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CHAPTER LXV.

A SUPPLEMENT to the act entitled “ An act to incorporate the New Jersey

Exploring and Mining Company," approved February fifteenth, eighteen hundred and forty-nine, and to the act supplement to said act, approved February twelfth, one thousand eight hundred and fiftytwo.

cate to be

1. BE IT ENACTED by the Senate and General Assembly of Amount and the State of New Jersey, That the capital stock of the New shares

changed. Jersey Zinc Company shall be divided into twelve thousand shares of one hundred dollars each, instead of ninety-six thousand shares of twelve and a half dollars each.

2. And be it enacted, That the said New Jersey Zinc New certifCompany shall, on the surrender to said company by the issued. stockholders thereof, of the certificates of stock now issued, give to each stockholder a certificate for one share of the value of one hundred dollars, for every certificate of eight shares, so to be surrendered to said company.

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

Approved March 8, 1859.

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CHAPTER LXVI.

A FURTHER SUPPLEMENT to an act entitled " An act to incorporate the

Newark and Bloomfield Railroad Company," approved March twentysixth, eighteen hundred and fifty-two.

Time for completion of road extended.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, Tbat the period limited by the act to which this is a supplement, for the commencement and completion of the road authorized by said act and the supplements thereto, shall be computed from the passage of this supplemental act.

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

Approved March 8, 1859.

CHAPTER LXVII.

An act to incorporate the Passaic Bridge Company,

Com missioners to

capital stock.

1. BE IT ENACTED by the Senate and General Assembly of receive sub the State of New Jersey, That the subscription books of

the capital stock of the Passaic Bridge Company, shall be opened by Robert Rennie, Daniel Romaine, John Banter, William L. Andruss, I. I. E. Vreeland, Benjamin N. Cleve

instalments.

land, Andrew C. Cadmus, and Christian C. Zabriskie, 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 Passaic.

2. And be it enacted, That the capital stock of said com- Amount of pany shall be ten thousand dollars, and shall be divided stock. into shares of twenty-five dollars each ; and that when two 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 Passaic Bridge 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 object of this act into effect.

3. And be it enacted, That at the time of subscribing for Payment of 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 times 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 the 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 here- Charter void in before made necessary for the incorporation of said com- not subpany, be not subscribed for within three years from the in certain 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

if stock is

scribed for

time.

Election of directors.

subscribers or their representatives, in proportion to the sums paid by them.

5. And be it enacted, That when two hundred shares 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 herein before 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.

6. And be it enacted, That within twenty days after the 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.

7. And be it enacted, That the said directors, or a majority of them, may supply any vacancy occurring in the interval between the annual elections, by death, resignation,

Duties and powers of president.

Duties and powers of directors.

statement to be inade.

removal or refusal to act of any president or director, and may appoint a treasurer and all officers, agents, superin. tendents, 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 by-laws 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 saine Proviso. 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 Antena stockholders, it shall be the duty of the president and directors of the preceding year to exhibit to the stockhold. ers a complete statement of the affairs of the company during the said term.

9. And be it enacted, That special meetings of the stock. Special 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.

10. And be it enacted, That if from any cause an election Act not void herein before named shall not be had at the time specified elect on day

prescribed. in this act, the same may be held at any other time, on notice as aforesaid, and that until such election be had, the officers of the preceding year shall continue to hold their respective offices until others are elected in their stead, and

meetings.

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