to be selected from the stockholders, three of whom shall be residents of Union county, and the said directors shall choose by a plurality of votes, a president from among themselves, and as soon as conveniently may be after thirty thousand dollars shall have been subscribed and paid in, the before named commissioners, or a majority of them, shall convene the said stockholders by public notice, to be given as aforesaid, and at such time and place as they shall designate in said notice, to choose the first board of directors, who shall hold their office until the first Monday in May, eighteen hundred and seventy-one; and the said directors and president shall hold their offices from the first Monday in May, in every year, for one year, and shall be elected on the first Monday in May in each year, at such time and place as a majority of the directors shall appoint, and public notice shall be given of the time and place of holding such election for ten days, in a newspaper published in the city of Elizabeth, and any vacancy in said board of directors may be supplied by appointment to be made by the board of directors until the next election; and all elections shall be by ballot of the stockholders or their proxies, allowing one vote. for each share which they shall hold, or shall have held in his, her or their name or names, at least fourteen days before the time of voting. tors not to 5. And be it enacted, That if at any time an election is Failure to not held on the day herein appointed, the corporation shall elect direc not be dissolved for that cause, but an election shall be held dissolve. in such manner as directed by the by-laws any time within one year. rectors. 6. And be it enacted, That the directors for the time being Quorum of dishall form a board, and they, or a majority of them, shall be a quorum for transacting business. ferable. 7. And be it enacted, That the stock of the corporation Stock transshall be transferable according to the by-laws and regulations of the corporation, and shall be considered personal property, and the stock and transfer books shall be opened at all times to the inspection of the stockholders. injury to 8. And be it enacted, That if any person or persons shall Penalty for wilfully do or cause to be done, any act or acts whatsoever, works. with intent thereby to injure any conduit, pipe, cock, machine or structure whatsoever, or anything appertaining to the works of the said corporation, or whereby the same may be stopped, obstructed or injured, the person or persons so of Proviso. Office. where located. General pow ers. fending shall be deemed guilty of a misdemeanor, and being thereof convicted shall be punished by fine not exceeding three hundred dollars, or imprisonment at hard labor, not exceeding two years, or both; provided, such criminal prosecution shall not in any wise impair the right of action for damages by a civil suit, hereby authorized to be brought for any such injury as aforesaid, by and in the name of the said incorporation, in any court of this state having cognizance of the same. 9. And be it enacted, That the said company shall cause to be kept at their office in the city of Elizabeth, proper books of accounts, in which shall be fairly and truly entered all the transactions of the company, which books shall be open at all times to the stockholders. 10. 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 the fourteenth day of February, eighteen hundred and forty-six, so far as the same are applicable, and shall continue in force for fifty years. 11. And be it enacted, That this act shall take effect immediately. Approved February 22, 1870. porators. CHAPTER LXXXIX. An Act to incorporate the Carlstadt Gas Light Company. Names of cor- 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That John Fortenbach, Jacob Fortenbach, Joseph Fortenbach, Henry Schafer, George Micke, and all and every person or persons who may become subscribers according to the mode hereinafter prescribed, and their successors, are hereby created a body politic and corporate in fact, by the name of "The Carlstadt Gas Light name and ob- Company," and by the said name the said corporation shall have power and authority to manufacture, make and sell gas, Corporate ject. to be made of bituminous coal, resin, or other suitable materials, for the purpose of lighting the streets, buildings, manufactories and other places in and adjacent to the village of Carlstadt, in the township of Lodi, and the county of Bergen ; and to make, enter into and execute contracts, agreements and covenants in relation to the object of this corporation, and of enforcing the same; and be capable of purchasing, taking and holding any estate and property, real and personal, necessary to give effect to the purposes of this corporation, for the accommodation of their business and concerns, or which it may be necessary for said corporation to acquire and hold for the purpose of securing or satisfying debts which have become due to said corporation in its regular business, and of conveying the same. pipes, &c. 2. And be it enacted, That the said corporation shall have Authorized to power to lay down their gas pipes and erect gas posts, burners lay down and reflectors, in the streets, alleys, lanes, avenues, roads, squares, highways and public grounds in the village of Carlstadt and places adjacent thereto, in the county of Bergen, and to do all things necessary to light the same, and the dwellings, stores, buildings and other places situated therein; provided, that the public travel shall no time be unnecessarily Proviso. affected or impeded by the laying of the said pipes, or the erection of said posts, and the streets, alleys, lanes, avenues, roads, squares, highways and public grounds shall not be injured, but shall be left in as good condition as before the laying of said pipes and the erection of said posts. subscriptions. 