CHAPTER DLXI. An Act to incorporate the Camden Improvement Company. 1. BE IT ENACTED by the Senate and General Assembly of Corporators. the State of New Jersey, That Jesse Smith, Edward Cohn, Richard S. Humphreys, John Hood, Abraham W. Nash, Charles S. Humphreys, Jesse E. Huston, William B. Scudder, Alden C. Scovel and such other owners of property in the city of Camden as they may associate with them, shall and they are hereby incorporated and made a body politic by the name of "The Camden Improvement Company." Name. 2. And be it enacted, That the capital stock of the said Capital stock. company shall be one hundred thousand dollars, with the privilege of increasing the same to the sum of three hundred thousand dollars, divided into shares of one hundred dollars each, which shall be subscribed and paid in at such times, upon such notice and in such manner and installments as the directors of the said company by their by-laws or otherwise may direct; that such payment shall be made either in money or in land, and in case such payment shall be made in land, the value of said land shall be appraised by the board of directors; and that in case of failure of any stockholder to pay his or her installments at the place and within thirty days of the time appointed for the payment thereof, such stockholders shall incur a forteiture of his or her shares, and of all previous payments thereon, for the use of said company. 3. And be it enactea. That the capital stock of the said stock transcompany shall be deemed personal property; and the shares ferable shall be transferable only on the books of the company, in such manner as the board of directors, by by-laws may direct; share shall entitle the holder to one vote, either in and every managed by a tors. 4. And be it enacted, That the affairs of the company shall Business to he be managed by five directors, to be chosen by the stockholders board of dire of the said company annually, at such times and in such manner as the by laws of the company may direct, who shall serve for one year and until others are chosen in their stead; notice of which said election shall be previously given for two weeks in the newspapers published in the county of Camden, the said directors shall from time to time, elect a president from their num First directors May pay for land chased in shares of capital stock. General pow ers. Proviso. May Issue and ispose the same. ber, and shall also elect and employ such other officers as may be convenient or necessary, who shall receive such compensation as the by-laws may direct. 5. And be it enacted, That Jesse Smith, Edward Cohn, Richard S. Humphreys, John Hood, Abraham W. Nash, Charles S. Humphreys, Jesse E. Huston, William B. Scudder and Alden C. Scovel shall be the first directors of said company, a majority of whom shall as soon as convenient after the passage of this act assemble and organize such company, and shall continue in office until others, as herein before directed, shall be chosen in their stead. 6. And be it enacted, That as soon as the said company shall be organized, it shall be authorized to receive conveyances for any property in the city of Camden, in this state, lying between the south line of Hartman street and the centre line of Pine street, and to purchase and hold such other land adjoining or near the same in said city which they may deem necessary for the improvement of their property, and to pay for all lands in the shares of their capital stock at not less than their par value. 7. And be it enacted, That the said company may improve all lands, and lands under water, that shall be purchased or held by them, by erecting buildings thereon and laying out said lands into blocks, lots, squares and streets or other divisions, and shall have liberty to fill up, raise, occupy, possess and enjoy as their own property all lands covered with water which they may hold or purchase, or which may lie in front of lands along any shore which they may hold or purchase, and may build, enlarge and improve on such lands any dock, wharf, pier, bulkhead, slip or other structure which they may deem necessary for commercial or other purposes, not extending the same south of the centre line of said Pine street; provided, that in carrying out the provisions of this section they shall not injure the navigation of the Delaware river, and shall not interfere with legal rights or privileges of others, or fill in or reclaim any lands under water except in front of the lands which they may purchase or hold along the shore. 8. And be it enacted, That for the purpose of improving hods and sell their property, and to enable them to raise money to carry into effect the objects of this act, the said Camden Improvement Company are authorized to issue their bonds to the amount of twc-thirds of their capital paid in, bearing an interest not exceeding seven per centum per annum, and to sell and dispose of the same at any rate not less than ninety per centum of their value, without the same being invalidated thereby, or any person being liable to any penalty therefor; and to secure the payments of such bonds the said company shall have power to convey or pledge, by way of mortgage, trust or otherwise, the whole or any part of the property, franchises and chartered rights of said company; and such conveyance, pledge or any foreclosure, sale or lawful sale by virtue thereof shall fully and completely transfer to and vest in the grantee or purchaser all the property, franchises and chartered rights of said Camden Improvement Company free from all encumbrances and debts that were not liens on such property prior to the recording or registry of said mortgage. Approved April 22, 1868. CHAPTER DLXII. An Act to incorporate the Hispano-American Telegraph Company. WHEREAS, D. T. Arosemana, Tracy Robinson, J. W. Simon- Preamble. ton and W. D. Hennen, have, with their associates, organized a corporation under the general laws of the state of