Preamble. May erect a wing-dam at the head of &c. CHAPTER CCCCXLV. An Act relative to the Delaware and Raritan Canal Company, the Camden and Amboy Railroad and Transporta tion Company and the New Jersey Railroad and Transpor tation Company. WHEREAS, the above named companies have become united in interest; therefore, 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That it shall be lawful for the said Bull's Island, Delaware and Raritan Canal Company, whenever the said United Companies shall deem it expedient to straighten their feeder as more water may be required for the traffic on said canal; and to make such structures as may be necessary for the protection and usefulness of said feeder, including a wing-dam at the head of Bulls Island, not exceeding eighteen inches high above low water mark, and not interfering with the raft navigation; and to protect and complete the wing-dams heretofore erected at Wells Falls, for the improvement of the raft navigation; also to erect temporary structures at Bulls Island and Wells Falls, in times of extreme low water, to prevent the water from falling below the level of common low water; and for the purposes specified in this section, to take and acquire such lands and materials as may be necessary, in the manner prescribed in the original charter of said canal company. 2. And be it enacted, That this act shall take effect immediately. Approved April 15, 1868. CHAPTER CCCCXLVI. An Act relative to the Delaware and Raritan Canal Com- WHEREAS, the above named companies have become united Preamble. in interest; therefore, grade of street as to make the convenient. 1. BE IT ENACTED by the Senate and General Assembly of May change the State of New Jersey, That it shall be lawful for the said location of railroad companies respectively, whenever the said united or highway so companies shall deem it expedient to shorten, straighten, crossing more widen, or otherwise improve any part of their railroad lines respectively, or to cause the same to pass above or below any public highway or street crossing the same, and, if necessary, to change the location or grade of such highway or street so as to make the crossing more convenient; and when any change of location may be determined on and a new route laid out, to construct their road thereon, and to take and acquire title to the lands required for that purpose, in the manner prescribed by the act under which such railroad may have been originally constructed; provided, that one of the com- Proviso. missioners appointed to appraise the value of the land shall be selected from the city or township in which the lands proposed to be taken lie; and when such new route is completed, to abandon that part of the present route, for which such new route may be substituted, as soon as the same can be done without injury to the public or the business of said road, such abandonment to be made in writing, under the seal of the company to which such road may belong, and filed in the office of the secretary of state of this state; and until so abandoned the said companies shall maintain and operate the same; provided, that such new location shall not deviate Proviso. more than two miles from the present route, and shall not be of greater width than authorized by the original charter; and provided further, that the location or grade of no street or Proviso. highway shall be changed without the concurrence of the common council of any city or borough, or a majority of the surveyors of highways of any township in which such change may be made, nor shall the said new locations be extended Proviso. Proceedings in case of de over any public street in any incorporated city along which the same may run, without the consent of the municipal authorities thereof; and any street hereafter laid out according to law, shall be included in the provisions of this act; provided, that where the streets are elevated so as to pass above the railroad, the bridges for said streets shall be built and kept in repair by the said united companies. 2. And be it enacted, That if at any time it shall appear fective title that the title of the said companies, or any or either of them respectively, to any land whereon any portion of their railroads or canals or other works, are or shall be situated, is or shall be defective, it shall be lawful for either of the said companies, respectively, whenever the said united companies shall deem it expedient, in case agreement for such land cannot be made with the owner or owners thereof, to take such proceedings for perfecting the requisite title of said company thereto, as by its charter, or act of incorporation, are prescribed for taking lands for such railroad or canal, by procuring the appointment of commissioners to appraise the value of the land taken, and the damages caused thereby, and such other proceedings as are prescribed in said charter in that behalf; provided, that when such value and damages shall have been duly ascertained, the said company shall receive credit for all payments previously made in respect of the same (to the party legally entitled thereto), and shall forthwith pay or tender, or deposit in court (as the case may require), any balance which shall remain unpaid, or be liable to an action therefor, at the suit of the party or parties enti tled thereto; provided, further, that nothing herein contained shall be construed to deprive the said company of any rights which it may have acquired to have the possession or title of or to such lands. Proviso. Proviso. Bonds held by benefit. 