ing any fertilizing material; and the said railroad, with the appendages, and the lands over which the same shall pass, and all the works and improvements, and all other property whatsoever, belonging to the corporation, are hereby vested in the said corporation and their successors, for and during the continuance of their charter.

11. And be it enacted, That the president and directors Dividends. shall declare and make such dividend of the net profits thereof as they may deem prudent and proper from time to time.

run on Sun

12. And be it enacted, That it shall not be lawful for the Cars not to be said corporation to run any passenger or freight cars upon day. any part of the said railroad upon the first day of the week, called Sunday.

13. And be it enacted, That if the said railroad shall not be commenced within five years, and completed and in use within ten years from the fourth day of July next ensuing, then and in that case this act shall be void.

Limitation.

money and is

14. And be it enacted, That the president and directors of May borrow the said corporation shall have power to borrow from time to sue bonds. time such sum or sums of money as may be necessary for the construction of said road, and for furnishing the necessary engines, cars, machinery, boats and buildings for the use and objects of the said corporation, and to secure the repayment thereof, with interest, by executing bonds and mortgages, or otherwise, on the said road, lands, personal property, privileges, franchises and appurtenances of, or belonging to said corporation, at an interest not exceeding seven per centum per annum; and it shall not be lawful for the said corporation to plead any statute or statutes of this state against usury, in any suit in law or equity instituted to enforce the payment of any bond or mortgage executed under this sec

tion.

or consolidate

15. And be it enacted, That it shall be lawful for the presi- May connect dent and directors of the said Toms River and Waretown with other Railroad Company to connect at any point on their road with railroads. any railroad now built or that may hereafter be built, or to consolidate with or lease their railroad to any railroad company in this state that is now or may hereafter be built; or to lease any connecting railroad in this state that is now or may hereafter be built; said consolidation or leases to be made by the consent of the stockholders owning or representing a majority of the stock of said railroads.

May purchase and hold real estate.

Penalty for

injury to pro perty.

Statement of

costs and expenses to be filed.

State tax.

16. And be it enacted, That the said company may purchase, have and hold real estate at or near the commencement and termination of the said road, or at any other point on the line of said road, where the directors may think proper to establish a depot, not exceeding six acres at each place; and may also erect and build thereon houses, warehouses, workshops, and such other buildings and improvements as they may deem expedient for the safety of their property, and for other necessary use appertaining to their business, and receive the rents and emoluments thereof; and may build and maintain over such rivers and streams as the road may cross, such piers or bridges as they may deem expedient, provided that suitable and sufficient draws shall be made over any navigable streams so as not to obstruct the navigation thereof.

17. And be it enacted, That if any person or persons shall wilfully or maliciously injure the said road, or any buildings, bridges, wharves, carriages, machinery, or any other works or property of said corporation, such person or persons shall forfeit and pay therefor to the said corporation three times the amount of damages sustained by means of such injury, to be recovered in the name of said corporation, with costs of suit, in any court having cognizance thereof.

18. And be it enacted, That as soon as the said railroad, or any part of it is in operation, the president of the said company shall file, under oath or affirmation, a statement of the amount of the costs of the said railroad, including equipments, appendages and all expenses, in the office of the secretary of state, and annually thereafter, on the first Monday in January in each year, he shall, under oath or affirmation, make a statement to the secretary of state of the cost, equipments, appendages and expenses of said road, and after the said railroad or any part thereof, shall be in operation, the said corporation shall pay to the treasurer of this state a tax of one-half of one per centum on the cost, equipments and appendages of said road, to be paid annually thereafter on the first Monday in January of each year, and such other taxes as may be assessed from time to time by a general law applicable to all railroads over which the legislature shall have power for that purpose at the time of the passage of such law or laws, and until the said railroad, or any part thereof, shall be in operation, the said corporation shall be regularly assessed and pay tax for the value of its real estate, including

improvements thereon, and personal property as now taxed in the city or cities, township or townships wherein it lies, at the same time and rate, and in the same manner, for the same purpose, and by the same person or persons as other taxes are assessed in said city or cities, township or townships; provided, that no other tax or impost shall be levied Proviso. or assessed upon said company.

