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

- 49, e-A-e- " e-t7 oAc
i. Be it enacted by the Senate and General
Assembly of the State of New Jersey, That
seven or more persons may associate them
selves together by articles in writing for the
purpose of forming a corporation to construct,
maintain and operate street railway for the
transportation of passengers.
2. And be it enacted, That the articles of as
sociation 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
constructed the length of such road as near
as may be, the name of each municipality, town
ship and county in this state through, in or
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 dol
lars for every mile of road intended to be con-
structed, 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 chosen, and majority of whom shall be
inhabitants of the municipalities through
which said road is intended to be constructed
and operated each subscriber to such articles
of Incorporation shall subscribe thereto his
place OF residence and 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 articles of asso-
citation may be rendered to the secretary of
state to be fled in his office, and it shall be his
duty to indorse thereon the day and year they
were filed and record the same in a book to be
provided by him for that purpose; upon so
rendering the said articles of association, after
the doing of the things required by the third
section of this act, the persons who shall have
SO subscribed such articles of association, and
all persons who shall thereafter become stock
holders in such company, shall be and remain
a corporation by the name specified in such
articles of association.
3. And be it enacted, That such articles Of
association shall not be rendered to the Secre-
tary of state, nor filed and recorded in his
Office, until at least two thousand dollars of
stock for every mile Of railroad and a propOr-
tionate sum for every fraction of q mile there
of proposed to be constructed shall have been
subscribed and paid for in good faith and In
cash to the directors named In said articles of
association, nor until the 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 treas
urer of the said company In sums of two thou
sand dollars for each mile of said road upon
the construction of which it shall be proved to
his satisfaction that the said company have
expended the sum of two thousand dollars, nor
until there is endorsed on such articles of asso-
citation, or annexed 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 aforesaid, whether the
same be full payment on said stock or install
ments thereon only, and that it is intended in
good faith to construct maintain and operate
the road mentioned in such articles of associa-
tion or as its route may be designated by the
authorities of the municipalities and town
ships in or through which it is intended to
operate the road, and such affidavit shall be
recorded with the articles OF association as
aforesaid A
A. And be it enacted, That a copy Of the
articles of association fled and recorded in
pursuance of this act, or of the record thereof,
with a copy of the affidavit aforesaid indOrsed
thereon or annexed thereto and certified to be
a copy by the secretary of state, shall be pre-
snmptive evidence of the incorporation Of the
company named therein and of the facts
therein stated.
s. And be it enacted, That every railway
company incorporated under this act shall be
deemed to have power:
L To have succession by its corporate name
for the period limited in its charter or certih-
| cate of Incorporation;
IL To sue and be sued, complain and de-
fend in any court Of law or equity;
| III. To make and use common seal and
alter the same at pleasure;
1 " To hold, purchase, receive and convey
such real and personal property as the pur-
| poses of the corporation shall require;
| V. To appoint such subordinate officers and
agents as the business Of the corporation shall
! desire, and to allow them a suitable con1pen-
sations
vi To make bylaws not insistent with
the constitution or laws of the United States
! or this state, fixing and altering the number
| of its directors for the management Of its
property, the regulation and government of
its affairs with penalties for the breach there
Of not exceeding twenty dollars;
VII To wind up and dissolve itself upon
the payment and settlement of all its lawful
| liabilities and debts and the performance Of its
Duties upon filing certificate to that effect
| in the office of the secretary Of state, signed
and sworn to by the president and directors Of
the company;
VIII. To have all other powers necessary
to the performance of its duties under this act.
| O. And be it enacted, That at all meetings of
any company Incorporated under this act
absent stockholders may vote by proxy,
authorized in writing; and every company may
determine by its bylaws the manner of call
! ing and conducting all meetings, what num-
| Der of shares shall entitle the stockholders to
| one or more votes, what number of stOckh0ld-
ers shall attend either in person or by proxy,
| or what number of shares or amount Of inter.
est shall be represented at any meeting in order
4 to constitute d quorum and IL the quorum
| shall not be SO determined by the company, a
majority of the stockholders in interest, repre-
sented either in person or by proxy, shall con-
stituts quorum.
7. And be it enacted, That the directors
| shall be the governing board Of any such com
pany, and shall consist OF not less than seven
in number, and they shall be chosen annually
1 by the stockholders at such time and place as
shall be provided by the bylaws of the COM
/ pany, and shall hold their Office for one year
and until others are chosen and qualified in
their stead; and one Of the directors shall be
chosen president, either by the directors or by
| the stockholders, as they shall be directed by
! the bylaws.
8. And be it enacted, That the board of
! aldermen, common council or township COM
mittee of any municipality or township, upon
! the petition of the directors of any company
thereof, for location Of the tracks Of its rail
way therein c0nf0rmahly to the route deSig-
mated in their articles of incorporation, shall
give notice to all parties interested by publica-
ton in ONE or more newspapers published and
| circulated in said municipality, or, if none be
! published there, then by posting in five Of the
most public places in such municipality or
township, at least fourteen days before their
! meeting, Of the time and place at which they
will consider such application for location
and, after hearing, they shall pass an ordi-
! nance refusing such location or granting the
same or any portion thereof, under such law
full restrictions as they deem the interest Of the
public may require; and the location thus
| granted shall be deemed and taken to be the
true location of the tracks of the railway if an
/, acceptance thereof in writing by said directors
shall be filed with the secretary of state within
thirty days after receiving notice thereof, and
8 copy thereof delivered to the clerk or other
: equivalent officer Of the municipality or town.
ship; provided, that no street railway shall be
constructed in any street or highway where a
street railway may be then constructed and
operated within one thousand feet of said rail
way, nor parallel thereto within two blocks
thereof without the written consent Of the
company then operating said railway, except
TO cross the same and that nothing herein con
tanned shall be deemed to authorize the con-
| struction OF any street railway upon any road
lawfully built or controlled by any turnpike.
1 plank road or toll road company without the
! written consent of such turnpike plank road