CHAPTER CXVII.

AN ACT to continue the act entitled "An act to establish a State Normal

School."

extended.

1. BE IT ENACTED by the Senate and General Assembly of Former act the State of New Jersey, That the act entitled "An act to establish a State Normal School," approved February ninth, in the year of our Lord one thousand eight hundred and fifty five, be and the same is hereby extended and continued for the term of five years from the time by the said act limited for its continuance.

Approved March 15, 1859.

CHAPTER CXVIII.

AN ACT to incorporate the North and South Camden Passenger Railroad

Company.

corporators.

1. BE IT ENACTED by the Senate and General Assembly of Names of the State of New Jersey, That Charles Kaighn, Joseph W. Cooper, Richard Fetters, Samuel Andrews, Isaac H. Porter, Charles E. French, William D. Cooper, John Smith, Jr., Thomas McKeen, Philip J. Gray, James B. Dayton, and such other persons as may be hereafter associated with

Amount of

capital stock.

Commissioners to

scriptions.

them, shall be and they are hereby ordained, constituted and declared a body politic and corporate, in fact and in law, by the name of the "North and South Camden Passenger Railroad Company," and shall be capable of purchasing, holding and conveying any lands, tenements, goods and chattels necessary or proper for the object of the said corporation.

2. And be it enacted, That the amount of the capital stock of said corporation shall be thirty thousand dollars, with privilege to increase the same to one hundred thousand dollars, and shall be divided into shares of twenty-five dollars each, which shall be deemed personal property, and transferable in such manner as the said corporation shall by their by-laws direct.

3. And be it enacted, That the above named persons, or a receive sub- majority of them, shall be commissioners to open books, to receive subscriptions to the capital stock of said corporation, at such time or times, and place or places, as they or a majority of them may think proper, giving at least twenty days' notice of the same in two of the newspapers published in this state, and that at the time of subscribing ten per centum shall be paid for each share subscribed for to the commissioners, or some one of them; and as soon as twenty thousand dollars of the capital stock shall be subscribed, such commissioners shall give like notice for a meeting of the stockholders, to choose eleven directors, a majority of whom shall be residents of this state; and such election shall be made at the time and place appointed, by such of the stockholders as shall attend for that purpose, either in person or by proxy, each share of the capital stock entitling the holder thereof to one vote; and the said above named persons, or any three of them, shall be inspectors of the first election of directors of the said corporation, and shall certify, under their hands, the names of those persons duly elected, and deliver over the subscription books and money paid in, deducting all expenses previously incurred, to the said directors; and the time and place of holding the first meeting of said directors

shall be fixed by the said persons named in the first section of this act, or a majority of them, and the directors chosen at such meeting, or at the annual election of said corporation, shall, as soon as may be after every election, choose out of their own number a president, who shall be a resident of this state; and in case of the death, resignation or removal of the president, or any director, such vacancy or vacancies may be filled for the remainder of the year in which they may happen by the said board of directors, or a majority of thern; and in case of the absence of the president, the said board of directors, or a majority of them, may appoint a president pro tempore, who shall have such power and functions as the by-laws of the said corporation shall provide.

not dissolv

ure to elect

on day pre

scribed.

4. And be it enacted, That in case it shall happen that an Corporation election of directors should not be made during the day ed for failwhen, pursuant to this act, it ought to be made, the said corporation shall not for that cause be deemed to be dissolved, but such election may be held at any other time, in the manner provided by law in such cases, and the directors for the time being shall continue to hold their office until others shall have been chosen in their places.

instalments.

5. And be it enacted, That six directors of the said cor- Payment of poration shall be competent to transact all business of said corporation, and shall have power to call in the capital stock of said company, by such instalments, and at such times as they may direct, and in case of the non-payment of said instalments, or any one of them, to forfeit the share or shares upon which such default shall arise, and to make and prescribe such by-laws, rules and regulations as to them shall appear needful and proper touching the management and regulation of the stock, property, estate and effects of the said corporation, and also shall have power to appoint such officers, clerks and servants as to them shall seem meet, and to establish and fix such salaries to them, and also to the president, as to the said board shall appear proper.

Company authorized

to construct road.

Proviso.

Proviso.

Company may hold

real estate.

6. And be it enacted, That the said corporation shall have power and authority to construct a railroad, with one track, from the intersection of State and Front streets near Cooper's Point, southerly along Front street to Federal street; thence up Federal street to its junction with the river road; thence down said road to its intersection with Mechanic street, near Kaighn's Point; thence up Mechanic street to Second street; thence northerly along Second street to Market; thence easterly along Market to Third street; thence northerly along Third street to Line street; thence westerly down Line street to Third street of North Camden; thence northerly along said Third street to Federal street; thence westerly down Federal to Second street; thence northerly along Second street to State street; and thence down State street to the place of beginning; provided, that the said railroad shall be constructed along said streets only by the consent of the city council of Camden first had and obtained, according to its directions, and upon the terms prescribed by the said council, and that the said corporation shall maintain and keep in good repair the said streets where said railroad passes, for at least ten feet in width along the track of said railroad; and provided further, that in crossing the railroad of "The Camden and Amboy Railroad and Transportation or other Railroad Company," the said railroad hereby authorized to be constructed, shall be made at such intersections, on the level of said railroad or railroads, and the cuts in the rails thereof, and the crossings and connections, shall be made in the best and most approved manner, and so as not materially to interfere with or obstruct the travel thereon.

7. And be it enacted, That the said company may purchase, have and hold real estate at the commencement and termini of their railroad, and at any other place or places in the city of Camden, not exceeding one acre at each place, or three acres in the aggregate; 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.

8. And be it enacted, That the president and directors of Dividends. the said corporation shall declare and make such dividends

as they may deem prudent and proper, from time to time, out of the net profits of the said railroad.

persons and

9. And be it enacted, That the president and directors of Rates for said corporation shall have power to have constructed, or property. to purchase with the funds of said corporation, all such machinery, engines, horses, cars, wagons, carriages, or other vehicles for the transportation of persons or any species of property on railroads as they may think fit, reasonable, expedient or right; but no steam power shall be used as a motive or propelling power on said railroad; and they are hereby authorized to demand and receive such sum or sums of money for the transportation of persons and property thereon as they, from time to time may think reasonable and proper; provided, that not more than five cents Proviso. shall be demanded or received for conveying any person from any one point to another on said road.

injuring

works.

10. And be it enacted, That if any person shall wilfully Penalty for impair, injure, destroy or obstruct the use of said railroad, or any of its necessary works, carriages, or machines, such person 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.

may borrow

11. And be it enacted, That the said corporation shall Corporation have power to borrow such sum or sums of money, from money. time to time, as shall be necessary to build, construct, repair or equip said road, 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,