ded they shall

sors to review

the assess

a

and of the grounds thereof in writing within twenty days after the filing of said report, he, she, or it shall be deemed to have waived such ground of complaint, and the said board shall receive and consider the said objections so made in writing, and if any of them appear to be well founded, they If objections shall require the said assessors to review the said assessment are well founand make a new report upon the same, re-adjusting the assess require assesment; but in making such review or re-adjustment, said assessment. assessors shall not re-adjust any assessment on any land laying outside of the city, town or townships in which the land lies, the assessment on which they are required to review and re-adjust; the said assessment shall be a lien on the said lot On approval or parcel of land until the same shall be paid, from and after went shall be the date that the said commissioners shall approve of such assessment, and said board shall approve all of said assessments that they do not require said assessors to review and re-adjust, and as to that part of said assessment, they shall approve of that so soon as the assessment shall have been reviewed and re-adjusted, if the same shall appear to have been re-adjusted properly, and in case the said assessment or Proceedings any act of said assessors shall be removed to any court of review, the said assessment shall not be set aside for any excess of assessment, unless it appear that the said assessment was greater than the actual benefit, the said laying out and opening of said avenue was to any lot or parcel of land on which said reviewed assessment may have been made, and the said court of review in case they set aside such assessment, shall appoint the same or other assessors to review the said assessment, and re-adjust the same and re-assess the lands, the assessment upon which shall so have been reviewed before the said court, and said assessors so appointed by said court shall add to the assessment, the costs and the expenses of such review in said court, and of said re-assess

ment.

in any court of review.

how collected.

14. And be it enacted, That the assessment for benefits Assessments, required to be paid by this act shall become due, and shall be collected as is provided in the fifteenth section of the act to which this is a supplement; and the said board may, in their discretion, appoint a collector to receive any moneys due for assessments, and may require such collector to give a bond to the said board, in such sum and with such sureties as they may designate, for the faithful performance of the duties of his office, and the said board shall by resolution fix the amount

Board to have general pow. ers of over

ways.

of compensation to be paid to such collector; the said board. shall also have power to appoint such other agents and officers as they shall deem necessary for the purpose of carrying into effect the purposes of this act.

15. And be it enacted, That in addition to the powers conferred by this act, it shall be lawful for the said board, and seers of high- their authorized agents, to use and exercise, for the purpose of this act, all the powers and privileges belonging or appertaining to overseers and surveyors of the highways, under any general law or laws of this state, so far as the same may be used and exercised consistently with the foregoing provisions of this act.

Board may take turnpike

made.

16. And be it enacted, That the said board is hereby road, compen- authorized and empowered to purchase or take (compensation sation being being first made,) any turnpike road in said county, or such part or parts thereof as may be necessary for the purpose of this act, and the damages sustained by the taking of any turnpike road, or any part thereof, shall be ascertained upon like application, and in the same manner as is hereinbefore directed where any lands or buildings are taken for the purposes of this act, and the compensation paid or damages appraised shall be assessed upon the lands peculiarly benefited, and otherwise collected, paid and raised in the same manner, and to all intents and purposes as is hereinbefore provided for the assessing, collecting and paying for lands or buildings taken for the purposes of this act.

Board may lay

application of

thirds of the

such roads.

17. And be it enacted, That the said board may at their cut roads on discretion and in pursuance of this act, and of the act to owners of two- which this is a supplement, lay out, construct, appropriate, land on line of improve and maintain, for the purposes of free carriage roads as aforesaid any existing road, or may lay out and construct any new road, whenever application in writing shall be made to the said board for that purpose by the owners of two-thirds of the land on the line of any such road now existing, or proposed new road; but the money necessary to pay the expenses of laying out, opening and constructing any such roads, and the compensation in this act directed to be made to property owners for lands or buildings taken, shall to the amount and in proportion to the benefit received be assessed upon the lands in said county peculiarly benefited thereby, in the manner herein before provided for; if the amount of the said costs, expenses and compensation shall exceed the value of the benefits conferred upon the lands assessed for such

benefits, such excess (if any,) shall be borne, raised and paid by the county as herein before provided for in relation to said avenues; and the proceedings in and for the laying out, constructing, appropriating, improving and maintaining any such roads, shall be the same in all respects as are provided in respect to the laying out, constructing, appropriating, improving and maintaining the said avenues.

18. And be it enacted, That in the event of the damages Suits for damand interest mentioned in the thirteenth section of the act to ages may be brought which this is a supplement, not being paid as therein provided against the for, a suit for the same with costs may be brought against the said county, and not against the said board as is in said section provided.

county.

payment of assessment.

