perty.

sell and dispose of such property, or so much thereof as may May sell probe sufficient to satisfy the amount due thereon, at public sale after three weeks' publication of notice of time and place of sale, in not less than two newspapers published in the county, or upon the discovery of any fraud, misrepresentation or concealment in regard to the ownership, character, or value of the property mentioned in or affected by said contract, and out of the proceeds thereof may reimburse themselves for the moneys due them, with the interest, reasonable costs and charges, and may idemnify themselves for any loss they may have sustained through the non-fulfilment of the said contract, decrease in value of property or misrepresentation; provided, however, that Proviso. nothing in this section contained shall be construed to prevent the said company from making any such sale at such time and in such manner as may be provided for in any contract or agreement made by any person or persons with the said company.

7. And be it enacted, That the capital stock of said corpo- Capital stock. ration shall consist of one hundred thousand dollars, divided into one thousand shares of one hundred dollars each, which shall be deemed personal property, and transferable in such manner as the by-laws may prescribe, and the same may be increased in case a majority of the stockholders so determine, to an amount not exceeding five hundred thousand dollars; said corporation may commence business and shall be deemed fully organized when the sum of twenty-five thousand dollars of the capital stock shall have been subscribed for and paid in cash.

8. And be it enacted, That the directors shall from time to time require the stockholders respectively to pay the amount of their subscription for stock at such times and in such proportions as shall be agreed upon in contract of subscription, under the penalty for non-compliance with such contract of forfeiture to the company of said shares, and of all previous payments thereon, or said directors may collect the same by action of law.

stockholders.

9. And be it enacted, That the stockholders of said corpo- Liability of ration shall be severally liable for all debts and liabilities of the said corporation to an amount equal to the amount of the stock held and owned by them respectively until they shall have paid the amount of their stock in full.

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

Approved March 27, 1868.

Corporators.

Name.

Capital stock.

Commission

ers to open

scription.

CHAPTER CCXXXVI.

An Act to incorporate the Farmers', Manufacturers' and
Merchants' Steamboat Company of Salem, New Jersey.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Ebenezer Dunn, Thomas T. Hilliard, Jacob M. Mitchell, William Holtz, Joseph B. Heishon, Thomas Brown and William Plummer, and their associates, and all persons who may hereafter be holders of the stock hereinafter named, and their successors, are hereby declared and constituted a body politic and corporate, in fact and in law, by the name and style of "The Farmers', Manufacturers' and Merchants' Steamboat Company of Salem, New Jersey," and by that name the said corporation shall have succession, with power to sue and be sued, defend and complain in any court of law and equity, and to make and use a common seal, and alter the same at pleasure; to acquire by purchase or otherwise, and hold, lease, mortgage and convey such real and personal estate, and in general have such rights, privileges and powers appertaining to corporate bodies, as may be necessary and useful for the purpose and objects of this corporation.

2. And be it enacted, That the capital stock of the said corporation shall be ten thousand dollars, with power to increase the same to twenty-five thousand dollars, to be divided into shares of one hundred dollars each, which said capital stock shall be deemed and considered personal property, and shall be transferable in such way as the by-laws of said company may direct; that each and every share of stock shall be entitled to one vote by the holder or holders thereof, which may be given in person or by proxy.

3. And be it enacted, That the said Ebenezer Dunn, Thomas books of sub- T. Hilliard, Jacob M. Mitchell, William Holtz, Joseph B. Heishon, Thomas Brown and William Plummer, or a majority of them, are hereby appointed commissioners to receive subscriptions for said stock, at such time and places in Salem (where their principal office shall be) as they or a majority of them may direct, giving at least ten days' notice thereof by publishing the same in the newspapers published in Salem, in this State; and the said commissioners shall open a book of

subscriptions for such stock at such times and places, and shall cause the same to be kept open at the places so appointed at least two days.

installments.

4. And be it enacted, That at the time of subscribing for Payment of the said capital stock of ten thousand dollars, the sum of fifty dollars shall be paid upon each share, or satisfactorily secured; and the residue of the subscription to the said capital stock of ten thousand dollars shall be paid or satisfactorily secured at the discretion of the said directors, in such installments, and at such times and places, as the president and board of directors may order and direct, a written notice thereof being served upon the said shareholders by the secretary or his agent, and that at the time of subscribing for any increase of stock over and above the said ten thousand dollars of capital stock, the sum of twenty-five dollars shall be paid upon each share, or satisfactorily secured, at the discretion of the said directors; and the residue of the said subscriptions shall be paid or satisfactorily secured at the discretion of the said directors in such installments, and at such times and places, as the president and board of directors of the company shall from time to time order and direct, giving at least ten days' notice thereof, served by the secretary or his agent upon such shareholders; and upon failure of payment of any of the subscriptions or installments above provided, the said president and directors shall have power to forfeit the shares of each and every person so failing to pay said subscriptions or installments, or any of them, to and for the use of the said company, and before forfeiture, on the full payment of one hundred dollars, certificates of stock shall be issued to each shareholder so paying by the said corporation.

their powers.

