The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-05-11
CHAPTER XVIII.

CHAPTER XVIII.
A Further Supplement to an act entitled
An act to provide for the Incorporation
OF street railway companies and to regu-
late the same" approved April sixth,
one thousand eight hundred and eighty
six.
l. Be It enacted by the Senate and Cen
eral Assembly Of the State of New Jer-
sey, That whenever any company has
been organized under the provisions of
the act 70 which this Is a supplement, and
has constructed and operated its street
railway pursuant 10 the articles Of asso-
c1atlon OF such company and the provis-
ions Of said act, and has also purchased
and operated a turnpike road under the
provisions OF an act entitled A act re-
lating to street railways within inc0rpor-
ated towns and boroughs In this state"
approved April thirtieth. one thousand
eight hundred and eighty-seven, and the
street railway, turnpike. franchises and
property OF such COMPANY have been sold
and conveyed under and by virtue of a
decree of the Court Of Chancery of this
State to satisfy any debts of such com
pany, II shall be lawful for the purchasers
or owners thereof not less thar three in
number, TO associate themselves together
by articles in writing for the purpose OF
forming a company TO maintain and oeer-
ate such street railway aud turnpike.
2. And be 1t enacted, That the articles
of association shall state the name of the
company, the number of years the same
is to continue, which shall not be more
than hfty years, the points between which
aid street railway and turnpike have
been constructed and operated Il are TO
be maintained and operated, the length
of such street railway and turnpike, as
near as nay be, the name of ZACH munich
pality, township and county through
which said street railway aud turnpike
extend, the amount of the capital stock
nf tho rom z ~ the numhaP nf ahoNaa
into which said capital stock shall be
divided and the names n residence of
the directors.
8. And be it enacted, That the capital
stock OF any company to be organized
under this act shall be and hereby is liked
and limited as follows: Where the street
railway, turnpike, franchises and prop
erty of any company organized under the
act to which this Is q supplement have
been sold as aforesaid free and clear Of
all incumbrances, the capital stock of
any company TO be organized under this
act shall not exceed the sum. for which
such street railway, turnpike, franchise
and property were sold. and may be
issued as full paid: where such street,
railway, turnpike, franchises and
property a been sold as aforesaid sub
ject to a mortgage Indebtedness thereon,
the capital stock Of any company to be
organized under this act shall not exceed
the sum for which lei street railway,
turnpike, franchises and property were
sold and the sum of such mortgage in
debtedness. and may be issued as full
paid TO extent of the sum for which such
street railway, turnpike, franchises and
property were sold, and upon the pay
ment or satisfaction Of such mortgage in
d~ebtedness, or any part thereof, the resi-
due of such capital stock may be issued as
full paid or retained as treasury stock
and sold for the benefits OF the company;
nrnufnad hnpVauar that nf Saf1 FaafAna
Of said capital stock none shall be at any
time issued or sold IN excess of the
amount which said mortgage indebted
ness has been reduced BY payment or sat
isfaction.
A And be it enacted, That the said ar
ticles of association shall also state the
amoun OF the capital stock of the com
pany. and snail he signed by the persons
associating themselves together for the
purpose of forming said company, and
the signing thereof acknowledged as re-
Quired in the case of deeds for real estate.
5. And be it enacted. That there shall
not be less than three directors of said
company, a majority OF whom shall be
inhabitants OF this state; the nrst board
of directors shall be chosen by the persons
associating themselves together to form
the company, and shall be named in the
articles of association; successors to the
first board OF directors a be elected by
the stockholders of the company at the
first annual meeting of the compady and
annually thereafter; directors shall hold
office until the annual meeting next after
their appointment or election and until
others are chosen and qualified IN their
stead
6. And he il enacted. That the said arti-
cles of association, when slgned aud
acknowledged as aforesaid, shall he filed
in the Office of the secretary OF state. and
t~hereupon the persons who shall nave
subscribed the same, and all persons b
may become stockholders of said COM
pany, snail be and remain a corporation
by the name specified in such articles of
association. and il shall be vested with
all the rights, powers, immunities. privi-
leges franchises OF corporations or
ganized under the act TO which this is a
supplement. and subject to all the ~restric-
tions and conditions imposed upon any
corporation organized under said act. ex-
cept so far as the provisions of said act
are modified or changed hereby.
Z. And be 1t enacted. That all acts and
parts of acts Inconsistent with this act
shall be and are hereby repealed, and that
this act shall take effect Immediately
Passed March 2. 1891
CHAPTER xxx.