or persons shall wilfully or maliciously impair, injure, destroy or obstruct the use of said railroad, or any of its works, carriages, animals, or machines, such person or persons shall forfeit and pay therefor to said corporation three times the amount of damages sustained, by means of said corporation, with costs of suit, in any court having jurisdiction of the same. 10. And be it enacted, That nothing herein contained shall authorize the said company to use steam as a motive power. 11. And be it enacted, That the legislature may at any and repealed time alter, amend or repeal this act whenever, in their judg ment, the public good may require. May be altered 12. And be it enacted, That this act shall take effect immediately. Approved March 26, 1872. amended. CHAPTER CCCLXXIX. A Supplement to the act entitled "An Act to authorize the consolidation of the capital stock, property, powers, privileges and franchises of the New Jersey, Hudson and Delaware Railroad Company with those of the New Jersey Western Railroad Company, the Sussex Valley Railroad Company, and the Hoboken, Ridgefield and Paterson Railroad Company, or any or either of them," approved March seventeenth, one thousand eight hundred and seventy. New 1. BE IT ENACTED by the Senate and General Assembly of Section three the State of New Jersey. That section three of the act to which this is a supplement is fully amended so as to read as Amendment. follows: "3. And be it enacted, That said new corporation so formed and consolidated shall be known as the Jersey Midland Railway Company," and shall succeed to the property, rights, powers, privileges, franchises, obligations and liabilities of the companies so consolidated; all contracts made with either of the aforesaid companies shall be performed and discharged by such consolidated company, and all property, real and personal, and mixed, and all debts due, on whatever account, as well as of stock, subscriptions and other things in action belonging to said corporations, shall be taken and deemed to be transferred to and vested in the company hereby created, without further act or deed, and all property, rights of way, and all and every other interest shall be as effectually the property of the said New Jersey Midland Railway Company, as they were of the former corporations, parties to said agreement; the said consolidated company may regulate and harmonize the grades and surveys made by the aforesaid companies, or either of them, and may make and file new surveys and maps; but the route or line of the aforesaid road or roads shall not be located beyond or without the limits authorized by the several acts incorporating the aforesaid companies, and the several supplements thereto; six rods in width for right of way, and such additional width as may be necessary for cuttings and embankments may be taken by said railway company, with so much. land and real estate for stations, depots and other buildings as may be necessary; provided, that the said consolidated or proviso. New Jersey Midland Railway Company shall be laid out and constructed through the county of Sussex, under the chartered rights, powers and privileges of the said New Jersey, Hudson and Delaware Railroad Company; and it shall be lawful for the said company to construct a bridge or bridges across the river Delaware at any point between Belvidere and the Water Gap; it is also provided, that this company, Proviso. or any five persons named by this company, shall be authorized to open books to receive subscriptions for building lateral roads now authorized by the several charters, or either of them of the companies hereby proposed to be consolidated; and provided further, that nothing in this act or the act to Proviso. which this is a supplement shall authorize or empower the said company, or any of the said companies, to pass over any land owned or occupied by the Erie Railway Company, the Long Dock Company, the Morris and Essex Railroad Company, or the Northern Railroad Company of New Jersey, in Hudson county, otherwise than over or under the tracks of those companies, in such manner as to allow all trains to pass freely and safely along such tracks without interruption, and without injury to or interference with the traffic of the four companies last named." |