New-York tribune., 1882-03-10
RAILWAY Ne VS..
ANOTHER JERSEY CENTRAL BILL.


iFRoM THE REGULAR CORRESPONDENT OF TILE TRIBUsEI
TRENTON March 9.-In the Senate to-day,
President Hobart introduced another bill affecting the
Central Railroad OF NewJersey IN its approaching
ganizatiOn and in s contest with the GOwen. Garrett
combination. The bill referred to the Committee on
Railroads aud Canals and will probably be reported and
come up for action Monday evening, TO which time
the Senate adjourned The bill provides that In any
where any corporation created by organized under
eny general special act acts OF charter granted
by the Legislature Of this State has heretofore been
shall hereafter be decreed to be lnsOlvent, and
has heretofore been shall hereafter be decreed to have
become solvent and to be entitled to the exercise
OF s corporate powers privileges and franchises II shall
be the duty Of the persons constituting de facto the
board of directors Of such corporation the time Of Cling
the petition Of such corporation to be restored to the
possession Of It's properly and the exercise of It's iran
chises and for decree of its solyeney, whether such
persons elected by the stockholders or such cOpOr
alton meeting thereof or at meeting of such de facto
board of directors to fill vacancies therein or In any
other manner during the insolvency fsuch corporation,
to exercise the powers and functions Of the board OF
directors of such corporation and the said persons are
hereby made ana declared TO De he Gfeetols VI sucn
corporation until their II shall be elected at
meeting OF the stockholders Of such corporation, which
shall be convened prescribed in the next succeeding
section Of this act, and In no other manner.
Section second provides thai II shall be the dlfy or
such board OF directors OF such corporation within ten
days after such corporation be decreed to have become
solvent, pending the application to the Chancellor
by order authorize meeting OF its stockholders to
elect directors thereof, TO convene meeting Ot such
stockholders at such Office of sHch corporation 40 ths
Stale and on such day uaid directors shall designate
for that purpose for the election OF the whole nmuer or
directors corporation prescribed by law, ana 10
give notice of the holding OF such Election by publishing
notice in daily newspapers publsLedih
this state and In more daily newspapers pun
lished respectively In the States of NewYOrH and Penn
sylvania daily three successive weeks next preceding
tine day Of such election and ancOus with the nrst
publication OF such notice to close the tauser ana DOCKS
OF transfer OF the stock Of such corporation for and dur
IN the 81
election and appoint stOckhOder to preside NJ such
meeting and person 10 act the secretary thereof ana
thre nspec conduct the said election, and the
the directors OF such corporation at
such shalt hold their respective Offices tOr the
term of one wear from and after such election and until
their successors sha have been duly elected and If the
persons constituting such de factO board Of directors
shall be hiudcr,d by the injunction Of any court from
performing duties eniOTcd upon them by this sec
lion the Chancellor OF this state may make
his directing the receiver OF the said corporation 10
perform forthwith all the duties respecting such election
which the said directors hercberore directed To