The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-05-13
nHaprEa 1xYrI

S4A &6L& 90
An act to authorize corporations Incorporated
under the ] Avs OF this stale to merge and con,
so:idate their cosporate franchises and osner
81 i. enac,ed ) ] the senate and as Gene al r As,
or more onrporatia b Organized Of % be orgaais ed
under any law or laws OF this state Tor the purpo'
OF carrying on any kind of business OF tho same o.
q simiisr nature, may merge OF consolidate such
corporations fato a single corporation, which may
rernorations- or a now G ,rporsfion to bs formed
by means Of such merger AMI consultations,
or merger shan be made under tn. con iitlons. pro
visions, restrictions, and with the powers he carter
in this act mentioned and contained that is 60
: The directors OF the several corporations pro-
Messing TO merge or cons ,lidate may enter Into j
Joint agreement under the Corporate seals of the
re Sin1 &c efpf eait o,rnoret,o ny and mdfs Srescr binr
the terms and conditions thereof, the mode or
corrsaasi IL one shat Be 50 formed or creatsdi
or II the consolidated corporation as the case may
the Grst directors and e scets 4 such new or con.
solidated corporation lyho shall hold their oinces
either according TO law. or accord ing to the by
laws Of the said c.prp traiion1 the number OF
preferred. and the amount or par value OF saln
share of such new or consolidated c,rpoyationi
each OF said merging or eonsoiidat.ng CORPORA.
tions into the stock Q. OBLIGATION us OF such new or
CO soil tated corporation. and In ease or the crea-
ton of o new CORPORATION. how and when the az,
rectors and officers shall be chosen or sppo. ntea;
az such first mentioned directors SHAH deem nece.,
sary 20 perfect the nierser or consoiioatish OF saia
II. The said agreement shall be submitted TO the
dating Corporations, separately, at a m citing
thereof, to be ea,lod for the purpose OF taxing the
OF es% tas MIN line piacs and Object Of such meeting
shall be mailed TO the last known postontcs 40
and ! Il az AZ the said meetings Of ssockhoiders the saii
agreement Of such directors sh.ii be considered.
bv Eallot shall be taken separately, for the
adoption or RECESSION. of the same. eacn snare
vote, and said ballots shall be east in person
or orb, BY poeex VI and and IL Il the yo stae e 1T me es a9le a fr Che e, s ssie
merging or cons lidating corporations snau pc
s sSa hn se a ceratined Il s1,o sy the se.rslary Of each
Of the respective eorporatt ms. under the seal
sified. shall be MED IN the ONCE OF the secretary OF
STATE, and shall from thence De zee , ca ana tdken
soiiaa,ion OF the saia corporal ons, and a copy Of
said agreement and act OF merger or consonda
the seal thereof; snail be evidence OF such new or
consolidated c1rporatioe.
perfccung the said and act OF me ger or
consolidation. as provided in the preceding sec
tsry Of state, as afo 'esaid, the severai corporations.
parties thereto, shall BE- deemed an1 r,d sase N 20 sa D5
agreement Din case 2 ncw corporation snail 9e
dated corporasion into witch said other contract.
ing corporation or corporations shall Do so merged
all the rights. privile o.. powers and franchises
as well o. a public as OF a private nature ana being
subject 10 Ill Inc lCSlflstl0ASs -utoHc-AAtACo aAA
duties of each Of such corporations SO merged or
consolidated, except as altered by the provisions
4. And be it enacted, That upon the constnma
ton of said act of merger or consolidation. as
powers aud francnisss Of each Of SAID corporatioas
parties 70 the same and al property, real; per.
accounts. as well tor stock subscriptions as all
other sals tl1i .go., In action sna, Or bs eetst asmsi q. apd ea saR on
without furthcr act or deed to be transferred TO
s N rs ysss Or c On shs so5ee shaIi have aes Been n made s and
all property rights. privileges, powers and I'm
be Thereafter as effecsualiy the property of the
said new or consolidated corporation as they were
to said agreement; and the title to any real estate
whether by deed or otherwise, under the laws or
shall not be deemed to revert o. be In any way I'm
paired by reason OF this act; provided, however.
