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for an annual

also provide within five years from the time of issuing said provision bonds authorized by this act, for the annual payment of at sabe mual least five per centum of the same so as to ensure the final payment. liquidation of said bonds within twenty-five years after their date, and for that purpose they shall receive and apply annually the surplus interest on the bonds held by said townships, towns or cities over the amount necessary to pay the semi-annual interest on bonds issued under authority of this act, and if the amount of such surplus interest is not sufficient for the annual payment of said five per centum, and the said commissioners shall not have received sufficient from the sale of the said railway bonds as hereinbefore provided to pay the same, then the deficiency shall be reported by the said commissioners to the township committees, or town or city councils, to be levied and raised annually in the manner provided herein for paying the interest on the bonds authorized to be issued by this act.

approved

8. And be it enacted, That before the said commissioners Commissionor either of them shall enter upon the discharge of their duties, with under this act, they shall jointly and severally with two or more sureties, execute to their respective townships, towns or cities, by their respective corporate names, a bond or bonds in the penal sum equal to the amount to be issued by said townships, towns or cities, under and by virtue of this act, conditioned for the faithful discharge of their duties as commissioners under this act, and for the just and honest application by them of all moneys or bonds issued by them or coming into their hands, according to the true intent and meaning of this act, the sufficiency of such sureties shall be determined by the judge of the circuit court of the county wherein such township, town or city is situated, to be endorsed on said bonds; the said bonds shall immediately thereafter be deposited with the clerk of such township, town or city, to be safely kept under the control and direction of the township committee, town or city council, to be collected by them or their successors in office, for the use and benefit of said township, town or city, in case the said commissioners or either of them are guilty of such a breach of trust or malfeasence in office, as to render said bonds collectable.

how filled.

9. And be it enacted, That in case a vacancy shall happen vacancies, by reason of death, removal from said township, town or city resignation, refusal to serve or otherwise, of either of said commissioners, the vacancy shall be filled by the remaining

Compensation

to commissioners.

Commissioners to be resi

respective

townships, &c.

commissioners of the township, town or city in which such vacancy so exists by appointment in writing to be deposited with the clerk of said township town or city; each and every person so appointed, shall before he enters upon the discharge of his duties, execute and deliver to the said township, town or city, in like manner, a bond in like amount, with like conditions and securities as hereinbefore provided; and all provisions of this act shall apply to the successors of the commissioners provided for in this act, whose powers and duties and liabilities shall be the same as those of the commissioners first appointed under this act.

10. And be it enacted, That each of the said commissioners shall receive the sum of three dollars per day for each day actually engaged in the discharge of his duties under this act and his necessary disbursements to be audited and paid by the township committee, town or city council, the same as any other township, town or city expenses.

11. And be it enacted, That on the expiration of the term of dents of the office of either of the commissioners provided for in this act, or of their successors, his place shall be filled in the manner provided in the first section of this act, and the commissioners so appointed, as well as those to be appointed under the ninth section of this act, shall be residents and freeholders of the township, town or city for which they are to act as such commissioners.

Bonds to be registered.

Quorum.

When boundaries of

12. And be it enacted, That all bonds issued in accordance with the provisions of this act shall be registered in the office of the county in which the township, town or city so issuing is situated, and the words "registered in the county clerk's office," shall be printed or written across the face of each bond, attested by the signature of the county clerk when so registered, and no bonds shall be valid unless so registered.

13. And be it enacted, That the commissioners in each of said townships, towns or cities shall constitute a board to act for their said townships, towns or cities respectively, and a majority of said commissioners in each of said boards shall constitute a quorum to do any business authorized by this

act.

14. And be it enacted, That in case any new township, town townships are or city shall have been created, or the boundaries of any townSessment roll ship town or city shall have been enlarged, on the routes of to be prepared said railway or at the termini thereof, so that there is no as

enlarged as

sessment roll for the year eighteen hundred and sixty-seven

for such township, town or city so created or enlarged, the said commissioners for such new or enlarged township, town or city shall cause to be prepared an assessment roll for the purposes of this act, by extracting from any assessment roll or rolls for said year all that relates to any assessment of persons or property in the territory embraced in the said new township, town or city so created or in said enlargement.

15. And be it enacted, That this act shall be a public act, and shall take effect immediately. Approved April 9, 1868.

CHAPTER CCCXCI.

