a certified copy thereof in the office of the clerk of such township, town or city, and the same or a certified copy thereof shall be evidence of the facts therein contained, and shall be received as evidence in any court of this state, and before any judge or justice thereof.

not be dis

less than par.

3. And be it enacted, That the said commissioners autho- Bonds shall rized by this act may, in their discretion, dispose of such posed of for bonds, or any part thereof, to such persons or corporations, and upon such terms as they shall deem most advantageous for their said townships, towns or cities, but not for less than par; and the money that shall be raised by any loan or sale of bonds shall be invested in the bonds of the said railway company for the purpose of building the railway thereof, and said money shall be applied and used in the construction of said railway, its buildings, equipment and necessary appurtenances, and for no other purpose; the commissioners respectively, in the corporate name of each of their said townships, towns or cities, shall subscribe for and purchase bonds of said railway company to the amount that they severally may have borrowed as aforesaid.

amount of

quired to pay

Interest for en

4. And be it enacted, That the said commissioners respec- Commissiontively authorized by this act shall report to the township com- ally report mittees of their respective townships or to the common coun- money re cils of their respective towns or cities, at their regular annual principal and meeting in each year, the amount required to pay principal or suing year. the interest, if any, on the said bonds, authorized to be issued under and by virtue of this act, due or to become due, and payable during the next ensuing year; the interest arising from the bonds so subscribed for or purchased by said township, town or city, in pursuance of this act, shall be received by the said commissioners, and by them applied to the payment of the interest, which shall from time to time accrue upon the bonds authorized by this act, and in case such interest shall not be sufficient in any one or more years to pay the principal and interest accruing on said bonds, due or to become due as aforesaid, it shall be and is hereby made the duty of the said township committee, or of said town or city council, as the case may be, and they are hereby authorized and required to cause to be assessed and levied and collected of the real property of said township, town or city respectively, at the same time and in the same manner as other taxes are assessed, levied and collected, such sum or sums of money as shall have been reported to said township committee, or said

May dispose of railway bonds.

Provision for payment of

town or city council by the said commissioners authorized by this act to be necessary to made good such deficiency in the payment of the said principal and interest on the said bonds, and the same, when collected, shall be paid to said commissioners respectively, and by them applied to the payment of the principal and interest on said bonds, or so much thereof as shall remain unpaid after the application of interest or principal received from said company to that purpose.

5. And be it enacted, That the said commissioners appointed under and by virtue of this act may at any time after acquiring the bonds of said company exchange the same in whole or in part for the bonds issued under the authority of this act, and in such case they shall cancel the bonds so received by them, or they may dispose of the said railway bonds in their discretion to any purchaser or purchasers for cash, but shall not sell or dispose of such bonds for less than par except at public sale, of which twenty days' notice shall be given in two newspapers published in their respective counties, but no such sale shall be made except by consent obtained to the extent and in the manner provided in the second section of this act; and in case of such sale the proceeds thereof shall be applied by said commissioners respectively to the purchase or redemption of the bonds authorized to be issued by this act and for no other purpose whatever.

6. And be it enacted, That at the expiration of twenty-five bonds remain. years after the passage of this act it shall be and hereby is ing unpaid at made the duty of the said township committees, and of the of twenty-five said town and city councils, and they are hereby authorized,

the expiration

years.

unless the payment of said bonds is otherwise provided for, to cause to be assessed and levied and collected as aforesaid the sum due on the said bonds so issued in pursuance of this act, together with the interest on said principal sum, or so much thereof as may remain unpaid by reason of any deficiency after the sale of said railway bonds and the receipt of the interest thereon; and the amounts so to be raised under the authority of the said township committees and of the said town and city councils for the payment of the said principal or interest shall be determined by the report of the said commissioners respectively to the said township committees, or said town or city councils, as hereinbefore authorized by this act.

7. And be it enacted, That the said commissioners shall

shall be made for an annual

also provide within five years from the time of issuing said provision bonds authorized by this act, for the annual payment of at least five per centum of the same so as to ensure the final payment. liquidation of said bonds within twenty-five years after their date, and for that purpose they shall receive and apply annually the surplus interest on the bonds held by said townships, towns or cities over the amount necessary to pay the semi-annual interest on bonds issued under authority of this act, and if the amount of such surplus interest is not sufficient for the annual payment of said five per centum, and the said commissioners shall not have received sufficient from the sale of the said railway bonds as hereinbefore provided to pay the same, then the deficiency shall be reported by the said commissioners to the township committees, or town or city councils, to be levied and raised annually in the manner provided herein for paying the interest on the bonds authorized to be issued by this act.

