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under judgments at law or decrees in equity, or any other legal proceeding, or otherwise to receive and take any real estate in payment or towards satisfaction of any debt previously contracted and due to the said company, and to hold the same until they can conveniently sell or convert the same into money or other personal estate, and for the purpose of investing any part of their capital stock, funds or moneys, may purchase and hold any public stocks, created by the incorporated cities of this state, or of the United States, or of the states of New York, Massachusetts, Ohio, Pennsylvania and Connecticut, or any bonds secured by mortgages on unincumbered real estate within this state, worth double the amount of money invested or loaned, and all parts or portions of the act to which this is a supplement, or the supplements thereto, inconsistent with, and repugnant to the provisions herein before recited, be and the same are hereby repealed, and the said section as herein set forth, is hereby made a part of the charter of the said company.

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

Approved February 18, 1874.

CHAPTER XLVIII.

An act to incorporate the Capital Refining Company.

Names of corporators

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That H. J. Hartwell, George Goewey, E. Dodson, John Hood, John R. Graham, William H. Cole and Jesse E. Huston, and such other persons as may be hereafter associated with them, shall be and they are hereby made, constituted and declared a corporation and body politic in fact and in law, by the name of the Capital Refining Corporate Company, for the purposes of refining liquids and to use powers. such patents of the United States or other countries, as they now possess or may hereafter acquire, and of disposing of the right to use and work under such patents, and of receiving royalties and other payments in money or otherwise there

name and

Capital stock.

Affairs by whom con

ducted.

May make

on, in any portion of the United States or other countries; and, as such corporation, the said company shall have continued succession, and shall be capable of purchasing, holding, leasing, mortgaging and conveying lands and tenements, goods and chattels, necessary or proper for the objects of said corporation.

2. And be it enacted, That the capital stock of said company shall be one hundred and fifty thousand dollars, divided into shares of five dollars each, which shall be deemed personal property, and transferable in such manner as the said corporation shall, by their by-laws, direct, and said company may commeuce operations when one thousand shares are subscribed and paid in.

3. And be it enacted, That the property and affairs of the said company shall be managed and conducted by a board of directors, not less than five, not more than nine in number, who shall be stockholders in the company, and who shall be chosen annually by the stockholders, on the first Thursday of April in each year, or on such day to which the election may on that day be properly adjourned, in accordance with the by-laws of the company; each stockholder shall be entitled to as many votes as he or she hold shares of stock; the board of directors shall elect from their num. ber a president and such other officers as they may deem necessary, who shall hold office at the discretion of the board of directors; and said board of directors shall have power to forfeit and sell stock for delinquent assessments, in such manner as the by-laws of the company may provide.

4. And be it enacted, That the said company shall have by laws,&c. power to make such by-laws as they may deem proper to enable them to carry out the objects of the corporation, and the same to alter, amend, add to, or repeal, at their pleasure, and to adopt a common seal, and to alter the same; provided, that the said by-laws shall not be contrary to the constitution and laws of this state or of the United States.

Proviso.

principal

office.

Location of 5. And be it enacted, That the said company may carry on its business and establish necessary offices, under the direction of its officers, in such places as they may deem expedi ent, but the principal office shall be located at the city of Camden, in this state.

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

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An act to incorporate the Northern Insurance Company.

1. BE IT ENACTED, by the Senate and General Assembly of the State of New Jersey, That all such persons as shall be- Corporate come shareholders in the capital stock hereinafter mention- namie. ed, their successors and assigns, are hereby constituted and made a body politic and corporate by the name of the "Northern Insurance Company, to be located in the township of Englewood, in the county of Bergen and state of New Jersey.

stock.