3. And be it enacted, That the stock held by or in trust for or in trust to any or either of the said companies in the Philadelphia and Trenton Railroad Company, or any other company or corporation, and also all bonds of any other company or corpora tion so held by or in trust for any or either of said united companies, shall be held for their joint and mutual benefit, and shall be sold and disposed of or transferred to said companies, or any of them, or to any other person or persons for their joint use, as may be directed by the joint board of direc tors, or executive committee of said united companies, having authority to act in their joint behalf, and until so sold or dis posed of shall be subject to the direction and control of said directors or executive committee, and shall be voted on and represented as they shall order and direct. earnings may improve works. 4. And be it enacted, That it shall be lawful for the said Portion of companies to invest such portion of their earnings as they may be invested in deem expedient, in permanent improvements in their works; ments in their and the amount so invested shall not be subject to be divided amongst the stockholders, except as the joint board of directors of said united companies in their discretion may see fit to issue stock or bonds therefor, and to divide the same, or the proceeds thereof. money by is 5. And be it enacted, That it shall be lawful for the said May raise united companies to issue their bonds, or the bonds of any or suing bonds. either of them, in such amount or amounts as they may deem necessary, for the purpose of raising money for the improvement or renewal of all or any of their works, and to run for such period of time, and at such rate of interest as they may deem expedient; and to secure the payment thereof respectively, by a mortgage or mortgages upon all or any portion of their several works and property, and upon the franchises and chartered rights connected with the property and works mortgaged, and necessary or proper for the use and enjoyment thereof; and to dispose of such bonds, at the best prices they can obtain for the same; provided, that said bonds shall not Proviso. be issued and sold to an amount exceeding, for the time being, the fair value of the property mortgaged to secure the same; provided further, that nothing in this act shall be 80 Proviso. construed as to exempt the said Delaware and Raritan Canal Company, the Camden and Amboy Railroad and Transportation Company and the New Jersey Railroad and Transportation Company from the payment of any transit duties or taxes whatsoever, now imposed upon the said companies by the laws of this state; or to exempt the said companies from any of the provisions, conditions, liabilities, limitations and restrictions to which the said companies are now subject by their several acts of incorporation, and the supplements thereto, except as herein before provided; and provided further, that Proviso. nothing herein contained shall be construed to interfere in any way with the rights and privileges granted to the Newark and New York Railroad Company, except the right of crossing the same; and provided further, that nothing contained in this Proviso act shall be construed as in any wise affecting the provisions of the act entitled "An Act to enable the United Railroad and Canal Companies to increase their depot and terminal facilities at Jersey City," which became a law March thirtieth, eighteen hundred and sixty-eight. 6. And be it enacted, That this act shall take effect immediately. Approved April 15, 1868. Corporators. Name. Affairs to be managed by a CHAPTER CCCCXLVII. An Act to incorporate the Beaver Dam Cranberry Company. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Thomas W. Ivins, George D. Horner, Howard Ivins, Daniel L. Platt and George F. Fort, and all such persons as may hereafter be associated with them, their successors and assigns, be and they are hereby constituted a body politic and corporate, in fact and in law, by the name of "The Beaver Dam Cranberry Company," for the purpose of buying, holding, cultivating and improving lands in the county of Ocean, and for raising and selling cranberries and other fruit, and other produce of said lands, and carrying on the business connected therewith, and erecting such buildings and holding such personal property as may be necessary therefor; and that they and their successors, by the same name may sell and dispose of the said lands, tenements and hereditaments, cranberries, produce, fruits, goods and chattels, or any part thereof, and may lay, open, make and maintain ditches, drains and embankments through their own and adjoining and contiguous lands, as they may deem for the benefit of said lands, and for such purposes the said company shall or may raise by subscription, by opening the books therefor or otherwise, a capital stock of twenty thousand dollars, with liberty to increase the same to forty thousand dollars, which shall be divided into shares of one hundred dollars each. 2. And be it enacted, That the affairs of said corporation board of direc- shall be managed by a board of five directors, one of whom shall be president, and a majority of whom shall have all the tors. |