5. And be it enacted, That the affairs of the said corporation Directors, and shall be managed by seven directors, and that Ebenezer Dunn, Thomas T. Hilliard, Jacob M. Mitchell, William Holtz, Josepa B. Heishon, Thomas Brown and William Plummer, are hereby appointed the first directors, who shall serve until the first day of February, eighteen hundred and sixty-nine, and until others are elected in their stead; and the said directors, or a majority of them, shall assemble as soon as convenient after the passage of this act and appoint one of their number to be president of the said corporation, and one to be secretary and treasurer, each of whom shall serve until the first day of February, eighteen hundred and sixty-nine, and until successors be appointed; and all the affairs, concerns, tariffs, rates of

May make contracts.

Dividends.

Capital, how employed.

passage, freights and business of the said corporation shall be managed by the said directors, who, or a majority of whom, shall supply any vacancy occurring in the interval between the annual election, by the death, resignation or refusal to act of any president or director, and shall have full power to make all such by-laws, rules and regulations, not inconsistent with the constitution of this state or of the United States, for the management of the property, the regulation of the affairs and the transfer of the stock of the corporation, and to appoint all such officers, clerks, agents, captains, crews and servants as may be necessary and useful for crdering, regulating and conducting the affairs of said corporation, and for the safe keeping and protection of its funds and property.

6. And be it enacted, That it shall be lawful for the said company, at any time during the continuance of its charter, to make contracts and engagements with any other corporation, or with any individual or individuals, for transporting or conveying any kind of goods, produce, merchandise, freight or passengers, and to enforce the fulfilment of these contracts.

7. And be it enacted, That the president and directors of said company shall declare and make such dividends of the net profits of their business among the stockholders as they may deem prudent; and at each annual meeting of the stockholders for the purpose of an election, it shall be the duty of the president and directors of the preceding year to exhibit to the stockholders a full and complete statement of the affairs of the company during the past year, and shall produce the books, accounts and papers of the company if required so

to do.

8. And be it enacted, That the capital stock of this company shall be employed as the said board of directors, or a majority of them, deem expedient in the purchasing, repairing, altering, running and using any vessel or vessels propelled by steam or otherwise, and in the navigation of the same, and in the purchase, repair and building of suitable landing places, wharves and storehouses, as may be necessary for successfully conducting the affairs of said company.

9. And be it enacted, That this act shall take effect immediately, and continue in force for thirty years. Approved March 27, 1868.

CHAPTER CCXXXVII.

An Act to incorporate the Hudson City Savings Bank.

1. BE IT ENACTED by the Senate and General Assemby the State of New Jersey, That Garret D. Van Reipen, bene min F. Sawyer, George V. De Mott, Joseph E. Curve Charles Gobisch, Andrew McLean, Charles I. Roe, Jonn 1. McPherson, Patrick McNulty, John M. Wilson, Joùn hon. meld, George A. Toffey, Andrew Lights, James Montgomer Cornelius I. Rooney, Frederick A. Goetze, John Len Clinton W. Conger, Alexander H. Laidlow, Wilson M. Ho Thomas E. Bray, Charles Kamlah, John Hogan, John b John B. Stanton, George Glaubucht, Arena Stenken, Georg Och and Asa W. Fry, and their successors, shall be and hereby constituted a body corporate and politic, by the n of the "Hudson City Savings Bank," and by that name .. be capable of purchasing, taking, holding and enjovi, them and their successors, any real estate in fee silu otherwise, disposing of the said real and personal esta any part thereof, at their will and pleasure; provideu u that the clear annual value of such real and personal. exclusive of the profits that may arise from the interte ing upon the investments, or upon the sale of any invo in which the deposits may be made, shall not exc... of ten thousand dollars.

2. And be it enacted, That the said corpora.. conducted by the said board of trustees or mai of whom, if the president or vice president be constitute a legal meeting of such board.

3. And be it enacted, That the board o from time to time have power to make or such by-laws and regulations as they sha managing and directing the affairs of the e regulate the rate of interest to be allow..

4. And be it enacted, That the sever... the first section of this act shall be the corporation, and shall elect the pres such other officers as they may see 1. and all vacancies by death, resigna.. filled by the board of managers ai ...