Proviso

Proviso.

Legislature. may elect to

take railway at van

ed valuation.

general law applicable to all railroads over which the legis lature shall have power for that purpose, at the time of the passage of such law or laws, and until the said railroad, or any part thereof shall be in operation, the said corporation shall be regularly assessed, and pay tax for the value of its real estate, including improvements thereon, and personal property as now taxed in the city or cities, township or townships wherein it lies, at the same time and rate and in the same manner, for the same purposes and by the same person or persons as other taxes are assessed in said city or cities, township or townships; provided, that no other tax or impost shall be levied or assessed upon said company; provided, that nothing herein contained shall be construed in any wise to release or exempt the said Camden and Amboy Railroad, the Delaware and Raritan Canal Company, the New Jersey Railroad and Transportation Company from the payment of taxes or revenue to the state of New Jersey now imposed by law. 14. And be it enacted, That any time after fifty years from the completion of the said railway, the legislature of this state may cause an appraisement of the said railway and the appendages thereof, to be made, by six persons, 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 appraisement, 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 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 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 the 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 railway, upon the payment to the company of the amount of said report, within one year atter electing to take said railway, which report shall be filed in the office of the secretary of state, and the whole property and interest of said railway, 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 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 cost of said railway and of all receipts and disbursements of the said company; provided always, that the aforesaid valuation Proviso. shall be made without reference to the receipts and disbursements of the company, or advance of the stock; and the said valuation shall in no case exceed the first cost of said railway with the appendages thereof.

and privileges

15. And be it enacted, That when any part of the said rail- Restrictions way shall be completed the said company may commence operating the same for the transportation of passengers and property, enjoying all the privileges and subject to the restrictions created by this act.

16. And be it enacted, That the said railway shall be com- Limitation. menced within two years and completed within five years from the fourth day of July next ensuing otherwise this act shall be void.

contracts.

17. And be it enacted, That it shall be lawful for said May make company to make contracts and engagements with any other corporation or individuals for transporting or conveying any kind of goods, produce, merchandise, freight or passengers, and to enforce the fulfillment of said contract; provided, that Proviso. the rates of fare on the said railroad, except in sleeping, palace, or compartment cars, shall not exceed three cents per passenger per mile, but the company shall not be compelled. to carry passengers any distance for less than ten cents, nor shall said company charge more than ten cents per mile per ton for the transportation of any description of property transported ten miles or over.

cure the same

mortgage.

18. And be it enacted, That the said corporation shall have May borrow power to borrow, from time to time, such sum or sums of money and se money as shall be necessary to secure rights of way, make by bond and surveys, to construct or repair said railroad, and to furnish the said corporation with the necessary engines, machinery, cars, boats and buildings for the uses and objects of said corporation, and to secure the repayment thereof by bond and mortgage or otherwise, on the said road or roads, lands, property, privileges, franchises and appurtenances of or belonginging to said corporation, at a rate of interest not exceeding seven per centum per annum; provided, that it shall proviso. not be lawful for the said corporation to plead any statute or statutes of this state against usury, in any court of law or equity in any suit instituted to enforce the payment of

Persons who may travel

free.

Stocks and bonds.

any bond or mortgage executed under this section of this

act.

19. And be it enacted, That the governor, the chancellor, the justices of the supreme court, and the judges of the court of errors and appeals of this state, the state superintendent of public schools and the principal of the normal school, whilst traveling for the purpose of discharging the duties of their offices, the members and officers of both houses of the legislature of this state during the year for which they were elected shall pass and repass on the railroad of said company free of charge.

20. And be it enacted, That it shall and may be lawful for any corporation to subscribe for, purchase and hold the stock and bonds of the said railway company.

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

Approved March 17, 1870.

Preamble.

Capital stock

may be consolidated.

CHAPTER CCCCXXXII.

An Act to enable the United Railway and Canal Companies to consolidate their stock, and to consolidate or connect with other companies.

WHEREAS, the Delaware and Raritan Canal Company, the Camden and Amboy Railroad and Transportation Company, and the New Jersey Railroad and Transportation Company, sometimes called the United Companies, and the United Railway and Canal Companies, are identified in interest, and have also an identity of interest with the Philadelphia and Trenton Railroad Company and other companies; therefore,

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That it shall and may be lawful for the said United Companies, by and with the consent of twothirds in interest of the stockholders of each expressed in writing and duly authenticated by affidavit, and filed in the office of the secretary of state, to consolidate their respective capital stocks, or to consolidate with any other railroad or

canal company or companies in this state or otherwise, with which they are or may be identified in interest or whose works shall form with their own continuous or connected lines, or to make such other arrangements for connection or consolidation of business with any such company or companies. by agreement, contract, lease, or otherwise, as to the directors of said United Companies may seem expedient; provided, that if any stockholder or stockholders, being such at Proviso. the time of making any such consolidation, agreement, contract, lease or other arrangement, shall be dissatisfied with the same, the said companies shall pay to such dissatisfied stockholder or stockholders the full value of his, her or their stock, immediately prior to such consolidation, agreement, contract, lease or other arrangement, to be assessed by three disinterested commissioners, appointed for that purpose by the supreme court or court of chancery of this state, on the application of either party, made upon twenty days' notice; but the said companies shall not be compelled to pay for stock of any such dissatisfied stockholder or stockholders unless he or they shall give written notice of such dissatisfaction to the president, secretary or treasurer of the company, whose stock shall be held by him or them, within three months after such consolidation, agreement, contract, lease or other arrangement shall have been made and consented to by the requisite number of stockholders; provided further, that Proviso. no such consolidation, agreement, contract, lease or other arrangement shall have the effect, or be construed to release or discharge the said United Companies, or any or either of them, or any company or companies with which any such consolidation, agreement, contract, or lease, may be made, from any taxes, liabilities, obligations or duties, which they, or either of them, may be subject or liable to, either to this state or to any other person or persons.

Consent of

holders to be

2. And be it enacted, That this act shall take effect immediately, and shall be deemed a public act; and the said con- the stocksent of stockholders herein and hereby required to be authen- filed with secticated and filed in the secretary's office, when so authenti- retary of state cated and filed, together with the fact of the amount of stock held by each, the same being also authenticated by affidavit, shall be sufficiently proved in all courts and places where the same may come in question (unless the contrary be made to appear,) by the original affidavit so filed, or by a duly certified copy thereof made by the secretary of state.

Approved March 17, 1870.

Number of di

CHAPTER CCCCXXXIII.

A Further Supplement to an act entitled "An Act to incorporate the International Life Insurance and Trust Company," approved April twenty-second, eighteen hundred and sixty-eight.

1. BE IT ENACTED by the Senate and General Assembly of be increased. the State of New Jersey, That the number of directors of said company, authorized by the act to which this is a supplement, may be increased to any number not exceeding twenty-one, whenever the board of directors shall by a resolution order such increase, and the directors who shall be ordered to be elected, shall be elected in the manner, possess the qualifications, and perform the duties prescribed by the act to which this is a supplement.

Repealer.

2. And be it enacted, That all parts of the act to which this is a supplement, inconsistent with the provisions of this act, be and the same are hereby repealed.

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

Approved March 17, 1870.

Names of corporators.

CHAPTER CCCCXXXIV.

An Act to incorporate the Hainesport Building and Loan Association.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That William Bartram, John D. Johnson, Henry C. Herr, Barclay Haines, Robert Clark, Joseph Wilkins and George H. Ives, and such other persons as may be associated with them, shall be and they are hereby constituted and declared a body corporate and politic, in law