May borrow money and issue bonds. Proviso. May purchase portation. bridges and passages over or under the said railroad where any public or other road shall cross the same, so that the passage of carriages, horses and cattle on the said road shall not be impeded thereby; and also where the said railroad shall intersect any farm or lands of any individual, to provide and keep in repair suitable wagon ways over or under the said road. 11. And be it enacted, That the said corporation shall have power to borrow, from time to time, such sum or sums of money as shall be necessary to secure rights of way, make surveys, to construct or repair said railroad, and to furnish the said corporation with the necessary engines, machinery, cars, boats and buildings for the uses and objects of the said corporation, and to secure the repayment thereof by bond and mortgage, or otherwise, on the said road or roads, lands, property, privileges, franchises and appurtenances of or belonging to said corporation, at a rate of interest not exceeding seven per centum per annum; provided, that it shall not be lawful for the said corporation to plead any statute or statutes of this state against usury in any court of law or equity in any suit instituted to enforce the payment of any bond or mortgage executed under this section of this act. 12. And be it enacted, That the president and directors of equipments. the said company shall have power to have constructed, or to purchase with the funds of the company, for its use, and to place on any railroad constructed by them under this act, all machinery, engines, cars, wagons, carriages or vehicles and boats for the transportation of persons or any species of property, as they may think fit, reasonable, expedient or right; and they are hereby authorized to demand and receive such sum Rates oftrans or sums of money for the transportation of persons and every species of property whatsoever thereon, as they from time to time shall think reasonable and proper; provided, they shall not charge more than at the rate of eight cents per ton per mile for the transportation of property, and four cents per mile for carrying each passenger on said railroad, and no charge shall be required to be less in the aggregate than ten cents; and that the said railroad or roads, and their appendages, and all the land over which the same shall pass, and all the works and improvements, steam engines, carriages and all other property whatsoever, belonging to said company, at any time cr times, are hereby vested in the said company incor Proviso. . porated by this act, and their successors and assigns, during the continuance of this act. and hold real 13. And be it enacted, That the said company may have May purchase and hold such real estate at or near either terminus of their estate. railroad, and at any other points along the line of said road, where the directors may think proper to establish depots, and may erect and build thereon houses, warehouses, machine shops, wharves, slips and such other buildings and improvements as they may deem expedient for the safety of the property, and the construction of carriages, engines and other necessary uses, and take and receive the rents, profits and emoluments thereof, and shall have the privilege and authority to erect, build and maintain over such rivers, creeks and streams as the road may cross such piers, bridges and other facilities as they may think expedient and necessary for the full enjoyment of all the benefits conferred by this act; provided, that the said company, whenever it may become Proviso. necessary to cross any navigable river or creek with their road, shall construct a bridge or bridges, with suitable and sufficient draws, so as not to unnecessarily impede the navigation thereof. 14. And be it enacted, That the said company shall, within Dividends. one year after the said railroad shall have been completed, declare and make such dividends as they may deem prudent and proper of the net proceeds thereof, and shall in like manner, semi-annually, declare such dividends, and pay the same to the stockholders of the said company in proportion to the amount of shares held by them respectively. contracts. 15. And be it enacted, That it shall be lawful for the said May make corporation, at any time during the continuance of its charter, to make contracts and engagements with any other corporation, or with individuals, for transporting or conveying any kind of goods, produce, merchandise, freight or passengers, and to enforce the fulfillment of such contract. 16. And be it enacted, That if any person shall wilfully Penalty for ininjure, impair, destroy or obstruct the use of any railroad Juring works. constructed under the provisions of this act, or any of their necessary works, wharves, bridges, carriages or machines, such person or persons so offending, shall forfeit and pay to the said company three times the amount of damages sustained by means of such injury, to be by them recovered, with costs of suit, in any court having competent jurisdiction, in an action of debt. Running cars. Statement to be made. Proviso. Other corporations may 17. And be it enacted, That when any portion of said railroad shall be completed, the said company may commence running cars for the transportation of passengers and freight, enjoying all the privileges and subject to the restrictions created by this act. 18. And be it enacted, That as soon as the said railroad, or any part of it, is in operation, the president of said company shall make, under oath or affirmation, a statement of the amount of the cost of said railroad, including equip ments, appendages and all expenses, and file the same 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, equipment, appendages and expenses of said road; and after the said railroad, or any part thereof, shall be in operation, the said corporation shall pay to the treasurer of this state a tax of one half of one per centum on the cost, equipment and appendages of said road, to be paid annually thereafter 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, or any part thereof, shall be in operation, 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 purposes, 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. 19. And be it enacted, That any corporation or corporaendorse bonds tions under the laws of this state, be, and they are hereby authorized and empowered to endorse the bonds of said company, and to subscribe and take any amount of the capital stock or bonds to be issued by said company; and such corporation or corporations may issue additional stock in payment therefor, and be entitled to all the powers and privileges of stockholders of said company. May lease, consolidate and operate. 20. And be it enacted, That the president and directors of said company be, and they are hereby empowered and authorized, if, at any time, they shall deem it the interest of the company so to do, to lease the said road, or any part thereof, to, or consolidate the same with, the road of any other railroad company in this state, or to lease and operate any railroad in this state, that now is, or hereafter may be, built by the consent of the stockholders, holding or representing a majority of the stock of said road so to be leased; and, in case of any such lease or consolidation, the company operating such leased or consolidated railroads, shall be entitled to all the privileges and franchises of this act, and subject to all the restrictions and liabilities thereof, anything in its charter to the contrary notwithstanding. 21. And be it enacted, That the governor, the chancellor, Free passes. the justices of the supreme court, the judges of the court. of errors and appeals, and other state officers, whilst traveling for the purpose of discharging the duties of their offices, and the members and officers of both houses of the legisla ture of this state, during the year for which they were elected, shall pass and repass on the railroad of said company free of charge. 22. And be it enacted, That if the said railroad shall not Limitation. be completed and in use within ten years from the fourth day of July next ensuing, then and in that case this act shall be void. 23. And be it enacted, That this act shall be taken and deemed to be a public act, and shall take effect immediately. Approved March 1, 1872. CHAPTER CXI. An Act for the relief of the African Wesleyan Methodist sell real estate 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the trustees of the African Trustees may Wesleyan Methodist Episcopal Church, in Trenton, in the county of Mercer, are hereby authorized and empowered to sell, either at public or private sale, such part or parts of invested. the real estate now held by them as they may deem expedient, and to make and deliver to the purchaser or purchasers a good and sufficient deed for the same, by which the whole title of said corporation shall pass to the purchaser, free and clear and absolutely discharged from all trusts whatsoever, upon which the same now is or has heretofore been held. Proceeds to be 2. And be it enacted, That the proceeds of the said sale or sales shall be invested by the said trustees, either in the purchase of other real estate for the use of said corporation, or for such other use as the said trustees shall determine. 3. And be it enacted, That this act shall take effect immediately. Approved March 1, 1872. Pension. CHAPTER CXII. An Act for the relief of John D. Hester, of the county of 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the treasurer of this state is hereby authorized and required to pay to John D. Hester, of the county of Mercer, who was a soldier in the war of eighteen hundred and twelve, the sum of one hundred dollars a year, to date from the first of January, anno domini one thousand eight hundred and seventy-one, and to continue during his life-time; and that the receipt of the said John D. Hester shall be a sufficient voucher for the treasurer for all moneys paid by virtue of this act. 2. And be it enacted, That this act shall take effect immediately. Approved March 1, 1872. |