Commission cate and lay out streets and highways serve the right to pay the same at any time before their maturity, and upon giving notice by advertisement for one month in two daily newspapers published in said city, of their readiness so to do, interest upon the same shall thereupon cease; they may also purchase the same or any part thereof at any time before their maturity at any price not greater than their par value; out of the proceeds of the sale of said bonds, the said last named commissioners shall pay the several amounts awarded to such persons as may be entitled to receive the same, or deposit the same as aforesaid, upon the certificate to that effect of the commissioners first above named, or upon the judgment of the said court, or the order of such justice thereof as aforesaid; the proceeds of the sale of said bonds shall be appropriated exclusively to the payment for lands and property acquired as aforesaid, the necessary costs and expenses of the proceedings had and taken under this act, and to the payment of interest; no more of said bonds shall be issued nor sold than may be necessary to accomplish the purposes aforesaid. 3. And be it enacted, That the said first above named comers may va missioners after having acquired the title to and possession of said lands and property in the name of the city as above mentioned shall have full power and shall thereupon proceed to vacate the whole or any part of any street, road, highway or alley within the said boundaries, and to project and lay out upon and across the same such streets, avenues or highways as they may deem necessary and proper, and to remove all obstructions therefrom; they shall immediately upon concluding the same, report their proceedings with complete surveys, maps and descriptions to the common council, which shall be filed in the office of the city clerk, and the said streets, avenues and highways shall thereby and thereupon become open for public use, and the common council may proceed to work and improve the same at their discretion. Report their proceedings to council, with maps and surveys. Commissioners shall lay the same. 4. And be it enacted, That after the said maps and surout the lands Veys shall have been filed as aforesaid, the said commisin lots and sell sioners first above named shall immediately proceed to lay out and divide the said lands and premises (except the said streets, avenues and highways) into suitable lots or plots and shall advertise and sell the same at public or private sale for the best prices and upon the best terms they can obtain for the same, which sale or sales may be adjourned from time to time at their discretion; all of the purchase moneys and se ney to be paid curities shall be in the name and behalf of the mayor and Purchase mocommon council of said city and shall be paid over to the into sinking said commissioners of the sinking fund, who are hereby in- fund. vested with full power to collect the same by suits at law or in equity, which moneys when collected, shall be appropriated by them for the purposes above mentioned; all buildings and improvements may be sold as soon as legal posession of the same has been secured as aforesaid; immediately Commissionupon the completion of any or all of such sales as aforesaid, port all sales the said commissioners first above named shall make a full report of the same to the common council, who shall thereupon direct the mayor to execute good and sufficient conveyances to the purchasers in the name and under the seal of said city. ers shall re to council are insufficient adjacent land 5. And be it enacted, That if the proceeds of said sales If preceeds shall be insufficient to pay the principal and interest of the the deficit to bonds which may have been issued as aforesaid, and all be assessed on costs, charges and expenses to which the city may be subjected to by virtue of any proceedings had or taken under this act, the said commissioners first above named whenever the common council shall so direct shall proceed to make a just and equitable assessment of such deficit, including all probable subsequent costs, charges and expenses, upon all the lands and real estate adjacent or contiguous to the lands so purchased or acquired as aforesaid, in proportion as nearly as may be, to the advantage each shall be deemed to have received by reason of the proceedings authorized by this act; they shall make a report by a certificate in writing of the assessments so made; and before proceeding to sign the same shall place the same in their office and give ten days notice by advertisement in two daily newspapers of said city, of the time when and place where said report may be examined, and parties interested heard by the said commissioners; after hearing the parties the said commissioners shall proceed and complete the report and sign the same, and report it with all objections which have been made to them in writing to the common council, who shall thereupon examine the matter, and may ratify the said report and assessments or return it to said commissioners for a reconsideration; after the same shall have been again reported to the common council and filed in the office of the clerk, the said assessments shall be final and conclusive, and such subsequent proceedings for the collection of said assessments shall be had Surplus to be distributed to owners of lands. Commission oath. as are provided by law in the case of other assessments for benefits, except that when said assessments shall be collected, they shall be paid over to said commissioners of the sinking fund for the purposes aforesaid. 6. And be it enacted, That if the proceeds of said sales shall be more than sufficient to meet the payments above mentioned, the said commissioners first above named shall proceed to distribute the said surplus pro rata among the owners of the lands so purchased and acquired as aforesaid. 