directors Board of 8. And be it enacted, That the said board of directors may may make make dividends to the shareholders registered as such on dividends. the books of the company at the time such dividends are de Insured may participate in profits. Fiscal year when to clared, or to their legal representatives of so much of the profits of the company as they may deem advisable by distributing new capital stock or cash. 9. And be it enacted, That the board of directors may at any time permit the insured to participate in the profits that may thereafter accrue from the business of the company in such manner as said board of directors shall prescribe. 10. And be it enacted, That the fiscal year of this comcommence. pany shall commence on the first day of January in each year, and terminate on the last day of December in each year. 11. And be it enacted, That this act shall take effect immediately. Approved February 18, 1874. CHAPTER LV. A supplement to the act entitled "An act to incorporate the Newark Firemen's Insurance Company," approved February twenty-seventh, one thousand eight hundred and fifty-seven. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the first section of the act entitled "A supplement to the act entitled 'An act to incorporate the Newark Firemen's Insurance Company,'" approved February thirteenth, one thousand eight hundred and sixtythree, be and the same is hereby repealed, and that the said corporation shall hereafter be known and designated by the name of the "Firemen's Insurance Company of Newark, what name New Jersey," and by that name, have and exercise all the powers and privileges conferred by the act to which this is a supplement, and by the supplements thereto, and be liable to all the duties and obligations therein contained. Corporation by to be hereafter known. stock may 2. And be it enacted, That the said company may from Capital time to time increase their capital stock to an amount not be increasto exceed five hundred thousand dollars over and above the ed. amount already authorized by law, by increasing the number of shares, or the par value of the shares now issued or in both ways, as the directors of said corporation may elect, which increased capital shall be subscribed and paid at such time or times and in the manner prescribed by the directors of said corporation. 3. And be it enacted, That the thirteenth section of the Repeater. act to which this is a supplement, be and the same is hereby repealed; provided, nevertheless, that it shall be lawful for Proviso. the legislature at any time hereafter to alter, amend, modify or repeal the act to which this is a supplement, and the supplements thereto. for direc 4. And be it enacted, That the election of Directors shall Election be conducted by two stockholders instead of three, as pro- tors by vided by the eighth section of the act to which this is a sup-conducted. plement. Approved February 18, 1874. whom to be CHAPTER LVI. An act to incorporate the New Jersey Pharmaceutical Association. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That James Stratton, Anselle Names of Walker, John B. Lee, Joseph Bassett, A. S. White, Randall corporators Rickey, and their associates, officers and members of said association, be and they are hereby constituted and declared to be a body politic and corporate in law by the name, name. style and title of the "New Jersey Pharmaceutical Associa- corporate tion," and by that name to have perpetual succession; to have a corporate seal with power to change the same at pleasure. 2. And be it enacted, That the object of this association Object of association May make by-laws,&c. shall be for the cultivation and advancement of the science of pharmacy. 3. And be it enacted, That the said association shall have power to make and adopt by-laws and regulations for the election of officers, the admission or expulsion of members, the collecting of dues, the imposing of fines, and method of collecting the same, and the general management of the as sociation. 4. And be it enacted, That this act shall take effect immediately. Approved February 18, 1874. Amendment. Proviso. CHAPTER LVII. An act to amend the act entitled "An act to incorporate the Delaware Rolling Mill," approved March twentyeighth, one thousand eight hundred and sixty-seven. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the third section of the act entitled "An act to incorporate the Delaware Rolling Mill," approved March twenty-eighth, one thousand eight hundred and sixty-seven, be so amended that the capital stock of said incorporation shall be divided into shares of twentyfive dollars each; provided, that such division shall not be made unless all the stockholders shall agree thereto in writing, signed by them and recorded in the books of the incorporation. 2. And be it enacted, That this act shall go into effect immediately. Approved February 18, 1874. CHAPTER LVIII. An act to incorporate the Newark Stove Platform Company. Corporate 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the several persons who shall name and subscribe for the capital stock of the incorporation herein. powers. after mentioned, and their associates, successors and assigns shall be and hereby are created a body politic and corporate, in law, by the name of "The Newark Stove Platform Company," and by that name shall have, use, possess and enjoy the ordinary powers of incorporations for the purposes of this act. commis and receive tions. 2. And be it enacted, That William R. Drake, William H. Names of Drummond and Walter M. Conger shall be and are hereby sioners to appointed commissioners to receive subscriptions to the said open books capital stock of said company, at such time or times, place subscripor places, as they or a majority of them may direct, by giving public notice for two successive weeks, in two or more of the public newspapers published in the city of Newark, in this state, of their appointment as such commissioners, and of the time and place when and where such subscriptions will be received. 3. And be it enacted, That the capital stock of said company capital shall be twenty-five thousand dollars, and that the direct- stock. ors may have power at any time whenever thay shall deem it expedient, to increase the same to one hundred thousand dollars. when to be 4. And be it enacted, That whenever and so soon as twen- Election of ty-five thousand dollars of said capital stock shall be sub-directors scribed, the said commissioners or a majority of them, shall held. call a public meeting of the subscribers to said capital stock, at such time and place as they may designate, by notice in two or more of the public newspapers published in said city of Newark, for two successive weeks, that, at said meeting of said subscribers thus called, there shall be elected by Directors empowered ballot, five at least of such subscribers, as directors of said company, who shall serve for one year, or until others are elected in their stead, and that at such election, the said commissioners or a majority of them, shall act as tellers. 5. And be it enacted, That the said directors shall elect to elect of one of their number as president, and such other officers and agents as they may deem proper. ficers. Directors, their pow ers and duties. Election for directors after the 6. And be it enacted, That the said directors shall have the care, control and management of the affairs, estate and business of said corporation, and shall have full power and authority to make, pass and enforce such by-laws, rules and regulations for the control of the said corporation, its officers, business and estate, as they may deem proper, not inconsistent with the constitution and laws of this state or of the United States. 7. And be it enacted, That the elections of directors of said corporation, after the first, shall be had and conducted first, when in the manner provided by said by-laws, rules and regula to be held, Capital divided. tions. 8. And be it enacted, That said capital stock shall be divistock how ded into shares of twenty-five dollars each, shall be considered personal property and shall be transferable on the books of the corporation, in the manner provided for by the by-laws of said company, and each share shall entitle the owner thereof to one vote at all elections, either in person or by proxy. Objects and purposes of company. Directors to 9. And be it enacted, That the objects and purposes of said company shall be the manufacture and sale of stove platforms and other articles, goods, wares, and merchandise legitimately connected therewith, and that for such objects and purposes, the said corporation shall have full power to rent, lease, purchase, have, hold, use, enjoy and acquire, in fee simple, or by such other tenancy as may seem best to the directors of said corporation, real and personal estate, and also, to purchase, have, hold, use and enjoy, and sell, assign and convey any patent right or rights under any letters patent, issued by the United States or otherwise, howsoever, and to mortgage, sell, grant, convey and confirm such real and personal estate, and such patent right or rights. 10. And be it enacted, That said directors may declare and declare and pay dividends from the profits only, of the business of said dends from corporation, to the owners of the capital stock of the same, pay divi profits only. |