by comp declared tion. 2. On or before the first Monday in January in Reported each year the comptroller shall report to the governor troller and a list of all corporations which for two years next pre- void by ceding such report have failed, neglected or refused proclamato pay the taxes assessed against them under any law of this State as above, and the governor shall forthwith issue his proclamation, declaring under this act of the legislature that the charters of these corporations are repealed, and all powers conferred by law upon such corporations shall thereafter be deemed inoperative and void. 3. The proclamation of the governor shall be filed in the office of the secretary of state, and published in such newspapers and for such length of time as the governor shall designate. any Proclamaand pub tion filed lished. der voided 4. Any person or persons who shall exercise or at- Acting untempt to exercise any powers under the charter of such corporation after the issuing of such proclama- meanor. tion shall be deemed guilty of a misdemeanor, and shall be punished by imprisonment not exceeding one year, or a fine not exceeding one thousand dollars, or both, in the discretion of the court. against corporation 5. After any corporation of this State has failed Proceedings and neglected for the space of two consecutive years delinquent to pay the taxes imposed upon it by law, and the comp- by attortroller of this State shall have reported such corpora- ney-general. tion to the governor of this State, as provided in this act, then it shall be lawful for the attorney general of this state to proceed against said corporation in the court of chancery of this State for the appointment of a receiver, or otherwise, and the said court in such proceeding shall ascertain the amount of the taxes remaining due and unpaid by such corporation to the State of New Jersey, and shall enter a final decree for Final the amount so ascertained, and thereupon a fieri facias decree. or other process shall issue for the collection of the same as other debts are collected, and if no property which may be seized and sold on fieri facias shall be found within the said State of New Jersey, sufficient to pay such decree, the said court shall further order and decree that the said corporation, within ten days. from and after the service of notice of such decree Assignments. Trustee to make assignment. Sale by receiver. Reinstatement by proclamation. upon any officer of said corporation upon whom service of process may be lawfully made, or such notice as the court shall direct, shall assign and transfer to the trustee or receiver appointed by the court, any chose in action, or any patent or patents, or any assignment of, or license under any patented invention or inventions owned by, leased or licensed to or controlled in whole or in part by said corporation, to be sold by said receiver or trustee for the satisfaction of such decree, and no injunction theretofore issued nor any forfeiture of the charter of any such corporation shall be held to exempt such corporation from compliance with such order of the court. And if the said corporation shall neglect or refuse, within ten days from and after the serving of notice of such decree, to assign and transfer the same to such receiver or trustee for sale as aforesaid, it shall be the duty of said court to appoint a trustee to make the assignment of the same, in the name and on behalf of such corporation, to the receiver or trustee appointed to make such sale, and the said receiver or trustee shall thereupon, after such notice and in such manner as required for the sale under fieri facias. of personal property, sell the same to the highest bidder, and the said receiver or trustee, upon the payment of the purchase money, shall execute and deliver to such purchaser an assignment and transfer of all the patents and interests of the corporation so sold, which assignment or transfer shall vest in the purchaser a valid title to all the right, title and interest whatsoever of the said corporation therein, and the proceeds of such sale shall be applied to the payment of such unpaid taxes, together with the costs of said proceedings. 6. Whenever it is established to the satisfaction of the governor that any corporation named in said proclamation has not neglected or refused to pay said tax within two consecutive years, or has been inadvertently reported to the governor by the comptroller as refusing or neglecting to pay the same as aforesaid, the governor is hereby authorized to correct such mistake, and to make the same known by filing his procla mation to that effect in the office of the secretary of state. ment by of specified 7. If the charter of any corporation organized un- Reinstateder any law of this State shall hereafter become or payment shall have heretofore become inoperative or void by sum. proclamation of the governor or by operation of law, for non-payment of taxes, the governor, by and with the advice of the attorney general, may, upon payment by said corporation to the secretary of state of such sum in lieu of taxes and penalties as to them may seem reasonable, but in no case to be less than the fees required as upon the filing of the original certificate of incorporation, permit such corporation to be reinstated and entitled to all its franchises and privileges, and upon such payment as aforesaid the secretary of state shall issue his certificate entitling such corporation to continue its said business and its said franchises; provided, however, that the provisions of this Proviso. section shall in nowise apply to any gas, electric light, telephone, telegraph, water, pipe-line, railroad, street railway company, or other corporation having the right to use the public streets or to take and condemn. lands in this State; and provided further, that nothing Proviso. in this section contained shall relieve any such corporation from the penalty of forfeiture of its franchises in case of failure to pay future taxes imposed under the act to which this is a supplement or under any law of this State. 8. This act shall take effect immediately, and all Repealer. acts and parts of acts inconsistent herewith are hereby repealed. Approved June 3, 1905. Section amended. Village trustees may contract for water supply. Annual charge raised by tax. Proviso. CHAPTER 260. Supplement to an act entitled "An act for the formation and government of villages" (Revision), approved February twenty-third, one thousand eight hundred and ninety-one. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: 1. Section sixty-five be amended to read as follows: 65. It shall be lawful for the trustees of any village incorporated under this act to enter into a contract with any aqueduct board or water company, or with any city or other municipal corporation having water works, for the obtaining and furnishing of a supply of water, for a year or term of years, to be used by and within such village for the purpose of extinguishing fires and for such other public uses and purposes as may be found convenient, which contract when so made shall be the lawful and valid contract of said village, as well as of said aqueduct board or water company, or of said city or municipal corporation, and the moneys in said contract agreed to be paid in each year shall be levied and assessed in the annual tax levies of each year in the same manner as the other village taxes are levied and assessed; provided, however, no such contract shall be made for a longer period than ten years in any one term. 2. This act shall take effect immediately. CHAPTER 261. An Act to provide for a commission to investigate the whole subject of franchises granted by municipalities to public utility corporations in their relations to such municipalities and to the state, and to advise the legislature in connection therewith. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: to investi ing of I. The governor shall appoint, as soon as conveni- Commission ently may be after the passage of this act, a commis- gate grantsion of five persons, whose duty it shall be to investi- public gate the entire subject of the grant of franchises by franchises. municipalities to public utility companies, permitting the use and occupation of the public streets and highways, and to report to the next session of the legislature the result of such investigation, together with such recommendations in connection therewith as to the said commission shall seem proper, including a recommendation as to what legislation, if any, regulating, controlling and limiting the power of municipalities in making such grants, ought to be enacted. 2. That said commissioners investigate and report upon the advisability of having the value of franchises of corporations using the public streets for trolley, gas, telephone, telegraph or water purposes, annually assessed by some appropriate taxing authority and taxed at local rates of taxation. As to taxfranchises. ing public 3. Such commission, when appointed, shall have Powers. full power to use any process of the courts of this state to compel the attendance of witnesses, the production of books, papers and documents. 4. This act shall take effect immediately. Approved June 3, 1905. |