7. And be it enacted, That the said commissioners first ers shall take above mentioned, before they enter upon the performance of their duties, shall take and subscribe an oath or affirmation before the city clerk or mayor to perform the duties required of them by this act fairly and impartially according to the best of their skill and judgment; vacancies in their numbers shall be filled by the common council as is provided by law in similar cases; the said commissioners are authorized to employ such surveyors and other assistants as they Costs and ex- may deem necessary; and all costs and expenses shall be whom paid. paid by the said commissioners of the sinking fund out of any moneys received by them as aforesaid upon the certificate of the commissioners first above mentioned who shall out of the same moneys and from the same commissioners receive such compensation for their services as may be fixed by the common council. penses, by 8. And be it enacted, That this act shall take effect immediately. Approved February 23, 1870. Names of corporators. CHAPTER CXVIII. An Act to incorporate the Forked River and Barnegat Turnpike Company. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That John Aumack, Amos Falkenburgh, David S. Parker, Jacob Birdsall, Enoch Jones, John Predmere, James Bodine, William Cox and John A. Brown, and such other persons as may be hereafter associated with them, shall be and are hereby constituted a body politic and corporate in law by the name of "The Forked River Corporate and Barnegat Turnpike Company." name. capital stock. 2. And be it enacted, That the capital stock of the said Amount of corporation shall be five thousand dollars, with authority in the said company to increase the same to any amount not exceeding fifteen thousand dollars, which stock shall be divided. into shares of twenty-five dollars each, and shall be deemed personal estate, and transferable in such manner as the bylaws of said corporation shall direct. ers to open 3. And be it enacted, That the persons named in the first Commissionsection of this act, or a majority of them, shall be commis books of subsioners to receive subscriptions for the capital stock of said scription. corporation, and are authorized at such time or times and places in the county of Ocean as they shall appoint, giving at least twenty days notice thereof in a public newspaper printed and published in said county, and a majority of said commissioners being in attendance, to open books for the reception of such subscription, and at the time of subscribing, two dollars and fifty cents on each share of said stock shall be paid to said commissioners, and the residue shall be paid as is hereinafter directed. 4. And be it enacted, That whenever one hundred shares of Election of said stock shall be subscribed, and one thousand dollars paid directors. in as hereinbefore directed, the said commissioners, or a majority of them, shall give notice as above directed for a meeting of the stockholders for the purpose of electing directors and organizing said company, of which election the said commis. sioners, or a majority of them, shall be the judge, and the said stockholders, when so met, shall elect by ballot from among their number nine directors, who shall be citizens of the state, and shall hold their offices one year, and until others are elected, and each stockholder at such election and all other elections, shall have one vote for each share of stock owned by him at the time of such election, and may vote by proxy, duly authorized at any election. installments. 5. And be it enacted, That a majority of the board of di- Payment of rectors shall be a quorum for the transaction of business, and have power to call in the remainder of said capital stock by installments, not exceeding two dollars and fifty cents each, giving thirty days notice thereof in an Ocean county Powers of directors. Officers. construct a turnpike. newspaper, and any stockholder neglecting or refusing to pay such installment for ten days after the same is due, shall forfeit his stock and all payments thereon. 6. And be it enacted, That when said board of directors are elected, said commissioners shall deliver to them, or such person or persons as they shall appoint, all books and papers belonging to said corporation and all moneys received by them on subscriptions to capital stock, deducting expenses incurred for books, printing and necessary expenditures, and two dollars for each day they have been employed in the duties pertaining to their appointment; and said directors and their successors shall annually thereafter cause an election for directors, to be held at a time and place to be specified in the by-laws of said corporation, but said corporation shall not be dissolved by reason of a failure to elect officers on any prescribed day, and the incumbents shall hold over until their successors are appointed, which may be done at any other time. 7. And be it enacted, That said directors shall elect from their own body, or from the stockholders, a president, who shall reside in Ocean county, a secretary and a treasurer, who shall hold their offices one year, and also such subordinate officers and agents as the business of said corporation may require, fix the compensation of all officers and agents and make by-laws for the government of said corporation not inconsistent with the laws of the United States or of the state of New Jersey. Authorized to 8. And be it enacted, That the said president and directors are hereby invested with all the rights and powers necessary or expedient to survey, lay out and construct a turnpike road, to commence at or near the village of Forked River, in the township of Union, in the county of Ocean, and extend by the village of Waretown to the village of Barnegat, in the township of Union in the said county, which shall be at least thirty-two feet and not more than fifty feet in width, sufficiently arched and drained to make and keep the same dry, and at least eighteen feet thereof sufficiently bedded and faced with stone, gravel or other material, to make a solid, firm and even road at all seasons of the year, and at least twelve feet six inches thereof in width, so graded as not to rise above an angle of six degrees with the plane of the horizon; and the said company shall construct and keep in good repair, good and sufficient bridges on the line |