Payment of assessments. Election of directors. said company, be secured to be paid either by bonds and mortgages on real estate or such other security as shall be approved by the directors of said corporation, and shall be payable in such installments and at such times as said directors may determine. 3. And be it enacted, That said capital stock shall be transferable according to the rules and regulations of said company, and in case of failure or refusal on the part of any subscriber for any share or shares of said stock to make payment of any assessment ordered against said share or shares, within sixty days from the time of being notified of said assessment, such share or shares may be sold by said directors in manner as they may provide by their by-laws, and the proceeds of said sale shall be applied to the payment of said assessments and the expenses of the sale, and the surplus, if any, refunded to the owner of said stock, and the directors in like manner shall have power in similar cases to foreclose the mortgages and dispose of the securities given under the provisions of the preceding section of this act. 4. And be it enacted, That the office of said company shall be cated at Newark; and the stock, property and affairs of said company shall be conducted by not less than nine nor more than twenty directors, the number to be determined by the by-laws of said company, to be chosen by ballot from among and by the stockholders, and the annual meeting for the choice of directors shall, after the first election, be holden at Newark on the first Tuesday of March in each year, on such day as may be determined by the by-laws of said corporation, and each stockholder, present or represented by attorney, shall be entitled to one vote for every share of stock by him held, and the corporators herein named shall be such directors until the time of holding the election hereinafter mentioned; and for the purpose of organizing the corporation, said corporators shall have power to choose and appoint four persons out of their number who may receive subscriptions to the capital stock, and the first installment thereof; and when the said capital stock shall have all been subscribed for, and the first installment paid thereon, then, by a notice printed in one German and one English newspaper published in the city of Newark for not less than twenty days, the said subscribers may meet at the time and place named in said notice, and at that or some adjourned meeting proceed to the election of directors, in the manner hereinbefore provided for, who shall hold office and exercise all the powers by act given to directors until others shall be chosen at the regular day of election provided for in the bylaws; and said directors so then chosen shall, within ten days thereafter, proceed to an election of officers for said corporation, and to adopt a constitution and by-laws for its government, and upon the election of such officers the said corporation may exercise all the powers and privileges conferred by this act. 5. And be it enacted, That the directors may choose a Powers of dipresident, vice president, secretary and treasurer of their rectors. corporation, and appoint such other officers, clerks and agents, and establish such agencies in this state and elsewhere as shall be by them deemed advisable for conducting the business of the company, fix their compensation and take bonds for any or all of them for the faithful performance of their duties, and make such covenants and agreements as may be deemed necessary; the president and vice president shall be chosen from among the directors, and may hold their appointments for one year and until others are chosen; but any other officer and servant of said company may be displaced and a new one appointed, at the pleasure of the directors; in the absence or disability of the president the vice president shall preside, and if both are absent or disabled, the directors may choose a president pro tempore; and in case any vacancy shall occur in the board of directors, the remaining directors may choose a director or directors among the stockholders to fill such vacancy, who shall hold the appointment until others are chosen in their places. 6. And be it enacted, That the capital stock, moneys and Investment of personal estate of said corporation may be invested at the capital. discretion of the directors, either in loans, upon bonds and mortgages upon real estate in New Jersey, or in United States stocks, bank stocks, or stocks or bonds created by any city or state, or of corporations created by this state; and the same may be called in and reinvested at pleasure under the provisions of this act, and dividends of profit may be declared and paid from time to time to the stockholders as may be required by the by-laws. brought if 7. And be it enacted, That suits at law may be maintained Suit may be by any stockholder or person insured by said company payment of against said corporation for losses or injuries insured against by said company, if payment shall be withheld more than insurance is withheld May insure the lives of members. thirty days after the same shall be due, and payable by the terms of the policy of insurance or other contract, and after the said corporation shall have been duly notified of such loss or injury. 