pervision and wharves, &c. Repealing acts limiting amount of land, and pro viding for tax this state, over the said property so purchased by the said. united companies as aforesaid east of Prospect street, except such parts of any street as are now actually filled in and used, shall be and are hereby vacated, and no street shall hereafter be laid out or opened thereon except by consent of said united May have su companies; and that said united companies, their officers and control of agents shall have the supervision and control of the wharves, piers, canals, buildings and other improvements which they may erect upon the said property, and may charge such wharfage and other rates for the use thereof, as the said directors may deem reasonable, or as may be agreed upon with the parties desiring to use the same; and that all acts and parts of acts heretofore passed which limit the amount of land that may be held by the said united companies, or either of them, for the purposes of their charters respectively, or which subjects such lands, if exceeding a certain quantity, to any other tax than that which is imposed upon the said companies respectively by their respective charters or acts of incorporation, are hereby repealed; provided, however, that such parts Proviso. of said property and the improvements to be made thereon as shall be used for other than railroad, canal, depot, tranship ping or landing purposes, (but no other portions thereof) shall be subject to local and municipal taxation; provided further, Proviso. that the authorities of Jersey City shall continue to have the same right and power as they now have or as may hereafter be conferred upon them to construct necessary sewers through the property hereby granted to connect with and discharge the main sewers of said city between south Second street and south Seventh street; and provided also, that the said pro- Proviso. perty hereby granted shall be subject to assessments for benefits arising from the construction of sewers, and from the improving of any streets in the manner now provided for; and Proviso. provided further, that nothing in this act shall be construed as exempting the before described property from the provisions of an act entitled "An Act for supplying Jersey City and places adjacent with pure and wholesome water," and supplements thereto; and provided further, that the said united companies shall on or before the first day of January next define the route of their tracks from the Bergen cut through Jersey City to the property hereinbefore described. 3. And be it enacted, That the said united companies shall pay to the treasurer of the state, on or before the first day of January next, such sum or sums of money as shall be fixed, Proviso. for grant to be Compensation adjudged and determined as the just and equitable compensapaid when de- tion the state ought to receive for the lands surrounding the attorney gen- Budd grant hereby granted as aforesaid, by the attorney gencommission eral and three commissioners, to be appointed by the supreme termined by eral and three ers. court on the application of the attorney general of the state, or the said companies, on such notice as the court shall esteem reasonable; the said commissioners shall first take and file an oath in the office of the secretary of the state, well, truly and faithfully to perform the duties of their appointment before entering upon said duties, and the attorney general and said commissioners having regard to the ownership of the said part of the Budd grant by the said company, to the purpose of the grant, the situation of the land, and the inducements that the state should hold out to the grantee for making the improvement; and until such consideration is paid it shall not be lawful for the said companies to improve, fill in, reclaim or enjoy the lands under water herein referred to (except the lands lying within the Budd grant); and as the purposes of this grant require that the exterior line of the lands hereby intended to be granted to and enjoyed by said companies should always adjoin and front the deep waters of the Hudson river, be it State will not further enacted that the state of New Jersey will not, without Fights in front the consent of said companies, make any grant of the lands, granted, with or of any easements therein, which lie in front of the land grant any of land hereby out consent. Proviso. hereby intended to be granted, and that this grant shall extend to the exterior lines fixed already by the commissioners by the act entitled "An Act to ascertain the rights of the state and of the riparian owners in the lands lying under the waters of the bay of New York, and elsewhere in the state," approved April eleventh, eighteen hundred and sixty-four, in their report and maps, and any further to the east to which said exterior lines may be extended hereafter by the state, and no further; provided, the said companies shall file their acceptance of the determination and judgment of the said commissioners in the office of the secretary of state, and pay to the treasurer of this state the compensation fixed, adjudged and determined by the said commissioners on or before the first day of January next. 4. And be it enacted, That this act shall be deemed and taken as a public act and shall take effect immediately, and that all acts and parts of acts, either general or special, inconsistent with this act, be and the same are hereby repealed. Passed March 30, 1868. CHAPTER CCXLIX. An Act to incorporate the Port Oram Iron Company. 1. BE IT ENACTED by the Senate and General Assembly of Corporators. the State of New Jersey, That John C. Lord, Robert F. Oram, William G. Lathrop, C. D. Schubarth, James H. Neighbour, W. H. Talcott, J. Cowper Lord, Henry Day, Theodore F. Randolph, and their associates, successors and assigns, are hereby created a body corporate and politic, by the name of "The Port Oram Iron Company," for the purpose of mining Name. and smelting iron and other ores, and for the purchase, manufacture and sale of iron and other metals, with power to lease, Object of corpurchase and hold such mines and mining rights, real and poration. personal property, as may be considered necessary for the due prosecution of its business, and to sell, lease or mortgage the same, or any portion thereof, and by that name they and their successors shall have all the powers which by the laws of this state are now incident and belonging to corporations. 