19. And be it enacted, That it shall be lawful for the said Contracts. corporation at any time during the continuance of its charter, to make contracts and engagements with any other corporation, or with individuals, for transporting or carrying any kind of goods, produce, merchandise, freight, or passen gers, and to enforce the fulfillment of such contract.

pany may

20. And be it enacted, That when any portion of said rail- When comroad shall be completed, the said company may commence commence running cars for the transportation of passengers and running cars. freight, enjoying all the privileges, and subject to the restrictions created by this act.

may purchase

21. And be it enacted, That any corporation or corpora Corporations tions under the laws of this state be and they are hereby bonds. authorized and empowered to endorse, and to subscribe to and purchase any of the bonds of the said Toms River and Waretown Railroad Company.

and sell lands

22. And be it enacted, That it shall be lawful for the said May purchase railroad company to purchase land on or near the line of their railroad and pay for the same in stock of the said company to an extent not exceeding one hundred thousand dollars of said stock at its par value, with full power to sell and convey the same.

shall ride free.

23. And be it enacted, That the governor, the chancellor, the Persons that justices of the supreme court, the judges of the court of errors and appeals, and other state officers, whilst traveling for the purpose of discharging the duties of their offices, the members and officers of both houses of the legislature of this state, during the year for which they were elected, shall pass and repass on the railroad of said company free of charge.

24. And be it enacted, That this act shall be deemed and taken as a public act, and shall at all times be recognized as such in all courts and places whatsoever, and shall take ef fect immediately.

Approved March 17, 1870.

Names of corporators.

CHAPTER CCCLXXXIII.

An Act to incorporate the New Jersey Paving Company.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Henry Hill, John A. Hall and Elvin Crane and their associates, are hereby created a Corporate body politic and corporate, under the name of "The New Jersey Paving Company," and by that name shall be capable of purchasing, holding, using and disposing of such estate, real and personal, as may be necessary to carry out the objects of the incorporation.

name.

Amount of capital stock.

May make contracts for

&c.

2. And be it enacted, That the capital stock of said company shall be one hundred thousand dollars, divided into. shares of one hundred dollars each, with the privilege of raising the same to five hundred thousand dollars, and when ten thousand dollars in cash of the said stock shall have been subscribed for and paid in, in cash, it shall be lawful for the said corporation to organize and carry out the objects of the incorporation.

3. And be it enacted, That said company shall be authopaving streets rized to carry on the business of street and road paving with wood, stone, concrete, and other materials, to take contracts for such paving, to manufacture and lay patent and other pavements, to treat wood with improved preservative processes, to buy and hold and use patent rights for the purposes aforesaid, and to transact such business as may be necessary to carry out the objects mentioned.

Election of directors.

Property that

4. And be it enacted, That the affairs of the company shall be managed by not less than five directors, who shall be elected annually by the stockholders; the first directors to be elected immediately on the completion of the subscription, and payment in cash of ten thousand dollars, and all subsequent annual elections to be held on the second Monday in January in each year, but said corporation shall not abate by reason of the election not taking place on said day; vacancies in the board may be filled for the unexpired term by the directors.

5. And be it enacted, That said directors shall have power, may be taken on behalf of said company, to receive any property, patent,

subscriptions.

or patent rights suitable for the purposes of the company at a valuation to be agreed upon, and in lieu of cash subscriptions, and shall have authority from time to time to open books for further subscriptions until the whole capital stock is taken; and the directors may call on the subscribers for the payment of installments, in such sums and at such times, and under such forfeiture as they may deem expedient.

6. And be it enacted, That the board of directors shall May make bymake such by-laws and appoint such officers as they may think laws, &c. proper to carry out the objects of the incorporation; provided, such by-laws do not conflict with the laws of this

state.

fice.

7. And be it enacted, That the said directors shall be Principal ofelected by a majority in value of the stock voted, either in person or by proxy, and that the principal office of said company shall be at Newark, New Jersey.

8. And be it enacted, That this act shall continue in force thirty years, and shall take effect immediately. Approved March 17, 1870.

CHAPTER CCCLXXXIV.

An Act to vacate and abolish parts of certain streets in the city

of Rahway.

vacated.

1. BE IT ENACTED by the Senate and General Assembly of Part of Semithe State of New Jersey, That that part of Seminary street, pary street in the city of Rahway, extending from the easterly line of Irving street to the northwesterly side of the North Branch of Rahway river, as laid out upon the map made by or under the direction of the commissioners appointed by the common council of said city, under and by virtue of an act entitled "An Act authorizing the appointment of commissioners to lay out streets, avenues and squares in the city of Rahway," approved April fourth, eighteen hundred and sixty-five, be and the same is hereby vacated and abolished, and the lines