CHAPTER CCCXLV. An act to incorporate the United States Telegraph Company. Names of corporators name. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Joseph F. Fisher, A. W. Leisenring, William J. Lyon, Thomas B. Stratton, Thomas Kays, James Donley and Stephen H. Butler, shall be and they are hereby created a body politic and corporate, by the name, style and title of The United States Telegraph Company, Corporate and by that name shall have perpetual succession, may sue and be sued, plead and be impleaded, defend and be defended, in all courts of law and equity; may receive and make all deeds, transfers, instruments of writing, bargains, covenants, contracts and agreements, may purchase lease, hold, mortgage, encumber, convey and otherwise dispose of all property, real, personal and mixed, necessary for conducting the business of said company, with power to have, use and adopt a common seal, and to alter and change the same at pleasure; with power to erect, lay down, construct, purchase, . hold, use, maintain and operate a line or lines of telegraph Powers, &c wires, conductors and other materials used in telegraphing, with all the appurtenances thereto belonging, from the city of Jersey City, in the county of Hudson, to the town of Phillipsburg, in the county of Warren, in the state of New Jersey, and to make connections with the most convenient telegraph lines already authorized in this state, over or under any of the public roads, streets or highways, and through, across or under any of the waters within the limits of the state, and also along, through, over, across or under any other land within the said state of New Jersey, by the erecting of masts, poles, posts and all other necessary and usual fixtures and materials for sustaining wires, conductors and other materials thereon and therefrom, or by constructing, establishing or maintaining a line or lines of wire or other materials used in telegraphing upon or under said lands, or under water, with or without tubes or covering, or by any other means or instruments which shall be from time to time deemed Proviso. Proceed company cannot agree with owner of land. most suitable by such company; provided however, that said line or lines shall not interfere with the safety or convenience of the public, or injuriously affect the navigation of any waters, and upon making such compensation to the state as shall be fixed by the riparian commissioners. 2. And be it enacted, That when said company shall pass ings in case through or over private or public property, and cannot agree with the owner thereof, they shall make compensation therefor, the damages to be ascertained in the manner provided for in section twelve and thirteen of an act entitled "An act to authorize the formation of railroad corporations and reg. ulate the same," approved the second day of April, in the year eighteen hundred and seventy-three. May make connection with and other lines, purchase Capital stock. 3. And be it enacted, That the said United States Telegraph Company shall have power to make connections with and purchase other telegraph lines, and the stock and property of other companies incorporated within or without this state; that they shall also have full power to and authority to extend, construct and maintain their line or lines through and in all towns, townships, boroughs, cities and counties within this state, with the same privileges and authority as specified in the preceding sections of this act 4. And be it enacted, That the capital stock of said company shall be fifty thousand dollars, with power to increase the same to one hundred thousand dollars, to be divided into shares of one hundred dollars each, which shall be deemed personal property and transferable in such manner as the said company by their by-laws may direct. 5. And be it enacted, That the corporators named in this act, or a majority of them, shall be commissioners to receive subscriptions to the capital stock of said company, and as soon as twenty thousand dollars of the capital stock of said company shall be subscribed and paid in, such commissioners, or a majority of them, shall give notice to said subscribers of the time and place of meeting to choose seven directors of said company, and such election shall be held at the time and place so appointed by such of the subscribers to said capital stock as may attend in person or by proxy; each share of said stock subscribed for entitling the subscriber thereof to one vote; at such election the commissioners herein named, or any two of them appointed for that purpose, shall act as inspectors thereof, and shall certify under their hands the names of the persons who may be elected, and shall thereupon deliver over to the persons so elected the subscription books and such moneys as may have been received by them. choose 6. And be it enacted, That the directors chosen at such Directors to meeting and at the annual election of said corporation, shall president, as soon as may be after every such election choose out of &c. their own number a president, who shall hold his office until a successor shall be elected; and in case of death, removal, resignation or disqualification of any director, the vacancy may be filled by said board of directors; and the said board of directors shall also have power to appoint a treasurer, secretary, and such other officers and agents as they may deem necessary for carrying on the business of said company. tion not election not 7. And be it enacted, That in case it shall happen that an election of directors shall not take place at the time when Corporaby this act it should be held, the said company