ment or installments already paid in as they may deem ex- erson. ment of ed. 4. And be it enacted, That the management of the con- Managecerns of said company shall be vested in nine directors, to company in be selected from the stockholders, and the said directors whom vestshall choose, by a plurality of votes, a president from among themselves, and when one hundred thousand dollars of said capital stock shall have been subscribed as aforesaid, the before named commissioners, or a majority of them, shall convene the said stockholders by a public notice, to be given as first aforesaid, and at such time and place as they shall designate in said notice, to choose the first board of directors, who shall hold their offices until the second Monday in January next succeeding their selection, and until others are chosen in their stead; and on the second Monday of January of each year, and at such time and place as a majority of the directors may appoint, the said stockholders shall meet for the purpose of electing a board of directors for the ensuing year, and a public notice shall be given of the time and place of holding such election, by advertisement for ten days in a newspaper published in the city of Paterson; and any vacancy in the said board of directors may be supplied by the board of direct- how filled. ors until the next election, and all elections shall be by ballot of the stockholders or their proxies, allowing one vote for each share of stock held upon the books of the company. Vancancy dissolved 5. And be it enacted, That if at any time an election is Corporanot held on the day herein appointed, the corporation shall tion not not be dissolved for that cause, but an election shall be held if election in such mannner as is directed by the by-laws, at any time within one year. not held. 6. And be it enacted, That the directors for the time May make being shall form a board, and they or a majority of them by-laws,&c. shall be a quorum for transacting business, and have power to make by-laws and regulations not repugnant to Capital stock ed. the constitution or laws of the United Staes or of this state, or the provisions of this act, for the government of the said corporation, the management and disposition of the stock and the property thereof, and the duty of the of ficers, clerks and persons employed therein, the election of directors and all other matters appertaining to their business or concerns, and may appoint as many officers, clerks and servants, and with such salaries and allowances as shall to them seem necessary; and the said board of directors shall have power to make and declare from the profits and earnings of the company such dividend and dividends among the stockholders, from time to time, and make the same payable in such manner as to them may seem expedient. 7. And be it enacted, That the capital stock of said corbe increas-poration may be increased upon the consent of the stockholders, representing a majority of the stock to any amount not exceeding five hundred thousand dollars, and all the stock of said corporation shall be transferable according to the by-laws and regulations of the company, and shall be considered personal property, and the stock and transfer books shall be open at all times. to the inspection of the stockholders. Empowered to lay 8. And be it enacted, That the said corporation shall be pipes, &c., empowered to lay down their gas-pipes and to erect gas townships posts, burners and reflectors in the streets, alleys, lanes, roads, in county of avenues, or public grounds of any of the townships of the in Penalty for injuring company county of Passaic, adjoining the said city of Paterson, and with the same privileges and upon the same conditions, and with the same limitations as by the provisions of this act they can lay them, in the said city of Paterson. 9. And be it enacted, That if any person or persons shall wilfully do or cause to be done any act or acts whatsoever, property. thereby to injure any conduit, pipe, cock, metre, machine or structure whatsoever, or anything appertaining to the works of the said corporation, or whereby the same may be stopped, obstructed or injured, the person or persons so offending shall be considered guilty of a misdemeanor, and being thereof convicted, shall be punished by a fine not exceeding three hundred dollars and imprisonment at hard labor not exceeding two years, or both; provided, that such criminal prosecution shall not in any wise impair the right of action for damages by a civil suit hereby authorized to be brought for any such injury as aforesaid by and in the name of the Proviso. said corporation, in any court of this state having cogniz ance of the same. proper 10. And be it enacted, That the said company shall cause company to be kept at their office proper books of accounts in which to keep shall be fairly and truly entered all the transactions of the books of company, which books shall be kept at all times open for the inspection of the stockholders. 