The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-02-18

ate hour last night despatch from the Sackvie office
informed us thaT heavy rain storm was prevsi OF,
and that there was no prospect Of the wires working
again during the night
An Act to Incorporate tho rrans-Atlantic
Telegraph Company.
The people OF the 8 ate of York, represented In
the senate and Assembly, 90 enact a. folio ~s:-
Section l. Samuel f. B. Morse Aoijsn M.nu Jr. Is.ac
Shermsu, Archibald Russell, Hiram Barney Hanry r.
Piti'tpoDt John Bigelow Samuel F. tterworth Dean
Richmond, Charles Mao John T. Wnslo and their a.
SOCIETIES, ali other persons who hereafter pursuant
to itis sct shall bic holders of s.ock
mentioned hereby constituted body itic aod cor
poIae cy the Dame Of the Trsns-A Ian 10 Ye!egra oh
company" ter the purpose of establishing tseg
mn uni alton between the continent of Europe and
Ncith America ana Of hsving holding, exercsiug aud
O. osig ali the lights powers privileges necessary to
tie sablishment # such iae OF commu and
to DO ell other things within the scope or pur-
pt ses cCntemp. .ared by this act.
Sec 2 The capital stock Of said company shall consist
OF the rum OF Inc mion Of Liars, which shall be deem
ed personal property and shall bs divided in to shares OF
one hund, ed dollars eaoh with the privilege hereafter to
the said ctmpany, ny resolution of the Board Of reo
tors with Of the holders of ty Of
the stock TO increase hereafte capital stock fom
time TO time, buy not to an amount exceeding Eve mil
lons Of dolaPr0Videa that no assignment
OF any share shall be valid untu such transfer shall De
registered in the oook be kept for the purpose and
plovced thai any person, ceasng to stockh Jer
shall also case TO be- member of said co poration.
see 8. The said ccmOany shall construct, complets
across the Atlantic ocean, between the continents
of Euroee and North America, aud may also construct
con pete Keep ORDER and operate any other ine or
nts betwt en- tte int where sai, main line shall
touch North America and any other point the Unie
S'ses that may DE- ce srmiaea on by said company.
Sec 1t shall be lawful for suca conpsuy to contrac
foI and from any perton or o. sons CORPORA
ton or government any grants, concessions or prvi-
ges OF nature, which they desire for
prosecution OF their enterprise, aud Issue the
amount Il the cost Of such CONCESSIONS grants and prgi
tg.s in payment therefor, d the 30 issued shall
any 'urther calls.
sec g. The concerns of the paid corporation shall be
nsDsged by B,ard Of Directors to consi. OF not less
than seysn nor more than f sen MEMBERS who shall be
sockDode OF sad company and VINO (exceps the arst
eectos hereby insed shall hod offices for one
Year, and uI til others are chosen in their places
Sec. g. So hunored thous and dollars Of the
capital stock shall ba subscrioed he comp pany shall 20
into operation and the SAID Samuel F. B. Morse AbAh
Manu. Jr, Isaac Sherman, Archibald RUSSELL Hira Bar
ley Henry f. Pierreponr John Bgslow samuel F. But.
winslow shall be the frst dre ,tors Of said comoanv
and shall have the power Of acdpg to their such
Isrsons - maj riy Of them cha elecs, but not
to make the whole numb of directore exceed fifteen
and huch Board OF Directors hold their Offices until
The second Tuesday of April thousand eight HUNDRED
END hfyseven and unt others in places
Sec The directors, pt for the year. sh all be
aDr nay chosen by the stockh der Of whom tw thirds
shall constitute quorum for the trar sacton Of all busi
ness at such time and place IN The city of New York,
and on such notiee be by by laws
O. taid corporation 1t shall duty of the stock
L eEs to make snd establish such bv laws rules aud
regulations ss hey shall deem necessary proper
wdnt touching he government Of the sd corporation,
perty, estAse aud effects OF the said ton the
aGsfer of shares the uies and cond the drec
tors and Of their officers and servants The election and
meeting OF the directors ana sll matters whatsoever
which may sppernin to the If ths said
pany In al meetings of the stockholders each share
or by proxy In it should ary time happ IN tina.
