Commission subscriptions. CHAPTER DXX. An Act to incorporate the New York and New Jersey Bridge 1. BE IT ENACTED by the Senate and General Assembly of ers to receive the State of New Jersey, That Rodman M. Price, Delos E. Culver, Nathaniel Dole, Augustus O. Evans, Noah D. Taylor, Henry C. Smith, Thomas B. Decker, Leon Abbett, J. Otto Seymore, John Y. Dater, Cornelius Lydecker, Henry G. Hering, John Goldthorp and John Hopper, be and they hereby are appointed commissioners on the part of this state, who with commissioners to be appointed by the state of New York, shall be authorized to receive subscriptions to the capital stock hereby created, at such time or times, and place or places as they or a majority of them may direct, giving notice thereof in a newspaper printed in the city of New York, and in the newspapers printed in the county of Hudson, in this state, for at least twenty days of the time or times, and place or places when and where the said subscriptions shall be received and at the time of subscribing for the said stock, five dollars shall be paid upon each share subscribed for, to the commissioners or some one of them, which money shall be paid over to the treasurer of said company as soon as one shall be appointed, and that the residue of said subscriptions shall be Payment of paid in such installments, and at such times and places, and to such persons as the president and directors of the company shall from time to time direct, and give public notice of, and upon the failure of payment thereof, as so directed for thirty days thereafter, the said president and directors shall have power to forfeit the shares of each and every person so failing to pay the said installments, or any of them, and for the use of said company; provided, that the books of subscription shall be kept open for three days at least, and if the number of shares subscribed for shall exceed the amount or number of shares authorized by this act to be subscribed for, that then the said commissioners shall apportion the said stock among such subscribers, in proportion to the amount or number of shares by them subscribed as aforesaid. installments. Proviso. Amount of 2. And be it enacted, That the capital stock of said comcapital stock. pany shall be two millions of dollars, divided into shares of one hundred dollars each, with the privilege to increase the same to five million dollars, and the said shares shall be deemed and considered personal property, and may be transferred in such manner as shall be prescribed by the by-laws of said company and the said company shall have power to borrow money from time to time and to issue bonds to an amount not exceeding five millions of dollars, and to secure the payment of the same by mortgage of the property of the company or otherwise. 3. And be it enacted, That when ten thousand shares are subscribed for and paid up, the persons holding the same shall be and they hereby are incorporated into a company by the name of "The New York and New Jersey Bridge Company," Name. and by that name shall have perpetual succession, and all the privileges and franchises incident to a corporation, and shall be capable of taking and holding their capital stock, and the increase and profits thereof, and of enlarging the same from capital stock time to time by new subscriptions, in such manner and form may be as they shall think proper, if such enlargement should be found necessary to fulfill the intent of this act; provided, such in- Proviso. crease does not, with the original subscription, exceed the amount of five millions of dollars. creased. how elected. 4. And be it enacted, That when ten thousand shares of Directors, and the said capital stock shall be subscribed and paid for as aforesaid, it shall be the duty of the commissioners to give notice in one or more of the newspapers printed in the city of New York and in the newspapers printed in the county of Hudson in this state, of the time of a meeting of the stockholders in Jersey City, in the county of Hudson, not less than thirty days from the time of issuing the said notice, at which time and place the said stockholders shall proceed to organize the said company, and shall choose by ballot thirteen directors, who shall hold their offices until the second Tuesday of the month of May next succeeding the date of their election, and thereafter the stockholders shall meet on the second Tuesday of May in every year, at such place as shall be fixed by the by-laws of said company, and shall choose by ballot thirteen directors, who shall hold their office for the ensuing year, and each share shall be entitled to one vote, but if it should happen that an election of directors should not be held at the time so appointed for the holding thereof, or at the time appointed for the holding of any subsequent election, the said company shall not for that cause be deemed to be dissolved, Not dissolved and such election shall be held at such other time and place elect directors by failure to Max erect and construct a, bridge and operate a rn load. as the board for the time being shall or may appoint, and the directors for the time being shall continue in office until new ones shall be elected in their stead, and every board of directors as soon as conveniently may be after their election shall appoint from their number a president, vice president, a secretary and a treasurer of said company, to serve until the then next annual election of directors, and until others shall be appointed in their stead, and the board of directors or a majority of them, shall have power to make, prescribe and to alter such by-laws, rules and regulations of said company as to them shall appear needful and proper, and not contrary to the laws or constitution of this state, the state of New York or of the United States, and shall have power to appoint such officers, clerks and servants, as to them shall seem necessary, and to establish and fix such salaries thereto as to them shall seem proper. 