The Sunday tatler and Jersey City express. (Jersey City, N.J.) 1883-1886, 1886-08-01
cuAprER Cxxxv

railway companies and to regulate the same.
l. Be 1t enacted by the Senate and General As
sembly of the State of New Jersey, That seven or
more persons may associate themselves together
by articles in writing for the purpose of forming
corporation TO construct maintain and operate
street railway for the transportation of passengers
2 And be it enacted, That the articles of associ-
alton shall state the name of the company. the
number OF years the same is to continue, the
points TO and from which the road is to be con-
structed, the length of such road as near as may
be. the name of each municipality, township and
county in this state through, in into which it is
intended to be made, the amount of the capital
stock of the company, which shall not be less
than ten thousand dollars for every mile of road
intended to be constructed and proportionate
sum, as near as may be- for fractions of a mile
and the number of shares of which said capital
stock shall consist and the names and residences
of at least seven directors who shall serve for one
year and until their successors shall have been
ants Of the municipalities through which said
road Is intended TO be constructed snG operated
each subscriber to such articles Of incorporation
the number of shares of stock which he agrees to
take In said company; on compliance with the
requirements Of the third section of this act such
Rotary Of state 10 be filed in his office and it shall
be his duty to indorse thereon the day and year
they we've filed and record. the same in book to
def1rg the said articles of association, after the
dctax o. the things required by the third section
of this act, the persons who shall have so sub
n.
cons who shall thereafter become stockholders in
such com pany, shall be and remain corporation
by The name specified in such articles of associa
ton :,
8. And be it enacted That such articles OF asso-
citation shall not be rendered to the secretary of
stale. nor flied and recorded in his Office until at
least two thousand dollars of stock for every mile
of railroad and a prop0rtionate sum for every
fraction of a mile thereof proposed to be con-
str,icted shall have been subscribed and paid for
in good faith and in cash to the directors named
Said articles of association until tho said
directors shall have deposited the said moneys so
subscribed and paid to them with the treasurer of
the state of New Jersey, who shall hold the same
subject to be repaid to the directors or treasurer
Of the said company, in sums of two thousand
dollars for each mile of said road upon the con-
ttruction OF which 1t shall be proved to his salts
faction that the said company have expended the
snrn of two thousand dollars, nor until there is
Endorsed on such articles Of association, or an
nexed thereto, an affidavit made by at least five
of the directors named in said articles that the
amount of stock required by this section has been
in good faith subscribed and paid in cash as afore-
SAID; whether the same be full payment on said
stock or installments thereon only and that 1t is
intended in good faith to construct maintain and
operate the road mentioned in such articles of as
authorities of the municipalities and townships
in or through which it Is intended to operate the
road, and such affidavit shall be recorded with
the articles of association as aforesaid.
4. And be it enacted, That copy of the articles
Of association filed and recorded in pursuance of
this act or of the record thereof, with copy Of
the affidavit aforesaid Endorsed thereon or an
nexed thereto, and certified to be q copy by the
secretary of state. shall be presumptive evidence
Of the incorporation Of the company named
therein and OF the facts therein stated.
5. And be it enacted, That every railway COM
peny Incorporated under this act shall be deemed
TO have power
l. To have succession by IT'S corporate name for
the period limited in its charter or certificate of
Incorporation
II. To sue and be sued, complain and defend in
any court of law or equity;
LII. To make and use q common seal and alter
the same at pleasure;
~. To hold, purchase, receive and convey such
real and personal property as the purposes of the
corporation shall require;
v. To appoint such subordinate officers and
agents az the business of the corporation shall de-
ire, and to allow them suitable compensation
VI To make bylaws not inconsistent with the
constitution or laws of the United States or this
state fixing and altering the number OF its direct
ors for the management of its property, the regu-
latton and government of its affairs, with penal
ties for the breach thereof not exceeding twenty
dollars;
VII 10 wind up and dissolve itself upon the
payment and settlement of all its lawful liabilities
and debts and the performance of its duties upon
Ming certificate to that effect In the Office of the
secretary of state signed and sworn to- by the pres
ident and directors of the company;
VIII To have all other powers necessary to the
Performance of its duties under this act.
Q. And be 1t enacted, That at all meetingsof any
company. Incorporated under this act absent
<.c<>sIhS 1Aoy WIG " PioAsf uutifuti1r0 Al
writing; and every company may determine by
tts bylaws the manner of calling and conducting
AL meetings, what number of shares shall entitle
tne stockholders to one more votes, what num-
Der Of stockholders shall attend either in person
OF oy proxy. or what number of shares or amount
Of interest shall be represented at any meeting in
order 10 constitute q quorum and If the quorum
shall not be determined by the company, q
majority of the stock holders in interest," repre-
sented either in person OF BY proxy, shall ccnsti
q And be 1t enacted. That the directors shall be
the governing beard Of any such company, and
shall consist Of not less than seven In number,
and they Hhall be chosen annually by the stock
holders at such time and place as shall be pro
vtfed by the bylaws of the company, and shall
hold their Office for one year and until others are
chosen aRd qualified in their stead; and one Of
the directors shall be chosen president, either by
the directors by the stockholders as they shall
be directed by the bylaws.
men, common council or township committee of
any municipality or township, upon the petition
Of the Directors Of any company incorporated
Of the tracks Of its railway Therein conf0rmably
TO the route designated m their articles of incof
poration shall give notice 10 all parties interested
by publication in one or more newspapers pub
lished and circulated in said municipality, or If
none be published there then by posting In Ave
q ne most public places in such municipality OF
meeting. q the time and place at which they
s @ oso8 q rdn as e sams q rs ay
portion thereof under such lawful restrictions as
they deem the interest Of the public may require
ana INC the location thus granted shall be deemed
the railway II an acceptance thereof in writing
by said directors shall be filed with the secretary
q sf within. Wit thirty days asr aesey1s Notice
or other equivalent officer Of the municipality or
township; provided, that no street railway shall
street railway may be then CONSTRUCTED and oper-
ated within one thousand feet of said railway