Notice to be given of the opening of

books.

from the passage of this act, that then and in that case this act shall be void.

23. And be it enacted, That the above commissioners or a majority of them are hereby appointed to open subscripsubscription tions to the capital stock, at such times and places as they or a majority of them may direct, giving notice thereof, at least twenty days prior to the opening of said books, by publishing the same in a newspaper in the counties of Mercer and Monmouth.

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

Approved March 17, 1870.

Names of corporators.

Corporate

name.

Amount of

capital stock.

CHAPTER CCCCXXXVII.

An Act to incorporate the Deal and Sea Bright Horse Railroad

Company.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Joseph H. Cooper, Henry Howland, Cornelius Vanderveer, Mifflin Paul, Francis Corlies, William W. Shippen and W. B. Osborn, and such other persons as may hereafter be associated with them, their successors and assigns, be, and they are hereby created a body corporate and politic, in fact and in law, by the name of the "Deal and Sea Bright Horse Railroad Company," and shall be capable of purchasing, holding and conveying any lands, tenements, goods and chattels, whatsoever, necessary or expedient for the object of said corporation.

2. And be it enacted, That the amount of the capital stock of the said corporation shall be sixty thousand dollars, with the privilege of increasing the same to one hundred thousand dollars, and shall be divided into shares of twenty-five dollars each, which shall be deemed personal property, and be transferable in such manner as the said corporation by their by-laws shall direct.

ers to open

3. And be it enacted, That the above named persons, or a Commissionmajority of them, shall be commissioners to open books to books of subreceive subscriptions to the capital stock of said corporation, scription. at such time or times, and place or places, as they, or a majority of them, may think proper, giving at least twenty days notice of the same in the newspapers published in the county of Monmouth, and that at the time of subscribing, ten per centum shall be paid for each share subscribed for to the commissioners, or some one of them, and as soon as twenty thousand dollars of the capital stock shall be subscribed, such commissioners shall give like notice for a meeting of the stockholders, to choose seven directors, all of whom shall Election of be stockholders, and a majority of whom residents of this directors. state; and such election shall be made at the time and place appointed by such of the stockholders as shall attend for that purpose, either in person or by proxy, each share of the capital stock entitling the holder thereof to one vote; and the said above named incorporators, or any three of them, shall be inspectors of the first election of directors of the said corporation, and shall certify under their hands the names of those persons duly elected, and deliver over the subscription books and money paid in, deducting all expenses previously incurred, to the said directors; and the time and place of holding the first meeting of said directors shall be fixed by the said incorporators named in the first section of this act, or a majority of them, and the directors chosen at such meeting, or at the annual election of said corporation, shall, as soon as may be after every election, choose out of their own number, a president who shall be a resident of this state, 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 year, in which 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 bylaws of the said corporation shall provide.

elect not to

4. And be it enacted, That in case it shall happen that an Failure to election of directors, shall not be made during the day, when dissolve. pursuant to this act it cught to be made, the said corporation shall not for that cause be deemed to be dissolved, but such election may be held at any other time in the manner provided by law in such cases, and the directors for the time

Failure to pay installments

feiture.

being shall continue to hold their office until others shall have been chosen in their places.

5. And be it enacted, That four directors of the said corto work a for- poration shall be competent to transact all business of said corporation, and 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 said installments, or any one of them, to forfeit the share or shares upon which such default shall arise, and to make and prescribe such by-laws, rules and regulations as to them shall appear needful and proper touching the management and regulation. of the stock, property, estate and effects of the said corporation, and shall also have power to appoint such officers, clerks and servants as to them shall seem meet, and to establish and fix such salaries to them, and also to the president, as to the said board shall appear proper.

May survey, lay out and

road.

6. And be it enacted, That the said corporation shall have construct rail. power and authority to construct a railroad and necessary turnouts thereto, from some point on the southerly side of Long Pond, in the township of Ocean, in the county of Monmouth, to some point on the south or east shore of South Shrewsbury river, as they may deem expedient.

May have and

tate.

7. And be it enacted, That the said company may purhold real es- chase, have and hold real estate along the line of their said railroad, at such place or places as may be deemed necessary, not exceeding two acres at each place, or six acres in the aggregate, and may erect and build thereon, houses, warehouses, stables, machine shops, and such other buildings and improvements, as they may deem expedient for the safety of property, the construction of carriages and other necessary uses, and take and receive the rents, profits and emoluments thereof.