19. And be it enacted, That if any person or persons Rebate upon assessed for benefits in pursuance of this act and of the act to which this is a supplement, shall elect to pay the assessment against him or them in one payment within three months from the date of such assessment, he, she or they shall be entitled to a rebate of twelve per centum upon the amount assessed against him, her or them.

payable, &c.

20. And be it enacted, That the bonds authorized and re Bonds, when quired to be issued by the board of chosen freeholders of the county of Essex, by virtue of the sixteenth section of the act to which this is a supplement, shall be payable in ten years in equal annual instalments, with the interest thereon, and that it shall be lawful to raise by taxation as a part of the county tax of the said county of Essex, money to pay said. bonds or any portion thereof, or the interest thereon.

21. And be it enacted, That the commissioners now con- Terms of office stituting "The Essex Public Road Board," shall respectively hold their office for the term of three years, from the first Monday in January, eighteen hundred and seventy, and their successors in office shall be appointed and elected in the year eighteen hundred and seventy-three, at the same times, in the same manner, and for the same terms, as is now provided by the act to which this is a supplement, for their appointment and election in the year eighteen hundred and seventy; and their subsequent appointment, election and term of office, shall be at the same time, in the same manner, and for the same term as is provided in the seventeenth section of said act; and the said commissioners shall receive an annual salary of one thousand dollars each, to be paid quarterly by the county collector.

Repealer.

22. And be it enacted, That the second, sixth, seventh, ninth, twelfth, fourteenth, and twenty-second sections of the act to which this is a supplement, and such other parts of said act as are inconsistent with the provisions of this act, and all other acts and parts of acts inconsistent with this act, be and the same are hereby repealed, and this act shall take effect immediately.

Approved February 16, 1870.

porators.

Corporate

name.

CHAPTER LIX.

An Act to incorporate the High Bridge Iron Company of New

Jersey.

Names of cor- 1 BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Silas H. Witherbee, Henry G. Nichols and Robert N. Goodwin, and their associates, successors and assigns, are hereby created a body corporate and politic, by the name of "The High Bridge Iron Company of New Jersey," for the purpose of mining and smelting iron and other ores, and for the purchase, manufacture and sale of iron, iron ores, and other metals, with power to lease, purchase and hold such mines and mining rights, real and personal property, as may be considered necessary for the due prosecution of its business, and to sell, lease or mortgage the same or any portion thereof; and by that name, they and their successors shall have all the powers which by the laws of the state are now incident and belonging to corporations.

Amount of capital stock.

2. And be it enacted, That the capital stock of this company shall be thirty thousand dollars, with power to increase the same, by vote of a majority of the stock to fifty thousand dollars, divided into shares of fifty dollars each, which shares shall be deemed personal property, and shall be transferable in such manner as shall be prescribed in the by-laws of the said corporation; and the said company is authorized to commence business when ten thousand dollars of its capital shall

have been subscribed and paid in or satisfactorily secured to be paid; and any land, building, property, machinery, contract, lease, or other rights or choses in action, may be taken and used in the business of said company, and received in payment or satisfaction of subscription for stock at a valuation approved by a majority of the board of directors, and no dividend shall be made to the stockholders except from the profits of said company.

3. And be it enacted, That the property and affairs of this Directors. company shall be managed and conducted by a board consisting of not less than three nor more than five directors being stockholders, and that Silas H. Witherbee, Henry G. Nichols and Robert N. Goodwin, shall be the first directors to organize and manage the affairs of the said company, and shall continue in office until the second Tuesday in January, one thousand eight hundred and seventy-one, and until others are elected or appointed in their stead.

installments.

4. And be it enacted, That the board of directors shall Payment of have to demand from the subscribers to the capital power stock of said corporation, the money for such subscriptions, and for any subscriptions to the increase of its capital; and

feiture.

in case of the failure to pay such subscriptions, the said board Failure to pay may after four weeks notice in a newspaper published in works a forHunterdon county, declare the said stock on which installments are due and all previous payments thereon forfeited to the corporation, and such stock and all previous payments thereon and all right to the same, shall thereby be forfeited. and belong to said corporation.

rectors.

5. And be it enacted, That the annual election of direc- Election of ditors shall take place on the second Tuesday of January, eighteen hundred and seventy one, and annually thereafter, at such time and place in the state of New Jersey, as shall be directed by the by-laws of said corporation, and all elections for directors shall be by ballot, and each share of stock shall be entitled to one vote, and the votes may be by person or by proxy; two weeks previous notice of such election shall be given in a newspaper published in Hunterdon county; the persons having the greatest number of votes, being stockholders, shall be directors for the ensuing year; and any vacancy or vacancies occurring by death, resignation or otherwise, among the directors, shall be filled in the manner prescribed by the by-laws of said company, and if from any Failure to cause an election for directors should not take place on the elect not to

dissolve.