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shall pay to the treasurer of this state a tax of one half of one per centum on the cost of the said road, to be paid annually on the first Monday in January; provided, that Proviso. no other tax or impost shall be levied or raised from said corporation by virtue of any law of this state.
17. And be it enacted, That the said corporation shall have company power to borrow such sum or sums of money, from time money. to time, as shall be necessary to build, construct or repair said road, and furnish the said company with all necessary rails, buildings, cars, vehicles and animals, for the use and object of the aid corporation, and to secure the repayment thereof by bond and mortgage, or otherwise, on the said road, land, franchises and appurtenances of or belonging to the said corporation, at a rate of interest not exceeding seven per centum per annum; provided, however, that the Proviso. said company shall not plead the statute of usury in con. sequence thereof.
18. And le it enacted, That it shall be lawful for the said Corporation corporation, at any time during the continuance of its contract charter, to make contracts and engagements with any
other companies. company or corporation, or with individuals, for operating said railroad, for transporting or conveying any kind of goods, produce, merchandise, freight or passengers, and to enforce the fulfilment of such contracts, and also to demand and receive for the transportation of all passengers and freight by them carried and transported over the road of any other company, the same rates of fare and tolls as the said company are entitled to demand and receive by virtue of this act, for transportation and passage over their own road.
19. And be it enacted, That if the said railroad is not com. Commencepleted and in use within three years from the fourth day completion of July next, then and in that case this act shall become void.
20. And be it enacted, That the said corporation shall limitation. possess the general powers, and be subject to the restrictions and liabilities contained in the act entitled, "An act concerning corporations," approved the fourteenth day of
February, eighteen hundred and forty-six, and the acts supplementary thereto, and amendatory thereof, so far as the same are applicable, and that this act shall go into effect immediately, and shall continue in force for twenty years.
Approved March 15, 1859.
An Act to incorporate the Lambertville Iron Company.
Xames of corporators
1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Inghain Coryell, John Runk, Philip Boroughs, James D. Stryker, Charles Moore, Lis. comb R. Titus, Thomas B. Carr, William McCready, Charles A. Skillman, Nelson Large, Jonas Simmons, and Harman H. Titus, and the survivors of them, and all such persons as may hereafter be associated with them or the said survivors, their successors and assigns, shall be and they are hereby constituted a body corporate and politic, in fact and in name, by the name of “The Lambertville Iron Company,” for the purpose of carrying on a general manufacturing business, including edge and other tools, and any other articles or machinery of which iron or steel forms the principal ingredient; also a general foundry business, including castings for stoves, buildings, steam engines, mill gearing, car wheels, and all or any branch of the foundry business, in the town of Lambertville, in the county of Hunterdon.
2. And be it enacted, That the said corporation may rent What proor purchase and hold such water privileges, machinery and be held. effects as may be needed for carrying on their said business, and may purchase and hold such real estate as may be required for the purposes of the said corporation, not ex. ceeding five acres, and may dispose of the same and all other real estate which shall have been bona fide mortgaged to the said company by way of security or conveyed to them in satisfaction of debts previously contracted in the course of dealing, or purchased at sales upon judgments or decrees which shall be obtained for such debts.
3. And be it enacted, That the stock, property and con- Election of cerns of said corporation shall be managed and conducted by seven directors, of whom a majority shall be residents of this state, being stockholders, one of whom shall be president, who shall hold their offices for one year; and that the said directors shall be chosen on the first Monday in February in every year, at such time and place as shall be directed by the by-laws of said corporation, and public notice shall be given of the time and place of holding every such election, not less than ten days previous, in two or more newspapers published in said county of Hunterdon, and in one or more newspapers published in the city of Trenton, by such of the stockholders as shall attend for that purpose, either in person or by proxy, and each stockholder shall be entitled, in person or by power of attorney, to as many votes as he shall hold shares of the capital stock of the said company; provided, no stockholder Proviso. shall have more than one hundred votes; and the persons having the greatest number of votes, being stockholders, shall be directors; and the directors chosen at one election shall be capable of serving by virtue thereof until another election shall have been held; and the directors so chosen shall appoint clerks and superintendents, and assign such compensation as they shall think fit, not less than a ma. jority of the whole number of directors being present when
Amount of capital stock.
the same shall be done; and if it shall at any time happen that any vacancy or vacancies occur, by death, resignation or otherwise, among the directors named in this act, or those hereafter to be elected, such vacancy or vacancies shall be filled by such person or persons as the remainder of the directors for the time being, or a majority of them,
shall appoint, and until other directors are chosen from the First direc- stockholders; and the first directors shall be John Runk,
James D. Stryker, Ingham Coryell, Thomas B. Carr, Charles A. Skillman, Liscomb R. Titus, and William McCready, and the survivors of them, who shall hold their office until the first Monday in February anno domini eighteen hundred and sisty, or until others are legally chosen.
4. And be it enacted, That the capital stock of said company shall not exceed one hundred thousand dollars ($100,000), which shall be divided into shares of fifty dollars each; but as soon as the sum of twenty thousand dollars of said capital stock shall have been subscribed and paid (in cash or its equivalent), it shall and may be lawful for the said company to commence their said business, and with that capital conduct and carry it on until they shall deem it expedient to extend their operations; and it shall be lawful for the directors of said company to call and demand from the said stockholders all sums of money by them subscribed at such times and in such proportions as they may deem proper, not exceeding ten dollars on each share at any one time, under pain of forfeiting the shares of the said stockholders, and all previous payments thereon, if such payment shall not be made within thirty days after a notice shall have been published for thirty days in one or more newspapers published in the said county of Hunterdon, and in one or more newspapers published in said city of Trenton.
5. And be it enacted, That the stock or property of the said company of whatever nature or kind, shall be deemed personal estate, and be transferable in such manner as shall be prescribed by the by-laws of said corporation ; provided,
ed for failure to elect
that no dividends shall be made to or among the stockholders except from out of the net profits of the said corporation.
6. And be it enacted, That in case it should at any time Corporation happen, that an election should not be made on the day that, pursuant to this act, the same should be made, the said on day precorporation shall not for that cause be deemed to be dissolved, but it shall and may be lawful to hold such election, on such other day in the manner provided by law in such cases, in the manner aforesaid, as shall be prescribed by the by-laws and ordinances of said corporation.
7. And be it enacted, That a majority of the directors for Stockholders the time being, shall form a board for the transaction of by-laws. the business of said corporation; the stockholders, or a majority of them, at any regular or lawful meeting, shall bave power to ordain, establish, and put into execution such by-laws, ordinances, and regulations as shall seem necessary and convenient for the government, management, or the disposition of the stock, effects, profits, and concern of the said corporation; provided, that the same are not Proviso. contrary to the constitution of the United States or of this state.
8. And be it enacted, That the directors shall at all times Books of keep, or cause to be kept, proper books of account, in be kept. which shall be entered all the transactions of the said corporation, which shall be at all times open to the inspection of the stockholders, and all creditors of the said corporation, or their legal attorney or attorneys, and further that no transfer of stock shall be valid or effectual until such transfer shall be entered and registered in the books to be kept by the president for that purpose.
9. And be it enacted, That this act shall continue and be limitation. in force for the space of thirty years, and shall be subject to amendment or repeal when the public good may require it.
Approved March 15, 1859.