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Proviso.

Proviso.

Proviso.

Capital stock may be increased.

under and by virtue of this act, either by contract or by proceeding to take the same, and any part of its rolling stock to any other railroad company owning a railroad in the counties of Essex or Hudson, and that the said railroad may be continued, connected, joined and consolidated with said other railroad with its property; provided, that no powers hereby conveyed shall authorize any consolidation or combination of interest between the Hoboken Land and Improvement Company, and the New Jersey Railroad and Transportation Company, or authorize the railroad to be built under this act to connect with the New Jersey Railroad in any manner whatever between Newark and Hoboken, except to take by assessment the Morris and Essex bridge and branch, and cross the bridge over the Hackensack river, the bridge over the Hackensack river to be used for no longer a period than the right to construct a bridge over the Hackensack river is legally contested, the suit arising from such grant to be pressed to an immediate decision; provided, the company shall have a reasonable time to build the said bridge, after the termination of the suit; provided also, that it shall not be lawful for, nor shall any thing in this act contained be construed to authorize the said Hoboken Land and Improvement Company to make or enter into, either directly or indirectly, any agreement with the New Jersey Railroad and Transportation Company whereby the management or control of the road authorized by this act to be built, shall be transferred to the said the New Jersey Railroad and Transportation Company, nor shall any agreement be made with any party or parties whereby the building of the railroad authorized by this act shall be in any way prevented or defeated.

10. And be it enacted, That to enable the said Hoboken. Land and Improvement Company to carry out the purposes of this act, they are hereby authorized to increase their capital stock, in addition to that heretofore authorized, to an amount not exceeding one million of dollars, in shares of one hundred dollars each, which may be separate stock, with separate accounts and profits, or may be amalgamated with the

other stock of said company as the said company shall see fit; and the said company may issue bonds not to exceed the sum of five hundred thousand dollars, to raise money for the purposes of this act, and pledge the said railroad to be built. under this act, and the property and franchises incidental thereto as security for the payment thereof, and sell the said bonds at such prices as they may see proper, for the advantage of said company.

cers to pass

11. And be it enacted, That the governor, the chancellor, Certain offthe justices of the supreme court and the judges of the court free. of errors of this state, whilst traveling for the purpose of discharging the duties of their office, and the members and officers of both houses of the legislature of this state during their sessions, shall pass and repass on the railroad of said company in their cars, free of charge.

mencement

tion of road.

12. And be it enacted, That if the said railroad shall not Time for com be commenced within six months, and completed for use be- and completween Hoboken and Newark within three years, that then, if no legal difficulties have been placed in the way of its construction, and in that case this act shall be void.

State tax to

13. And be it enacted, That as soon as the railroad from Amount of Hoboken to Newark shall be finished and in use, the presi- be paid. dent or treasurer of the said company shall file, under oath or affirmation, a statement of the amount of the cost of the said road, its spurs and branches, 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 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 Proviso. be levied or assessed upon the said railroad.

14. And be it enacted, That the legislature may, at any Act may be time, alter, amend or repeal this act.

Approved March 8, 1860.

amended, &c.

Preamble.

Names of corporators.

CHAPTER XCIII.

AN ACT to incorporate "the Consolidated Franklinite Company."

WHEREAS, a company under the title of the Consolidated Franklinite Company, has been organized under the laws of the state of New York, for the purpose of working the franklinite and other ores of the state of New Jersey, and have taken leases of franklinite and other ores from the Fowler Franklinite Company, the Franklinite Steel Company, the New Jersey Franklinite Company, the National Paint Company, severally incorporated by the legislature of New Jersey, and also from the Franklinite Mining Company, James L. Curtis and Daniel H. Curtis, of the state of New York; and whereas, it is the wish of the shareholders of the Consolidated Franklinite Company, aforesaid, to erect manufacturing establishments in the state of New Jersey, where the franklinite ore is found, for which purpose they desire an act of incorporation empowering them so to do, and also to carry on the business of mining and developing said franklinite and other ores; therefore, 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That William C. Alexander, Dudley S. Gregory, James S. Green, Rodman M. Price, Robert S. Green, Daniel Drew, Henry Van Rensselaer, Robert D. McEwen and James L. Curtis, 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 the name of the Consolidated Franklinite Company, for the purpose of mining franklinite and other ores, and cleansing and manufacturing the same, with power to lease, purchase and hold such mining rights and real and personal estate as may by said corporation be deemed necessary and advan

tageous for exploring, mining, conveying, cleansing and manufacturing franklinite and other ores, and to sell, lease and mortgage the same, or any portion thereof, together with all the powers and privileges, and subject to such restrictions, limitations and conditions as are specified in the act entitled "An act concerning corporations, approved February the fourteenth, eighteen hundred and forty-six," except as otherwise granted in and by this act of incorporation, and this act shall continue in force for the term of thirty years.

capital stock

2. And be it enacted, That the capital stock of this com- Amount of pany shall be two millions five hundred thousand dollars, divided into shares of fifty dollars each, and the said shares shall be deemed and considered personal estate; and it shall be lawful for said company to grant certificates of shares in full or part payment for any of the real and personal estate and mining rights that may be purchased or leased, and by the by-laws to compel payments of installments, not excceding ten dollars on each share at any one time, not deemed or declared full stock; and on failure to pay any installment, to forfeit the stock and all previous payments made thereon, giving at least sixty days previous notice of such call and demand in a newspaper published in the counties of Sussex and Hudson, and in the city of New York.

3. And be it enacted, That the before named persons shall First directors. be the first directors to organize and manage the affairs of said company, and shall continue in office until the third Tuesday in May, eighteen hundred and sixty-one, and until others are elected or appointed and qualified in their stead; provided, that in case of death, resignation or disability of Proviso. any member of the board, the majority of the directors for the time being may fill the vacancy.

managed by

4. And be it enacted, That the property and affairs of this Affairs to be company shall be managed and conducted by nine directors, nine directors. being shareholders, a majority of whom, together with the secretary, shall be residents of this state; and the secretary shall keep an office in Jersey City, or where the manufacturing business may be carried on; the president shall be

Annual election of direc

tors.

Transfers to be registered.

appointed from among the directors, and the directors shall have power to make all needful by-laws not inconsistent with the laws of this state or of the United States.

5. And be it enacted, That the annual election of directors shall take place on the third Tuesday of May in each year, commencing on the third Tuesday in May, eighteen hundred and sixty-one, at some convenient place in Jersey City, in the county of Hudson, between the hours of twelve o'clock, noon, and three o'clock in the afternoon of that day; all elections shall be by ballot, and each share be entitled to one vote, and the vote may be by person or proxy, two weeks' previous notice shall be given in a newspaper published in each of the counties of Sussex and Hudson, and city of New York; 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 in conformity to the by-laws of said corporation.

6. And be it enacted, That no transfer of stock of said corporation shall be valid or effectual until such transfer shall be entered or registered in the book or books to be kept by the president and directors for that purpose, which said book or books shall be closed for the purposes of transfer of stock fifteen days before each election for directors, and no person shall be allowed to vote upon any stock, unless the same has been transferred to him or her, and registered in the said transfer books more than fifteen days prior to the election at which he or she claims to vote; and all the books of said corporation shall be open to the inspection of the stockholders.

7. And be it enacted, That this act shall take effect immediately after the passage thereof.

Approved March 8, 1860.

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