An Act to incorporate the Texas Mills and Spotswood Turn

pike Company.

ers to open

1. BE IT ENACTED by the Senate and General Assembly of Commissionthe State of New Jersey, That the subscription books of the books of sub. capital stock of "The Texas Mills and Spotswood Turnpike scription. Company" shall be opened by Leonard Appleby, Stephen V. Appleby, John S. Sutphin, George Helmn and Charles M. Herbert, or a majority of them, who are hereby appointed commissioners to receive subscriptions to the said stock, at such times and places as they, or a majority of them, may direct, giving notice at least twenty days prior to the opening of said books, by publishing the same in at least two of the newspapers published in the county of Middlesex, in this

state.

2. And be it enacted, That the capital stock of said com- Capital stock. pany shall be five thousand dollars, with liberty to increase. the same to seven thousand dollars, and shall be divided into shares of twenty-five dollars each, and that when one hundred and sixty shares shall be subscribed for, the persons holding the same shall be and they are hereby incorporated into a company by the name of "The Texas Mills and Spotswood Turnpike Company," and by that name shall have, enjoy and exercise all the rights, powers and privileges appertain

Payment of

ing to corporate bodies, and necessary to carry the objects of this act into effect.

3. And be it enacted, That at the time of subscribing for installments. said stock, two dollars shall be paid upon each share subscribed, to the commissioners, or any of them, which money shall be paid over to the treasurer of the company as soon as one shall be appointed, and the residue of the subscription shall be paid in installments, 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 notice thereof in the manner aforesaid; and upon failure of the payment thereof as so directed, the said president and directors of the company shall have power to forfeit the shares of each and every person so failing to pay the said installments, or any of them, to and for the use of said company; provided, that if the number of shares subscribed for shall exceed the number of shares authorized by this act, that the said commissioners shall apportion the said stock among such subscribers, in proportion to the amount or number of shares by them subscribed for as aforesaid; provided also, that no subscription for less than four shares of said stock shall be reduced by such apportionment; provided also, that the stockholders shall, upon request, have the right to pay the stock subscribed, except the first installment, by work upon said road, they doing the work as cheaply as it otherwise can be done, under such regulations, at such time, and upon such notice, by either party, as the directors may determine.

Proviso.

Proviso.

Proviso.

Act and subscriptions how made vold.

Directors, and

4. And be it enacted, That if the number of shares hereinbefore made necessary for the incorporation of said company be not subscribed for within three years from the time of opening said books, this act and all the subscriptions under it shall be null and void; and the said commissioners, after deducting thereout the expenses incurred, shall return the residue of the money paid in to the respective subscribers or their representatives, in proportion to the sums paid in by them.

5. And be it enacted, That when one hundred and sixty how elected. shares of said stock shall be subscribed for, the said commissioners shall call a meeting of the stockholders, giving at least twenty days' notice of the time and place of said meeting, as hereinbefore directed with regard to the opening of said books, at which meeting the subscription books shall be laid before the stockholders, who shall thereupon proceed to elect by ballot

seven directors, a majority of whom shall be citizens of this state, to manage the affairs of said company for one year, of which election the said commissioners, or a majority of them, shall be judges; and at the expiration of that term, and annually thereafter, upon like notice to be given by the directors for the time being, the said stockholders shall elect by ballot the same number of directors, a majority of whom shall be citizens of this state as aforesaid; and at every such election, and in all other cases in which the stockholders shall be entitled to vote, a vote may be given for each share of the holder or holders thereof, either in person or by proxy.

6. And be it enacted, That within twenty days after the President. annual election as aforesaid, the said directors shall elect from among their number, a president of their said company, who shall hold his office for one year, and until another shall be elected, and receive such compensation as a majority of such directors shall direct, and shall be the presiding officer of all meetings of said directors, and shall have the casting vote when they shall be equally divided; he shall have charge of the seal of the company, and shall appoint the judge or judges of all elections of the stockholders, or in case of his death, absence, or inability to do so, the said directors shall appoint some other suitable person, who, for the time being, shall possess the same powers and authority, and perform all the duties herein prescribed.

how filled.

7. And be it enacted, That the said directors, or a majority Vacancies, of them, may supply any vacancy in the intervals between the annual elections by death, resignation, removal or refusal to act of any president or director, and may appoint a treasurer, and all officers, agents, superintendents and other servants that may be required to transact the business of the company, with such compensation as they may determine upon, and may exact from them such security for the due performance of their respective trusts as they may think expedient; they shall regulate the tolls, and have the superintendence and direction of all receipts and disbursements, and all other affairs of the company, and may make and enforce such ordinances and by-laws as they may think expedient for regulating the transfer of stock, and for the general government of the company and the management of its affairs; provided, Proviso. the same are not unlawful or unconstitutional.

8. And be it enacted, That at the annual meeting of the Annual statestockholders, it shall be the duty of the president and direct

ment.

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