Failure to pay installments

feiture.

shall not for that cause be deemed dissolved, but such election may be held at any other time on notice as aforesaid, and the officers and directors for the time being shall continue in office until others shall be elected in their stead.

5. And be it enacted, That a majority of the directors of to work for said corporation shall constitute a quorum, and be competent to transact all business, and they shall have power to call in the remainder of said capital stock by installments not to exceed twenty per centum on each share, at any one time, by giving thirty days' previous notice thereof as aforesaid, but no two installments shall be required to be paid within four weeks of each other; and in case of the nonpayment of such installments, they may forfeit the shares upon which such default shall arise to and for the use of said corporation.

May construct Cocks and wharves.

Proviso.

6. And be it enacted, That the president and directors of said corporation be, and they are hereby authorized and invested with all the rights and powers necessary and expedient to locate and construct docks, piers, wharves, bulkheads, and such other improvements as may be necessary in constructing and establishing such ferry, and for no other purpose whatever, at such point or location on the shore of the Hudson river in said township of Weehawken, as they may deem expedient, within the limits mentioned in section first of this act, said improvement to be constructed on or in front of any lands leased by said company, or to be acquired by the said company as hereinafter provided; to erect ferry houses and other buildings, and to keep and maintain the same on the lands now covered by water in front of the lands to be acquired by the said company as hereinafter provided; provided, the said piers, docks, wharves and bulkheads, shall not obstruct the navigation of the Hudson river, or in any way impair the rights of the state to such lands under water; and for the purpose of enabling said company to determine where said docks, piers, wharves and bulkheads can be located and constructed to the best advantage for the purpose aforesaid, it shall be lawful for the said company by its agents, engineers, officers or other persons in their employment to enter upon all lands lying along the Hudson river between the said points mentioned in said section first, whether the same may be covered by water or not, for the purpose of exploring, surveying and locating said piers, docks and wharves or other improvements, doing no unneces

sary damage to private property; and when the location of said piers, wharves, docks and bulkheads shall be determined and a survey of the same deposited in the office of the clerk of Hudson county, it shall be lawful for the said company by any of its officers, agents, superintendents, engineers, contractors or other persons in their employ, to enter upon, take possession of, have, hold, use and occupy any such lands not exceeding three hundred feet in width, and to build docks, piers, wharves and bulkheads, and all other necessary works and structures for the purpose aforesaid, which may be necessary to carry into effect the purposes contemplated by this act; provided, that where such lands are not purchased by Proviso. or given to said company payment or tender of payment of all damages for the occupancy of said lands, to be determined as hereinafter provided, shall be made before the said company shall enter upon or occupy said lands except for the purpose of surveying the same as hereinbefore mentioned.

Proceedings

agreement can

owners of pro

perty.

7. And be it enacted, That if the said company, or its officers or agents, cannot agree with the owner or owners of in case no such required lands or water rights, for the use or purchase be made with thereof, or if by reason of the incapacity or the absence of such owner or owners, no such agreement can be made, as particular a description as the case will admit of the land or water, or other rights so required for the use of the said company, shall be given in writing under the oath or affirmation of some engineer or proper agent of said company, and also the name or names of the occupants or owner, if known, to one of the justices of the supreme court, who shall require the said company to give notice of said application to the persons interested, if known and in this state to make publication as he shall direct for any term not less than ten days in two newspapers published in Hudson county, and the said justice shall appoint a time and place for the appointment of three disinterested commissioners, residents of the state of New Jersey, to view said lands; and at the time and place appointed upon satisfactory evidence of the service or publication of said notice, the said justice shall appoint three disinterested commissioners to appraise the value of said lands and water rights and the damages which may be sustained by the owner by the taking of the same by said company; and said commissioners, having first taking an oath in writing before a justice of the supreme court, faithfully and impartially to execute the duties of said appointment, shall,

in case of appeal.