11. And be it enacled, That this act shall take effect immediately. Approved March 24, 1874. account. CHAPTER CCCLXIV. An act to incorporate the Essex Passenger Railway Company. Names of corporators 1. Be it enacted by the Senate and General Assembly of the State of New Jersey, That John McGregor, Sylvester S. Bat-Saf tin, Martin R. Dennis, Orson Wilson, Paul Buchanan, Daniel Dodd and David A. Hayes, and such other persons as may hereafter be associated with them, their successors and assigns, be and they are hereby created a body corporate and politic, in fact and in name, by the name of "The Essex Passenger Railway Company," and shall be capable of purchasing, hold- name. ing and conveying any lands, tenements, goods and chattels whatsoever, necessary or expedient for the objects of this corporation. Corporate 2. And be it enacted, That the amount of capital stock of capital said company shali be five hundred thousand dollars, with stock. the privilege of increasing the same to one million 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 corporation shall by their by-laws direct. subscrip whom and 3. And be it enacted, That the books of subscription to Books of said stock shall be open at such time and place, as the above tion by named corporators or a majority of them shall direct, for when to be any time not exceeding sixty days, under the direction of opened. the said corporators, or such of them as may be designated for that purpose. Property and conceras of by whom 4. And be it enacted, That the stock, property and concerns of said corporation shall be managed and controlled corporation by a board of directors, nine in number, who shall be stockmanaged. holders. and a majority of whom shall be residents of the state of New Jersey, to be chosen by the stockholders, at a meeting to be called by the above named corporators for that purpose; each share of the capital stock entitling the holder thereof to one vote, and that the directors so to be chosen shall hold their offices for one year, and until their successors are elected in pursuance of the by-laws of said comDirectors pany; and the directors so chosen shall choose out of their president. Own number a president, and if it shall happen that any vacancies occur from any cause, the same may be filled by the remaining directors, or a majority of them, at any meeting of the board of directors. to choose Five direc petent to transact business. 5. And be it enacted, That five directors of said corporation tors com- 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 installments and at such times as they may direct; and in case of the non-payment of such installments, or any 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 seem needful and proper touching the management of the stock, property, estate and business of said corporation; and shall have power to appoint such officers, clerks and servants as to them shall seem meet, and to establish and fix such compensation to them, and also to the president as to the board shall seem proper. Empowered to build certain streets. 6. And be it enacted, That the said corporation shall have railroad in power and authority to construct, maintain and operate a railroad in the city of Newark, in the county of Essex, through and along Washington street, from Broad street to Spruce street, and through and along Spruce street to Clinton avenue, and through and along Chestnut street to Chesnut street depot, and such other streets in the city of Newark, and upon such highways in the county of Essex, except the streets and highways in the city of Orange and the townships of East Orange, South Orange, Montclair and Bloomfield, not now occupied by street railroads, as may be deemed expedient by said corporation, and authorized by the common council of the city of Newark and the common council of any town or city, or the township committees of any township through which such railroads may be laid. ed to cross railroads senger rail ways. 7. And be it enacted, That the said company shall have the Empowerright to cross at grade any railroad in the county of Essex, ros and also to connect their railway with that of any other and conpas. nect with senger railway company for the purpose of completing a other pasroute or making a circuit, upon such terms and conditions as may be agreed on by such other company or companies and the said Essex Passenger Railway Company; and that it shall be lawful for the said company to make contracts with any other street railroad company in the county of Essex, created by or existing under the laws of this state, for the lease or purchase of the railroad, horses, cars, stables and other property of such other company or companies, on such terms and conditions as may be agreed upon by and between the corporation hereby created and such other company or companies, and for the management and operation of such road when so purchased or leased; and also to purchase the bonds and stock of any other street railroad company in said county; and in case of any such purchase or lease of any other street railroad as herein provided, the road so purchased or leased shall be thereafter operated and run by the company hereby created, under the restrictions and provisions imposed by this act, and the said street railroad company or companies which shall so sell or lease their road or roads and property as herein provided, shall become merged in the corporation hereby created. 8. And be it enacted, That the tracks of any railroad built width of by virtue of this act shall be of the same width as those of tracks, the street railroads now in use in the city of Newark, and shall be laid in all streets in conformity with the grades thereof, as the same now are or as they may hereafter be established by proper authority, and in all cases the rails of such tracks shall be so laid as to present no unnecessary ob. struction to the ordinary travel by wagons and other vehicles over and across the streets, through or over which said roads shall be laid, and the said corporation shall at all times keep the said tracks in good repair, so as to create no unnecessary impediment to public travel. chase and 9. And be it enacted, That the said corporation may pur. May pur. chase and hold at the termini of any roads to be laid under hold land.. this act, and along the lines thereof, so much land as may |