Statement of costs and ex filed. State tax. election may be held at any other time, and the directors for the time being shall continue to hold their places until new ones shall have been chosen in their places. 6. And be it enacted, That as soon as the said railroad, or penses to be any part of it, is in operation, the president of said company shall file, under oath or affirmation, a statement of the amount of the cost of said railroad, including equipments, appendages, and all expenses, 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 purpose, 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 compaay; and this act shall take effect immediately. Provise. Approved March 17, 1870. CHAPTER CCCXC. An Act to authorize the Drainage of Marsh and Swamp Lands. WHEREAS, in the judgment of the legislature of the state Preamble. of New Jersey, the tide water marshes and overflowed lands of the state of New Jersey cannot be profitably and practically drained by the numerous individual owners thereof; and, whereas, the revenues of the State would be largely increased by the taxes on the said marsh lands when properly fitted for occupation and use; and, whereas, the maintenance of such drainage will be a public work requiring continuous and constant care to protect the interests of the large number of persons who may use and occupy said lands when reclaimed, and who by such occupancy and use would add considerably to the wealth and population of this state; and, whereas, the frequent overflowing of said marshes materially interferes with the construction, maintenance and use of suitable highways of travel thereon for the accommodation of the people; and, whereas, said marshes in their present condition are detrimental to the public welfare of the populous communities in their vicinity; therefore, 1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Spencer B. Driggs, John porators. McGregor, Lewis B. Brown, John S. G. Burt, Henry W. Merril, John S. Harberger and Robert S. Green, and such other persons as they may hereafter associate with them, shall be and are hereby ordained, constituted and declared to be a body corporate and politic, in fact and in name, by the name of "The Driggs Drainage Company," and by that Corporate name they and their successors and assigns shall and may powers. have continual succession, and shall be persons in law capable of sueing and being sued, pleading and being impleaded, answering and being answered unto, defending and being defended in all courts and places whatsoever, and shall have power to make and use a common seal, and the same at pleasure to alter, and they and their successors, by the same name and style, shall have power to hold, purchase and im name and Amount of capital stock. prove and convey such real and personal estate as they may deem necessary or expedient for the objects of this corporation, or as the purposes of the corporation may from time to time require, not exceeding in amount the sum of its authorized capital, excepting that in case of the purchase of marsh or overflowed lands from the State or from the individual owners of such marsh or overflowed lands within the limits of localities specified in this act, and the right to own, improve, lease or convey the same the said company shall not in any way be limited in amount. 2. And be it enacted, That the capital stock of said company shall be one million of dollars, with the privilege of increasing the same to any amount, not exceeding five millions dollars, by a vote of a majority of directors, and approved by a majority in interest of the stockholders at a meeting convened upon ten days written notice to each of the stockholders, and the said capital stock shall be divided into shares of one hundred dollars each, which shall be subscribed and paid in at such times and upon such notice and in such manner and installments as the directors of said company by their by-laws may direct, that such payment shall be made either in money or in land situate within the limits of this act, or in material or machinery or any other property that the said directors may deem necessary and proper for the said company to own and possess; that in case of the payment for said stock in land, or material or machinery, or any other property, the directors of said company may issue in payment therefor the stock of said company, which shall be full paid stock, and each certificate of stock so issued in payment for land or material or machinery, or any other property, shall bear upon its face the words "full paid stock," and such certificate shall not be subject to any future calls for installments or assessments of any kind; that the stock of said company shall be deemed personal property, and the shares shall be transferable in such manner as the board of directors by their by-laws may direct, and every share shall entitle the holder to one vote, either in person or by proxy. Directors, 3. And be it enacted, That the said company shall choose seven directors on the first Tuesday of December in each year, who shall be stockholders, and the persons mentioned in the first section of this act, together with those whom they may associate with them, shall be the directors, or in case of resignation, others who may be chosen in their places until when and how chosen. how filled. the annual election; said directors shall, at their first meeting, or annually at the annual election of the said company, or as soon as may be after every such election, choose out of their own number a president, and in case of the death, resignation or removal of the president or any director, such vacancy or vacancies may be filled for the remainder of the Vacancies, 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 appoint a president pro tempore, who shall have such power and functions as the by-laws of the said company shall provide. elect not to dissolve. 4. And be it enacted, That in case it shall happen that an Failure to election of directors should not be made during the day when pursuant to this act it ought to be made, the said company shall not for that cause be deemed to be dissolved, but such election may be held at any time as soon as convenient, and the directors for the time being shall continue to hold their office until new ones shall have been chosen in their places. 5. And be it enacted. That four directors of the said company shall be competent to transact all the business of the said company, and they 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 the non-payment of Failure to pay said installments, or any of them, to forfeit the share or to work a forshares upon which such default shall arise, and to make and feiture. prescribe such by-laws, rules and regulations as to them shall seem necessary and proper, touching the management and regulation of the stock, property, estate and effects of said company, and also shall have power to appoint a treasurer and a secretary and as many clerks and servants, and to establish and pay such salaries to them, and also to the president as to the board shall appear just and proper for the interests of said company. installments may be drain 6. And be it enacted, That the said company, from time Lands that to time, as shall appear expedient, may reclaim and drain all or ed. any portion or portions of the wet or overflowed lands and tide water marshes in Essex, Union and Middlesex counties, in the state of New Jersey, and may receive an annual compensation therefor in the manner hereinafter provided; and said company may construct, maintain and use all dykes, dams, ditches, drains, sluices, engines, pumps and other works, structures or machinery necessary or convenient thereunto. May issue bonds. Commissioners may be ap pointed by a supreme court 7. And be it enacted, That said company may borrow money and issue its bonds therefor, and may secure them by mortgage upon its property and franchises, not exceeding in amount the sum of its authorized capital, and not to be sold at less than ninety per centum of their par value. 8. And be it enacted, That any justice of the supreme court may appoint a board of three commissioners in respect justice of the to all such lands so undertaken to be drained, and may fill all vacancies in said board, and may appoint others in their places at the expiration of their respective terms, and shall fix their compensation; and the term of each of said commissioners shall continue for nine years, except that of those first appointed, one shall hold for three years and one for six years; and said company, whenever it shall be requisi'e, may make application for such appointments after ten days' publication of notice of such application, in one or more newspapers published in each of the counties where the lands lie, the said commissioners shall be residents and freeholders of this state, and before entering upon the performance of their duties under this act, shall take and subscribe an oath or affirmation before a justice of the supreme court and file the same in the office of the clerk of said court, faithfully and impartially to perform the duties of their appointment. 9. And be it enacted, That said commissioners may contract with said company for the complete drainage of said lands, and from time to time, as occasion may require, for the maintenance and management of suitable dikes, drains, ditches, dams, sluices, engines, pumps and all other machinery, works and structures necessary or useful in the management or improvements required to keep said lands fit for oecupancy and use, and shall pay said company such compensation therefor as said contract shall respectively specify; and the said commissioners shall report every such contract to any justice of the supreme court, for confirmation, and no such contract shall go into effect until so confirmed. Justice of the supreme court to confirm contracts. Duties of the 10. And be it enacted, That said commissioners after making any contract provided for in the next preceding section of this act, and after the reclaiming of the lands shall have been completed, according to such contract (or at any time before the work of said reclaiming shall have been completed, if deemed proper by them), the said commissioners shall have full power to employ a competent surveyor in each of the counties above mentioned and cause a complete |