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CHAPTER LXXXIII.

A FURTHER SUPPLEMENT to an act entitled "An act to authorize the in

habitants of the townships of Bedminster and Warren in the county of Somerset, and of the townships of Randolph, Chester and Rockaway in the county of Morris, and of the township of West Windsor in the county of Mercer, and of the township of Washington in the county of Bergen, and of the townships of Hope, Hardwick and Knowlton in the county of Warren, and of the townships of Dover and Millstone, in the county of Monmouth, to vote by ballot at their town meetings."

Election of overseer of the highway.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the overseer of the highway of road district number nine, in the township of Warren in the county of Somerset, shall be elected by the legal voters of said district as the same may be arranged from time to time by the township committee in said township, and for the purpose of carrying this provision into effect, it shall be the duty of the township committee of said township to give notice of the time and place of holding the first district road meeting under this act, and which meeting shall be held on Saturday next, previous to the annual town meeting in said township at the school-house near Ephraim P. Chandler's, and shall cause notice thereof to be posted up in some conspicuous place in said district, at least five days before the time of holding such meeting, when and where the legal voters residing in said road district shall assemble for the purpose of such election, and when so assembled, the said voters having been called to order by any one of their number, shall proceed by the holding up of hands, to elect a moderator of such meeting by a plurality of votes; and being thus organized the meeting shall proceed in the same manner by the holding up of bands, to elect an overseer of the highway.for such road district, and the moderator at such first meeting shall at the first annual town meeting next after such election, notify the township committee of said towoship of the said

meetings.

election, and the name of the person so elected overseer, and in the case of the failure of said district to elect an overseer, or of the person so elected to accept of his appointment, the said township committee shall fill such vacancy

and shall furnish the name of the overseer of the said highways so elected or appointed, to the clerk of the township, and he shall publish the same with the names of the officers and the proceedings of the said first town meeting held after such election.

2. And be it enacted, That all subsequent district road Notice to he meetings in said district, shall be called by the overseer trict road of said road district upon notice to be posted up in some conspicuous place in said road district, at least ten days before the time of holding such meeting, and all such subsequent district road meetings shall be held on Saturday next preceding the annual town meeting in said township, and should the overseer of said district fail to call such meeting, or should the person elected refuse to accept said appointment, or in case of a vacancy arising from any other cause, the township committee of said township shall fill such vacancy, and cause the name of the person so elected or appointed to be published as aforesaid by the clerk of said township, upon their receiving from the moderators of such subsequent meetings respectively, the name of the person so elected thereat and which said moderators are hereby required to notify said township committees of the name of the person so elected, at the said annual town meeting, next after such election.

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

Approved March 9, 1859.

CHAPTER LXXXIV.

An act to incorporate the “Bank of Ocean County, at Tom's River."

Names of corporators.

Proviso.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Reuben Potter, John Aumack, Amos P. Stanton, Edward W. Ivins, William I. James, Thomas W. Ivins, John Tilton, David S. Parker, Francis J. Speer, John H. Gulick, Thomas W. Middleton, Thomas Hooper, Geo. Gravatt, and their associates, shall be and they are hereby created a body politic and corporate, by the name of “The Bank of Ocean County, at Tom's River," and by that name they shall have and exercise banking powers, and the incidental corporate powers enumerated in the first section of the act concerning corporations; provided, that the said corporation shall not trade or deal in anything except money, bills of exchange, promissory notes, and gold or silver bullion, and shall in no case hold any real estate, goods, wares, merchandise, or chattels, except such as may be necessary for the convenient transaction of its business, or shall be mortgaged or pledged to it as security for debts, loans or contracts, or shall be conveyed or sold in full or in part satisfaction of debts previously contracted in the course of dealings, or shall be purchased upon judgment or execution for the purpose of bona fide making or securing a debt or debts due or owing said corporation.

2. And be it enacted, That the capital stock of the said corporation shall be fifty thousand dollars, with privilege, in the board of directors, of increasing the same to one hundred thousand dollars, and shall be divided into sbares of fisty dollars each; that the said Reuben Potter, John Aumack, Amos P. Stanton, Edward W. Ivins, William I. James, Thomas W. Ivins, John Tilton, David S. Parker, Francis J. Speer, John H. Gulick, Thomas W. Middleton, Thomas Hooper, George Gravatt, or a majority of them,

Amount of capital stock.

directors.

shall be and they are hereby appointed commissioners to open, at Tom's River, in the county of Ocean, books of subscription for, and receive subscriptions to said capital stock, giving at least twenty days' notice, in the newspaper printed or circulating at Tom's River, of the time and place of receiving said subscriptions; that the said books, after having been opened, shall be kept open for three successive days, unless the amount of said capital stock shall be sooner subscribed for; and no person but citizens of the state of New Jersey shall be allowed to subscribe for said stock; and at the time of subscribing for said stock the respective subscribers shall pay to said commissioners five dollars for each share subscribed for.

3. And be it enacted, That the affairs of said corporation Election of shall be managed by a board of nine directors, five of whom shall be a quorum for the transaction of business; that the said directors shall be stockholders, and shall, before entering upon the duties of their office, severally take and subscribe an oath or affirmation faithfully to execute the trust reposed in them as directors; that the directors shall hold their office for one year, and until their successors shall be chosen ; that the annual election of directors shall be on the second Tuesday of April in every year, at the banking house of said corporation, in the village of Tom's River, at such time as the board of directors shall appoint, of which election at least fourteen days' notice shall be given by the directors, by advertisement in the newspaper printed or circulated at Tom's River; that the said election shall be by ballot, those having the greatest number of votes to be deemed elected, and shall be by such of the stockholders as may attend, in person or by proxy, they being, respectively, entitled to one vote for each share of stock held in his, her or their own name or names for at least three calendar months next before the election; that for the well ordering of said election, the board of directors, or the commissioners acting as such, shall previously thereto appoint three stockholders, not being directors, to be judges thereof, who shall conduct

First elec. tion of directors.

the election and determine upon the legality of votes, the eligibility of persons voted for, and who shall be elected; and the directors so elected shall, at the first meeting there. after, when a quorum shall be present, elect one of said nine directors to be president, as well of their board as of said corporation; and whenever a vacancy shall occur in said board of directors by death, resignation, or otherwise, such vacancy may be filled for the remainder of the year by the board of directors; and if at any time it shall happen that an election of directors shall not take place at the time above required, the said corporation shall not, for that reason, be deemed dissolved, but an election thereof shall be had as soon as conveniently may be thereafter, upon like notice as above directed, and at the place and in the mode above specified.

4. And be it enacted, That as soon as conveniently may be after the aforesaid capital stock shall have been subscribed for, the said commissioners, or a majority of them, shall call a meeting of the subscribers to the said capital stock, in the village of Tom's River, to elect the first board of directors, by giving at least twenty days' notice of the time and place of said meeting, by advertisement, in the newspaper printed or circulating at Tom's River; and at such meeting the said commissioners, or a majority of them, shall be the judges of said first election and shall have the same powers as the judges of the annual election of directors; and they shall conduct the said first election, as near as may be, in the manner hereinbefore prescribed for the said annual elections, the subscribers attending said meeting, in person or by proxy, being entitled to one vote for each share of stock respectively subscribed by them; and the said first board of directors shall as soon as conveniently may be after said election, organize by electing a president, in the manner hereinbefore prescribed for an election of a president, and also a cashier; and after the said board shall have been thus organized, it shall be the duty of the said commissioners to pay over to the said board all the moneys received by them for subscriptions

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