stock of said company by such installments and at such times as they may direct. amount sub penalty of for 7. And be it enacted, That in case any stockholder in said May call in company shall fail or refuse to pay any installments on his scribed under or her stock, when called in by the directors, and required feiture. to be paid as herein provided for, it shall be lawful for the directors of said company, and they are hereby authorized, to forfeit the share or shares of each and every person so failing to pay such installments or any of them, to and for the use of the company, or, at their option, to sue for and recover the installment or installments so remaining unpaid of the person or persons in whose name such stock shall stand on the books of the company at the time of calling in the said installments respectively. 8. And be it nacted, That the principal office of the said Principal of company shall be in the village of Vineland, county of Cum-ce. berland, and that regular books of account shall be kept in said office, to which books any stockholder may have free aceess at all reasonable times for the purpose of inspection, and that books of transfer of stock shall also be kept, and shall be evidence of the ownership of said stock in all elections, and other matters submitted to the decision of the stockholders of said corporation. surances, &c. 9. And be it enacted, That it shall and may be lawful for May make inthe said company to insure dwelling houses, merchandise, personal and all kinds of property for any person or persons against loss or damage by fire, hurricanes, tornadoes or lightning by perpetual policies or otherwise; also, to insure vessels of all descriptions, their appurtenances and cargoes, rights and interests and property against every description of casualty incident to marine and inland transportation, and generally to insure against all losses pertaining to fire, loss by marine or inland transportation, upon such terms and conditions as shall be contained in the policy of insurance, and to cause themselves to be reinsured when deemed expedient. 10. And be it enacted, That the board of directors may officers. appoint a secretary, and treasurer, and such other officers and agents as may be requisite for effecting the business of said company, and allow them such compensation as may be agreed upon. contracts 11. And be it enacted, That all policies of insurance or Policies and other contracts authorized by this act, may be made with or binding on without the seal of said company, and shall be subscribed by company. Actions at law. Proviso. May have and hold real estate. Proviso. policies, how made. the president, and attested by the secretary, and being so signed, executed and attested, shall be binding upon the said corporation, and all such policies and contracts may be so made, signed and executed and attested without the presence of the board of directors. 12. And be it enacted, That any person or persons insured by said corporation, may maintain an action at law against the same for losses or damages due him, her or them from said corporation if payment is withheld more than ninety days after the amount, and due proof of such losses shall have been ascertained and made, and the same notified thereof; provided, that in case of the loss of buildings, or damage by fire; if the directors agree to rebuild or replace the property lost or damaged, in such case, a reasonable time shall be allowed them. 13. And be it enacted, That it shall and may be lawful for the said company to purchase, hold and convey any estate, real or personal, for the use of said corporation; provided, that such estate be only such as is necessary for the corporation in the transaction of the business thereof, or such as shall be taken as security for or in payment of debts, and also that on purchase on sales made under judgments at law or done in equity, or on any other legal proceedings or otherwise, and that received and taken, being personal estate, in payment or towards satisfaction of any debt previously contracted and due to said company; which said real estate the said company is hereby authorized to hold until they can conveniently sell, cr convert the same into money or other personal estate; and the said company are hereby authorized and empowered to invest the capital stock, or so much of the surplus profits of the said company as they may deem fit, in such manner as the said directors may decide, but no money shall be loaned on real estate, unless the same shall be in this state. Assignment of 14. And be it enacted, That if any person, insured by the said corporation, shall convey or assign the property insured, it shall be lawful for such person to assign to the purchaser the policy of insurance; but this corporation shall not be bound by any policy after assignment, unless the assignment shall have been recorded in the books of the corporation, and the same certified on such policy by the secretary, or by authorized agents of the company. 15. And be it enacted, That this act may be altered, repealed. amended, modified or repealed by the legislature, at any Act may be time hereafter, and that it shall take effect immediately. Approved March 26, 1872. CHAPTER CCCLXXXIII. An Act to incorporate the Hudson and Hackensack River 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That John R. Mullany, J. B. Cleve- Corporators. land, A. S. Cloke, C. P. Radcliff, G. P. Sumner, James H. Love, John S. Harrison, James H. Whitecar, M. D. Conklin, N. H. Coykendall, Thomas J. Hannan, and such other persons as may be hereafter 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 Hudson and Hackensack River Horse Railroad Company of Name. Jersey City," and shall be capable of purchasing, holding and conveying lands, tenements, goods and chattels whatsoever necessary and expedient for the object of their incorpo ration. capital stock. 