Proceedings

when company and owners

8. And be it enacted, That if the said company or its agents cannot agree with the owner or owners of such land cannot agree as may be required for the use or purchase thereof, or if by reason of the legal incapacity or absence of such owner or owners, no such agreement can be made, a particular description of the land so required 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 occupant or occupants, if any there be, and of the owner or owners, if known, and their residence, if the same can be ascertained, to one of the judges of the court of common pleas

of the county of Monmouth, who shall cause the said company to give notice thereof to the persons interested, if known and in this state, or if unknown or out of this state, to make publication thereof as he shall direct, for any time not less than ten days, and to assign a particular time and place for the appointment of the commissioners hereinafter named, at which time and place, upon satisfactory evidence to him of the service or publication of such notice as aforesaid, he shall appoint under his hand and seal three disinterested, impartial and judicious freeholders, residents of this state, commissioners to examine and appraise the said lands and assess the damages, upon such notice, not less than ten days, to be given to the person interested, or otherwise, as shall be directed by the judge making the appointment of commissioners; and it shall be the duty of said commissioners (having first taken and subscribed an oath or affirmation before some person duly qualified to administer the same, faithfully and impartially to examine the matter in question and make a true report according to the best of their skill and understanding.) to meet at the time and place appointed and proceed to view and examine the said lands; the said commissioners at the same time taking into consideration all the benefits to be derived from or in consequence of said railroad, as the case may be, to the said owner or owners, and to make a just and equitable appraisement of the value of the same, and an assessment of damages to be paid by the said company, which report shall be made in writing, under the hands of the said commissioners, or any two of them, and be filed within twenty days thereafter, together with the aforesaid description of the lands, and the appointments and oaths or affirmations aforesaid, in the clerk's office of the said county, to remain of record therein; which report, or in case of an appeal, the verdict of a jury and the judgment of the court, and a copy thereof, certified by the clerk of said county, (the damages and costs assessed and adjudged being first paid as hereinafter mentioned,) shall at all times be considered as plenary evidence of the right of said company to have, hold, use, occupy, possess and enjoy the said lands; and either of the judges of the said court, shall on application of either party, on reasonable notice to the other, tax and allow such costs, fees and expenses to the judges of the said court, commissioners, clerks, and other persons performing any of the duties pre

Proceedings in case of appeal.

Proviso.

scribed in this section, as he shall think equitable and just, and to order and direct by whom the same shall be paid.

9. And be it enacted, That in case the said company, or owner or owners of the said lands, shall be dissatisfied with the report made by the said commissioners named in the preceding section of this act, the party so aggrieved may appeal to the circuit court of the sail county of Monmouth, at the first term after filing the said report, by proceeding in the form of petition to said court which proceeding shall vest in said circuit court full, right and power to direct a proper issue for the trial of said controversy between the said parties, and order a jury to be empanneled and sworn as in other cases, and a view of the premises to be had, if either of the parties desire it, and the issue to be tried at the next term of said court, to be holden in said county upon like notice, and in the same manner as other issues in said court are tried; and it shall be the duty of the jury to assess the value of the said land and the damages sustained, and if they shall find a greater sum than the commissioners have awarded, or the company may have offered to the said owner or owners, then judgment thereon, with costs shall be entered against the said company and execution awarded thereon; and if the said appeal shall be applied for by the owner or owners, and the jury shall find the same or a less sum than the commissioners awarded or the company offered, then the said costs shall be paid by the said applicant or applicants, and either deducted out of the said sum found by the said jury, or execution awarded therefor, as the court shall direct, but such application shall not prevent the company from taking the said land upon filing the said report; provided, that in no case whatever shall the said company enter upon, or take possession of the lands of any person or persons for the purpose of actually constructing said railroad, or of making any erections or improvements whatever, or otherwise appropriating said lands to the use of the company until they have paid the party or parties entitled to receive the same the amount found by said commissioners as the value of said lands or damages, in case the report of the commissioners is not appealed from, or if appealed from, then the amount which shall be found by the jury by whom the issue shall be tried; but in case the party or parties entitled to receive the amount assessed by the commissioners, in case there shall be no appeal, or the amount found by the jury in case