2. And be it enacted, That the capital stock of this com- Capital stock. pany shall be three hundred thousand dollars, with power to increase the same, by a vote of a majority of the stock, to one million dollars, divided into shares of one hundred dollars each, which shares shall be deemed personal property, and shall be transferable in such manner as shall be prescribed in the by-laws of the said corporation; and the said company is authorized to commence business when one hundred thousand dollars of its capital shall have been subscribed and ten per centum thereof paid in; and no dividends shall be made to the stockholders except from the profits of said company. affairs man tors. 3. And be it enacted, That the property and affairs of this Property and company shall be managed and conducted by a board consist- aged by direc ing of nine directors, being stockholders, and that John C. Lord, Robert F. Oram, William G. Lathrop, C. D. Schubarth, James H. Neighbour, W. H. Talcott, J. Cowper Lord, Henry Day and Theodore F. Randolph shall be the first directors to organize and manage the affairs of the said company, and shall continue in office until the first Tuesday in August, eighteen hundred and sixty-nine, and until others are elected or appointed in their stead. 4. And be it enacted, That the board of directors shall have cure payment Power to se- power to demand from the subscribers to the capital stock of of the capital said corporation, the money for such subscriptions, and for penalty of for any subscriptions to the increase of its capital, or any assess stock under feiture. rectors. ment thereon, and in case of the failure to pay such subscriptions, calls or assessments as they may appoint, the said board may, after four weeks' notice in a newspaper published in Morris county, declare the said stock and all previous payments thereon forfeited to the corporation, and such stock and all previous payments thereon, and all right to the same, shall thereby be forfeited and belong to the said corporation. Election of di- 5. And be it enacted, That the annual election of directors shall take place on the first Tuesday in August of each year after eighteen hundred and sixty-eight, at such time and place as shall be directed by the by-laws of said corporation; and all elections for directors shall be by ballot, and each share of stock shall be entitled to one vote, and the votes may be by person or by proxy; two weeks previous notice of such election shall be given in a newspaper published in Morris county; the persons having the greatest number of votes, being stockholders, shall be directors for the ensuing year, and any vacancy or vacancies occurring by death, resignation or otherwise among the directors, shall be filled in the manner prescribed by the by-laws of said company; and if from any cause an election for directors should not take place on the day of the annual election, it shall not therefore work a forfeiture of this charter, but a new election shall be ordered in conformity to the by-laws of said company, and the directors shall hold over until others are elected in their places. Powers of di 6. And be it enacted, That the board of directors shall adopt by-laws declaring the number of directors necessary to form a quorum for the transaction of business, the officers of the company and their duties, and shall have authority to enact such rules and regulations as they may deem necessary for the management of the affairs of this company and the business of the board of directors, and shall have power, from time to time, to alter the said by-laws; provided, the same as adopted shall not be contrary to the constitution of the United States, or the laws of this state. rectors. Proviso. May diminish or dissolve 7. And be it enacted, That the number of directors may at corporation. any time be increased or diminished, or the capital stock diminished, or this corporation dissolved by a vote of threefourths of the stock represented in such voting, at a meeting called for that purpose, by a notice published once a week, for four successive week, in a newspaper printed in Morris county; upon such dissolution, the directors, or such persons as the stockholders shall appoint, and their survivors and successors, shall be trustees, and as such shall have full power to realize, sell, convey and collect the assets of said corporation, real and personal, and pay its debts, and divide the surplus among its stockholders, pro rata. 8. And be it enacted, That this act shall be deemed a public act, and shall, at all times be recognized and taken as such in all courts and places whatsoever, and shall take effect immediately; provided that this corporation shall not be ex- Proviso. empted from the provisions of the act entitled "An Act to increase the revenues of the state of New Jersey," approved March sixth, eighteen hundred and fifty-eight, as qualified by the supplement thereto, approved March eighteenth, eighteen hundred and fifty-nine. Approved March 31, 1868. CHAPTER CCL. A Further Supplement to an act entitled "An Act to incorporate the city of Salem," approved February twenty fifth, eighteen hundred and fifty-eight. 1. BE IT ENACTED by the Senate and General Assembly of Division into the State of New Jersey, That the city of Salem shall here- two precincts after be divided into two precincts in the manner following, that is to say: all that part of the city of Salem lying and being on the southeast side of a certain line beginning at the creek in the centre of Market street, and running thence along the centre of said street in the course thereof; thence between Beldin's store and the Nelson House in the line of d'vision thereof, continuing on in a straight line to the limits of the said city, shall compose one precinct, which shall be known as and called by the name of the East precinct; and all that part of the city of Salem lying and being on the northwesterly side of the said certain line shall compose one precinct, which shall be known as and called by the name of the West |