2. And be it enacted, That the capital stock of said com- Capital pany shall be not less than fifty thousand dollars, nor more than two hundred thousand dollars when commencing business; but said capital stock may subsequently be increased from time to time to one million dollars in such manner as may be determined by resolution of the board of directors, with the written consent of shareholders registered in the books of the company as holding a majority of the shares of the capital stock at the time any such increase is determined upon; the capital stock shall be divided into shares of one hundred dollars each, and shall be deemed to be personal property, assignable and transferable, according to such rules and regulations as the directors may establish from time to time in the by-laws of said company.

by whom

3. And be it enacted, That the business, property and af-Business fairs of said company, shall be managed by a board of di- and affairs rectors not less than five, nor more than fifteen in number, managed. (a majority of whom shall constitue a quorum at any meeting,) who shall be elected for a term not exceeding three years, and shall hold their office until others are elected in their stead; elections for directors, and for three inspectors of elections, shall be by ballot, and shall be held as may be pro

Board of directors

officers.

vided for in the by-laws of said company, and each share of stock shall entitle its holder as registered in the books of the company at the time of any election to one vote thereat, which may be given either in person or by proxy. 4. And be it enacted, That the board of directors shall have empowered power to appoint such officers and agents as they may deem to appoint necessary for carrying on the business of the company, and to increase their own number from time to time to a number not exceeding fifteen, and to fill vacancies (for the balance of term only) that may occur by death or otherwise in their own number, or in the number of inspectors of election; aud to make, alter, and amend from time to time, such by-laws not inconsistent with the laws or constitution of this state as they may deem best for the proper government of the company, and to have a common seal which they may alter or change at their pleasure.

Names of commis

and receive subscriptions.

5. And be it enacted, That William B. Dana, Andrew D. sioners to Bogert and Vincent Tilyou, are hereby appointed commisopen books sioners (with power to fill any vacancy that may occur in their own number,) to receive subscriptions to the capital stock of said company, and as soon as five hundred shares. or more are subscribed for, they, or a majority of them, may call a meeting of the subscribers thereto; or within ten days after two thousand shares are subscribed for, they shall call a meeting of the subscribers thereto, who shall then in accordance with section two of this act, determine the amount of capital stock with which the company shall commence business, and shall also fix the term for which directors shall be elected, and determine the number of, and choose the first board of directors, and also choose three inspectors of election for the next ensuing election; each subscri ber shall be entitled at said meeting to one vote, either in person or by proxy, for each share subscribed for by him or her; the functions of said commissioners shall then cease, and the directors so chosen shall proceed to organize, and shall have power to prescribe the time, place and manner for paying in the subscriptions for shares of the said capital stock, and also to dispose of at their par value, all shares not so paid for, or that may not previously have been subscribed for, to any applicant or applicants for the same; and when the said capital stock is all paid in, or secured to be paid in to them in cash, they may commence business in accordance with

this act; and no stock shall be issued until payment or security for payment there for shall be made in full.

renewals

der or with

6. And be it enacted, That it shall be lawful for the said May issue company to issue policies of insurance and renewals there- policies and of, either under or without the seal of said company, and ob- either unligatory upon them according to the terms, conditions, out seal. tenor, intent, and meaning thereof; insuring all kinds of rights, interests, buildings, vessels, goods, wares and merchandise, against loss or damage by fire, or lightning, or explosions, or the bursting of boilers, or storms, or by any calamity incidental to marine or inland transportation and navigation; and also in like manner to insure lives against death by accidental injury only; and also to cause themselves to be reinsured when deemed expedient.

hold reai

7. And be it enacted, That it shall be lawful for said company to purchase and hold, such and so much real estate as the board of directors may deem necessary for convenient accommodation in the transaction of their business; aud also to take and receive any real estate, bona fide mortgages, May purstocks, bonds, or other securities in payment towards satis- chase and faction of any debt or obligation previously contracted with estate. them, and not otherwise fully secured to be paid; and also to loan all or any part of their capital and accumulating premiums and other funds upon the pledge of stocks, bonds, and other securities worth not less than ten per cent. more than the amount loaned thereon, on such terms as may be agreed upon, on call, or for a time not exceeding one year; and also to invest all or any part of their capital, accumulating premiums, or other funds, from time to time in bona fide mortgages that are the first lien on improved real estate, worth not less than fifty per cent. more than the amount loaned thereon; and also to proceed either at law or in equity, on any of said real estate, mortgages, stocks, bonds or other securities for the recovery of the moneys or debt thereby secured to be paid, and may purchase any of the same at sales made under such proceedings; and also to invest all or any part of their capital, accumulated premiums, or other funds, in stocks, bonds, and other securities, such as the board of directors may approve; and also to sell, mortgage, or exchange, any of the real estate herein authorized to be taken, or to pledge said mortgages, bonds, stocks, or other securities to secure any debt contracted by them, or to sell or exchange the same.

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