ers to

approved

8. And be it enacted, That before the said commissioners Commissionor either of them shall enter upon the discharge of their duties bonds, with under this act, they shall jointly and severally with two or sureties. more sureties, execute to their respective townships, towns or cities, by their respective corporate names, a bond or bonds in the penal sum equal to the amount to be issued by said townships, towns or cities, under and by virtue of this act, conditioned for the faithful discharge of their duties as commissioners under this act, and for the just and honest application by them of all moneys or bonds issued by them or coming into their hands, according to the true intent and meaning of this act, the sufficiency of such sureties shall be determined by the judge of the circuit court of the county wherein such township, town or city is situated, to be endorsed on said bonds; the said bonds shall immediately thereafter be deposited with the clerk of such township, town or city, to be safely kept under the control and direction of the township committee, town or city council, to be collected by them or their successors in office, for the use and benefit of said township, town or city, in case the said commissioners or either of them are guilty of such a breach of trust or malfeasence in office, as to render said bonds collectable.

how filled.

9. And be it enacted, That in case a vacancy shall happen Vacancies, by reason of death, removal from said township, town or city resignation, refusal to serve or otherwise, of either of said commissioners, the vacancy shall be filled by the remaining

Compensation

to commissioners.

Commissioners to be resi

respective

townships, &c.

commissioners of the township, town or city in which such vacancy so exists by appointment in writing to be deposited with the clerk of said township town or city; each and every person so appointed, shall before he enters upon the discharge of his duties, execute and deliver to the said township, town or city, in like manner, a bond in like amount, with like conditions and securities as hereinbefore provided; and all provis ions of this act shall apply to the successors of the commissioners provided for in this act, whose powers and duties and liabilities shall be the same as those of the commissioners first appointed under this act.

10. And be it enacted, That each of the said commissioners shall receive the sum of three dollars per day for each day actually engaged in the discharge of his duties under this act and his necessary disbursements to be audited and paid by the township committee, town or city council, the same as any other township, town or city expenses.

11. And be it enacted, That on the expiration of the term of dents of the office of either of the commissioners provided for in this act, or of their successors, his place shall be filled in the manner provided in the first section of this act, and the commissioners so appointed, as well as those to be appointed under the ninth section of this act, shall be residents and freeholders of the township, town or city for which they are to act as such commissioners.

Bonds to be registered.

Quorum.

When boundaries of

12. And be it enacted, That all bonds issued in accordance with the provisions of this act shall be registered in the office of the county in which the township, town or city so issuing is situated, and the words "registered in the county clerk's office," shall be printed or written across the face of each bond, attested by the signature of the county clerk when so registered, and no bonds shall be valid unless so registered.

13. And be it enacted, That the commissioners in each of said townships, towns or cities shall constitute a board to act for their said townships, towns or cities respectively, and a majority of said commissioners in each of said boards shall constitute a quorum to do any business authorized by this

act.

14. And be it enacted, That in case any new township, town townships are or city shall have been created, or the boundaries of any townsessment roll ship town or city shall have been enlarged, on the routes of to be prepared said railway or at the termini thereof, so that there is no as

enlarged as

sessment roll for the year eighteen hundred and sixty-seven

for such township, town or city so created or enlarged, the said commissioners for such new or enlarged township, town or city shall cause to be prepared an assessment roll for the purposes of this act, by extracting from any assessment roll or rolls for said year all that relates to any assessment of persons or property in the territory embraced in the said new township, town or city so created or in said enlargement.

15. And be it enacted, That this act shall be a public act, and shall take effect immediately. Approved April 9, 1868.

CHAPTER CCCXCI.

An Act to incorporate the Texas Mills and Spotswood Turn

pike Company.

ers to open

scription.

1. BE IT ENACTED by the Senate and General Assembly of Commissionthe State of New Jersey, That the subscription books of the books of sub. capital stock of "The Texas Mills and Spotswood Turnpike Company" shall be opened by Leonard Appleby, Stephen V. Appleby, John S. Sutphin, George Helmn and Charles M. Herbert, or a majority of them, who are hereby appointed commissioners to receive subscriptions to the said stock, at such times and places as they, or a majority of them, may direct, giving notice at least twenty days prior to the opening of said books, by publishing the same in at least two of the newspapers published in the county of Middlesex, in this

state.

2. And be it enacted, That the capital stock of said com- Capital stock. pany shall be five thousand dollars, with liberty to increase the same to seven thousand dollars, and shall be divided into shares of twenty-five dollars each, and that when one hundred and sixty shares shall be subscribed for, the persons holding the same shall be and they are hereby incorporated into a company by the name of "The Texas Mills and Spotswood Turnpike Company," and by that name shall have, enjoy and exercise all the rights, powers and privileges appertain