New Jersey § acts:saved-48 - (7)

§ acts:saved-48. (7)

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 forty-nine, such time

shall be and the same is hereby extended to the thirtieth day of June, one thousand

nine hundred and fifty-one; 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.