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Companies consolidated.

wages or salaries to be paid to the manager or managers, treasurer, and clerk, from year to year.

13. And be it enacted, That the Puddle Dock Meadow Company and the Wyatt Meadow Company, both in the said township of Mannington, shall be hereafter united and consolidated into one company, to be called and known as the Wyatt Meadow Company; which company shall be controlled, managed, and governed in all things, and in the election of its officers and in their powers and duties, and in the assessment of taxes and in the collection of the same, and in all other matters, by the act entitled "An act to enable the owners of the tide swamps and marshes to improve the same, and the owners of meadows already banked in and held by different persons to keep the same in good repair."

14. And be it enacted, That this act shall take effect immediately.

Approved February 18, 1858.

CHAPTER XLV.

An act to incorporate the Orange Hotel Company.

Names of corporators.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Simeon Harrison, Napoleon Stetson, J. R. Gilmore, William H. Vermilye, Daniel Babbitt, and their associates and successors, be, and they are hereby incorporated and made a body corporate and politic, in fact and in law, by the name of "The Orange Hotel Com.

pany,” and by that name shall have power to lease, pur- Objects of
chase and hold real estate in the township of Orange, in tion.
the county of Essex, and to erect a hotel and other build-
ings and improvements on any part of the said real estate,
for the accommodation of the public, and to transact all
such business as may be incident or appertaining to the
managing, erecting, furnishing, conducting or leasing said
premises or otherwise disposing of the same.

2. And be it enacted, That the said corporation shall have amount of
power to raise by subscription a capital of fifty thousand stock.
dollars, which shall be divided into shares of twenty-five
dollars each, and shall be transferable in such manner as
the by-laws of the said corporation shall direct; and each
share of the said capital stock shall entitle the bona fide
owner thereof to one vote at all meetings of the stockhold.
ers, which may be given either by proxy or in person.

3. And be it enacted, That no part of the said capital stock Stock not to shall at any time, or in any manner, or under any pretence drawn, whatever, be drawn from the legitimate business of the said corporation, or refundee to the stockholders, until all the debts and liabilities of said corporation are fully paid.

3. And be it enacted, That the directors shall be elected Election of from among the stockholders in such manner as by the bylaws of said corporation shall prescribe, and shall not be less than five in number, and shall with all other offices of said corporation hold their offices until others are elected and duly qualified in their stead.

5. And be it enacted, That the whole amount of debts Debts not to which the said corporation shall at any one time owe shall ainonnt of not exceed the amount of the capital stock subscribed for, stock.

6. And be it enacted, That annually in the month of April Annual the directors of said corporation shall submit to the stock. be made. Lolders thereof a written statement of the affairs of the same, verified by the affidavit of the acting president of said corporation, and no dividend shall be paid to the stockholders, except from a clear surplus in hand over and above the full amount of the debts and liabilities of said corpo. ration.

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directors.

statement to

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scriptions.

7. And be it enacted, That Simeon Harrison, Napoleon erelve nub. Stetson, J. R. Gilmore, William II. Vermilye, and Daniel

Babbitt, or a majority of them, are hereby constituted commissioners to open books and take subscriptions for the said capital stock in such manner as they may deem expe. dient, at such time and place as they shall designate by notice thereof, in writing, published for at least two weeks previously thereto in one of the newspapers of said town. ship of Orange, and whenever the said subscriptions amount to at least ten thousand dollars, the stockholders representing the same may convene upon the call of the said commissioners, or a majority of them, and elect such officers and directors, and make such by-laws, as they may deem necessary for conducting the affairs of said corporation; and the remainder of the stocks, if any, shall be disposed of under the direction of said officers and directors, or their successors in office.

Approved February 20, 1858.

CHAPTER XLVI.

A FURTHIER SUPPLEMENT to an act entitled “ An act for the relief of credit

ors against absconding and absent debtors."

Former acts repealed.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the act entitled “A further supplement to "An act for the relief of creditors against absconding and absent debtors,'” approved April fifth, eighteen hundred and fifty-five, and also a certain other

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supplement to said act, approved March eighteenth, eigh-
teen hundred and fifty-six, be and the same are hereby
repealed.

2. And be it enacted, That this act shall take effect imme-
diately.

Approved February 20, 1858.

CHAPTER XLVII.

As act to incorporate the Union Manufacturing Company.

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Names of corporators

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Liscomb R. Titus, John Valentine, William Howe, William I. Shreve, and J. Weigand Lloyd, and their associates and successors, are hereby created a body politic and corporate in law, by the name and style of “The Union Manufacturing Company,” to be located in the city of Trenton, for the purpose of carrying on the business of manufacturing, casting, and working, iron and metals, and erecting and constructing buildings, and such other improvements on their lands as may be useful or necessary for the purpose aforesaid; and for such Amount of purpose the said company shall or may raise by subscrip- stock, . tion, a capital stock of seventy-five thousand dollars, to be divided into shares of Sifty dollars each.

2. And be it enacted, That the said corporation may purchase, possess, and enjoy any such real estate, improve. be held. ments, machinery, goods and effects whatsoever, within the county of Mercer, as shall be deemed necessary and advan

capital

What pros

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Books of subscription

instaiments.

tageous to the said corporation to carry on its business, and it shall be lawful for the said corporation to sell, mortgage, lease, and otherwise dispose thereof at pleasure.

3. And be it enacted, That it shall be lawful for the aforeto be opened. said corporators or their successors to receive subscriptions

to the capital stock by opening books or otherwise, and as soon as twenty-five thousand dollars shall have been sub. scribed, and fifty per cent. of that amount paid in cash, and an affidavit being made by one or more of the corporators before any alderman or justice of the peace, or judge of the court, and a copy thereof filed in the office of the secretary of state, it shall be lawful for said corporators to organize said corporation and forthwith commence and carry on its business as contemplated under the provisions

of this act. Payment of 4. And be it enacted, That it shall be lawful for the di

rectors of the said corporation to call for, collect, and demand of the stockholders respectively, all such instalments due on such stock subscribed for as may have been agreed upon previous to subscribing, under penalty or forfeiture of the shares so subscribed, and all previous payments made thereon; provided, however, that said stockholders being notified personally, or by advertising at least thirty days previous to such instalments becoming due; said stock to be transferable on the books of said company, and only in the presence of the proper officers.

5. And be it enacted, That the stock, property, and affairs of the said corporation shall be managed by not less than five directors, a majority of whom shall be residents of this state, one of whom shall be appointed president; said directors shall have power to appoint such other officers, agents and employees as the by-laws may from time to time designate; said directors shall always be stockholders in said company, and shall hold office until the next annual meeting or election, and until others shall have been duly elected in their places; annual meetings shall be held on the first Monday in February of each year, at such places and hour as the by-laws may direct; a majority of the

Proviso.

Duties and powers of directors.

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