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company

by whom

n good health, but at no time shall the company incur a risk on any one life exceeding ten per centum of the amount of the capital stock paid in.

Business of 3. And be it enacted, That the business, property and effects of the said company, shall be managed and conducted mannged. by such directors, not less than five nor more than fifteen in number, as may be elected for that purpose, a majority of whom shall form a quorum, which directors shall hold their office for one year, and until others are chosen, and they shall at all times during their continuance in office be stockholders in their own right; and directors shall be elected on the first Monday in January, in each and every year, at such hour of the day, and at such place in the state of New Jersey, as the board of directors for the time being shall direct, of which election two weeks' public notice shall be given in a newspaper printed in the county of Union, in the state of New Jersey; and each share of stock shall entitle the owner to one vote at each election, to be given either in person or by proxy; and that the office and records of the said company may be kept at the city of Elizabeth, in the county of Union, in the state of New Jersey.

empowered

officers.

Names of commis

Directors 4. And be it enacted, That the board of directors shall to appoint have power to appoint a president, secretary and treasurer, and such other officers and clerks as they may deem necessary for carrying on the business of the company, and to allow them respectively such compensation for their services as may in their judgment be deemed reasonable. 5. And be it enacted, That Joseph Alward, Jacob Seiple, sioners to Augustus C. Kellogg, Nicholas C. J. English and Samuel S. open books, Moore, are hereby appointed commissioners, by whom or either of them, books of subscription to the capital stock of said company may be opened upon three weeks' notice published in a newspaper printed in said county of Union, in the state of New Jersey; and said commissioners, or either of them, shall, by a like notice, appoint the hour and place for holding the first election of directors.

&C.

Company empowered to insure lives.

Contracts

6. And be it enacted, That it shall and may be lawful for the said company to insure the lives of individuals against death by disease or accident; also, against disability by ac cident.

7. And be it enacted, That all policies or contracts, founded made either thereon, which shall be made or entered into by said com

may be

without

pany, may be either under or without the seal thereof, and under or shall be subscribed by the president, or such other officers as seal. may be designated by the company for that purpose, and attested by their secretary; and being so subscribed and attested, shall be obligatory upon the company according to the tenor, intent, and meaning of this act, and of such policies or contracts.

8. And be it enacted, That it shall and may be lawful for May purthe said company to purchase and hold such and so much chase and real estate as shall be necessary for their convenient accom- estate. modation in the transaction of their business, and also to take and hold any real estate or securities, mortgaged or pledged to said company, to secure the payment of any debt which may be contracted with them, and also to proceed against said mortgages or other securities for the recovery of moneys thereby secured, either at law or in equity, and to purchase on sales made under such proceedings or otherwise to take and receive any real estate in payment or toward satisfaction of any debt or obligation previously contracted with, or due said company, and the said real estate, to mortgage, sell or exchange or otherwise dispose of, and said company may invest their capital and accumulating premiums and other property, from time to time in public stocks, bonds and mortgages, and such other securities as the directors may approve.

deemed

9. And be it enacted, That the stock of said company shall Stock be deemed to be personal property, and shall be assignable personal and transferable, according to such rules and regulations as property. the directors may establish from time to time in the by-laws

of said company.

dividends.

10. And be it enacted, That it shall be lawful for the di- Directors rectors to make dividends of so much of the profits of the to make company, as shall appear advisable, among the stockholders and parties entitled thereto, upon such rates as shall be established by the by-laws, which dividends shall be paid out annually or semi-annually, to the parties entitled thereto or to their legal representatives.

not to bor

from com

11. And be it enacted, That the directors of the said com- Directors pany shall not directly or indirectly borrow money from said row money company, or use the same except to pay necessary expenses, and the directors shall from time to time, have power to make, ordain and establish such by laws and regulations as

pany.

make an

they shall judge proper for the managing and directing the
affairs of the company.

Company to 12. And be it enacted, That it shall be the duty of said
nual report. Company to make an annual report of its affairs, and the state
of its funds to the legislature of this state, which report shall
be verified by the oaths of the president and secretary of
said company.

