Proviso.

contracts with and connect with other horse railroads in said city; and they may lease their road to any other company; provided, they obtain the consent of all the stockholders of this company, and in like manner may lease their road when constructed, or any part thereof, to any other company. When to com- 10. And be it enacted, That when so much of said road is completed as to make it a public convenience, the said com. pany may commence running cars for the transportation of passengers, enjoying all the privileges and subject to the restrictions created by this act.

mence busi

ness.

Limitation.

Penalty for injuring works.

11. And be it enacted, That if said railroad shall not be commenced within three years after the passage of this act, and finished within three years, this act shall be void.

12. And be it enacted, That if any person shall wilfully injure, impair, destroy, or obstruct the use of said railroad, or any of the necessary works, carriages, or property before mentioned, such person or persons so offending shall forfeit and pay to said company the sum of one hundred dollars, to be by them recovered in any court having jurisdiction in an action of debt; and further, shall be liable for all damages. 13. And be it enacted, That this act be a public act, and take effect immediately.

Approved March 26, 1872.

CHAPTER CCCLXXXV.

An Act to incorporate the Cranford Gas Light Company.

1. BE IT ENACTED by the Senate and General Assembly of Corporators. the State of New Jersey, That Alden B Bigelow, Sylvester Cahill, Nathaniel G. Foster, Stephen J. Cox, John Cromwell, George O. Totten, Augustus C. Kellogg, Cornelius A. Leveridge and Moses T. Crane, and all and every person or persons who may become stockholders in the capital stock hereinafter mentioned, their successors and assigns, are hereby constituted and made a body politic and corporate, in fact and in law, by the name of "The Cranford Gas Light Company,"

Name and powers.

and by the said name the said corporation shall have power to sue and be sued, plead and be impleaded, contract and be contracted with, and to make, manufacture and sell illuminating gas, to be made from coal or other materials, for the purpose of lighting the streets, buildings, manufactories and public grounds, situate in the township of Cranford, and in the other townships contiguous thereto, in the county of Union; and under and by the aforesaid corporate name and style, the said corporation shall have perpetual succession, and shall have power and authority to enter into and execute any and all proper contracts, agreements, understandings, undertakings and covenants, for the furtherance of the objects for which the said corporation is created, with power and right to enforce the same in all proper ways and manner under the laws of this state; and shall be capable of purchasing, taking and holding any estate, real or personal, necessary to give effect to the specified purpose of this corporation, for the accommodation of their business and concerns, or which it may be necessary for the said corporation to acquire and hold for the purpose of securing debts which have become due to them in the regular business of the said corporation; and also to hold any and all patents and patent rights necessary and proper for the purpose of carrying out the object and intent for which such corporation is created, and for the accommodation of its business concerns.

and lay gas pipes, &c.

2. And be it enacted, That the said corporation shall be and May enter is hereby empowered and authorized to enter upon and make upon all lands any and all necessary and proper excavations for the purpose of laying down, and to lay down all necessary and proper gas pipes and conductors, and to erect all necessary and proper posts, burners, lights and reflectors, in any and all of the streets, lanes, alleys, avenues, roads, highways and public grounds in the said township of Cranford, and the other townships contiguous thereto in said county of Union, and to do all things necessary and proper to be done for the purpose of lighting the same, and the dwellings, stores and other buildings and places in said township of Cranford, and other townships contiguous thereto, in said county of Union; provided, Proviso. that the public travel shall at no time be unreasonably and unnecessarily obstructed or impeded thereby, nor shall the said streets, lanes, alleys, avenues, roads, highways and public grounds be permanently injured by the same, but the said corporation shall put and leave such streets, lanes, alleys,

Capital stock.

Books of subscription.

Election of directors.

avenues, roads, highways and public grounds in as good, perfect and permanent condition as the same were in before the laying of said pipes and the erection of said posts.

3. And be it enacted, That the capital stock of said corporation shall be fifty thousand dollars, with the privilege of increasing the same, from time to time, to any sum not exceeding three hundred thousand dollars, divided into shares of one hundred dollars each, which shall be deemed personal property, and transferable on the books of the said corporation in such manner as the said company shall by their by-laws direct.

