The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1905-03-01
be devoted 10 certain other public uses;

and
"Whereas. BY authority Of concur
rent resolution Of the Senate and General
Assembly, passed March q, 1903. the
Governor appointed George I. Werts,
John w. Griggs and Foster n Voorhees,
a commission to inquire into the matter,
who have reported 10 the Legislature
! thar the canal ou,ht to be abandoned
and the charter repealed:
BE it enacted by the Senate and Gen
eral Assembly Of the State Of New Jer-
sey
..one-The charter of the Morris
Canal and Banking Company shall be
repealed to take effect upon the fling in
the office Of the Secretary Of State Of
certificate of assent to the provisions
OF this act BY the Lehigh Valley Rail
road company, in form to be approved
by the commissioners hereinafter pro-
vided for, and upon the payment to the
State Of the sum of $4,000 for the ex-
penses incurred and to be incurred by
the commission heretofore appointed by
the commission provided for by this act,
and upon the payment to the State Of the
present worth of the right to take the
Morris Canal and its appnrtenanees on
the thirty-frst day Of December, 1874,
to be ascertained in the manner herein
after provided, and upon the payment to
the creditors of their debts. and to the
stockholders of the Morris Canal and
Banking Company of the value of their
shares. to be ascertained in the manner
hereinafter provided. Notwithstanding
the said repeater the company shall con-
Time for the purpose of winding up its
affairs and disposing of its property as
provided in the general corporation
laws for dissolved corporations, and the
directors shall continue as trustees ae-
cordingly. with the powers in such gem
eral laws defined.
"Two-The governor. by and with the
advice and consent of the senate. shall
appoint three commissioners to carry out
the provisions of this act, who shall re-
asa;,,o S,,oL ,.o.,,,,s4,,4 4;,,, - Az la..;..t,
ture may appropriate for the purpose on
the recommendation of the governor.
Vacancies in the commission shall be
filed in the same manner. and where
any vacancy occurs during the recess of
the state the governor may appoint a
commissioner who shall hold Office until
his successor shall be duly appointed and
confirmed. Any two Of the commission
ers may have and exercise all the powers
of the commission.
sThree-The commissioners shall
proceed TO appraise the value per share
of the consolidated or common stock and
of the preferred stock Of the Morris
c:u.al and Banking company. and the
shareholders shall be entitled 10 receive
the appraised value out Of the proceeds
of the sale of the property of the com
panx Until payment or tender of said
value the obligation of the Lehigh Val
ley Railroad company to pay dividends
on said shares shall not be released.
The proceedings for such condemnation
shall be conducted on the application of
the attorney general and under the pro-
visions of the act entitled "An act to
regulate the ascertainment and payment
Of compensation for property condemned
Or taken for public use, revision of one
thousand nine hundred. so far as appli-
cable and SO far as consistent with the
provisions Of this act. The commits
sionerrrs appointed by;-- goge-nor shall
be the commissioners who shall make the
valuation; the application may be made
to any justice of the supreme court, and
all or any stockholders may be joined as
parties interested in one proceeding. and
notice shall be given to them i'll such
manner as the justice shah direct
ANY such award shall be void unless
before the fling thereof or within ninety
days thereafter the Lehigh Valley Rail
road company file its acceptance of this
act. On the fling of the acceptance and
Of the award. the Lehigh Valley Rail
road company shall be liable to pay the
amount awarded TO stockholders, with
interest from the date of the award.
Upon payment of the award the
rights Of shareh lders shall be deemed to
have been taken by the state for public
use and extinguished.
'Four-The Morris Canal and Bank
ing company shall apply its personal
property. as far as it will extend, to the
payment of its debts. In order to pro-
vide for the residue Of its debts, and
for fha ,.avnaas,t ~ 4ha a4,4 e Il,