Gambar halaman
PDF
ePub

Proviso.

thereon, a fixed half yearly sum or dividend, to be expressed in the said certificate, not exceeding four per cent., before any dividend shall be set apart or paid on the said general stock; and in no event shall the holders of such special stock be individually or personally liable for the debts or other liabilities of said corporation; provided always, that no such corporation shall create or issue certificates for such special stock, except by authority given to the board of directors thereof, by a vote of at least two-thirds of the stock voted at a meeting of the general stockholders duly called for that purpose.

Approved March 22, 1860.

Preamble.

CHAPTER CCXXIX.

AN ACT to facilitate the foreclosure of mortgages given by the New York and Erie Railroad Company, and to aid the purchasers under such foreclosure in acquiring title.

WHEREAS, it is represented to the legislature of this state, that proceedings have been instituted in the supreme court of the state of New York, by James Brown and John C. Bancroft Davis, trustees for the holders of the fourth and fifth mortgage bonds of the New York and Erie Railroad Company, and Daniel Drew as mortgagee, plaintiffs against. the New York and Erie Railroad Company and others as

defendants, to foreclose the said mortgages and the mortgage supplemental to said fifth mortgage, given to secure the said bonds; and that by the order of the said supreme court, a receiver has been appointed; and it is further represented that the said the New York and Erie Railroad Company were vested with certain rights, contracts, rights in action, leases, franchises, and property in the state of New Jersey; and it is further represented, that to carry out and effectuate said proceedings of foreclosure in the supreme court of New York, a bill has been exhibited in the circuit court of the United States for the district of New Jersey, by William Francis Splatt, holder of a large number of said fourth and fifth mortgage bonds, as complainant, against the New York and Erie Railroad Company and others as defendants; and that by the order of the court last aforesaid, the authority of the receiver appointed by the order of the supreme court of the state of New York has been recognized, and the same person so appointed receiver by the supreme court of the state of New York, has been appointed receiver of all and singular, the said roads, property, estate, contracts, covenants, agreements, franchises, powers and authority of the said the New York and Erie Railroad Company, in New Jersey, and in the said the New York and Erie Railroad Company vested and covered by, or mentioned in the said fourth and fifth and supplemental mortgages; and it is further represented that a sale may hereafter be made under the said proceedings, to foreclose one or more of said mortgages in the state of New York; and that it is desirable that the purchaser or purchasers at such sale shall be entitled to all and singular the road, property, estate, contracts, covenants, agreements, franchises, powers and authority of the said the New York and Erie Railroad Company in New Jersey, and in the said the New York and Erie Railroad Company vested and mentioned in, or covered by the said fourth, fifth and supplemental mortgages, or either of them —therefore,

Rights, estate,

etc., vested in

1. BE IT ENACTED by the Senate and General Assembly of purchaser. the State of New Jersey, That the purchaser or purchasers of the estate, rights, property and franchises of the New York and Erie Railroad Company, at any sale thereof which shall be decreed to be made by the supreme court of the state of New York, under said proceedings referred to, to foreclose the said fourth and fifth, and supplemental mortgages of the said company, or either or any of the said mortgages, shall, by virtue of such decree and sale, and any deed or deeds made in pursuance thereof, be vested with all the estate, rights, property, franchises, leases and contracts of the said the New York and Erie Railroad Company in this state, mentioned in and covered by the said fourth and fifth and supplemental mortgages, subject to such taxes and restrictions as now exist by the laws of the state of New Jersey, and also subject to such mortgages and liens as the supreme court of New York may order and decree, the same to be sold subject to, and as shall not be foreclosed by said decree; and the receiver appointed by any of the said courts, or who shall hereafter be appointed by any competent tribunal, shall be allowed to use the powers and authority heretofore vested in the New York and Erie Railroad Company, or in such receiver by the orders of his appointment, so as to operate the said road in New Jersey as heretofore, until his powers shall be divested by such purchaser or purchasers, or at the discretion of such purchaser or purchasers, subject to the orders of the court, until a new company shall be formed; and it shall be lawful for such receiver of the said the New York and Erie Railroad Company as has been appointed by the courts aforesaid, or shall hereafter be appointed by the said courts, or by any other competent tribunal of the state of New Jersey; and also for any other person or persons, body or bodies corporate, to make such deeds, conveyances, assignments and transfers to such purchaser or purchasers of all the said estate, rights, property, franchises, leases and contracts of the said the New York and Erie Railroad Company mentioned in, and covered by the said fourth and fifth and supplemental mortgages as

may be deemed advisable to carry out the purposes of this act; and any new corporation that may be organized under the laws of the state of New York, to receive and become vested with the property and estate covered by the said fourth, fifth and supplemental mortgages, may become vested with the property and rights herein mentioned, and acquired by their deed or deeds of purchase under said proceedings of foreclosure, subject only to such liens as were not effected by said proceedings of foreclosure; provided however, that the Proviso. said mortgages herein before mentioned and any sale as aforesaid to be had or made under or by virtue of the same or either of them, shall be subject to the contract made between "the Long Dock Company" and "the Hoboken Land and Improvement Company," for a right of way for a railroad through the Bergen tunnel and lands of said Long Dock Company, and for other purposes as in said contract is mentioned, the said Hoboken Land and Improvement Company having under said contract advanced money for the construction of said tunnel.

fourth and

gages vested

2. And be it enacted, That the purchaser at such foreclo- Property in sure sale, and said new corporation, when organized as herein th mort mentioned, shall hold and be vested with the property in- in purchasers. cluded in said fourth and fifth mortgages, and said franchises, subject to the limitations, covenants and agreements relative thereto, made with the Long Dock Company or other corporations, before the date of said mortgages, that the New York and Erie Railroad Company would have been subject to, except so far as the parties in interest therein may be parties to and bound by the decree in any foreclosure suit, and also subject to the said contract between the Long Dock Company and the Hoboken Land and Improvement Company.

be operative.

3. And be it enacted, That this act shall be operative upon Act, when to the New York and Erie Railroad Company when they shall file their acceptance thereof in the office of the secretary of state in this state.

4. And be it enacted, That this act shall take effect immediately.

Act may be repealed, &c.

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

Approved March 22, 1860.

Name changed.

Proviso.

CHAPTER CCXXX.

AN ACT to change the name of Edward Broedersderff to Edward

Augustus.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the name of Edward Broedersderff, of the city of Camden, in the county of Camden, be and the same is hereby changed to Edward Augustus, and by that name he shall possess and enjoy all the rights, powers and privileges which he would have possessed and enjoyed had he retained his original name of Edward Broedersderff; provided, that nothing in this act contained shall in any manner effect any matter, thing or transaction heretofore had by or with, in favor of or adverse to the said Edward.

2. And be it enacted, That this act shall take effect immediately.

Approved March 22, 1860.

« SebelumnyaLanjutkan »