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Boundaries

of school

district changed.

Election of trustees.

Proviso.

CHAPTER LXXII.

AN ACT respecting Public Schools, in the township of Deerfield, in the county of Cumberland.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the boundaries of the "Bebee Run School District No. 7," in the townships of Hopewell and Deerfield, be changed, and that it shall be the duty of the town superintendent of public schools, in the township of Deerfield, out of that portion of said district lying east of Cohancey creek, to set off one school district in the said township, with the following boundaries, viz: Beginning at the mouth of Stone Bridge run; thence along the township line to Bridgeton and Deerfield turnpike road; thence along the said turnpike to the by-road leading from George M. Cole's to Null's mill; including nevertheless, the lands of Aaron Leaming and Beriah Loper, lying east of said turnpike road; thence along said by-road to Cohancey creek; thence down the creek to the beginning.

2. And be it enacted, That the taxable inhabitants of the said school district shall meet on the first Monday of April next, at such hour and place within said district as the town superintendent shall designate, for the purpose of electing by plurality of votes three persons, being residents and tax payers in said district, to be trustees of said districts; and at the first election held after this act shall take effect, they shall elect one of said trustees to hold his office for one year, one to hold his office for two years, and one to hold his office for three years, and afterwards. one trustee shall be elected annually to hold his office for three years; and in case of any vacancy, the same shall be filled by the election of a trustee to hold for the unexpired term; provided, that the trustees may fill a vacancy by

choosing a trustee to hold his office until the next annual meeting.

trustees.

3. And be it enacted, That the trustees elected in said Duties of school district shall perform the duties required of them by the act entitled "An act to establish public schools," approved April seventeenth, eighteen hundred and forty-six, and the several supplements thereto.

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

Approved March 8, 1859.

CHAPTER LXXIII.

AN ACT to incorporate the Essex County Bank.

corporators.

1. BE IT ENACTED by the Senate and General Assembly of Names of the State of New Jersey, That Joseph Ward, Abner S. Reeve, Stephen G. Gould, Daniel Price, James Booth, Isaac A. Alling, Andrew Atha, Thomas B. Peddie, Richard Hall, Walter Tomkins, Orson Wilson, Alexander Grant, junior, Marcus B. Douglass, Charles S. Graham, and Edward H. Wright, and their associates, shall be and they are hereby created a body corporate and politic, in name and in fact, by the name and style of "Essex County Bank;" and by that name they and their successors may have perpetual succession, and shall have power to sue and be sued, plead General and be impleaded, answer and be answered unto, defend

powers.

Proviso.

and be defended, in all courts and places whatsoever, and in all manner of actions, suits, complaints, matters, and causes whatsoever, and may have a common seal, and may change, alter, and renew the same at pleasure; and by the same name shall be and are hereby made capable in law, of purchasing, holding, and conveying any estate, real or personal, for the use of said corporation; provided, that the said corporation shall in no case be owners of any ships or vessels, or directly deal or trade in anything except bills of exchange, promissory notes, gold or silver bullion, stock of the United States, and such ships or vessels, goods, wares, and merchandise, as shall be truly pledged to them, by way of security for debts due, owing, or growing due to the said corporation, or purchased to secure such debts, or on the sale of goods which shall be the produce of its land; Proviso.. provided, also, that the real estate which it shall be lawful for the said corporation to hold shall be only such as may be necessary for its immediate accommodation for the convenient transaction of its business, or such as shall have been bona fide mortgaged to it by way of security, for loans or contracts made or conveyed to it in full or in part satisfaction of debts previously contracted in the course of its dealings, or purchased upon judgment for the purpose of bona fide securing any debt or debts due to the said corporation.

Amount of capital stock.

2. And be it enacted, That the capital stock of the said corporation shall be one hundred thousand dollars, to be divided into shares of fifty dollars each, actually subscribed, and whereof fifty thousand dollars shall have been paid in in cash, with the privilege of increasing the same to five hundred thousand dollars at any time during the continuance of this charter; and that the present owners of stock in an association formed at the city of Newark, in this state, and doing business there, called and known as the "Essex County Bank," under the provisions of an act of the legislature of this state, passed February twenty-seventh, eighteen hundred and fifty, entitled "An act to authorize the business of banking," and the supplements thereto,

shall have the right, and be deemed and taken as the subscribers to the stock of the bank incorporated under this charter, to the same number of shares they may hold in the said association at the date of the passage of this act, and that from that time all the property of the said association shall vest in and be deemed and taken as belonging to the new company chartered by this act, their successors and assigns, and with the same remedies at law and in equity, in respect thereto, as if the original association and subscription to the stock had been made under this act.

directors.

3. And be it enacted, That all the affairs, property, and Election of concerns of the said corporation shall be managed and conducted by fifteen directors, all of whom, together with the president, shall be stockholders, and citizens of this state, and of whom at least eight, together with the president, shall have been residents within the said city of Newark for at least one year immediately preceding their election; which directors shall hold their offices for one year, and shall be elected on the fourth Tuesday of October in every year, in the banking house, at such time of the day as the board of directors for the time being shall appoint; and notice shall be given by the said board of directors not less than fourteen days previous to the time of holding the said election, by an advertisement to be inserted in one of the newspapers in the city of Newark; for the well ordering of which election the directors shall, previously thereto, appoint three stockholders, not being directors, to be judges of elections, who shall conduct and regulate the same; they shall determine whether the persons voted for are qualified to be elected directors, and after conclusion of the ballot shall decide and declare who are elected directors; and the said election shall be made by such of the stock. holders as shall attend for that purpose, either in person or by proxy, and each stockholder shall be entitled to one vote for each share of stock which he, she, or they shall have held, in his, her, or their names, at least twenty days before the time of voting; and all such elections shall be by ballot, and the persons who shall have the greatest num

ber of votes shall be directors, who shall take an oath of office; and if it should so happen, at any election, that two or more persons shall have an equal number of votes, then the said directors in office at the time of such election, or a majority of them, shall proceed by ballot and plurality of votes, to determine which of the persons so having an equal number shall be the director or directors, so as to complete the whole number; and the directors so elected, as soon as may be thereafter, shall proceed, in like manner, to elect one of their number, by ballot, who shall be their president; and whenever a vacancy or vacancies shall happen among the directors, by death, resignation, or otherwise, such vacancy or vacancies shall be filled for the remainder of the year, by such person or persons as the remainder of the directors for the time being, or a majority First direct- of them, shall appoint; and that Joseph Ward, Abner S. Reeve, Stephen G. Gould, Daniel Price, James Booth, Isaac A. Alling, Andrew Atha, Thomas R. Peddie, Richard Hall, Walter Tomkins, Orson Wilson, Alexander Grant, junior, Marcus B. Douglass, Charles S. Graham, and Edward H. Wright shall be directors, and shall hold their offices respectively until the fourth Tuesday of October next, and until others shall be chosen by the stockholders.

ors.

Quorum.

Proviso.

Duties and powers of directors.

4. And be it enacted, That eight directors shall constitute a quorum for the transaction of business, except in cases of discount, which shall be regulated by the by-laws of the corporation; provided, that no discount shall be made, on any note or notes, bill or bills, without at least one good indorser or other good and sufficient security.

5. And be it enacted, That the directors for the time being, or a majority of them, shall have power to carry on the business of banking, by discounting bills, notes, and other evidences of debt, issuing and circulating bank bills, receiving deposits, buying and selling gold and silver bullion, foreign coins, and bills of exchange, may loan money on real and personal security, and exercise such other incidental powers as shall be necessary to carry on such banking business, and also make and prescribe such

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