Failure to elect directors not to dissolve. May construct Annual statement. Principal office. How dissolved nation, or the failure of the stockholders to elect the full number authorized by this act, the remaining directors for the time being, or a majority of them, shall have power to fill such vacancy by the appointment of any stockholder. 4. And be it enacted, That in case it shall happen that an election of directors shall not be made upon the day designated for that purpose, the said corporation shall not be deemed to be dissolved, but the stockholders may proceed to hold an election for directors on any other day, such notice being given of the time and place of such election as the bylaws shall prescribe. 5. And be it enacted, That the said corporation shall be, and is hereby authorized and empowered to construct a railroad over their lands, and over contiguous lands, with the consent of the owners, or if for any reason, no agreement can be made for the use or purchase thereof, then the said company may proceed to acquire the same in the manner provided in the sixth and seventh sections of the act entitled "An Act to incorporate the Pequannock Peat and Manufacturing Company," approved February twenty sixth, eighteen hundred and sixty-seven, and to keep, maintain and use the same for the transportation of limestone, lime, brick, peat and other materials thereon, belonging to said corporation, and to connect the same with any railroad in the township of Hardiston or Vernon. 6. And be it enacted, That the said directors shall submit to the stockholders at their annual mecting, a written statement of the affairs of the said corporation, setting forth the amount of the capital stock paid in, the amount of money due to and from the said corporation, and the amount of all assets and property belonging to said corporation, as nearly as the same can be ascertained. 7. And be it enacted, That the principal office of the said company shall be in the township of Hardiston, in the county of Sussex, and that the regular books of account shall be kept in the said office, to which books of account any stockholder may have free access at all reasonable times for the purpose of inspection, and that books of transfer of the stock shall also be kept, and shall be evidence of the ownership of said stock in all elections and other matters submitted to the decision of the stockholders of said corporation. 8. And be it enacted, That the said corporation hereby created may be dissolved by a general meeting of the stock holders of the same, specially called for that purpose; pro- Proviso ers. 9. And be it enacted, That the corporation hereby created General powshall possess the general powers, and be subject to the general restrictions set forth in an act entitled "An Act concerning corporations," approved February fourteenth, eighteen hundred and forty-six, so far as the same may be applicable. 10. And be it enacted, That this act shall take effect immediately. Approved February 15, 1870. CHAPTER XLIV. An Act to incorporate the German Co-operative Stock Company, of the City of New Brunswick. 1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Aaron Wolfson, Ignats Frank-porators. enstien, Edward Schmidt, Anton Vichman, William Schaffer, Peter Hurstman, Theodore Silver, Ernest Brehm, Jacob Weber, Anton Dambach, and Constantine Hingher and their successors, be, and the same are hereby declared to be a body politic and corporate, in fact and in law, by the name, style and title of "The German Co operative Stock Com- Corporate pany of the City of New Brunswick," and by that name name. shall be capable of purchasing and holding, mortgaging and conveying any real and personal property, not exceeding in value the sum of one hundred thousand dollars, and have power to sue and be sued; plead and be impleaded in all Object. capital stock. courts and places; to make and use a common seal and alter the same at pleasure, and to make by-laws, not inconsistent with the constitution or laws of the United States, or of this state, for the management of the property, the regulation of the affairs and for the transfer of the stock of the said corporation. 2. And be it enacted, That the general object of said corporation is declared to be the purchase and improvement of real estate, in the county of Middlesex, in this state, for the benefit and purposes of the said association. Amount of 3. And be it enacted, That the capital stock of the said corporation shall be one hundred thousand dollars, divided into shares of two hundred dollars each, which shall be subscribed and paid at such times, in such manner, in such installments and upon such notice; as the directors of the said association, by their by-laws, may direct and appoint; and in case of failure by any stockholder to pay his or her installments at the time and place appointed by the said bylaws for the payment thereof, such stockholder shall, at the option of the directors of said association, incur a forfeiture of his or her share or shares and of all previous payments thereon for the use of the said association. Stock transferable. officers. 4. And be it enacted, That the capital stock of the said association shall be deemed personal property and the said shares shall be transferable only on the books of the said association in such manner as the said by laws thereof may direct, and every share of said stock shall entitle the holder thereof to one vote, either in person or by proxy. Directors and 5. And be it enacted, That the management and disposition of the affairs and property of the said association, shall be vested in a president, secretary, treasurer and eight directors, who shall be stockholders and residents of the City of New Brunswick, who shall be elected by the stockholders of the said association at such time and in such manner as may be prescribed in the said by-laws and a majority of the board of directors shall be a quorum for the transaction of busi Penalties. How dissolved Proviso. ness. 6. And be it enacted, That the said association may impose penalties for any breach of the by-laws thereof, not exceeding one dollar for each offence. 7. And be it enacted, That the said corporation may be dissolved at a general meeting of the stockholders specially called for that purpose; provided, that at least three fourths in value of the stockholders shall concur therein; and upon such dissolution the directors for the time being and the survivor or survivors of them, or such persons as the said stockholders shall appoint, shall be trustees for settling all the affairs of the said corporation, collecting and disposing of its property and assets, paying its debts and dividing the surplus among the stockholders in proportion to their respective interest in the stock. 8. And be it enacted, That this act shall take effect immediately. Approved February 15, 1870. CHAPTER XLV. An Act to authorize the President and Trustees of the Methodist Episcopal Church of Lumberton to sell and convey certain real estate. and convey 1. BE IT ENACTED by the Senate and General Assembly of Power to sell the State of New Jersey, That Mahlon Kirkbride, Joseph church lands. R. Lippincott. James L. Chambers, George O'Conner, Ira Howell, Isaac F. Ballinger, William B. Endicott, the "President and Trustees of the Methodist Episcopal Church of Lumberton," or their successors in office, or any five of them be, and are hereby authorized and empowered to sell and convey any and all the real estate and appurtenances, situate in Lumberton, in the county of Burlington, now held by them in trust as the property, or for the use and benefit of the said society, of the President and Trustees of the Methodist Episcopal Church of Lumberton," or which is the property of said society, by virtue of any deed or deeds whatsoever, bearing date prior to January, anno domini eighteen hundred and seventy, and for that purpose to make, execute and deliver a good and sufficient deed or deeds of conveyance therefor, to the purchaser or purchasers of the same, and that all and every such deed or deeds of conveyance shall be good and effectual in law. 2. And be it enacted, That this act shall be deemed a public act and shall take effect immediately. Approved February 15, 1870. Repealer. Proviso. CHAPTER XLVI. A Further Supplement to an act entitled "An Act to authorize the Water Commissioners of Hoboken to contract for and introduce water into said city and provide for the payment thereof," approved March twentieth, eighteen hundred and fifty-seven. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the words "which said notes, bonds, scrip, or certificates of debt, shall not be sold for less than the par value thereof," in the third section of the act to which this is a supplement be stricken out of said section; provided, that whenever the said commissioners shall sell any of the said notes, bonds, scrip or certificates of debt for less than the par value thereof, they shall first advertise the time and place of such sale in a newspaper, printed and published in the city of Hoboken for at least one week next before said sale and in such case the same shall be disposed of by sealed proposals or at public sale, to the highest bidder. 2. And be it enacted, That this act shall take effect immediately. Approved February 15, 1870. |