Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1886-08-12
CHAPTER LxxxTL


An Act to facilitate the foreclosure Of mort
cages made by consolidated railroad com
panies of railroads lying partly within and
partly without this state.
/. Be it enacted by the Senate and General
Assembly of the State of New Jersey, That
whenever a railroad corporation, created by
the consolidation of q railroad corporation
or corporations of this state with a railroad
corporation or corporations of another state
or states, whose line of railroad lies partly in
this state and partly in another state or states,
has heretofore executed mortgage upon its
entire line Of road, and a sale Of the entire
line of road under such mortgage has hereto
fore been adjudged and decreed by a court OF
competent jurisdiction of or in the state or
states in which the greater part Of such line Of
railroad may be situated, and such sale has
been heretofore made in said state or states,
then, upon the confirmation and approval Of
such Judgment or decree and of the sale made
Hereunder by the court of chancery of this
state, the circuit court Of the United States
in and for the district of New Jersey, such
sale shall operate to pass title to the purchaser
of that part of the line of railroad lying in
this state, together with its appurtenances and
franchises, with the same force and effect as
If the Judgment or decree under which such
sale is had had been made by a court of COM
petent jurisdiction of or in this state; and
such Judgment or decree and sale may be SO
confirmed and approved in any action now
pending or which may be brought within
thirty days after the pas-->'e of this act in the
said court of chancery or the said circuit court
of the United States for the foreclosure of such
mortgage, or in aid Of any action for that pur
pose heretofore brought in such other state,
upon due provision being made by Judgment
or decree of said court for and in respect of
any liens upon that part Of the line of road or
other property sold, situate IN this state, ac-
cording to their respective priOrities; pro-
vided, that application for such confirmation,
approval and order shall be made within sixty
days from the passage of this act
2. And be it enacted, That a corporation
created under the laws of the state in which
the greater part of the line Of such railroad
may be situated, for the pqYpose of taking
title to and operating the entire line of rail-
road, with its franchises and appurtenances
sold upon the foreclosure of such mortgage,
shall, upon the Judgment decree and sale
being duly confirmed and approved, as herein
provided, hold, possess and operate that part
of the line of such railroad lying in this state,
and have all the rights and franchises there's
tofore possessed by the corporation executing
the mortgage under which such Judgment or
decree and the sale were made, and such as
now are or may hereafter be conferred upon
railroad corporations organized under the
laws of this state, and shall be subject to the
duties and liabilities to which such corpora
tion was by the law Of this state subject, and
to such further OF other duties and liabilities
as are now or may hereafter be imposed by
law upon railroad corporations of this state.
B. And be it enacted, That an exempliiied
copy of the charter, certificate of incoipora-
tion or articles of association under and by
virtue of which such new corporation IS
created, and of the Judgment or decree under
which such entire line of railroad was sold,
and certified copy Of such Judgment or der
cree Of confirmation and approval of the court
of or in this state shall be filed in the oiiee of
the secretary Of state for this state
A. And be it enacted, That this act shall
not apply to any corporation unless such cor
poration shall first and as a condition prece-
dent to the exercise Of any power granted by
this act or any other act Of the legislature Of
this state, file in the Office of the secretary of
state an agreement to be approved by the
governor and the attorney general, waving
all rights Of exemption from taxation and
from privileges and advantages arising from
any law or contract if there may be any es-
tablishing any special mode Of taxation of any
such corporation, and the further agreement
now in existence or thlt may hereafter be
passed taxing such corporations as are now
authorized to be taxed by the legislature Of
this state under any general law; and further
agreeing that the exercise of any power
granted by this act shall not in any way affect
the rights Of the state if amy there exist to
take the property of such corporation under
any existing law Of the state, and agreeing
further, that ell laws affecting such corpora
tions shall be subject TO alteration and repeal
BY the legislature
5. And be ii enacted, That this act shall
Be deemed public act and take effect i'm
inediately.
Approved March - 1886