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portion of such expenses, one-half in proportion to its net income for the fiscal year next preceding that in which the assessment is made, and one-half in proportion to the length of its main road and branches, except that each corporation whose line of road lies partly within and partly without the state, shall in respect of its net income be assessed on a part bearing the same proportion to its whole net income that the line of its road within the state bears to the whole length of road, and in respect of its main road and branches shall be assessed only on that part which lies within the state. Such assessment shall be collected in the manner provided by law for the collection of taxes upon corporations. (As amended by chap 534 of 1892, § 5; chap. 456 of 1896, § 1.)
§ 171. Application of this article. The provisions of this article shall apply to all railroads within the state, and the corporations, receivers, trustees, directors or others, owning or operating the same or any of them, and to all sleeping and drawingroom car corporations, and to all other associations, partnerships or corporations engaged in transporting passengers or freight upon any such railroad as lessee or otherwise.
§ 172. Prizes.-The railroad commissioners may in ther discretion act as judges to award prizes which may be offered by any responsible person for improvements in machinery or appliances for operating railroads. (Added by chap. 452 of 1894.)
SECTIONS 180-183. (Repealed by chap. 676 of 1892.)
OF THE GENERAL LAWS.
[CHAP. 566 OF 1890.]
THE TRANSPORTATION CORPORATIONS LAW.
I. Ferry corporations (§§ 1-6).
II. Navigation corporations (§§ 10-13).
III. Stage coach corporations (§§ 20-23).
IV. Tramway corporations (§§ 30-33).
V. Pipe-line corporations (§§ 40-54).
VI. Gas and electric light corporations (§§ 60-70).
VII. Water-works corporations (§§ 80-85).
VIII. Telegraph and telephone corporations (S$ 100-105).
IX. Turnpike, plank-road and bridge corporations (§§ 120-151).
SECTION 1. Short title of chapter.
2. Incorporation of ferry corporations.
3. Half of capital to be paid in before commencing business.
5. Effect of failure to pay in capital stock.
6. Posting schedule of rates.
SECTION 1. Short title of chapter.-This chapter shall be known as the transportation corporations law.
§ 2. Incorporation of ferry corporations.-Three or more persons may become a corporation for conducting and managing a ferry, by executing, acknowledging and filing a certificate, stating the name of the corporation, the places from and to which the ferry established or to be established shall run; the term not exceeding fifty years for which the corporation is to exist, the amount and number of shares of its capital stock; the number of directors thereof, not less than three nor more than fifteen, and the names of the directors for the first year.
§ 3. Half of capital to be paid in before commencing busi ness. No ferry corporation shall be authorized to commence business until at least one-half its capital shall have been actually 3400
paid in, nor until affidavits of such payment, sworn to by a majority of the directors, shall have been filed, in each of the offices in which the certificate of incorporation is required to be filed.
4. Powers. In addition to the powers conferred by the general and stock corporation laws, any such corporation shall have power to take by grant from any authority entitled by the laws of this state to make such grant, or by assignment, the franchise or right to establish and maintain ferries, at the place specified in the certificate of incorporation, and to hold and exercise such franchise or right and carry on the business appertaining thereto, subject to the rights of the mayor, aldermen and commonalty of the city of New York, or any other municipal corporation, or of the owner or owners of any legally existing ferry, or the vested rights of any other corporation whatever.
§ 5. Effect of failure to pay in capital stock.-The capital stock of every such corporation shall all be paid in, one-half thereof within one year and the other half thereof within two years from its incorporation, or such corporation shall be dissolved.
§ 6. Must post schedule of rates.-Every corporation operating any ferry in this state, or between this state and any other state, and from or to a city of five hundred thousand inhabitants or over, shall post in a conspicuous and accessible place in each of its ferryhouses, in plain view of the passengers, a schedule plainly printed in the English language, of the rates of ferriage charged thereon and authorized by law to be charged for ferriage over such ferry.
SECTION 10. Formation of corporation.
11. Navigation between additional ports.
12. Payment of capital stock.
13. Ferries unauthorized.
10. Formation of corporation.-Seven or more persons may and 190 1 become a corporation, for the purpose of building for their own use, equipping, furnishing, fitting, purchasing, chartering, navigating or owning steam, sail or other boats, ships, vessels or other prop erty to be used in any lawful business, trade, commerce or nav. igation upon the ocean, or any seas, sounds, lakes, rivers, canals
* So in the original.
or other waterways and for the carriage, transportation or storing of lading, freight, mails, property or passengers thereon by making, signing, acknowledging and filing a certificate, stating the name of the corporation, the specific objects for which it is formed, the waters to be navigated, and in case of ocean steamers, the ports between which such vessels are intended to be navigated, the amount of its capital stock, which shall not be less than five thousand nor more than four million dollars, the term of its existence, not to exceed fifty years, the number of shares of which the capital stock shall consist, the number of directors thereof, not less than five nor more than thirteen, the names of the directors for the first year, and the name of the city, town and county in which its principal office is to be situated, the number of shares of stock which each subscriber of the certificate agrees to take, which must in the aggregate equal ten per centum of the capital and at least ten per centum of which must be paid in cash. Such certificate shall have attached thereto as a part thereof, the affidavit of at least three of such directors, to the effect that ten per centum of such capital stock has been in good faith subscribed and at least ten per centum of such subscription has been paid in cash. No railroad corporation shall have, own or hold any stock in any such corporation, and no corporation organized under this act, and designed to navigate any of the canals of the state shall have a capital stock exceeding fifty thousand dollars. (As amended by chap. 935 of 1896.)
§ 11. Navigation between additional ports.--Any such corporation desiring or intending to navigate boats, ships or vessels, upon any other waters, or in case of ocean steamers between any other or additional ports than those named in its original certificate, may from time to time, file a further certificate, in the same manner as is prescribed by law for the filing of the original certificate, in which shall be stated such additional waters or ports upon or between which such corporation desires to navigate vessels, and thereafter such corporation may navigate its vessels upon such waters and between such ports, with the like effect as if they had been named in the original certificate.
§ 12. Payment of capital stock. The capital stock of such corporation shall be paid in, at least one-half thereof, within one year, and the remainder within two years from its incorporation, or the corporation shall be dissolved. Within thirty days after the payment of the last installment, a certificate stating that the whole amount of such capital stock has been paid in shall be made, signed and sworn to by the president and a majority of the directors of the corporation, and filed and recorded in the offices where the original certificates of incorporation were filed.
13. Ferries unauthorized.-This article shall not authorize the formation of any ferry corporation to ply between the city of New York and any other point.