Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1886-08-19

and secretary and majority Of its directors.
stating that the full amount Of capital stock
has been unconditiOnally subscribed by re-
sponsible parties, and that fifty per cent1m Of
the mar value of each share thereof has been
actually paid in cash.
10. And be it enacted, That if any street
railway company Incorporated under this act
shall not build and put in operation at least
one-half Of its road within one year after the
date of the ordinance establishing its route by
the local authorities, its corporate powers shall
thereupon cease, and any moneys paid by it to
the state treasurer as a guaranty of good faith,
under sectiou three of this act, shall be for
feited to the use of the state, excepting such
part thereof as may have been refunded by the
treasurer for portions of the road built.
II. And be it enacted, That the board of
aldermen, common council or township com
mittee Of any municipality or township IN
which any company Incorporated under this
act may build or operate its road; may, from
time to time under such restrictions as they
deem the interest Of the public may require,
and under the restrictions contained in the
eighth section of this act, upon petition,
authorize street railway company whose
charter has been duly accepted and whose
tracks have been located and constructed, OF
its lessees and assigns, to extend the location
of its tracks within their municipality or
township; and such extended location shall be
deemed to be the true location of the *racks
of the company, if the acceptance thereof in
writing is filed in the Office of the secretary OF
state within thirty days after the date of such
ordinance; and the said company shall, at the
time of filing such acceptance, file Herewith
a certificate of the length Of such extension,
sworn to by the president, treasurer and secre-
tary and a majority Of the directors Of said
company, and shall, at the same time, pay to
the state treasurer the sum of two thousand
dollars for each mile of the said extension, and
proportionate sum for any fractions over or
under mile: such moneys shall be refunded
to the company or forfeited to the use of the
state at the times and in the manner provided
in the third and tenth sections OF this act;
and the building of such extension shall not be
commenced until the foregoing requirements
shall have been complied with
IL. And be it enacted, That if any street
railway company incorporated under this act
shall fail to acquire from the board Of alder
men, common council or township committee
of any municipality or township within the
bounds of which it shall seek the right to con
struct its road, the right to locate its track or
| any satisfactory POI ton thereof, as the same
| shall be described in the certificate of incor-
poration with the secretary Of state, describ-
ing new route, on paying to the state treas
urer moneys at the rate OF two thousand dol
| lars per mile for any excess of length in the
new route over the old one, such moneys to be
| held and disposed of by the state treasurer in
the manner and at the times prescribed by the
third and tenth sections, of this act; and If the
/ new route snail De S0OIUer CIld0 UIl0 Olu3 bIle
state treasurer shall forthwith refund to the
said company or its treasurer a proportionate
amount of the money SO held by him for the
said difference in length: provided such differ
ence shall exceed one-haf mile; or the said
company may certify to the state treasurer in
writing, under the oaths of its president, sec
/ retal-y. treasurer and a majority Of the board
! Of directors, the failure Of the municipal or
township authorities to grant such operative
route and thereupon the state treasurer shall
refund to said company the moneys deposited
by it with him as aforesaid, and the charter
of said company shall thereupon become null
and void
Il. And be it enacted, That the director
Of any street railway company Incorporated
hereunder may, from time to time, assess
such sums of money, not in excess of their
par value, on all the shares of stock subscribed,
but not paid up, as they shall think proper,
| and may direct the same to be paid to the
| treasurer, who shall give written notice there
Of to the subscriber; If the subscriber neglects
! to pay his assessment for thirty days after
| such notice. the directors may transfer the
rights under snch subscription to any person
who subscIibes for the same and pays the as
sessment due, or may order the treasurer, up
on giving notice of the same, to sell such
shares by public auction to the highest bidder;
! il the shares Of the subscriber do not sell for
| a sum sufficient to pay his assessments with
interest and charges of sale, he shall be liable
/ to the corporation for the deficiency; if such
shares sell for more, he shall be entitled to the
| surplus remaining.
IA. And be it enacted That no certificate
| Of stock in any street railway company
4 formed under this act shall be issued until the
par value thereof is actually paid In cash;
| the shares are to be transferred by convey
| ance in writing recorded by the secretary or
treasurer in books kept in his Office; on max
ing the transfer and surrendering the old GER
/ tificate a new one shall be granted.
/ Is. And be it enacted, That the directors of
| every street railway company formed under
this act shall be jointly and severally liable, to
the extent of its capital stock for all its debts
I and contracts until the whole amount of its
capital stock, as originally fixed by the ar
| ticles of incorporation, shall be paid in, and a
| certificate stating the amount thereof so fixed
| and paid in shall be signed and sworn to by
| It's president, secretary, treasurer and a MAJ
/ tority of its directors, aud filed in the office
| of the secretary of state.
16. And be it enacted, That in case the cap
ital stock of any company formed under this
| act shall be found to be insufficient for con
structing and operating this road such com
| pany may, with the concurrence of two thirds
in amount of holdings of all its stockholders,
increase its capital stocl. from time to time to
any amount required for the purpose of con
structing, maintaining and operating its rail-
road and extensions; such increase may be
sanctioned by a vote in person or by proxy Of
| two-thirds IN amount of all the stockholders
/ Of the company at q meeting of such stock
| holders called by the directors of the com
pany for that purpose by notice in writing
/ to each stockholder, to be served on him per-
sonally or by depositing the same properly
| folded and directed to him at the poStofdce
nearest his usual place Of residence, in the
post Office, at least twenty days prior to such
meeting: such notice must state the time and
place of the meeting and its object, and the
| amount to which it is proposed to increase
Il the capital stock; the proceedings of such
/ meeting must be entered on the minutes of
the proceedings Of the company, and there
| upon the capital stock OF the company may be
increased to the amount sanctioned by vote
| of two-thirds in amount of all the stockhold-
\ ers in the company.
II. And be it enacted, That any company
| incorporated under this act shall have power
to borrow such sums or sum Of money from
! time to time, not to exceed In the whole its
capital stock as shall be necessary to build,
construct or repair its road and branches, and
furnish all necessary property and equip
ments for the use and objects OF said company,
and to secure the payment thereof by the ex-
ecution, negotiation and sale Of any bond or
bonds secured by mortgage on its property,
appurtenanceS, privileges and franchises; but
no such company shall plead any statute Oh
statutes against usury in amy suit or action
instituted to enforce payment of any bond or
mortgage executed under the provisions OF
this section; such mortgage, when given shall
constitute q lien on all the franchises and
property, both real and personal, Of the com
pany and the proceeds Of such bond or bonds
shah be used only for the purpose of aiding in
the construction, repair or equipment Of the
road, its branches and appurtenances; and
upon the diversion Of such proceeds from said
uses the directors Of said company shall be-
come jointly and severally liable for the
debts Of the company in an amount equal to
the sum Of money so diverted and misap-
piled.
Is. And be it enacted, That every street
railway company Incorporated under this act
shall keep in repair, to the satisfaction Of the
local authorities, the paving, upper planking