shall not dissolved if for that cause be deemed dissolved, but such election shall held. be held at such other time as the directors for the time being shall appoint; and such directors for the time being shall continue to hold their office until new ones shall be chosen in their place. where to be 8. And be it enacted, That the election for directors shall Election be held at such times and places as the board of directors when and shall from time to time direct, of which election public no- held. tice shall be given for at least ten days, in some newspaper published in this state; and the said directors shall have power to transact all business of said corporation, and they shall have power to call in the capital stock of said company by such installments and at such times as they may direct, and in case of non-payment of said installments, or any of them, to forfeit the share or shares on which such default shall arise, to and for the use of the corporation, and also to ordain, establish and put in execution such by-laws, ordinances, rules and regulations as may be necessary or convenient for the government of the said corporation, not being contrary to the constitution and laws of the United States or of the state of New Jersey. principal 9. And be it enacted, That the principal office of said company shall be at Jersey City, in the county of Hudson, and Location of that regular books of account shall be kept in said office, to omce." which books of account any stockholder may have free ac Empowered to issue cess at all reasonable times, for the purpose of inspection, and that books of transfer of stock shall be kept and shall be evidence of ownership of said stock, in all elections and other matters submitted to the decision of the stockholders of said corporation. 10. And be it enacted, That said company shall have stock for power to issue stock for, or take in payment of subscripcertain pur- tions, any personal or real property required to be used for and in conducting the said business of said company; and that no dividends shall be declared except as the by-laws of said company shall direct; and said company may issue stock in payment of any debt of said company, and that any railroad company may subscribe to the stock of said corporation. Majority of directors to quorum. 11. And be it enacted, That a majority of the directors of constitute said company shall constitute a quorum for transacting business; the meetings of the stockholders and board of directors may be held at such times and places as may be provided by the by-laws from time to time. Penalty for company's 12. And be it enacted, That any person who shall unlawinjuring fully and intentionally injure, molest or destroy any of the property. lines, posts, conductors, buildings, or other property belong. ing to 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 imprisonment in the county jail not exceeding one year, or both, at the discrection of the court before which the conviction shall be had. Company empowered to certain 13. And be it enacted, That the said corporation shall have to enter in- the power to enter into any arrangements or contracts with contracts. any other person or persons, or corporation or corporations, domestic or foreign, to connect the lines of this company with any other lines, and to operate such connected lines as may be agreed upon by such contracting parties, and also to fix and receive the rates for the transmission of messages on the lines of this company or such connected lines. 14. And be it enacted, That this act shall take effect immediately. Approved March 21, 1874. CHAPTER CCCLVIII. A further supplement to the act entitled "An act to incorporate the Vineland Safe Deposit Company," approved March eleventh, one thousand eight hundred and sixtyeight. lish branch 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That said corporation may establish May estabbranch offices and agencies in the cities of New York and omces. Philadelphia, or elsewhere, as its board of directors may deem proper and desirable, but the principal office of the Location of company shall be in this state. principal office. what to be 2. And be it enacted, That it shall be lawful for said cor- Surplus poration to invest its surplus funds in the public stocks and funds in securities of any state of the United States, or in stocks or Invested. bonds of any railroad company or other corporation, that the board of directors may deem desirable securities, and loan money and credit on pledge of stocks, bonds, goods, chattels and notes, and aid by loans, contractors and manufacturers; to make insurance for the fidelity of persons holding places of responsibility and trust, and to accept and execute all such trusts of every description, as may be committed to said corporation upon such terms as may be established by said company and agreed upon with any person or persons, corporation or corporations, or for any trust or business committed or transferred to said corporation by any court of record of this state. empowered ment of 3. And be it enacted, That it shall be lawful for the said company company to guarantee the payment, punctual performance to guaran and collection of promissory notes, bills of exchange, con- tee pay tracts, bonds, accounts, claims, rents, freights, annuities, mort- promisory gages, choses in actions, evidences of debt and certificates notes, &c. of value, and for such guarantee may charge and receive interest not exceeding the legal rate. 4. And be it enacted, That it shall be lawful for the said company to lease, purchase, hold, mortgage, or convey, all May purren chase and hold real |