had as are provided in sections seven and eight of the act of incorporation, for appraising and taking lands so far as the same is applicable.

by a branch

2. And be it enacted, That the said railroads may be united May be united by a branch or branches of either of said roads, at or near road. the village of Long Branch, and that if the said companies. or either of them cannot agree with the owners of the lands necessary for the purpose, the said companies or either of them may take proceedings for that purpose in like manner, and with like effect as is provided for the condemnation of land in the act to which this is a supplement.

stock of the

Railroad.

3. And be it enacted, That the said New Jersey Southern May purchase Railroad Company may in lieu of such consolidation pur Long Branch chase the stock of the said Long Branch and Sea Shore and Sea Shore Company or may purchase the said railroad, and that if purchase can be made in such manner that for the payment or part payment of the purchase money for such stock or said railroad, the stock of the said New Jersey Southern Railroad Company will be taken therefor, then it shall and may be lawful for the last named company to issue so much of its capital stock as shall be requisite for that purpose.

4. And be it enacted, That the president of the said com- State tax. pany shall file under oath or affirmation, a statement of the amount of the cost of the said railroad, including equipments, appendages and all expenses, in the office of the secretary of state; and annually thereafter on the first Monday in January of each year, he shall under oath or affirmation, make a statement to the secretary of state, of the cost, equipments, appendages, and expenses of said road; and the said corporation shall pay to the treasurer of this state, a tax of one half of one per cent. on the cost, equipments and appendages of said road, to be paid annually on the first Monday in January of each year, and such other taxes as may be assessed from time to time by a general law applicable to all railroads, over which the legislature shall have power for that purpose at the time of the passage of such law or laws; and until the said railroad shall make annual returns to the secretary of state as above provided, the said corporation shall be regularly assessed and pay tax for the value of its real estate, including improvements thereon, and personal property as now taxed in the city or cities, township or townships wherein it lies, at the same time and rate, and in the same manner, for the same purpose, and by the same person

or persons, as other taxes are assessed in said city or cities, township or townships, provided that no other tax or impost shall be levied or assessed upon said company.

5. And be it enacted, That this act shall take effect immedately.

Approved February 16, 1870.

Preamble.

CHAPTER LXXXI.

A Supplement to an act entitled "An Act to incorporate the Raritan and Delaware Bay Railroad Company.

WHEREAS, the Raritan and Delaware Bay Railroad Company in pursuance of the authority in it vested, executed a certain mortgage to Charles J. Hendrickson and Joseph D. Taylor, trustees, to secure the sum of one million dollars; and whereas, certain proceedings were had in the court of chancery in the state of New Jersey, for the foreclosure of the said mortgage, and the said court, on or about the twenty-sixth day of June, eighteen hundred and sixty-nine, did decree among other things that the railroad belonging to the said company, with its personal property and franchises, should be sold at public auction by Robert S. Green, esquire, one of the masters of said court; and whereas, on or about the fourteenth day of September, eighteen hundred and sixty-nine, said master in pursuance of the said decree, sold the said railroad and all its real and personal estate and franchises unto Benjamin Williamson and George N. Titus, who afterwards, and on the day and year last aforesaid, received from the said master a deed conveying and assigning unto them all the said railroad franchises and other property with their appurtenances, as by reference to the said indenture duly recorded in the office of the clerk of the county of Monmouth, on the fifteenth day of September, eighteen hundred and sixty-nine, in book two hundred and twenty of deeds, folio one hundred and thirtyeight, and so forth, will more fully appear; and whereas,

afterwards, and on the same day and year aforesaid, Benjamin Williamson and George N. Titus did associate with them John P. Stockton, Charles Gould, George B. Upton, Henry M. Alexander and eleven other persons, in pursuance of an act of the legislature of this state, entitled "An Act concerning the sale of railroads, canals, turnpikes and plank roads," approved March fifth, eighteen hundred and fifty-eight; and whereas, on the same day and year last aforesaid, the said purchasers and their associates, pursuant to the provisions of the said act did organize themselves into a body corporate and politic, and did elect a board of thirteen directors and a president; and whereas, on the said day and year last aforesaid, the said corporation did make a certificate of such organization, under its common seal, attested by its president, which said certificate was filed in the office of the secretary of the state of New Jersey, on the eighteenth day of September, eighteen hundred and sixty-nine; and whereas, the said corporation have, in pursuance of the said act, made and issued certificates of the capital stock of the said new corporation to the said purchasers and their associates, to the amount of their respective interests therein, and the said company has made and delivered to George B. Upton and Benjamin Williamson, trustees, its certain indenture of mortgage, bearing date the fourteenth day of September, eighteen hundred and sixty-nine, upon the railroad known as the Batsto branch of the Camden and Atlantic Railroad Company, and upon the railroad and other property so sold by the said master, and its corporate rights, property and franchises, securing its bonds, amounting in the aggregate to two millions of dollars, and which said mortgage was duly recorded in the office of the clerk of the county of Monmouth, on the fifteenth day of September, eighteen hundred and sixty-nine; now, therefore,

tion.