5. And be it enacted, That the said company shall have the power to erect, construct and maintain a permanent bridge over the Hudson river, and construct and operate a railroad over the same between some suitable point in the city of New York and a point north of the southerly line of the township of Union, in the county of Hudson, in this state, and to lease, purchase, acquire and hold as much real estate as may be necessary for the site of said bridge, and of all abutments, approaches, walls, toll-houses, and other structures proper to said bridge, and for the opening of suitable avenues of approach to said bridge, and shall also have power to build, erect and construct a pier for the support of said bridge at the bulkhead line on each side of said Hudson river, and one or two piers in the river between such bulkhead lines, with spaces between said piers of not less than one thousand feet each; provided, that nothing in this act contained shall be construed to authorize, nor shall it authorize the construction of any bridge which shall obstruct the free and common navigation of the Hudson river, save as herein granted, and such bridge shall not be less than one hundred and thirty feet elevation above high tide at the middle of the river; it shall not obstruct any public road, street or avenue, which it shall cross, but such public road, street or avenue shall be opened by a suitable arch or suspended platform as shall give a suitable height for a passage under the same for all purposes of public travel and transportation; the said bridge shall be built with a substantial railing or siding and shall be kept lighted through all hours of the night. tors to fix the 6. And be it enacted, That the board of directors shall have Board of directhe power to fix the rates of toll for persons, animals, car- rates of toll. riages and vehicles of every kind or description passing over the same; toll gates shall be kept at each end of the bridge, and the toll demanded and paid upon entering on the bridge; the rates of toll shall be posted up conspicuously at the toll gates; the said directors shall reduce the rates of toll from time to time, so that the net profits of said bridge shall not exceed the sum of fifteen per centum per annum, after deducting the expenses of repairs and improvements of said bridge, its appurtenances and approaches, and all just and proper damages against the said corporation. bridge. 7. And be it enacted, That any person wilfully doing any Penalty for injury to the said bridge or any of its appurtenances, shall b forfeit and pay to the said corporation three times the amount of such injury, and shall be deemed guilty of a misdemeanor, and be subject to a penalty not exceeding five hundred dollars, or to imprisonment not exceeding six months, in the discretion of the court. 8. And be it enacted, That the state of New York shall have jurisdiction of all crimes and offences committed upon said bridge. 9. And be it enacted, That said company shall have power Right of way. to procure the right of way and lands necessary to carry out the objects of this act, either by purchase or appraisement by commissioners in the manner prescribed in and by the original charter or act of incorporation of the New Jersey Railroad and Transportation Company. 10. And be it enacted, That the construction of the said bridge shall be commenced within three years, and shall be completed within five years from the time when this act shall take effect, or this act and all rights and privileges granted the rely shall be null and void. ap 11. And be it enacted, That this act shall take effect when the legislature of the state of New York shall a law pass pointing commissioners on their part, and vesting like power and authority in the subscribers to the said capital stock of erecting the bridge as aforesaid, and with as full and ample powers, privileges, franchises and emoluments, as to the said company are hereby given. Approved April 17, 1868. Limitatio 1. Act when to take effect Corporators. Name. Capital stock. Commission ers to open scription. CHAPTER DXXI. An Act to incorporate the Rockaway River Water Power and 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That J. Cooper Lord, George Fuller, William G. Lathrop, George W. Esten, Edwin E. Willis, James Holmes, R. F. Oram, Mahlon Hoagland, Phillip Woolten, Charles A. Righter and such other persons as may hereafter be associated with them, shall be and are hereby ordained, constituted and declared to be a body politic, in fact and in name by the name of "The Rockaway River Water Power and Improvement Company," and by that name they, their successors and assigns shall and may have continual succession, and shall and may sue and be sued, implead and be impleaded, in all courts of justice, and shall have power to make and use a common seal, and they and their successors shall have power and authority to purchase or receive by gift, and to hold, enjoy or convey all such lands, mills, manufactories, water privileges, water rights, goods and chattels in the townships of Hanover, Boonton and Rockaway, in the county of Morris, as may be necessary or expedient for the objects contemplated by this act, and the same to demise, lease, grant or sell, under such rules and regulations as the said company may ordain. 2. And be it enacted, That the capital stock of said company shall be one hundred thousand dollars, with power to increase the same to three 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 shall by their by-laws direct. 3. And be it enacted, That the above named persons or a books of sub- majority of them, shall be commissioners to receive subcriptions to the capital stock of said company, and as soon as fifty thousand dollars of the capital stock shall be subscribed in good faith, such commissioners or a majority of them, shall give to said subscribers at least ten days' notice in the newspapers printed in Morris county, of the time and place of a Election of di- meeting, to choose nine directors or managers of said company, a majority of whom shall be residents of this state, and such election shall be held at the time and place so appointed, by such of the subscribers to said capital stock as rect s |