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

Approved March 17, 1874.

become void if election

CHAPTER CCXXXVI.

Supplement to an act entitled "An act to supply the town
of Plainfield, Union county, and town adjoining with
water for public and private use," approved April second,
eighteen hundred and sixty-nine.

1. BE IT ENACTED by the Senate and General Assembly of the Act not to State of New Jersey, That should there have been any failure, or hereafter should there be any failure for any cause whatever to hold an election, or to elect officers of the Plainfield water supply company, according to the provisions of the act to which this is a supplement, said act for such cause shall not become void or inoperative.

not held.

Present officers to

hold over

are elected.

2. And be it enacted, That the president, secretary, and directors of said company (last elected), shall hold over and until others continue to serve as officers of said company until others are elected; a quorum or more of said directors shall give notice of an election to be held for directors of said company to serve until the next annual election as provided for in the act of which this a supplement, which notice shall specify the time and place such election shall be held, and be posted up in three public places in the city of Plainfield ten days previous to such election.

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

Approved March 17, 1874.

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CHAPTER CCLX.

A further supplement to an act entitled "An act to incorporate the Newark and South Orange Horse Car Railroad Company," approved April sixth, one thousand eight hundred and sixty-five.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the third section of the supple- Repeater. ment to the act entitled "An act to incorporate the Newark and South Orange Horse Car Railroad Company," approved April sixth, one thousand eight hundred and sixty-five, and which said supplement was approved April third, one thousand eight hundred and seventy-three, be and the same is hereby repealed.

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

Approved March 18, 1874.

CHAPTER CCLXI.

An act to incorporate the New Jersey Stone Builders' Association.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Elias O. Doremus, George Brown, Names of William A. Freeman, William D. Russell, William A. Thom-corporators as, Ira M. Taylor, J. Francis McCoy and Wilberforce Freeman and such other persons as may be hereafter associated with them, and their successors, shall be, and are hereby constituted and made a body politic and corporate, in fact and in law, by the name and style of "The New Jersey Corporate Stone Builders' Association," for the purpose of carrying on

name.

the business of cutting, dressing, ornamenting and polishing stone and other materials, and manufacturing and selling machines suitable for carrying on such business, and doing such things as may be incidental thereto and necessarily connected therewith, and shall, by their said corporate name, be able and capable in law to acquire, purchase, have, use, enjoy and sell any and all letters patent or any part thereof, issued, or to be issued for any invention or any part thereof, or any machine which may or can be used in carrying on their said business; and to make, use and sell the articles covered by such letters patent, and to dispose of territorial or local rights, to make, use and sell such articles covered by such letters patent; and by their corporate name may sue and be sued, implead and be impleaded, in any court of May adopt law or equity in this state; may adopt a common seal, and alter the same at their pleasure; may have continued succession, and shall be capable of purchasing, holding, leasing, mortgaging, conveying and selling any goods and chattels, personal property, lands and tenements, and rights therein, that may be required for the purposes of this act.

a common

seal.

Capital stock.

Who to receive subscriptions.

2. And be it enacted, That the capital stock of said corporation shall be one hundred and fifty thousand dollars, with the privilege of increasing the same to three hundred thousand dollars, and shall be divided into shares of one hundred dollars, which shall be deemed personal property and be transferable on the books of the company only, in such manner as the said company by its by-laws may direct.

3. And be it enacted, That it shall be lawful for the aforesaid corporators to receive subscriptions to the capital stock, of opening books or otherwise, and as soon as twenty per centum of said stock shall be subscribed and paid for, or issued according to this act, it shall be lawful for the said company to commence its said business; and it shall be law. ful for the directors of said company whenever any shares of such capital stock shall be subscribed for, to collect, call in and demand from the stockholders of said company respectively, all such installments due from them on such shares of stock so subscribed for, at such time and in such proportion as the directors shall deem proper, under penalty of forfeiture of the shares and all previous payments made thereon. 4. And be it enacted, That the said company may issue stock to any person or persons in payment for any letters for letters, patent, or any part thereof, goods chattels, lands and prop

May issue stock in payment

patent, &c.

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