in consideration of said improvements, and who shall after at least ten days notice to the parties of the time and place where they will be heard in relation to the matter, proceed without delay to make their report thereon, and deliver the same to the court at the next session thereof, which shall be held in the said county; and whenever such report shall be confirmed by the court aforesaid, the said company shall within two months thereafter, pay to the said owner or owners, or to such person or persons as the court may direct, the sum mentioned in said report, in full compensation for the property so required, or for the damages sustained, as the case may be; and thereupon the said company shall become seized in fee of such lands so required and shall be discharged from all such claim by reason of such damage, but no claim shall be made or allowed after the expiration of three years from the time the lands are taken or the damages sustained.

capital stock.

3. And be it enacted, That the capital stock of said com- Amount of pany shall be one hundred thousand dollars, with the liberty to increase the same to one hundred and fifty thousand dollars, which shall be divided into shares of one hundred dollars each, and that subscriptions to the capital stock may be paid in real and personal estate in a valuation to be agreed upon by a majority of the directors; and the said corporation may issue stock in payment therefor, and that the subscriptions for stock shall be opened in the village of Manchester, in Ocean county, at such time and place as the directors may designate, under their direction, or that of such person or persons as a majority of them may select.

4. And be it enacted, That the affairs of said corporation Directors and shall be managed by a board of five directors, one of whom officers. shall be president, and a majority of whom shall have all the powers of the board, and they shall hold their office for one year, and until others are elected in their places, and shall have power to make by-laws for the government and management of said corporation, and shall hold their meetings at such times and places in this state or elsewhere, as the bylaws may provide; and that until an election for directors shall be held, the persons named in the first section of this act shall be directors.

5. And be it enacted, That the said corporation may be How dissolved dissolved by a general meeting of the stockholders, specially

called for that purpose; provided, that at least three-fourths Proviso.

Stock transferable.

in value of the holders of the capital stock shall concur therein; and upon such dissolution, the directors for the time being, and the survivor or survivors of them, or such persons as the said stockholders shall appoint, shall be trustees for settling all the affairs of the company, collecting and disposing of its property and assets, paying its debts and dividing the surplus among the stockholders in proportion to their respective interests in the stock.

6. And be it enacted, That the stock of said corporation. shall be deemed personal estate and shall be transferable in such manner as the by-laws may prescribe.

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

Approved February 23, 1870.

May issue

cure the same

CHAPTER CXVI.

A Supplement to "An Act incorporating the National Stock Yard Company," approved March sixteenth, eighteen hundred and sixty-nine.

1. BE IT ENACTED by the Senate and General Assembly of bonds and se- the State of New Jersey, That the "National Stock Yard by mortgage. Company" is hereby authorized to borrow money not to exceed one million of dollars, and to issue bonds for the same under its corporate name and seal, in payment for real and personal property, and for the completion of its stock yards, which said bonds may be secured by mortgage on the real and personal estate and franchise of said company.

Directors.

Repealer.

2. And be it enacted, That the affairs of said corporation. shall be managed by directors not exceeding thirteen in number.

3. And be it enacted, That all parts of the act to which this is a supplement, conflicting herewith, be and the same are hereby repealed.

4. And be it enacted, That this aet shall take effect imme

A Further Supplement to the act entitled "An Act to Revise and Amend the Charter of the City of Newark," approved March eleventh, eighteen hundred and fifty-seven.

"Clin

WHEREAS, a certain portion of the city of Newark, formerly Preamble. belonging to the township of Clinton, and known as ton Hill," has been heretofore laid out with narrow, short and irregular streets and passage ways, by private owners of property without any municipal authority, and without reference to adjoining property, or to connecting streets, or to the public interest or convenience, which streets have been to some extent built upon, and thus the danger from fire by reason of their narrowness has been greatly increased; and whereas, it is very desirable to continue the policy which has been pursued for many years by the city authorities, of laying out streets and avenues upon a general plan, which shall secure, as far as possible, uniformity, proper width, good ventilation, and reasonable security against fire; and whereas, the commissioners appointed by the common council for that purpose, now engaged in the examination of the streets in the section of the city above described, find it impracticable under existing laws to remedy the difficulties, or to secure the desirable results above mentioned; therefore

to purchase

scribed lands,

1. BE IT ENACTED by the Senate and General Assembly of Commissionthe State of New Jersey, That the commissioners appointed ers authorized by the common council of the city of Newark, pursuant to certain dean act of the legislature of this state, approved April first, &c. eighteen hundred and sixty-nine, and entitled "A supplement to the act authorizing the appointment of commissioners to lay out streets, avenues and squares in the city of

ment to pur

made with the owners.

