company

What real and hold real estate, at the commencement and termination of and person said road or roads at Somerville and the Delaware river, and al property at intermediate depots upon the line of the said road, not exmay hold. ceeding five acres at each place; and may erect and build thereon such houses, warehouses, machine shops, and other buildings and improvements, as they may deem expedient for the safety of property, and the construction of cars, carriages, steam engines, and for other necessary uses; and shall also have the privilege and authority to erect, build, and maintain, at the Delaware river, or within thirteen miles of the borough of Easton, such wharves, piers, bridges, and other facilities as they may think expedient and necessary for the full enjoyment of all the benefits conferred by this act; which said lands shal be obtained in the manner provided for in the seventh section of this act.

Statement

of cost, &c.

14. And be it enacted, That as soon as the railroad, with of amount its appendages, shall be finished so as to be used, the president to be filed. and treasurer of the said company shall file, under oath or affirmation, a statement of the amount of the eost of the said road, including all expenses and the amount of all purchases made by virtue of this act, in the office of the secretary of this state; and annually thereafter the president and treasurer of the said company shall, under oath or affirmation, make a statement to the legislature of this state of the proceeds of said road, until the net income of said road shall ainount to six per centum upon the amount of its costs; and as soon as the net proceeds of said railroad shall amount to six per centum upon its cost, the said corporation shall pay to the treasurer of this state a tax of one half of one per centum on the cost of said road, to be paid annually thereafter on the first Monday of January of each year; provided, that no other tax or impost shall be levied or assessed upon the said company.

Corporation may

borrow money.

State to

15. And be it enacted, That the said corporation shall have power to borrow such sum or sums of money, from time to time, as shall be necessary to build, construct, or repair said road, and furnish the said corporation with all the necessary engines and machinery for the uses and objects of the said company, and to secure the repayment thereof by bond and mortgage, or otherwise, on the said road, lands, privileges, franchises, and appurtenances of or belonging to said corporation, at a rate of interest not exceeding seven per cent. per

annum.

16. And be it enacted, That any time after the expiration have privi- of fifty years from the completion of the said road, the legis chasing lature of this state may cause an appraisement of the said railroad. road, and the appendages thereof, to be made by six persons,

lege of pur

three of whom shall be appointed by the chief justice of this state for the time being, the remaining three by the company, who, or a majority of them, shall report the value thereof to the legislature, within one year from the time of their appointment; or, if they cannot agree, they shall choose a seventh, who, with the aforesaid six, shall report as aforesaid; or in case the said company shall neglect or refuse to appoint the said three persons on their part, for two months after their said appointment by the said chief justice, then the three persons so appointed by him shall proceed to make such appraisement, which shall be binding on the said company; or in case the said six commissioners shall be appointed as aforesaid, and they cannot agree upon the seventh man, then, upon two weeks' notice to the said company, the said chief justice shall appoint such seventh man, as aforesaid, to make such appraisement as aforesaid, and thereupon the state shall have the privilege, for three years, of taking the said road, upon the payment to the company of the amount of the said report within one year after electing to take said road; which report shall be filed in the office of the secretary of this state, and the whole property and interest of said road, and the appendages thereof, shall be vested in the state of New Jersey, upon payment of the amount so reported to the said company; and that it shall be the duty of the president of the company to lay before the legislature, under oath or affirmation, when they shall so request, a full and fair statement of the costs of the said road, and of all the receipts and disbursements of the company; pro- Proviso. vided always, that the aforesaid valuation shall be made without reference to the receipts or disbursements of the company or advance of the stock; and the said valuation shall in no case exceed the first cost of valuation of said road, with the lands and appendages thereof.

17. And be it enacted, That if the said railroad shall not be Time of completed and in use at the expiration of ten years from the completion. fourth day of June next ensuing, that then and in that case this act shall be void.

scribe for

18. And be it enacted, That the legislature shall have the Legislature right to subscribe for the stock of the said company, to the may sub amount of twenty-five thousand dollars, at any time before or stock. within twelve months after the said road or roads are completed.

19. And be it enacted, That this act shall be deemed and Public act. taken as a public act, and shall at all times be recognized as such in all courts and places whatsoever, and shall take effect immediately after the passage thereof.

Approved February 26, 1847.

Names of

general powers.

AN ACT to incorporate the Hudson Manufacturing Company.