1. BE IT ENACTED by the Senate and General Assembly of Ratification the State of New Jersey, That the said proceedings be, and and confirmathe same are hereby ratified and confirmed, and that the said corporation, so formed upon the said sale and organization, shall be invested with all the corporate rights, privileges, and franchises of the said Raritan and Delaware Bay Railroad Company; provided, that nothing in this act contained shall in Proviso. any wise impair or affect any right or rights in law or in equity, of any person or persons, not a party to the said suit,

Corporate name, and

powers.

Amount of capital stock.

May issue bonds and se

nor of any such party, except so far as is determined by the said decree.

2. And be it enacted, That the said corporation shall hereafter be known as the "New Jersey Southern Railroad Company," and by that name shall be capable of purchasing, and of otherwise receiving and becoming possessed of, holding and conveying all real and personal estate, shall have perpetual succession and power, to make and use a common seal, and by said corporate name may sue and be sued, and shall have, enjoy and exercise all the rights, powers and privileges pertaining to corporate bodies, and necessary to carry out the objects of this act, or of the act to which this act is a supplement, and the amendments thereto; and the board of directors of said company shall hereafter be thirteen in number, onefourth of whom shall be residents of the State of New Jersey.

3. And be it enacted, That the capital stock of the said company shall be three millions, five hundred thousand dol lars, with the right to increase the same from time to time, to an amount not exceeding in the aggregate the sum of five millions of dollars, to be divided into shares of one hundred dollars each.

4. And be it enacted, That the said company shall have cure the same power to issue bonds to an amount not exceeding five millions by mortgage. of dollars, the bonds to draw interest at a rate not greater

May unite with other companies.

than seven per centum per annum, and may secure the same, or any part thereof, by a mortgage or mortgages, upon the said railroad, and other corporate property and franchises of the company, and that it shall not be lawful for the said corporation to plead any statute or statutes of this state, against usury in any suit, in law or equity that may be instituted to enforce the payment of any bond or mortgage heretofore executed or hereafter to be executed by the said company.

5. And be it enacted, That the said railroad company are hereby authorized and empowered to unite with such company or companies as are or may be incorporated by this state, whose railroad or railroads or branches may connect with the railroad or branches of the said New Jersey Southern Railroad Company; and that, for the purpose of carrying out the provisions of this section, it shall and may be lawful for said New Jersey Southern Railroad Company, and any other railroad company in this state whose railroad or branches shall join or connect with the railroad or branches of the said New Jersey

date capital

Southern Railroad Company, by and with the consent of twothirds of the stockholders of the said companies, respectively, to consolidate the capital stock of the said company, subject My consoli always to the provisions, reservations and conditions set forth stock. and contained in the acts incorporating the said companies, and the supplements thereto, and the stock of the said companies, so consolidated, shall, after such consolidation, be deemed and considered to be joint stocks, provided, that the Proviso. assent of stockholders holding two-thirds of all the stock of the said companies, respectively, shall be certified to the satisfaction of the governor, and the same shall be filed in the office of the secretary of this state; and provided further, the Proviso, New Jersey Southern Railroad Company shall operate the route between Eatontown and New York City by way of Port Monmouth, in the county of Monmouth, by running at least one passenger train from Eatontown to New York in the morning, and one passenger train from New York to Eatontown in the afternoon of each and every week day, with suitable passenger boats between New York and Port Monmouth, until the New York and Long Branch Railroad shall be constructed and operated between South Amboy and Red Bank, or some point on the New Jersey Southern Railroad north of Red Bank, or until a railroad shall be constructed and operated between Red Bank and a point on the Long Branch and Sea Shore Railroad at or near Jumping Point on the South Shrewsbury River.

when stock

6. And be it enacted, That if any stockholder or stock Proceedings holders shall refuse his, her or their assent, or if by reason of holders refuse absence or legal inability such assent cannot be obtained, their assent. application may be made by such stockholder or stockholders, within three months from the time that the purchase or consolidation shall take effect, to one of the justices of the supreme court of this state, for the appointment of three disinterested and impartial persons, well acquainted with the value of railroad property, as commissioners, to appraise the value of the shares held by said stockholder or stockholders; whereupon such proceedings shall be had as are provided in the act to which this is a supplement, for appraising and taking lands, so far as the same is applicable.

purchase the

7. And be it enacted, That the said New Jersey Southern May lease or Railroad Company be and are hereby authorized and em Long Branch powered to lease the railroad of the Long Branch and Sea and Sea Shore Shore Railroad Company, upon such terms and at such

Railroad.