Election of directors. /

Transfers of stock to be registered.

Limitation.

said office may be from time to time changed at the pleasure of said company, or the directors thereof.

5. And be it enacted, That the directors of said company shall be chosen annually, at such time and place, and on such public notice as may be established and fixed by the by-laws of said company; all elections shall be by ballot, and each share shall be entitled to one vote, and the vote may be by person or by proxy, and if from any cause an election for directors shall not take place at the appointed time, it shall not, therefore, work a forfeiture of this charter, but a new election shall be ordered in conformity to the by-laws of said corporation; any vacancy occurring in the board of directors may be filled, for the unexpired term, by the said board.

6. And be it enacted, That no transfer of stock of said corporation shall be valid or effectual until such transfer shall be entered or registered in the book or books to be kept by said company for that purpose, and all the books of said corporation shall be open to the inspection of the stockholders, and all those who may hereafter be appointed by law to examine the same.

7. And be it enacted, That this act shall take effect immediately, and shall continue in force for twenty years from the date of its passage.

Approved March 12, 1858.

CHAPTER CXLVIII.

A SUPPLEMENT to an act entitled "An act constituting the courts for the trial of small causes," approved April sixteenth, eighteen hundred and forty-six.

increased.

1. BE IT ENACTED by the Senate and General Assembly of Certain fees the State of New Jersey, That in all actions which may be brought, by virtue of the act to which this is a supplement, for all services specified in said act, for which the sum of twelve and a half cents and no more is allowed, that hereafter the sum of fifteen cents and no more shall be allowed. 2. And be it enacted, That so much of all acts and parts Part of forof acts as are contrary to the first section of this supple- pealed. ment be and are hereby repealed.

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

Approved March 13, 1858.

mer acts re

CHAPTER CXLIX.

AN ACT to incorporate the Florence and Jobstown Turnpike Company.

sioners to

scriptions.

1. BE IT ENACTED by the Senate and General Assembly of Commis the State of New Jersey, That the subscription books of the receive subcapital stock of the Florence and Jobstown Turnpike Company shall be opened by Richard Jones, William Durell, Empson Haines, Edward Robbins, Josiah Gouldy, and

Amount of

capital stock.

Payment of instalments.

Act void if shares are

ed for in two years.

Walter Thompson, or a majority of them, who are hereby appointed to receive subscriptions to said stock, at such times and places as they, or a majority of them, may direct, giving notice thereof, at least twenty days prior to the opening of said books, by publishing the same in at least one newspaper published in the county of Burlington.

2. And be it enacted, That the capital stock of said company shall be twenty thousand dollars, with the privilege of increasing it to forty thousand dollars, and shall be divided into shares of twenty-five dollars each; and that, when three hundred or more shares shall be subscribed for and taken, the persons holding the same shall be and they are hereby incorporated into a company, by the name and style of "the Florence and Jobstown Turnpike Company," and, by that name and style, shall have, enjoy, and exercise all the rights, powers, and privileges appertaining to corporate bodies and necessary to carry the objects of this act into effect.

3. And be it enacted, That at the time of subscribing for said stock, one dollar shall be paid upon each share subscribed for to the said commissioners, or any of them, which money shall be paid over to the treasurer of the company, as soon as one shall be appointed; and the residue of said subscription shall be paid in instalments, at such time and places and to such persons as the president and directors of the company shall from time to time direct and give public notice thereof in manner aforesaid; and upon failure of the payment thereof, as so directed, the president and directors shall have power to forfeit the shares of each and every person so failing to pay the said instalments, or any of them, to and for the use of said. company.

4. And be it enacted, That if the number of shares, hereinnot subscrib- before made necessary for the incorporation of said company, be not subscribed for within three years from the time of opening the said subscription book, this act, and all the subscriptions under it, shall be null and void, and the said commissioners, after deducting thereout the ex

penses incurred, shall return the residue to the respective subscribers, or their representatives, in proportion to the sums paid by them.

directors.

5. And be it enacted, That when three hundred shares of Election of said stock shall be subscribed for, the said commissioners shall call a meeting of the stockholders, giving at least twenty days' notice of the time and place of said meeting, as hereinbefore directed with regard to the opening of said books, at which meeting the subscription books shall be laid before the stockholders, who shall thereupon proceed to elect by ballot five directors, a majority of whom shall be citizens of this state, to manage the affairs of said company for one year, of which election the said commissioners, or a majority of them, shall be judges; and at the expiration of that term, and annually thereafter, upon like notice being given by the directors for the time being, the said stockholders shall elect by ballot the same number of directors, a majority of whom shall be citizens of this state, as aforesaid; and at every such election, and in all other cases in which the stockholders shall be entitled to vote, a vote may be given for each share, by the holder or holders thereof, either in person or by proxy.

president.

6. And be it enacted, That within twenty days after the Election of election aforesaid, the directors shall elect from their number a president of the said company, who shall hold his office for one year and until another shall be elected, and receive such compensation for his services as a majority of said directors shall direct, and shall be presiding officer at all meetings of said directors, and shall have a casting vote when they shall be equally divided; he shall have charge of the seal of the company, and he shall appoint the judge or judges of all elections of stockholders, or in case of his death or absence, or inability so to do, the said directors shall appoint some other suitable person, who, for the time being, shall possess the same power and authority, and perform all the duties herein prescribed.

powers of

7. And be it enacted, That the said directors, or a majority Duties and of them, may supply any vacancy occurring in the interval directors.

Proviso.

Annual

statement to be made.

Special meetings

ed.

between the annual elections, by death, resignation, removal, or refusal to act of any president or director, and may appoint a treasurer and all officers, agents, superintendents, and other servants that may be required to transact the business of the company, with such compensation as they may determine upon, and may exact from them such security for the due performance of their respective duties or trusts as they may think expedient; they shall regulate the tolls, and have the superintendence and direction of all receipts and disbursements and all other affairs of the company, and may make and enforce such ordinances and bylaws as they may think expedient to regulate the transfer of stock and the general government of the company and management of its affairs; provided, the same are not repugnant to the constitution and laws of this state or of the United States.

8. And be it enacted, That at the annual meeting of the stockholders, it shall be the duty of the president and directors of the preceding year to exhibit to the stockholders a complete statement of the affairs of the company during the said term.

9. And be it enacted, That special meetings of the stockmay be call- holders may be called by order of the president and directors, or by the stockholders owning one-fourth of the stock of the company, by giving notice of the time and place of holding the same, as herein before directed with regard to the annual meeting, which said notice shall specify the particular object of the meeting; but that no business of the company shall be transacted at such special meeting, unless a majority in value of the stockholders. attend and concur therein, who may require the books, accounts, and all other papers of the proceedings of the company, to be exhibited to them by the president and directors.

Charter not

void for fail

10. And be it enacted, That if, from any cause, an election ure to elect herein before named shall not be had at the time specified in this act, the same may be held at any other time, on notice as aforesaid; and that until such election be had,

on day prescribed.