4. And be it enacted, That the above named persons, or a majority of them, may open books to receive subscriptions to the capital stock of said corporation, at such time or times, and at such place or places as they, or a majority of them may think proper; and whenever ten thousand dollars of the capital stock shall have been subscribed, and shall be paid or secured to be paid, it shall and may be lawful for the said corporation, and the above named persons, or a majority of them, may then give notice of a meeting of the stockholders, to choose not less than three nor more than seven directors, who shall be stockholders in their own right and name, a majority of whom shall be residents of this state; and such election shall be made at the time and place appointed, by such of the stockholders as shall attend for that purpose, either in person or by lawful proxy, each share of the capital stock entitling the holder thereof to one vote; and the above named persons, or a majority of them, shall be inspectors of the first election of directors of said corporation, and shall certify under their hands, the names of those duly elected, and deliver over the subscription books to the said directors; and the time and place of holding the first meeting of direc tors shall be fixed by the said persons named in the first section of this act, or a majority of them, and the directors chosen at such meeting, and at the annual election of said corporation, shall, as soon as may be after every election, choose out of their own number a president, who shall be a resident of this state; and in the case of the death or resignation of the president, or of any director, such vacancy or Vacancy, how vacancies may be filled for the remainder of the year wherein they may happen, by the said board of directors, or a majority of them; and in case of the absence of the president, the said board of directors, or a majority of them, may ap

filled.

point a president pro tempore, who shall have such power and functions as the by laws of said corporation shall provide.

elect directors

5. And be it enacted, That in case it should happen that Failure to an election of directors shall not be made on the day when not to dissolve pursuant to this act it ought to be made, the said corporation shall not for that cause be deemed to be dissolved, but said election may be held at any other time, and the directors for the time being shall continue to hold their office until others shall have been chosen in their places.

how paid.

6. And be it enacted, That a majority of the directors of Installments, said corporation 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 non-payment of such installments, or any one of them, to forfeit the share or shares upon which default shall arise, and to make and provide such by-laws, rules and regulations as to them shall appear needful, touching the management and regulation of the stock, property, estate and effects of said corporation; and also shall have power to elect or appoint as many officers, omcers. superintendents, agents, clerks and servants as to them shall seem meet, and to establish and fix such salaries to them, and also to the president, as to the board shall appear proper; and shall have full power and authority, from time to time, to open the books for further subscriptions until the whole capital stock is taken.

Penalty for injuring

works.

7. And be it enacted, That if any person or persons shall wilfully injure any conduit, pipe, gasometer, or any other thing appertaining to the works of the company or obstruct the same, the person so offending shall be deemed guilty of a misdemeanor, and upon conviction thereof shall be punished by fine, not exceeding three hundred dollars, or im-. prisonment not exceeding two years, or both; provided, no Proviso. such criminal prosecution shall impair the right of the company to an action for damages by a civil suit.

money and is

8. And be it enacted, That the said corporation shall have May borrow power to borrow such sum or sums of money from time to sue bonds. time, as shall be necessary or expedient in the conduct of their business, and to mortgage their property and franchises, or otherwise to secure the payment thereof, and to execute all necessary securities therefor, with interest thereon, not exceeding seven per centum per annum; and it shall be lawful for the said company, and they are hereby authorized to

sell and dispose of any bonds, obligations or assurances which they may issue to secure the payment of the money so borrowed as aforesaid, to any person or persons, or corporation, at any rate of price they may be able to realize or obtain for the same, without the same being in any way invalidated thereby, or any person or persons, or corporation, being liable to any penalty or forfeiture therefor.

9. And be it enacted, That this act shall take effect immediately.

Approved March 26, 1872.

ed.

CHAPTER CCCLXXXVI.

Supplement to an act entitled "An Act to incorporate the North Hudson County Ferry Company," approved March seventeenth, eighteen hundred and seventy.

1. BE IT ENACTED by the Senate and General Assembly of Time extend the State of New Jersey, That the time limited within which said ferry shall be established by the tenth section of the act to which this is a supplement, be and the same is hereby extended to the fourth day of July, one thousand eight hundred and seventy-five.

2. And be it enacted, That this act shall take effect immediately.

Approved March 26, 1872.