an ion OF directors should no. be made the day
appointed by the bylaw Of the salt corporation the
said corporation she'll not TOR that be deemed to
be dissolved but another day shall without delay be ap.
pointed on similar notice. aoresad the election Of
directors OF the ssid corporation.
zee. D. The Qi Il whom si0ritv shall
tute quorum tor the transaction of busness shall ap
point cf their numbsr to be President and nav ap
point such other officers an agents they shall deem
Necessary. When any vacancy snail happen among the
directors 1T may be filled by remaining for
remove ali oices appointed by them and spoon Others
in their places, and may fiji al vacancies in the Offices
agents servants OF the company for ihs faithful per-
oImance of their duias and the faithful accounting for
and payment over Of all moneys that saa t, the
bands or control OF any such officer, agent servant
and msy take and approve such security
sec.s Of the directors Of said company, at least
majority, shall be citizens Of the stste Of New York.
The aid company shall be located ana keep it's principal
office in the said city Of New York. the meetings Of the
Il all be registered and in ths said
cit but the directors may ii it shall be desmd adms
sace establish another office offices for the transfer Of
aud subordinate boards OF directors with limited wers
for the transaction Of such business may be entrusted
to them by the said COMPANY Ia Europe.
sec, 10 The directors may require payment Of sub
scrpons 10 the sock at such time and In such proper
hs IS they may deem proper under the penalty Of for
eipg all stock and previous payment thereon and the
sso cmpany may for and all III subscrip
tions. Notice Of The zine place OF such payments
hal be published for four weeks previous such time
least once in each week. two newspapers published
in t. city Of New York.
Fec, H. The said corporation may, from time to time,
rate of interest not exceeding per cent sell
the same at such prices rs dee advisable to carry
the sum Of five million collars, and hereby author
zeo TO mortgage any part OF their crporate property
and privileges to secure the payment Of such Goods
nus succession. and shall be capable in Law of suing
or being suec, and may have common seal and the
msy alter renew at pleasure, and all contracts
MADE may be either bal The signature Of the
president etry other Off agent of the said
corporation, and with without the corporate seal
stc 49, Each and every stockholder shall 20 ndivdu.
ally liable to the creditors Of said corporation for sti
debts na' may be due and owing by said corporation to
An ether debts and liabilities of the said corpora ion to
amount equal to the amount due and payable any
any stockuoder in aid corporation for any debts
trac ed, unless the same eha be commenced within
year from the time he shall have ceased be stock
folder in tsii cor porstin nor until an execution
against the cooperation shall have been returned upsa
sfed in whole or in psrt No person holding stock in
trustee, and person holding such stocK collateral
security sba be persons subject to any liabilities as
fockho der Of said comgany but tse psrssn plecsng
such stok tha 90 consfdered holdug the saue aud
shall be 80 be aforesaid stockhoder accordingly
and the estae and funds In the hands o. such execuor
sonn'stra Or GUARDIAN or trustes, snAll % naoe In
hse manner and to the extent the testAtor
neste the ward person interested In such fund
would have been had he been living and competent to
act and hold the stock in his name. Every such
executor administrator guardian trustee shall repre-
sent the shAs Of stock held by him such executor
acmDisrator guardian trustee, At all meeu cgs of
the company and may vote . stockhoder; and every
peron pecgipg his stock aforesaid may in like man.
ner represent the same and vote accordingly
Sec. H. This act shall take effect Immediately.
Jersey City News.
RAILROAD CoLIIs1oN-On Saturday morning. the
O'Clock A. NJ train from Newark for New York, with
number Of freight attached came to oat the
river from the heaviness Of the train, aud
the sippey condition track dense fog prevailed