2. And be it enacted, That the amount of capital stock Amount of of said company shall be three hundred thousand dollars, and shall 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 majority of them, be commissioners to open books to receive subscriptions to the capital stock of said company, at such time or times, and place or places, as they, or a majority of them may think proper, giving at least twenty days' notice of the same in some newspaper published in Jersey City; and at the time of subscribing ten per centum shall be paid on each share subscribed for to the commissioners, and as soon as twenty five thousand dollars of said capital stock Commission ers to receive subscriptions. rectors. shall be subscribed, such commissioners shall give like notice. of a meeting of the stockholders to choose seven directors, Election of di- a majority of whom shall be resident in the state, and such election shall be made at such time and place, by such stockholders as shall attend for that purpose, either in person or by proxy, each share of the capital stock entitling the holder to one vote; and the same commissioners, or a majority of them, shall be inspectors of said election, and shall certify in writing the names of the persons duly elected, and deliver the same and the subscription books to the said directors; and the time and place of holding the first meeting of the directors shall be fixed by the persons named in the first section, or a majority of them, and the directors chosen at such meeting, and those chosen annually thereafter at such time in the month of June as may be fixed by their by laws, shall as soon as may be after every election, choose out of their number a president, and in case of his removal, resig. nation, death or inability to act, to fill such vacancy, and in case of failure to elect directors at the time the same should be made, and the said corporation shall not be dissolved for that reason, but such election may be held at any other time, and directors for the time being shall hold over until their successors shall have been chosen. Vacancies, how illled. rectors. Powers of di- 4. And be it enacted, That a majority of said directors shall be a quorum for the transaction of business, and shall have power to call in the capital stock of said company in such manner as they may deem best; and in case of nonpayment of any installment at the time specified, to forfeit the share or shares upon which such default shall arise, with all previous payments thereon, to the use of the company, and to make such by-laws and regulations as to them shall appear needful and proper for the management and regulation. of the stock and property of said company, and to appoint such officers and servants as they shall deem necessary, and to fix such salaries thereto as they shall deem proper. Authorized to 5. And be it enacted, That the president and directors be, and they are hereby authorized and invested with all the rights and powers necessary, and expedient to survey, lay out and construct a railroad from the Central railroad depot in Jersey City, through Washington street, or such other street as may be opened from said Central railroad depot, to the line of Montgomery street, and up Montgomery street, westerly to the Hackensack river, and also from the Erie construct railroad. railroad company's depot in Jersey City, up Pavonia avenue to West Side avenue, whenever said Pavonia avenue shall be opened to said West Side avenue, and thence southerly along said West Side avenue, to West Bergen; and the said company shall designate their said map on a suitable map, and file the same in the office of the clerk of the county of Hudson, before the construction of their road; and that when said railroad is built, it shall be subject to the regulations of the city authorities; provided, that in constructing said rail- Proviso. road and branches, the work shall be done under the inspection of the committee on streets or board of public works or other proper officers of said city, and shall not unnecessarily interrupt the public travel during the progress of the work, and shall restore the streets to their former condition without un reasonable delay; and provided further, that horse power Proviso. and no other shall be used in running the cars or carriages. form to grade 6. And be it enacted, That the track shall be laid flush Track to conwith the surface of the street, and conform to the grade of of street. the street as it now is and as it shall be from time to time established or altered, and shall keep the surface of the street inside of the rails in good and proper order and repair. transportation 7. And be it enacted, That said company shall make such Rates for rules and regulations as to the price for carriage of passengers, freight and merchandise, on said road, as the president and board of directors may direct; but the price for each passenger shall not exceed the sum of five cents for one mile, or the fraction of a mile, and after that rate for all distance over a mile. estate. 8. And be it enacted, That the said company may purchase May hold real land and hold real estate at the termini of their road, and at the intermediate depots or stations on the line of the same, not exceeding one acre at each place, and may erect buildings thereon, and improve the same, as they may deem expedient; and for the purpose of constructing said road and equipping the same, and the purchase and improving of the property necessary for their business, said company may issue their bonds to an amount not exceeding two hundred dollars, and secure the same by mortgage on their said property and franchise. 9. And be it enacted, That the president and board of Dividends. directors of said company shall declare and make such dividends as they may deem prudent from time to time out of the net profits of said road; and said company may make |