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

nance shall not be passed or adopted until the
company applying for location Of route shall file
with the clerk of the board of aldermen or other
body 10 which application is made, the written
consent of the owners OF at least one-half of the
property fronting ON such portion Of the street or
highway through which such railway is to be
made, which written consent shall be aeknowl-
edged by the subscribers thereto as are deeds en-
tied to be recorded. IL the route thus accepted
shall be shorter than the route designated in the
certificate of incorporation proportonate part Of
the moneys paid 10 the state treasurer upon fling
refunded by the treasurer to the said company;
provided, however. that none of such moneys shall
be refunded as aforesaid for any difference in
length of the route less than half mile
8. And be it enacted, That no street railway
company incorporated under this act shall begin
to build its road until it has filed in the Office
of the secretary OF state certificate signed and
sworn to by its president treasurer and secretary
and a majority of its directors, stating that the
full amount Of capital stock has been uncondition
ally subscribed by responsible parties, and that
thereof has been actually paid in cash.
TO- And be It enacted That if any street railway
company Incorporated under this act shall not
road within one year after the date Of the ordi-
nance establishing its route by the local authori
ties, its corporate powers shall thereupon cease,
and any moneys paid by 1t to the state treasurer
as guaranty of good faith, under section three
of this act shall be forfeited to the of the state
excepting such part thereof as may have been
refunded by the treasurer for portions of the road
built.
IL And be it enacted, That the board of alder
men, common council or township committee Of
any municipality or township in which any COM
pany 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, or 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 tracks 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 fling such acceptance file
herewith certificate of the length Of such extern
sion, sworn TO by the president, treasurer and
rotary and q majority of the directors of said
company, and shall, at the same time pay 10 the
state treasurer the of two thousand dollars for
each mile of the said extension, and proportion
ate sum for any fractions over or under mfle;
such moneys shall be refunded to the company or
forfeited to the of the state at the times and in
the manner provided in the third and te1th sec
tons Of this act; and the building of such extern
sion shah not be commenced until the foregoing
requirements shall have been complied with.
II And be it enacted, That If any street rail-
way company incorporated under this act shall
mon council or township committee of any
municipality or township within the bounds of
which It shall seek the right to construct its road
the right TO locate it's track or any satisfactory
operative portion thereof as the same shall be
described in the certificate OF Incorporation. it
may file an amended certificate of incorporation
with the secretary Of state, describing new route
on paying to the state treasurer moneys at the rate
of two thousand dollars 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 sessions OF this act; and
if the new route shall be shorter than the old the
state treasurer shall forthwith refund to the said
company or its treasurer proportonate amount
of the money 60 held by him for the said differ
ence in length; provided, such difference shall
exceed one-half mile; or the said company may
certify to the state treasurer in writing. under the
oaths of its president, secretary, treasurer and
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 aforesaid, and the
charter Of said company shall thereupsr become
IL. And be it enacted That the directors of any
street railway company incorporated hereunder
may, from time to time, assess such sums of money,
not insexcess of their par value, all the shares
of stock subscribed, but not paid up, they shall
think proper and may direct the same to be paid
to the treasurer, who shall give written notice
thereof to the subscriber; if the subscriber neg
lects to pay his assessment for thirty days after
such notice. the directors may transfer the rights
under such subscription to any person who sub
scribes for the same and pays the assessment due.
or may order the treasurer upon giving notice Of
the same 10 sell such shares by public auction to
the highest bidder ifthe shares of the subscriber
do not sell for sum sufficient to pay his assess
ments with interests 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
a. And be it enacted That no certificate Of
stock in any street railway company formed
under this act shall be issued until the par value
thereof is actually paid in CASH the shares are to
be transferred by a conveyance in writing, re-
corded by the secretary treasurer in books kept
in his Office; on making the transfer and surren-
dering the old certificate, new one shall be
Is. And be it enacted, That the directors of
every street railway company formed under this
act shall be jointly and seveTaly liable, 10 the ex-
tent of its capital stock, for all its debts and con-
tracts until the whole amount of its capital stock,
as originally fixed by the articles incorporation,
shall be paid in, and a certificate stating the
amount thereof so fixed and paid in shall be
signed and sworn to by its president secretary,
treasurer and majority of its directors and filed
IN the Office of the secretary of state
10. And be it enacted, That in case the capital
stock of any company formed under this act shall
be found to be insufficient for constructing and
operating this road, such company may, with the
concurrence of two thirds In amount of holdings
OF all its stockholders, increase its capital stock
from time to time to any amount required for the
purpose of constructing, maintaining and oper-
atlng its railroad and extensions; such increase
may be sanctloned by avote in person or by proxy
OF two-tnirds in amount of all the stock holders
OF the company at meeting of such stockholders
called by the directors of the company for that
holder, to be served on him personally or by de-
posting the same properly folded and directed to
him at the post Office nearest his usual place of
residence, in the post Office, at least twenty days
prior TO such meeting such notice mnst state the
time and place of the meeting and its object, and
the amount to which it is proposed to increase the
capital stock the proceedings of such meeting
must be entered on the minutes of the proceed
ings of the company. and thereupon the capital
stock of the company may be increased to the
amount sanctioned by a vote of tvo-thirds in
amount of all the stock holders in the colnpanv
~ And be it enacted, That any company incor-
porated 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 shall
be necessary to build, construct repair its road
and branches, and furnish all necessary property
and equipments for the use and objects Of said
company, and to secure the payment thereof by
the execution, negotiation and sale of any bond
or bonds secured by mortgage on its property, APP
ptlrtenances, privileges and franchises: but no
such company shall plead any statute or statutes
against usury in any suit or action instituted to
enforce payment Of any bond OF mortgage exc
cuted under the provisions of this section; such