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chattels of whatever kind or quality whatsoever; and the said lands, tenements, hereditaments, goods and chattels, or any part thereof, to sell, grant, demise, alien and dispose of, also to sue and be sued, plead and be impleaded in courts of justice, or in any other place whatever, and to make and use a common seal.

capital

2. And be it enacted, That the capital stock of said com- Amount of pany shall be six hundred thousand dollars, and shall be stock. divided into shares of one hundred dollars each, with the privilege of increasing the same to eight hundred thousand dollars, whenever in the opinion of the board of directors. the profits of the company shall warrant such increase; and that when thirty thousand dollars shall have been paid in, in cash, such company may purchase manufactories, materials, patents, and other property necessary for their business, and issue stock to the amount of the value thereof in payment therefor; and the stock so issued shall be declared and taken to be full stock, and not liable to any further calls; but once every year said company shall publish a statement, sworn to by the president of said company, in one or more newspapers published in each county where the business shall be carried on, containing the amount of capital stock of said company, and how much has been paid in cash, and how much in materials, patents and other property, according to the fact.

open books

tion.

3. And be it enacted, That the subscription of said stock Directors to shall be open at the city of Jersey City for any time not of subscripexceeding sixty days, under the direction of the board of directors, or such of them as shall be designated by the said board for that purpose.

directors.

4. And be it enacted, That the stock, property, and con- Election of cerns of said company shall be managed and conducted by five directors, who shall be stockholders, one of whom shall be president, who shall hold their offices for one year from the first Tuesday of May in every year, and that the said directors shall be chosen on the last Tuesday of April in every year, at such time and place as shall be directed by the by-laws of the said company, and public notice

First directors.

Stock transferable.

shall be given of the time and place of holding every such election, not less than ten days previous, in one or more newspapers in each of said counties of Mercer and Hudson, by such stockholders as shall attend for that purpose, either in person or by proxy, and said elections shall be by ballot, and each stockholder shall be entitled to as many votes as he shall have shares of the capital stock of the said company, and the person having the greatest number of votes, being stockholders, shall be the directors; and if it should happen at any election for directors, that two or more persons shall have an equal number of votes, in such manner that a less number than five shall by a plurality of votes appear to be chosen as directors, then the said stockholders herein before authorized to vote at such elections, shall proceed and ballot a second time and by a plurality of votes determine which of the persons having an equal number of votes shall be director or directors so as to complete the whole number of five, and the said directors so chosen shall elect one out of their number to be president, and shall also appoint such and so many officers, agents and factors, and assign such compensation as they shall see fit, not less than three directors being present when an election and appointment takes place; and if it shall happen that any vacancy or vacancies occur by death, resignation or otherwise, among the directors named in this act, or those hereafter to be chosen, such vacancy or vacancies shall be filled by the remaining directors or a majority of them, at any meeting of the board of directors until the first election for directors at the time provided, and until others shall be elected, the directors of said company, until others shall be elected, shall be William C. Alexander, John J. Fields, Henry Day, James S. L. Cummins and Henry M. Alexander.

5. And be it enacted, That the stock of said corporation shall be deemed personal estate, and transferable in such manner as shall be prescribed by the by laws of said company, and no dividend shall be made to and among the

stockholders except from and out of the profits of the said corporation.

not dis

solved for elect on day

failure to

prescribed.

6. And be it enacted, That in case it should happen at any Corporation time that an election should not be made on the day on which, pursuant to this act, it ought to be made, the said corporation shall not for this cause be deemed to be dis solved, but it shall and may be lawful to hold such election on such other days in the manner aforesaid, as shall be prescribed by the by-laws and ordinances of the said corporation.

Directors to

make by

laws.

7. And be it enacted, That a majority of the directors for the time being shall form a board for the transaction of the business of the said corporation, and shall have power to ordain, establish, and put in execution such by-laws, ordinances, and regulations as shall seem necessary and convenient for the government, management, and disposition of the stock, effects, profits, and concerns of the said corporation; provided, that the same are not contrary to the Proviso. constitution and laws of the United States or this state.

statement to

8. And be it enacted, That the directors shall at all times Annual keep, or cause to be kept, proper books of account, in be made. which shall be regularly entered and kept all the transactions of the said company, which books shall at all times be open to the inspection of the stockholders of the said company, and a correct and full statement of the affairs of said corporation shall be made to the stockholders at their annual meeting for the election of directors, herein before provided.

be register

9. And be it enacted, That no transfer of stock shall be Transfers to valid or effectual, until such transfer shall be entered or ed. registered in the book or books to be kept by the president and directors for that purpose.

10. And be it enacted, That this act shall continue in force Limitation. for a period of thirty years, and shall take effect immediately, but it shall and may be lawful for the legislature of this state, at any time hereafter, to alter, amend, or repeal this act, or any part thereof, whenever they shall see proper.

General powers.

11. And be it enacted, That the said corporation shall possess the general powers and be subject to the restrictions and liabilities contained in the act entitled "An act concerning corporations," approved February fourteenth, eighteen hundred and forty-six, so far as the same are applicable. Approved March 15, 1859.

Names of corporators.

CHAPTER CXL.

AN ACT to incorporate the Camden, Moorestown, Hainesport, and Mount
Holly Horse Car Railroad Company.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That John W. Mickle, Joseph W. Cooper, John S. Read, John Hood, Benjamin W. Cooper, Samuel H. McFadden, James C. Finn, William Buzby, James S. Hulme, Barclay Haines, James McIlvain, and George McHenry, and such other persons as may be hereafter associated with them shall be and they are hereby ordained, constituted and duly declared a body politic and corporate in fact and in law, by the name of "the Camden, Moorestown, Hainesport, and Mount Holly Horse Car Railroad Company," and shall be capable of purchasing, holding and conveying any lands, tenements, goods and chattels, necessary or proper for the object of the said corporation hereby created.

capital

2. And be it enacted, That the amount of the capital stock Amount of of said company shall be one hundred thousand dollars, stock. with privilege to increase the same to three hundred thousand dollars, and shall be divided into shares of twenty-five dollars each, which shall be deemed personal property, and transferable in such manner as the said corporation shall by their by-laws direct.

sioners to

scriptions.

directors.

3. And be it enacted, That the above named persons or a Commismajority of them shall be commissioners to open books receive subto receive subscriptions to the capital stock of said corporation, at such time or times, and place or places as they or a majority of them may think proper, giving at least twenty days' notice of the same in two of the newspapers published in this state, and that at the time of subscribing ten per centum shall be paid for each share subscribed for, to the commissioners or some one of them, and as soon as forty thousand dollars of the capital stock shall be subscribed, such commissioners shall give like notice for a Election of meeting of the stockholders to choose thirteen directors, a majority of whom shall be residents of this state, and such election shall be made at the time and place appointed by such of the stockholders as shall attend for that purpose either in person or by proxy, each share of the capital stock entitling the holder thereof to one vote, and the said above named persons or any three of them shall be inspectors of the first election of directors of the said corporation, and shall certify under their hands, the names of those persons duly elected and deliver over the subscription books and money paid in, deducting all expenses previously incurred, to the said directors, and the time and place of holding the first meeting of said directors shall be fixed by the said persons named in the first section of this act, or a majority of them, and the directors chosen at such meeting, or at the annual election of said corporation, shall as soon as may be after every election, choose out of their own number a president who shall be a resident of this state, and in case of the death, resignation or removal of the president or any director, such vacancy or vacancies

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