New Jersey § acts:saved-48 - (2)

§ acts:saved-48. (2)

1. Whenever the time limited for the completion of any railroad authorized to be constructed

within the State under any special or general act has expired, or shall expire before

the thirty-first day of December, one thousand nine hundred and thirty-nine, such

time shall be and the same is hereby extended for the further period of two years

from the passage of this act; provided, however, that this act shall not apply unless

money has actually been expended in surveys or location of route, or in acquisition

of right-of-way or in construction since January first, one thousand eight hundred

and eighty-six; provided, further, that this act shall not apply to any corporation

unless such corporation shall first, and as the 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 right

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 be hereafter 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 this State, if any there exist, to take the property of such

corporations under any existing law of this State, and agreeing further that all laws

affecting such corporations shall be subject to alteration or repeal by the Legislature;

provided, however, that any railroad company that has heretofore filed an agreement

such as above described, under the provisions of any previous act of the Legislature

for extending the time for completing certain railroads, shall have the time for the

completion of its railroad extended as hereinabove provided, without filing another

such agreement under this act; provided, further, that any agreement that has heretofore

been filed by any corporation under any previous act extending the time for completing

certain railroads, shall be as binding as if filed under the provisions of this act.