3. And be it enacted, That John Fortenbach, Jacob Forten Commissionbach, Joseph Fortenbach, Henry Schafer and George Micke ers to receive are hereby appointed commissioners for receiving subscriptions for the sum of fifteen thousand dollars, to constitute the capital steck of the said corporation, in shares of one hundred dollars each; and the said commissioners, or a majority of them, shall open books for that purpose, at such time, and in such place or places in the said village of Carlstadt as they shall designate by public advertisement, previously inserted. for at least three weeks in a newspaper printed at Hackensack, in the county of Bergen, and shall keep the same open as long as they may deem necessary, and may close the same at their discretion, and again open the same from time to time, giving like notice, and shall require each subscriber to pay to them at the time of subscribing, such per centum on each share subscribed as they may deem expedient, Directors, officers, &c. not exceeding ten per centum on each share subscribed, which shall be paid over to the directors of the said company. to be appointed as hereinafter directed; and all the powers of the said commissioners shall cease on the appointment of the directors; and the board of directors, when appointed, shall have power, and they are hereby authorized from time to time to open the books for further subscriptions, until the whole stock subscribed amounts to fifteen thousand dollars; and are also authorized to call upon the subscribers, by public advertisement in a newspaper printed at Hackensack, in the county of Bergen, for three weeks, for the payment of further installments, in such sum or sums, and at such time or times, and under such forfeiture or forfeitures, as they may deem expedient, until the whole amount of said shares so subscribed shall be fully paid. 4. And be it enacted, That the management of the concerns of the said company shall be vested in five directors, to be selected from the stockholders, a majority of which directors shall be residents of the state of New Jersey; and the said directors shall choose, by a plurality of votes from among themselves, a president, and as soon as conveniently may be, after five thousand dollars shall have been subscribed, the said commissioners, or a majority of them, shall convene the stockholders, by public notice for three weeks, in a newspaper printed in Hackensack, in the county of Bergen, and such time and place in the village of Carlstadt as they shall designate in such notice, to choose the first board of directors, who shall hold their offices until the next succeeding second Monday in January; and they shall hold their offices from the second Monday in January in each year, for one year, and shall be elected on the second Monday in January in each year, at such time and place in said village of Carlstadt as a majority of the directors shall appoint; and public notice shall be given of the time and place of holding such election, for ten days in a newspaper printed in Hackensack, in the county of Bergen; and any vacancy in the said board of directors may be supplied by appointment to be made by the board of directors, until the next election; and all elections shall be by ballot of the stockholders or their proxies, allowing one vote for each share which they shall have hell in his, her, or their name or names, at least one month before the time of voting. 5. And be it enacted, That if at any time an election by failure to shall not be held on the day herein appointed, the corpora- Not dissolved rectors. 6. And be it enacted, That the directors for the time Quorum of dibeing shall form a board, and they, or a majority of them shall be a quorum for transacting business. ferable. 7. And be it enacted, That the stock of the said corpo- Stock transration shall be considered personal property, and transferable according to the regulations of the directors, and the stock and transfer books, and all proper books of account, in which shall be fairly and legibly entered and kept all transactions of the company, shall be kept open at all times for the inspection of the stockholders. injuring 8. And be it enacted, That if any person or persons shall Penalty for wilfully do, or cause to be done, any act or acts whatever, works, &c. with intent to injure any conduit, pipe, cock, machine, post, or structure whatever, or anything appertaining to the works of said corporation, or whereby the same may be stopped, obstructed or injured, the person or persons so offending shall be considered guilty of a misdemeanor, and on being thereof convicted shall be punished by fine not exceeding three hundred dollars, or by imprisonment at hard labor not exceeding two years, or both; provided, such criminal prosecution shall Proviso. not impair the right of the said company to an action for damages by civil suit hereby authorized to be brought for any such injury as aforesaid, by and in the name of the said corporation, in any court having cognizance of the same. money and secure the same mortgage. 9. And be it enacted, That the said company shall have May borrow power to borrow money at any time or times, not exceeding two-thirds of their capital stock, and to secure the same by by bond and bond or bonds, or other evidences of debt, bearing an interest not exceeding seven per centum per annum, and mortgage upon their property, franchises and privileges, and by such other assurance or assurances as they may deem expedient. 10. And be it enacted, That this act shall take effect immediately. Approved February 22, 1870. |