CHAPTER CLXXXIX. An Act to authorize the Egg Harbor Homestead and Vineyard 1. BE IT ENACTED by the Senate and General Assembly of Corporate the State of New Jersey, That the Egg Harbor Homestead name. and Vineyard Company, a corporation under the provisions of an act entitled "An Act to encourage the agricultural developments of the State, and to enable persons of moderate means to become land holders," approved April tenth, eighteen hundred and fifty-five, be and it is hereby authorized to adopt the name of "The New Jersey Agricultural Annuity and Legacy Company." tificates to entitling to 2. And be it enacted, That the said company be empowered May issue certo receive contributions in money, from time to time, from contributors any and all person or persons whomsoever, and to issue cer annuities, &c. tificates for the same, entitling the said contributors to annual incomes after a term or terms of years, to continue for their respective lives, and their heirs, or persons designated by them, to certain principal sum or sums of money or legacies, to be paid on the death of said contributors as shall be set forth and stipulated in said certificates. How moneys pedeap shall be plied. 3. And be it enacted, That all sums of money to be de rived from said periodical contributions, after paying the nec essary expenses connected with their collection and the issue of the said certificates, shall be expended in the improvement and cultivation of suitable lands of the said company, for vineyards, cranberry and hop plantations and other commercial farming, averaging not less than ten acres for every thousand dollars expended; and that all net proceeds from How proceeds the sale of the productions of said lands thus improved and of sale of cultivated shall be appropriated as follows, to wit: first, fifty appropriated. per centum of said annual proceeds, or so much as may be required, but not less than twenty-five per centum thereof, shall be set apart as a fund for paying the annual incomes that may be or become due to the contributors, and the prin lands shall be Acceptance of act by stockholders. cipal sum or sums of money that may be or become payable on their death, or the death of any of them, to their respective heirs; second, of the remainder an amount not exceeding twenty-five per centum of the said annual proceeds shall be set apart as a contingent and working capital; third, the next twenty-five per centum of said annual proceeds may be divided among the stockholders of said company; fourth, of the surplus thereafter remaining of the said annual proceeds one-half part shall be distributed among the said contributors, inclusive of said company, for all legacies paid up by it, and the other half part among the stockholders of the company, as extra dividends, and no premium, annuity or extra dividend allowed to contributors or their successors or heirs shall be deemed to be usurious. 4. And be it enacted, That as soon as may be, after the passage of this act, the stockholders of the said company may meet, on the call of their board of directors, and if in such meeting at least three-fourths of the stockholders in interest are present or represented, and three-fourths of those present or represented vote in favor of accepting this act, and the authority and powers granted by it, in addition to the powers already possessed by the said company under the provisions of the act under which it has been incorporated, then the president of said company shall forthwith inform the secretary of state of the acceptance by such meeting of stockholders of this act, and it shall thereupon be in force. 5. And be it enacted, That this act shall take effect immediately. Approved March 8, 1870. CHAPTER CXC. A Further Supplement to an act entitled "A Supplement to an act entitled 'An Act to incorporate the Chosen Freeholders of the several Counties of this State,' approved April sixteenth, eighteen hundred and forty-six," approved April sixth, eighteen hundred and sixty-five. WHEREAS, the payment of moneys to volunteers, substitutes Preamble. and drafted men is no longer necessary, and the war debt of the county of Union is funded; therefore, 1. BE IT ENACTED by the Senate and General Assembly of Repealer. the State of New Jersey, That the second section of an act entitled "A Supplement to an act entitled "An Act to incorporate the chosen freeholders of the several counties in this state," approved April sixteenth, eighteen hundred and forty-six, which supplement was approved April sixth, eighteen hundred and sixty-five, be and the same is hereby repealed so far as it relates to the county of Union. 2. And be it enacted, That this act shall take effect immediately. Approved March 8, 1870. CHAPTER CXCI. An Act to change the name of Horace R. Dangler to that of WHEREAS, Horace R. Dangler, of Dennisville, Cape May Change of county, is desirous of having his name changed to Horace name. Read, and no reason appearing to the contrary. 1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That the name of Horace R. Dang- porators. ler, of Dennisville, in the county of Cape May, be, and the same is hereby changed to Horace Read, and by that name he shall possess and enjoy all the rights, powers and privileges which he would have possessed and enjoyed, had he retained his original name of Horace R. Dangler. 2. And be it enacted, That this act shall take effect immediately. Approved March 8, 1870. Names of corporators. Corporate name. ers. CHAPTER CXCII. An Act to incorporate the Committee of Presbyterial Church 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Robert Aikman, Jonathan F. Stearns, Henry F. Hickok, J. Ulrich Guenther, Charles E. Knox, Eldridge Mix, James B. Pinneo, William R. Sayre, Joseph N. Tuttle, Ira M. Harrison, Henry N. Beach and John D. Reichert, (designated for the purpose by the Presbytery of Newark,) and their successors in office to be hereafter designated by the said Presbytery, shall be and are hereby ordained, constituted and declared to be a body politic and corporate, in fact and in name, by the name of "The Committee of Presbyterial Church Extension in the Presbytery of Newark," for the purpose of aiding feeble congregations in connection with, and within the bounds of the sa d Presbytery, in erecting, purchasing, procuring or securing to their use, houses of worship. General pow- 2. And be it enacted, That the said corporation shall possess the general powers, and be subject to the provisions contained in an act entitled "An Act concerning corporations,' approved February fourteen, eighteen hundred and forty-six, and the acts amendatory thereof, so far as the same are applicable, or have not been repealed or modified, or may not be inconsistent with the provisions of this act. vested in com 3. And be it enacted, That the management and disposi- Management tion of the affairs and funds of said corporation shall be mittee. vested in the individuals named in the first section of this act, and their successors in office, who shall remain in office for such period, and be succeeded by others to be elected at such time and in such manner as the said Presbytery shall direct or appoint; and such election shall be made and the funds shall be held, and administered, invested and disposed of for the purposes aforesaid in conformity with the provisions of the plan adopted by the said Presbytery; provided, that Proviso. no money shall be furnished by said corporation to aid any congregation to procure a house of worship, the title of which shall be vested in any bishop, priest or other ecclesiastic. hold real es tate. 4. And be it enacted. That the said corporation shall in May have and law be capable of taking and holding any real or personal estate, which has been or may hereafter be given, devised or bequeathed to them for the purposes of their incorporation, or which shall accrue from the use of their funds; but the said corporation shall not take and hold real and personal estate exceeding the sum of two hundred and fifty thousand dollars. 5. And be it enacted, That this act shall be deemed and taken to be a public act, and shall take effect immediately. Approved March 8, 1870. CHAPTER CXCIII. An Act to incorporate the National Cranberry Company. 1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Joshua Forsyth, Job H. Gas- porators, kill, John Forsyth, James R. Gould, Barclay Haines, and all such persons as may hereafter be associated with them, their successors and assigns, be and they are hereby constituted a body politic and corporate, in fact and in law, by the name of The National Cranberry Company, for the pupose Corporate of buying, holding, cultivating and improving lands in the counties of Ocean and Burlington, and for raising and selling " name. |