after giving ten days' notice to both parties where said parties reside in this state, view the premises and hear the parties and their evidence, if so desired, and thereupon make such appraisement of the value of said lands or water rights and of the damages sustained by the owner, as to them shall appear just and proper, and shall transmit such appraisement and award in writing, under their hands and seals, to the justice who appointed them, to be by him returned and filed in the office of the clerk of said county of Hudson, together with all the papers before him, there to be kept as a public record, and said commissioners shall immediately notify both parties that they have made their report relating Proceedings thereto; and if either party shall feel aggrieved by the said appraisement and award of the said commissioners, the party so aggrieved may appeal to the circuit court of the said county of Hudson at the next term after said appraisement and award shall be returned and filed as aforesaid by a proceeding in the form of a petition to said court, and the party appealing shall give to the opposite party five days' notice in writing of said appeal, and the filing of such petition in said circuit court shall vest in said court full power to hear and adjudge the same; and if required by either party said court shall award a venire for a jury who shall view the premises and hear and determine said appeal subject to the right of writs of error to the supreme court and court of errors and appeals; the said jury shall assess the value of the land or water rights taken by said company and all damages sustained or that may be sustained by the owner; and if said jury shall find a greater sum than was awarded by the commissioners, judgment shall be given therefor against the company, with costs, and execution may be issued thereon, but if the said jury shall be demanded by the owner or owners, and shall find the said sum or a less sum than the commissioners awarded, the costs shall be paid by the owner or owners and shall be deducted out of the sum so found by the jury or considered a payment thereon, or an execution may issue therefor by order of the court, and on payment or tender of payment of the sum so awarded by the commissioners or found by the said jury or that may be finally determined on an appeal with costs, where costs are adjudged, said company, their successors and assigns shall have the right to hold, use, occupy, possess and enjoy the water rights and lands described in the report of said commissioners for the

uses and purposes authorized by this act, provided, that the Proviso. said company may take possession of said lands and water rights and use the same for the purposes contemplated by this act at any time after the appraisement and award of said commissioners, and notwithstanding any appeal therefrom, having first tendered to the owner or owners the amount of said award, or, in case of refusal, to receive the same, or in case of any disability on the part of the owner, or in his absence from the state, having paid the same into the circuit court of said county for the use of such owner or owners.

money and issue bonds.

8. And be it enacted, That the said company be and they may borrow are hereby authorized to borrow such money not exceeding one-half the amount of the capital stock of said company as may be necessary for the construction of said docks, wharves, piers and bulkheads, for the purpose aforesaid, and for furnishing the necessary boats, engines, machinery and for constructing buildings and other improvements for the use and objects of said corporation and to secure the repayment thereof with interest not exceeding seven per centum per annum by executing bonds and mortgages or otherwise, on the said water rights, personal property, franchises and appurtenances of or belonging to the said corporation; and it shall not be lawful for the said corporation to plead any statute or statutes of this state against usury, or in any suit in law or equity instituted to enforce the payment of any bond or mortgage executed under this section.

not be dis

out consent.

9 And be it enacted, That it shall not be lawful at any Passengers or time hereafter for any owner, captain or other person having freight may control of any steamboat or other boat or vessel, to touch or charged withto land at said docks, wharves, piers, or bulkheads of said' corporation, constructed for the purposes aforesaid, or to receive or to land or discharge any passengers or freight at said docks, wharves, piers or bulkheads, or such other improvements as may be made thereon by said corporation unless in cases where any boat or other vessel shall be in distress, without consent first had and obtained from said corporation.

10. And be it enacted, That if the said ferry shall not be Limitation established and in public use at the expiration of two years from the fourth day of July next ensuing, then and in that case this act shall be void; provided, that any time said com- Proviso. pany shall be delayed by judicial proceedings shall form no part of said two years.

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

Approved March 17, 1870.

May increase

CHAPTER CCCCLXXIII.

A Further Supplement to "An Act to incorporate the Cape Island Turnpike Company," approved March first, eighteen hundred and fifty-one.

1. BE IT ENACTED by the Senate and General Assembly of capital stock. the State of New Jersey, That it shall and may be lawful for "The Cape Island Turnpike Company," whenever the necessities of said company shall in the opinion of its directors seem to require it, to increase its capital stock to an amount not exceeding in the aggregate the sum of sixty thousand dollars, and the directors of the said company may, for the purpose of increasing said stock, open books for the subscription therefor, in which case they shall proceed in the same manner as the commissioners appointed by the act to which this is a supplement were directed to proceed, or, at their option, said directors may dispose of said stock in such other manner as the interest of said corporation may require; and upon every increase of the capital stock of said corporation to be made as aforesaid, it shall be the duty of the president and treasurer of said corporation, within ten days after such increased stock has been issued and paid in, to file in the office of the secretary of state, a certificate in writing, under their hands, and attested by the seal of said corporation, setting forth the amount of stock then outstanding, the number of shares of the increased stock issued, and the amount paid in therefor.

Annual elec

tors.

2. And be it enacted, That it shall be lawful for the stocktion of diree holders of said corporation, at their next annual meeting, and annually thereafter, to elect by ballot from among the stockholders nine directors, a majority of whom shall be citizens