8. And be it enacted, That under such regulations as said corporation, by its by-laws, may prescribe, the said "The Newark Mutual Health Assurance Company" may grant to its members an additional insurance against death to an amount not to exceed two hundred and fifty dollars upon each life, but no life insurance other than that effected by and upon the lives of health assurance members shall be made under the provisions of this charter. 9. And be it enacted, That this act shall take effect immediately. Approved March 17, 1870. Preamble. CHAPTER CCCLXXIX. An Act to repeal a supplement to an act entitled "An Act to incorporate the New Jersey Turnpike Company," passed March thirtieth, eighteen hundred and sixty-nine, and for other pur.poses. WHEREAS, by act of the legislature of the state of New Jersey, passed the twenty-seventh day of February, anno domini eighteen hundred and six, certain persons therein. named were authorized to construct a turnpike road from the city of New Brunswick to Phillipsburg, opposite Easton, passing through the counties of Somerset, Hunterdon and Sussex (now Warren), certain parts of which have. been surrendered, from time to time, under and in pursuance to certain supplements obtained for the purpose; and whereas, it is represented that the supplement last obtained, and approved March thirtieth, eighteen hundred and sixty-nine, which surrendered the worn and expensive bridge crossing the Raritan river at Bound Brook to the inhabitants of the townships of Franklin and Bridgewater, in Somerset county, was obtained privately and unknown to the people; and whereas, many of the citizens of said county have petitioned this legislature praying for the repeal of said supplement, and also for the repeal of the entire charter, and the supplements thereto, incorporating the New Jersey Turnpike Company; provided, the stockholders should so elect, and that a reasonable time be granted for their decision; therefore, 1. BE IT ENACTED by the Senate and General Assembly of Repeater. the State of New Jersey, That the supplement entitled "A Further Supplement to an act entitled An Act to incorporate the New Jersey Turnpike Company,' and approved March thirtieth, eighteen hundred and sixty-nine, be and the same is hereby repealed, to take effect immediately. der road, and filed. 2. And be it enacted, That the New Jersey Turnpike Com- May surren pany may yield up fully and forever, and surrender at plea- articles to be sure, within a period of one hundred days after the passage of this act, their said turnpike and the bridges thereon, in writing, under the hands of the president and seal of the said turnpike company to the inhabitants of the counties traversed by the said turnpike road; the article of surrender to be filed for record within the said one hundred days in the offices of the clerk of the counties of Somerset and Middlesex, upon such compensation to be made to them by the boards of chosen freeholders of the respective counties in or through which said turnpike passes, or said turnpike company and said respective boards of freeholders may agree upon, in and for the estimated value of the bridges now on said turnpike, not to exceed in the aggregate the sum of ten thousand dollars, whereupon said turnpike company shall be forever absolved and released from all liability to maintain said turnpike or the bridges thereon. Approved March 17, 1870. Names of corporators. Corporate name. Election of directors. CHAPTER CCCLXXX. An Act to incorporate the Union Water Company. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That F. A. Fisher, A. B. Bigelow, Sylvester Cahill, junior, N. G. Foster, W. D. Bigelow, S. Cahill, Benjamin F. Ham, James H. Partridge, Alexander P. Purves, John G. Crane and David Mulford, and all other persons who may hereafter be associated with them in the manner hereinafter provided and their successors shall be, and are hereby constituted and declared to be a body politic and corporate, by the name and style of the "Union Water Company," and by that name shall have continual succession, sue and be sued, plead and be impleaded, answer and be answered unto, defend and be defended in all manner of actions whatever, have a common seal and make. change and alter the same at pleasure, and purchase, hold and enjoy such real and personal estate as may be necessary or useful for the object of this incorporation or may be taken in payment of debts; that the stock of the said corporation shall be deemed personal property, and shall consist of fifty thou sand dollars, divided into two thousand shares of twentyfive dollars each; that the management of the concerns of the said corporation shall be entrusted to seven directors, being stockholders of said corporation, who shall be chosen. every year at the annual meeting of the stockholders which shall be held on the third Monday in May at such hour and place in Cranford, in the county of Union, as said directors shall from time to time appoint, a notice of which election shall be published in a newspaper published in said county, for three successive weeks next before such election at least once in each week; that all such elections shall be by ballot by the stockholders, in person or by proxy, under the inspection and direction of three stockholders, neither of them being a candidate at such election, appointed by the directors, each stockholder having a vote for each share of his or her stock; and the seven persons voted for at such election having the greater number of votes, shall be the directors of said |