New Jersey § acts:saved-14 - (1)

§ acts:saved-14. (1)

1. That any corporation organized under any law of this state for the purpose of laying

out and improving such lands as it is authorized to own or purchase, and having power

under its act of incorporation or any supplement thereto, to purchase and enjoy ferry

rights, shall have power whenever the directors of such company deem it advisable

to separate such ferry rights from the other property and franchises of such company,

to sell and transfer its franchise of owning, operating and enjoying a ferry or ferries

and all its property, real and personal, connected therewith or appurtenant thereto,

to any other corporation organized or to be organized under the laws of this state,

authorized by law to transact the business of transporting goods, merchandise or passengers

by water, at such price and upon such terms as may be agreed upon by and between the

directors of said two corporations, and to receive payment therefor either in money,

property or in the capital stock of such purchasing corporation; and after such sale

and transfer it shall be lawful for the corporation purchasing such franchise or franchises

and the property connected therewith or appurtenant thereto, to possess and enjoy

the same as fully in all respects as the corporation selling the same by its charter

or any supplement thereto is authorized to enjoy such rights and franchises; provided,

however, that this act shall not apply to any corporation unless such corporation

shall first and as a condition precedent to the exercise of any power granted by this

act, file in the office of the secretary of state an agreement, to be approved by

the governor and attorney general, waiving all rights of exemption from taxation and

from privileges and advantages arising from any law or contract, if any there be,

establishing any special mode of taxation of any such corporation, and the further

agreement to be bound by any general law of this state now in existence or that may

hereafter be passed, taxing such corporations as are now authorized to be taxed by

the legislature of the state under any general law, and further agreeing that the

exercise of any power granted by this act shall not in any way affect the rights of

the state, if any there exist, to take the property of such corporation under any

existing law of the state, and agreeing further that all laws affecting such corporations

shall be subject to alteration or repeal by the legislature.