estate may 10. And be it enacted, That the said company may pur. What real chase, have, and hold real estate, at the commencement and be held. termini of their railroads, and at any intermediate depot upon the line of the same, not exceeding six acres at each place, and may erect and build thereon houses, warehouses, stables, machine shops, and such other buildings and improvements as they may deem expedient, for the safety of property and the construction of carriages, and other necessary uses, and take and receive the rents, profits and emoluments thereof, and shall have the privilege and authority to erect, build and maintain, over such rivers, creeks or streams, as the road may cross, such piers, bridges, and other facilities, as they may think expedient and necessary for the full enjoyment of all the benefits. conferred by this act; provided, said company, whenever Proviso. it may become necessary to cross any navigable river or creek with their road, shall construct a bridge or bridges, with suitable and sufficient draws, so as not to obstruct the navigation thereof. 11. And be it enacted, That the president and directors of Dividends. the said company shall declare and make such dividends as they may deem prudent and proper from time to time out of the nett profits of the said railroad. may con purchase engines, &c. 12. And be it enacted, That the president and directors of Company said company shall have power to have constructed, or to struct or purchase with the funds of the company, all machines, machines, engines, wagons, carriages or other vehicles, for the transportation of persons, or any species of property on the railroads as they may think fit, reasonable, expedient or right. may con rations. 13. And be it enacted, That it shall be lawful for the said Company company, at any time during the continuance of its charter, tract with to make contracts and engagements, with any other corporation, or with individuals, for transporting or conveying any kinds of goods, produce, merchandise, freight or pas sengers, and to enforce the fulfilment of such contracts. injuring 14. And be it enacted, That if any person shall wilfully Penalty for impair, injure, destroy or obstruct the use of any railroads works. 1 When com pany may commence running. Annual tax to be paid to state. Proviso. Corporation may borrow money. enjoyed under the provisions of this act, or of any of their necessary works, wharves, bridges, carriages or machines, such person or persons so offending shall forfeit and pay to the said company the sum of fifty dollars, to be by them recovered in any court having competent jurisdiction, in an action of debt, and further, shall be liable for all damages. 15. And be it enacted, That when five miles or more of said road shall be completed, the said company may commence running cars, for the transportation of passengers and freight, enjoying all the privileges, and subject to the restrictions created by this act. 16. And be it enacted, That as soon as the railroad with its appendages, shall be finished so as to be used, the president and treasurer of said company shall file, under oath or affirmation, a statement of the amount of the costs of said road, 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 president and treasurer of the said company shall under oath or affirmation, make a statement to the legislature of this state of the proceeds of said road, and as soon as the said company shall declare among their stockholders dividends equal to seven per centum per annum, from and after the commencement of the building of said road, and so long as the said company pays dividends of seven per centum per annum upon its cost, 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 in each year; provided, that no other tax or impost shall be levied or assessed upon the said company. 17. And be it enacted, That the said corporation shall have power to borrow such sum or sums of money, from time to time, as shall be necessary to build, construct, or repair said road, and furnish the said corporation with all the necessary engines and machinery for the uses and objects of said company, and to secure the payment thereof by bond, or mortgage, or otherwise, on the said road, lands, privileges, franchises, and appurtenances of, or belonging to said corporation, at a rate of interest not exceeding seven per centum per annum; provided, that it shall not be lawful Proviso. for the said company to plead any statute or statutes of this state, against usury, in any suit in law or equity, instituted to enforce the payment of any bond or mortgage executed under this section. State may payment of ment. 18. And be it enacted, That at any time after the expira- take road on tion of thirty years from the completion of the said road, appraisethe legislature of this state may cause an appraisement of the said roads, 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 appointment, or, if they cannot agree, they shall choose a seventh, who, with the aforesaid six, or a majority of them, 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 notice of the said 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 six commissioners shall be appointed, and they cannot agree upon the seventh man, then upon two weeks' notice to the said company, the said chief justice shall appoint such 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 road, with its appendages, upon the payment to the company of the amount of said report, within one year after electing to take the said road, which report shall be filed in the office of the secretary of this state, and the whole property and interest of said road, and the appendages thereof, shall be vested in the state of New Jersey, upon the 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 Proviso. Commence ment and of road. Certain officers to pass free. the legislature, under oath or affirmation, when they shall so request, a full and fair statement of the costs of said road, and of the receipts and disbursements of the company; provided always, that the aforesaid valuation shall be made without any reference to the receipts or disbursements of the company, or advance of stock, and the said valuation shall in no case exceed the first cost, or valuation of said road, with the appendages thereof. 19. And be it enacted, That if the said railroad shall not completion be commenced within five years, and be completed at the expiration of ten years from the fourth day of July next, ensuing, that then and in that case this act shall be void. 20. And be it enacted, That the governor, the chancellor, the justices of the supreme court, and the judges of the court of errors of this state, whilst travelling for the purpose of discharging the duties of their offices, and the members and officers of both houses of the legislature of this state, during their annual or other sessions, shall pass and re-pass on the railroad of said company, in their cars, free of charge. Approved March 9, 1859. CHAPTER LXXXII. SUPPLEMENT to an act entitled "An act to incorporate the Salem Railroad sioners to 1. BE IT ENACTED by the Senate and General Assembly of Commis the State of New Jersey, That the commissioners to open call meeting the books to receive subscriptions to the capital stock of holders. the Salem Railroad Company, shall be and are hereby authorized to call a meeting of the stockholders therein, to organize said company so soon as seventy-five thousand dollars shall have been subscribed thereto. former act 2. And be it enacted, That so much of the act to which Part of this is a supplement as shall conflict herewith, shall be and repealed. is hereby repealed. Approved March 9, 1859. |