1. BE IT ENACTED by the Senate and General Assembly of corporators the State of New Jersey, That Charles Goodyear, Charles J. Gilbert, Jonathan Trotter, James L. Curtis, Henry Wilkes, James E. Smith, and William F. Ely, their present and future associates, their successors and assigns, be, and they are hereby created a body corporate and politic, in fact and in name, by Style and the name of "the Hudson Manufacturing Company," for the purpose of manufacturing India rubber, in all its varieties that they may be permitted to do; also, as connected therewith, to manufacture cotton, woollen, or other fibrous material; and also all machinery incident thereto, with power to purchase and hold the real estate formerly belonging to the East Newark Land Company, in the county of Hudson, if they may deem it necessary, meet, and expedient so to do to carry out the purposes of this corporation, but no other real estate whatever, and to mortgage or sell the same, or any part or parts thereof, to aid in the establishment of any manufactory on the said premises connected with India rubber; with all such powers and privileges, and subject to such restrictions, limitations, and conditions as are specified and contained in the act entitled, "An act concerning corporations," approved February fourteenth, eighteen hundred and forty-six, except when other wise granted in and by this act of incorporation; and this act Limitation. shall continue in force for the term of twenty years. Amount of 2. And be it enacted, That the estate and property of the capital. said company shall be divided into five thousand shares, of the par value of one hundred dollars per share; that the said shares shall be deemed and considered personal estate: it shall be lawful for the said company to grant certificates of full stock, in whole or in part payment for the consideration of the land that may be purchased, and to grant certificates of shares, and, by the by-laws, to compel the payment of instalments, not exceeding five dollars at any one time, required on any shares not deemed or declared full stock, and to forfeit the same, and all previous payments made thereon, giving at least sixty days' previous notice of such call and demand; and subject always to the provisions for payment in the fifth section of the act concerning corporations, herein before referred to.

First direct

ors.

3. And be it enacted, That Charles J. Gilbert, Jonathan Trotter, James L. Curtis, Henry Wilkes, and James E. Smith shall be the first directors to organize and manage the affairs of the said company, and shall continue in office until the first Thursday in May next, or until seven other persons shall, at

some convenient time and place, before or on the day last mentioned, be elected in their stead.

1

commence

4. And be it enacted, That as soon as fifty thousand dollars, When comin specie or bank notes of specie paying banks, shall be paid pany may into the hands of the treasurer, to be appointed by the direct- business. ors of this company, and a certificate thereof, duly sworn to before any person authorized to take affidavits in this state, shall be filed with the clerk of the county of Hudson, and a true copy thereof, certified by the said clerk, deposited in the office of the secretary of state, it shall be lawful for the said company to commence business.

mode of an

rectors.

5. And be it enacted, That, at the first election for directors, Time and there shall be seven persons, being stockholders, chosen to nual elecconduct and manage the affairs of this company; that the an- tion of dinual election for directors shall take place, after the first election, on the first Thursday of June, in every year, at some convenient place at Jersey City, or on the premises at East Newark, between the hours of twelve o'clock at noon, and two o'clock in the afternoon of that day; all elections shall be by ballot, and each share entitled to one vote; that two weeks' previous notice of such election shall be given in some newspaper to be published in the cities of New York and Newark, and in the county of Hudson; and if, from any cause, an election for directors shall not take place at the appointed time, it shall not therefore work a forfeiture of this charter, but a new election shall be ordered.

6. And be it enacted, That the office of secretary of this Place of company shall be kept on the premises at East Newark, in business. the township of Harrison, and county of Hudson.

statement.

7. And be it enacted, That in the month of January, in each Annual and every year, the directors of said company shall submit to the stockholders, under oath or affirmation, a written statement containing the amount of capital stock paid in, the amount of all existing debts against the company, and the amount of all its assets; which statement shall be recorded in a book, and be filed in the office of the clerk of the county of Hudson, for the inspection of the stockholders of the company; and no dividend shall be declared or paid to the stockholders, when such payment would render the company insolvent. Approved February 26, 1847. M*

Part of for

act

A further supplement to the act entitled, "An act incorporating Jersey City," passed the twenty-second of February, A. D. eighteen hundred and thirty-eight.

BE IT ENACTED by the Senate and General Assembly of the merce State of New Jersey, That the second proviso in the second pealed. section of the act entitled, "A supplement to the act entitled an act incorporating Jersey City," passed the eighth day of March, A. D. eighteen hundred and thirty-nine, be, and the same is hereby repealed.

Approved February 27, 1847.

AN ACT to authorize Calvin Tomkins to build and keep in repair docks, wharves, and piers upon and in front of his own lands, in the township of Shrewsbury, in the county of Monmouth.

Preamble. WHEREAS Calvin Tomkins, of the township of Shrewsbury, county of Monmouth, and state of New Jersey, hath, in his petition, represented that he is the owner in fee of a certain tract of land, situate in the township of Shrewsbury, county of Monmouth, adjoining waters of the North, or Navesink river, and hath prayed that a law may be passed authoriz ing him to build docks, wharves, and piers, so as to form a basin upon and in front of his own lands, extending a suthcient distance into the said river for the accommodation of vessels navigating the same, provided that he does not in any way interfere with the navigation of said river-therefore,

C. Tomking

to build

dock.

1. BE IT ENACTED by the Senate and General Assembly of anthorized the State of New Jersey, That it shall and may be lawful for Calvin Tomkins, his heirs and assigns, to erect and build all such docks, wharves, and piers, upon and in front of his own lands, in the township of Shrewsbury, county of Monmouth, and state of New Jersey, and from time to time rebuild and repair the same, and to lay vessels at said docks, wharves, and piers, and receive wharfage therefor, from all persons using the same; provided, that this act does not affect the legal rights of any person whatever.

2. And be it enacted, That if any person or persons shall