New York, based upon a concession granted by the government of the republic of Peru to their agent, Mariano Arosemana Quesada, on the ninth day of September, eighteen hundred and sixty-seven; and whereas, the corporation. organized as above has been named the Hispano-American Intercommunication Company; and whereas, the general law of the state of New York to authorize the formation of companies for various purposes is not of sufficient scope, and does not admit of sufficient freedom of corporate action for the purpose of laying and working a submarine telegraph out of the limits of the United States; now, fore, there May change 1. BE IT ENACTED by the Senate and General Assembly of Title of care the State of New Jersey, That "The Hispano-American In pany, and organize. Corporate nanie under which com By may re ozanize, and powers and b-iness of the company. tercommunication Company," their associates, successors and assigns, organized under the general law of the state of New York, for the purpose of laying and maintaining, working and enjoying a submarine telegraph and accessories thereto on the western coast of South America, under the concession granted to them by the government of Peru, on the ninth day of September, eighteen hundred and sixty-seven, and other conces sions that may hereafter be obtained, shall have the right to change the title of their company to that of the HispanoAmerican Telegraph Company, and to reorganize under the provisions of this act; and the said Hispano-American Telegraph Company, their associates, successors and assigns, so reörganized, and all such persons as they may thereafter associate with them, their associates, successors and assigns, shall be and they are hereby constituted and declared to be a body corporate and politic, in fact and in law, by the name of "The Hispano-American Telegraph Company," with the powers and privileges necessary for carrying on the business of telegraphing along the west coast of South America, and for laying a submarine cable, and for operating and using such telegraph line, and also for fitting, purchasing, or chartering, or hiring, or owning steam or other vessels to be used in all lawful commerce connected with the business of said company hereby incorporated, with power to construct, purchase or lease all such real estate or personal property, as may be necessary in conducting the business of the company, and the same to convey and sell as the business of the company may require; and the company hereby incorporated is declared to be the same company as the Hispano-American Intercommunication Company, organized as herein before stated; composed of the same stockholders, with the same capital stock, which shall be represented by the same certifi cates of stock or by new ones as the directors of the company may determine; with the same officers until their successors are duly elected and qualified, and the same organization assuming all the debts, liabilities and responsibilities of every name and nature of the Hispano-American Intercommunication Company, and also becoming possessed by the act of reorganization under this law of all the powers, privileges, property and franchises theretofore belonging to the said company; and the said corporate name of the Hispano-American Intercommunication Company is hereby changed to that of the Hispano-American Telegraph Company, and it is hereby incorporated as such with a capital stock of two millions and a half of dollars, with the privilege of increasing the same when the necessity arises, but not to exceed five millions of dollars. in Jersey City, may be served 2. And be it enacted, That the said corporation hereby in- Location to be corporated shall be located in Jersey City, in Hudson county, where process in this state, and the president or vice president of said company shall reside in this state, on whom said company shall authorize process to be served, which said service shall be a service regularly made on said company; and the directors shall cause a certificate, over the corporate seal of the company, of the name of such president or vice president resident in this state on whom they so authorize process to be served, to be filed in the office of the secretary of state. sued stock and ments. 3. And be it enacted, That it shall be lawful for the directors May sell unisof the corporation hereby incorporated from time to time, at call in fustalltheir discretion, to sell the unissued stock of the company hereby incorporated, as the business of the company may in their judgment seem to require, to such persons, whether stockholders or directors in the company hereby incorporated, or others, who may desire to take stock, as the directors may determine; and to require such payments to be made thereon, and to make such calls for installments to be paid thereon as they, the directors, may determine to be necessary; and it shall be lawful for the directors to declare any share or shares of stock with all previous payments that may have been made thereon, forfeited, on which the owner or owners thereof shall neglect to pay any installment in money which may be called for by the directors at the time the same is payable; provided, Proviso. that ten days' notice, exclusive of Sundays, of the time of any payment of any sum directed to be paid on the said shares of stock, be given by an advertisement thereof in the newspapers. published in the city of Jersey City, [county] of Hudson, in this state, also in a daily newspaper published in the city of New York, state of New York, and upon the entry of such forfeiture by the directors in their books such shares or share of stock, and any payments thereon made prior to such call and forfeiture shall be forfeited for the use of the company; and every entry of the forfeiture of the stock so made, shall be sufficient authority for the directors to sell said forfeited stock in any manner and to whom they may direct, and to |