Amount of capital stock.

Company authorized

and main

tain lines of telegraph.

graph Company," and shall possess the general powers, and be subject to the general restrictions and liabilities set forth in "An act concerning corporations," approved on the fourteenth day of February, eighteen hundred and forty-six, so far as the same are applicable.

2. And be it enacted, That the capital stock of said company shall be seven hundred and forty thousand dollars, with liberty to increase the same from time to time, at the discretion of the directors, to an amount not exceeding two millions of dollars, which capital stock shall be divided into shares of one hundred dollars each, which shall be deemed personal property, and be transferable in such manner as the said corporation shall by their by-laws direct the said capital stock of seven hundred and forty thousand dollars shall represent the following property, that is to say the telegraph lines, patent rights, and other property owned by the companies called the American Telegraph Company and the New York and Washington Printing Telegraph Company, each of which companies has a telegraph line running through this state and other states, seven thousand four hundred shares of the said capital stock, amounting to seven hundred and forty thousand dollars, shall be issued to the persons named in the first section of this act, and the other stockholders in the said last mentioned companies, who shall thereupon be and become stockholders in the company incorporated by this act, and the whole capital of the said corporation shall be deemed and considered to have been paid in.

3. And be it enacted, That the said company shall have to construct power to construct or purchase, hold, use, and maintain line or lines of electric telegraph, with the appurteany nances, whether wholly within (or wholly beyond), or partly within or partly beyond the limits of this state, or to purchase or take any lease of or other interest, legal or equi table in such line or lines, or the whole or any part of the stocks of any telegraph companies, and from time to time to discontinue such line or lines, or any part thereof, or to change the routes thereof, or any part thereof, to purchase

any patent or patents, or any share thereof, or interest therein, for any telegraph apparatus or any invention relating to electric telegraphs, to purchase and hold any interest in real or personal estate required for the purposes of the company, to borrow money for any of the purposes aforesaid, to sell, assign, convey, mortgage, lease, or otherwise dispose of any of the property held by the company, as the board of directors may from time to time determine, and to divide the proceeds of such sales amongst the stockholders: the said corporation may, on making any purchase or lease mentioned in this section, pay the price or consideration in the shares of the stock of the corporation hereby created, and such last mentioned shares shall be deemed to represent so much capital paid in cash; and for the purposes aforesaid all necessary and incidental powers are hereby granted to the said corporation; and all contracts may be made either verbally or in writing, with or without the corporate seal, as may be provided in the bylaws of the company, except that all assignments, mortgages and conveyances of any part of the property of the said company must be signed by the president, or vice president and secretary, and sealed with the seal of the company by the authority of the board of directors; the board of directors of the said company may receive subscription for stock, and require payment of the same from such persons in such manner as they may by resolution, determine; and they may forfeit shares for the non-payment of the arrears due thereon.

directors.

4. And be it enacted, That there shall not be less than Election of seven, nor more than thirteen directors of the said company, two of whom and the president shall be residents of New Jersey, and the persons named in the first section of this act shall be the first directors of the said company; there shall be chosen by the stockholders on the first Monday in January, eighteen hundred and sixty, and on each first Monday of January thereafter, a board of directors, in the place of those whose terms will then expire, the election to be had at their office in the state of New Jersey, and in

Corporation

not dis

solved for failure to

prescribed.

such manner as shall be directed by the by-laws of the said corporation; the directors shall annually choose out of their own number a president, 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 by the board of directors, and in case of the absence of the president the board of directors may appoint a president pro tempore, who shall have such powers and functions as the by-laws of the said corporation shall provide; at all meetings of the stockholders each stockholder shall be entitled to one vote on each share of stock belonging to him, which vote may be given in person or by proxy, and stockholders not residing in this state, shall be eligible to the office of director.

5. And be it enacted, That in case it shall at any time. happen that an election of directors shall not be made at elect on day the time when, 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; and the directors for the time being shall continue to hold their offices until new ones shall have been chosen in their places.

Place of

business of company.

Proviso.

Penalty for injuring works.

6. And be it enacted, That a majority of the directors of said company shall constitute a quorum for transacting business; the meetings of the stockholders and board of directors may be held as well out of as within this state, at such time and places as may be provided by the by-laws, from time to time; and the principal office and the books of the company be kept at such place within or without this state as the directors may from time to time select; provided always, that the said company shall always have and maintain in this state an office where process may be served on the said company.

7. And be it enacted, That any person who shall unlawfully and intentionally injure, molest or destroy any of the lines, posts, conductors, buildings, or other property, belonging to the said company, within this state, shall, on conviction thereof, be deemed guilty of a misdemeanor,

and be punished by a fine not exceeding five hundred dollars, or imprisoned in the county jail not exceeding one year, or both, at the discretion of the court before which the conviction shall be had.

may use

lines of other

corporations.

8. And be it enacted, That the said company shall be and Company they are hereby authorized to take, hold, use and maintain the lines of telegraph now existing in this state, and worked by the said telegraph companies named in the second section of this act, and shall be authorized to erect, construct and maintain, from time to time, the necessary fixtures for the same, or any other lines of telegraph over or under any of the public roads, streets and highways, and through, across or under any of the waters within the limits of this state; provided, the same shall not be so constructed as to Proviso. interfere with the safety or convenience of persons travelling on or over the said roads, or highways, or injuriously interrupt the navigation of said waters, nor shall this act be so construed as to authorize the construction of any bridge across any of the waters of this state; provided also, Proviso. that the use of the public streets in any of the incorporated cities and towns of this state shall be subject to such regulations and restrictions as may be imposed by the corporate authorities of said cities or towns; provided also, that the Proviso. tariff of charges at the various offices in this state, shall not be increased at any time beyond the present rates.

9. And be it enacted, That it shall be the duty of the said company, at all proper times, without charge, on the request of any public officer of this state, to transmit (confidentially, if required) messages relating to the public business thereof, and also at all times to assist the police officers of the state by the transmission of intelligence; the said company shall be taxed for the value of their lines. and property in this state, and no more, in the several counties through which the said lines may pass or the said property exist.

Messages on ness to be

public busi

transmitted free of

charge.

amended,

10. And be it enacted, That this act shall take effect im- Act may be mediately, and that the legislature may at any time alter, &c. amend, or repeal the same.

Approved March 23, 1859.

Owners not to recover

farm is not

fenced.

CHAPTER CCIX.

AN ACT Concerning the fencing of cleared farms and lots in the township of Jackson, county of Ocean.

1. BE IT ENACTED by the Senate and General Assembly of damages if the State of New Jersey, That it shall be the duty of the owner of any cleared farm or lot in the township of Jackson, in the county of Ocean, to build and erect such fence or fences as are now declared by law to be a legal fence, on the outside boundaries of such cleared farms or lots; and if any owner or owners of such cleared farms or lots shall neglect to build such fence, he, she, or they so neglecting shall not be entitled to, nor shall recover, any damage or damages he, she, or they may sustain by reason of any trespass committed by neat cattle on said cleared farms or lots; provided, that this act shall not take effect until a majority of the legal voters, voting at a special, or any subsequent town meeting shall have approved of the same. Approved March 23, 1859.

Proviso.