property or ritrer OF said former corporari1ns shall
be preseryed unimpaired, and the respective former
corporations may be deemed to continue in ex-
debts. Liabilities and duties Of either OF SAID
former corporations shall shencefertn attach TO
said new or consolidated corporation. and may be
enforced sgsinss # 20 the same sxtess as II said
!, And be L enacted, That where the corporation
or corporations authorized to merge Or consolidate
BY the nrst section OF tnts act. shall have the righI
s ans sa ssoskso ads i Il ANY scrp pOr ge 90 sss sfs; a snsn II
lied 10 be merged or consolidated with any other
shall dissent therefrom and shall ref iss o neglect
to convert his or her stock into the STOCK OF sucn
tSereof in The manner and on the terms ~spscfned
in such agreement. such dissenting stockncider or
time within thirty days after the a ieption and Ill
ing OF the saia agreement OF consolidation by the
s sioS 70 the eoa as q e. cos com sHs n' Pleas Of I sRs so ~ YEN IN
which the chief office OF the corporation whose
located, or t. a judge of said court IN vacation III
no such court sits within said period. on
court or Judge to said new or consolidated cor
poration, or to such dissenting stockholder. as the
ease may he. for the aDpoiutment OF IQr06 dfsiH
terested appraisers to appraise The full market
depreciation or appreciation thereof in conss.
Queuce Of the said merger or consolidation, and
when co aMana ed ior By '9thhe tie Said ooalra, shall be snS fhn2i
and conclusive on all parties. and said new or con
the value Of his or her stock as aforesaid: and on
r~seeiving, such payment. or en- a tender OF such
said court, said stockholder shall transfer his OF
her said stock TO the said new or consolidated cor
roration, To be disposed of by the directors thereof
or TO be retained for me heneat q The remaining
stock as aforesaid; is not 30 paid or rendered within
3 S1m s,; asys 81 fr ssid te eod n.ln and q n uaat sg rnsrs e1d 70 s0 B.
given III manner aforesaid unto said SIocshelder
or said new or consolidated corporation, the
amount Of the value Of said stocs. SO found nd
confirmed. shall be a Judgment against said oor
mments in said court are by law recovererable.
6. Ana be it enacted. That In all eases u merger
der and by virtue OF the provisions Of this act. the
said new or consolidated corporation shall have
k.a,ions. negotiable o. other Use, and With or
without coupons ofinteress certificates theroto az
stock 20 provide for an tne paymsnss e viii DO re,
quired 10 make of obligations it Will be required
to assume, In order to eff CT such merger or con
or obiieations il 81 III be lawful to mortgage It:
corporate franchises. right, privileges and
property, real, personal and mixed: provided, suck
SIX per centum per an aum; and that ft shall alst
be awful for sain new or consolidated corpora
tIon to purchase. acquire, hold and dispose OF
the stocks Of other corporations of this state
or else where, and TO exercise In respect thereto
shall aiso be lawful for said new or CONSOLIDATED
corporation to issue capital stock. either common
or preferred or both, 10 such an amount as may be
consossdating corporations in exchange or pay men
for their original shares ia the manner aud on tht
terms sp scined in said agreement OF merger or con
the issue OF preferred Stock based on the property
or stock OF the merging or consof.oa fing corpora
ton. as well as upon money capital paid in anc
may nx the amount Of sucn preferred STOCK.
! And be IL enacted. int sns psoyi zion OF t1 ~
surauce COMPANY except co ,pantes Tor the In
surance or guaranty Of the title 10 lands or an
savings bank or other corporation Intended to de
rive profit from the loan and use OF money. turn
pike sog Pc e s or easal s Spp All acts and parts Of
acts Inconsistent herewith be and the same arc
hereby repealed, and that this got shall take effect
approved March 8. 1858.
HAPTE LxvlII.
An Act to authorize street railway companies, o
com GAMES owning railroads operated as stree
railways, TO lease their property and franchise
to any other street railway company, or railroad
COMP ny operated as a street railway, and 70 au
thorize the LOSSES to provide for the nnancia
and other management OF the property and fran
+ Be 1t enacted by the Senate and General AS
sembly of the state of New Jersey, That IL shall