Newark," approved March twentieth, eighteen hundred and fifty-seven, are hereby appointed commissioners with full power and authority to purchase at their discretion, all or any part of the lands, real estate, buildings and improvements within the limits described as follows, to wit: beginning at the intersection of the easterly line of Belmont avenue with the northerly line of Avon avenue, thence running northerly along the easterly line of Belmont avenue to the southerly line of Waverley place; thence easterly along the southerly line of Waverley place to the westerly line of Somerset street; thence southerly along the westerly line of Somerset street to the northerly line of Avon avenue, thence westerly along the northerly line of Avon avenue to the place of beginning, and to make such compensation therefor to the owner or owners thereof, as they may deem reasonable, and to receive from the said owner or owners conveyances of the same to Proceedings in the city of Newark; in case no agreement for such purchase case no agree- can be made with said owners, the said commissioners shall chase can be thereupon proceed to estimate and determine the fair value of the said real estate or improvements, having first given at least ten days notice in writing, to the owner or owners thereof, either personally, or by leaving the same at his or her place of residence, of the time and place when and where he or they may be heard in relation to the matter; in case said owner or owners shall be an infant, or a married woman, or non compos mentis, or absent from the city, or be for any cause incapacitated to act in this behalf, then notice as to the time and place, and the object of said meeting shall be advertised in two daily newspapers published in said city, for the space of ten days as aforesaid: said meetings may be adjourned at the discretion of said commissioners from time to time; as soon as they shall have determined upon said valuation they shall make and sign a certificate thereof, and file the same in the office of the city clerk; and immediately upon the payment to said owner or owners of the amount of said valuation or in case he or they will not or cannot receive the same, upon the deposit of said amount in such trust company or savings institution as any justice of the supreme court of this state may direct, the title to and right of possession of such property shall become vested in the mayor Proceedings in and common council of said city of Newark: any such owner case of appeal. conceiving himself aggrieved by the proceedings of said commissioners, may appeal therefrom to the supreme court of

this state at any time within sixty days after the filing of the certificate as aforesaid, in the office of the city clerk, and the supreme court shall order a trial by jury to assess the value of the property or real estate of such owner, the trial whereof shall be conducted as in other cases of trial by jury, and the final judgment of said court shall be conclusive, as to said valuation, and the amount already paid or deposited as said valuation as aforesaid shall be increased or diminished accordingly; in case the title or interest of any person or persons in said property shall be doubtful or disputed, the value thereof awarded by the said commissioners may be deposited as aforesaid upon affidavit of such facts and an order to that effect by such justice, and such deposit shall have the same effect as a payment made to said owner or owners; and the said court may proceed in a summary way upon petition of any person or persons claiming to be the owner of said lands or any part thereof, to ascertain the interests of said parties, and to determine to what person or persons the said money shall be paid, and shall have power to distribute the same among the persons entitled thereto; immediately upon the completion of the said purchases or acquisitions as aforesaid, the said commissioners shall make a full and complete. report of the same to the common council.

issue bonds

2. And be it enacted, That for the purpose of carrying Authority to out the provisions of this act, the commissioners appointed for payment of pursuant to the provisions of an act of the legislature of this land, &c. state, approved March tenth, eighteen hundred and fiftynine, and designated as "The Commissioners of the Sinking Fund of the City of Newark," shall have authority to issue, in the name of "The Mayor and the Common Council of the City of Newark," bonds under the corporate seal of said city, and the signature of the mayor, to be denominated" Clinton Hill Improvement Bonds," to an amount not exceeding four hundred thousand dollars, bearing interest, payable semi-annually, at a rate not exceeding seven per centum per annum, pledging the credit and whole property of the city for the payment of the same, which bonds the said last named commissioners may sell at public or private sale for the best price they can obtain for the same, and upon such terms and conditions as they may deem advisable, including the payment of the tax upon the same with the consent of the common council of said city; said bonds shall be payable five years after their date, but said last named commissioners shall re