CHAPTER CCCLXXXVIII. Supplement to an act entitled "An Act to improve Paterson Avenue, from the westerly line of the Paterson Plank Road, to the Seacaucus Road, and the Seacaucus Road from Paterson Avenue to Pen Horne's Creek, in the County of Hudson," approved April first, eighteen hundred and sixty-nine. 1. BE IT ENACTED by the Senate and General Assembly of Duties of the the State of New Jersey, That the county collector of the treasurer. county of Hudson be and hereby is appointed treasurer of the commission named in the act to which this act is a supplement, whose duties and responsibilities shall be the same as those of the treasurer, provided for by the act to which this is a supplement and in whose place he is hereby appointed. holders to ad for improvements, and to issue bonds 2. And be it enacted, That it shall not be lawful for the Board of freecommissioners named in said act to issue certificates of in- vance money debtedness, but in lieu thereof the board of chosen freeholders, of the county of Hudson, shall be and hereby are authorized to advance all money required for said improvement, and all other improvements to be done under said act and this supplement in anticipation of the collection of assessments for said improvements; and for this purpose the said board of chosen freeholders of Hudson county are hereby authorized to borrow such sum or sums of money as shall be necessary, and to issue the bonds of the county of Hudson therefor, payable at such times as the board of chosen freeholders may elect. ers shall give 3. And be it enacted, That the commissioners named in Commissionsaid act, to which act is a supplement, shall, before they pro bond. ceed to the duties of their appointment, enter into bonds to the board of chosen freeholders, of the county of Hudson, with at least two freehold sureties, being residents of the county of Hudson, to be approved by the said board of chosen freeholders, in the sum of three thousand dollars each, conditioned for the faithful performance of their duties as such commissioners, and further that said commissioners shall be required before entering upon their duties, to take Duties of the commissioners Money assessed for improvements, an oath or affirmation for the faithful performance of their duties, before the clerk of said board of chosen freeholders of Hudson county. 4. And be it enacted, That said commissioners, in addition to the duties required by the act to which this is a supplement, are hereby empowered and authorized upon application in writing to said commissioners by the owners of a majority of the property fronting upon the said proposed improvement, to regulate and grade the old Seacaucus road, having first widened the same to the uniform width of sixty feet from Pen Horne creek to the Paterson plank road; also, to widen, grade and regulate the old county road, at a point at or near the new county road, running in a northerly, or nearly a northerly direction, until it intersects the lands, now, or late of Job Smith and Abel I. Smith, and from last named point to continue said Road, upon application as aforesaid by laying out, opening, regulating and grading the same, so as to intersect the old Seacaucus road, the same to be of the uniform width of sixty feet throughout; the cost and expense for the additional improvements provided for in this section, to be assessed and collected in the same way and manner as provided for in the act to which this act is a supplement, for the improvement of Paterson avenue; and said act shall in all respects be so construed as to include within its provisions for the improvements contemplated by this act, as though said additional improvements were named in said act in connection with Paterson avenue, so far as the same will, in any respect, relate to the said additional improvements named. 5. And be it enacted, That when the said treasurer shall receive the moneys assessed for said improvements, he shall how applied. credit the same to the amount of money advanced by the board of chosen freeholders of the county of Hudson. Repealer. Repealer. 6. And be it enacted, That all acts and parts of acts inconsistent with this act, be and the same are hereby repealed. 7. And be it enacted, That sections thirteen, nineteen and twenty-four of the act to which this is a supplement be and the same are hereby repealed. 8. And be it enacted, That this act shall take effect immedately. Approved March 17, 1870. CHAPTER CCCLXXXIX. An Act to authorize the consolidation of the capital stock, pro- WHEREAS, the corporations above named are located substan- Preamble. tain railroads. for effecting tion. 2. And be it enacted, That such consolidation shall be Proceedings made under the conditions and provisions hereafter in this the consolida act mentioned and contained, that is to say: first, the directors of the said several corporations proposing to consolidate may enter into a joint agreement under the corporate seal of each company for the consolidation of said companies and railroads, and prescribing the terms and conditions thereof and the mode of carrying the same into effect; such agreement of the directors shall not be deemed to be the agreement of the corporations so proposing to consolidate until after it Corporate name and powers. shall have been ratified or assented to by such number of the stockholders of each of the corporations, respectively, as shall represent three-fourths of the capital stock actually subscribed of the corporations so proposing to consolidate; such consent or ratification shall be in writing, and signed by the holders of the stock aforesaid, or by their duly authorized agents or proxies, and shall be acknowledged or proved to have been executed by the persons signing the same before such officer as may be authorized to take acknowledgments of conveyances of real estate, and shall be filed with the aforesaid agreement of the directors in the office of such consolidated company; and when such agreement of the directors has been sanctioned and assented to by the stockholders of the several companies in the manner above provided, then such agreement of the directors shall be deemed to be the agreement of the said several corporations, and a sworn copy of the same, made by the secretary of such consolidated company, shall be evidence of the matters therein contained; upon making the said agreement mentioned above, and filing a duplicate or counter part thereof in the office of the secretary of state, and immediately upon and after the first election of directors by such consolidated company, the said several corporations shall be merged in a new corporation provided for in said agreement, to be known by the corporate name hereinafter mentioned, and the details of such agreement shall be carried into effect as provided therein. 3. And be it enacted, That said new corporation so formed and consolidated shall be known as the "New Jersey Midland Railway Company," and shall succeed to the property, rights, powers, privileges, franchises, obligations and liabilities of the companies so consolidated; all contracts made with either of the aforesaid companies shall be performed and discharged by such consolidated company, and all property, real, personal and mixed, and all debts due, on whatever account, as well as of stock, subscriptions and other things in action belonging to said corporations, shall be taken and deemed to be transferred to and vested in the company hereby created, without further act or deed, and all property, rights of way, and all and every other interest, shall be as effectually the property of said New Jersey Midland Railway Company as they were of the former corporations parties to said agreement; the said consolidated company may regulate and harmonize the grades and surveys made by the aforesaid companies, or either of them, and may make and file new Proviso. for taking the holders. 4. And be it enacted, That the stock of any stockholder of Proceedings any of said companies who shall dissent from the aforesaid stock of disconsolidation and agreement, may be taken by the said con- senting stocksolidated railway company in the following manner: the said company shall apply to one of the justices of the supreme court to appoint three disinterested commissioners to appraise the value of a share of stock in each of said companies having stockholders so dissenting, and the said justice shall appoint such commissioners; and such commissioners shall meet together and appraise the value of a share of stock of each of said companies in which stockholders do not assent, and the said company consolidated as aforesaid shall pay to such nonassenting stockholders in either of said companies the valuation so fixed on a share of such companies' stock, in which said stockholder holds stock, for every share of stock so held by such stockholder; and upon such payment or tender thereof, the said stock so taken or valued shall be thereby surrendered and assigned to the said railway company; such notice shall be given by said company of such proceedings as the said justice shall direct. on failure to elect directors 5. And be it enacted, That the business of said company Not dissolved hereby created shall be managed by a board of thirteen directors, who shall be chosen at the time and place designated in the agreement authorized in this act to be made, and annually thereafter, at the time and place designated in the bylaws of said company; but if said company shall not elect directors as herein provided, the corporation hereby created shall not for that cause be deemed to be dissolved, but such |