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signment or not; and it shall be the duty of the assignee or assignees, as soon after the assignment is executed as conveniently may be, to cause a just and true appraisement of the debtor's goods and chattels to be made, under oath or affirmation, to be taken before any person authorized to administer an oath, by three discreet and judicious persons to be selected by such assignee or assignees, at their actual value, and to set apart for the use of said debtor and his family such of the goods and chattels as he may select from such appraisement, not exceeding in value the said sum of two hundred dollars: which said appraisers shall be allowed for their services fifty cents each, to be paid by the assignee or assignees, and allowed in his or their accounts.

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

Approved February 6, 1858.

Former act continued

ed.

CHAPTER XX.

AN ACT to renew the charter of "the Rahway Mutual Insurance Fire

Company."

1. BE IT ENACTED by the Senate and General Assembly of and extend the State of New Jersey, The act entitled "An act to incorporate the Rahway Mutual Insurance Fire Company," passed February twenty-fifth, in the year of our Lord one thousand eight hundred and thirty-three, be and the same is hereby continued and extended for and during the term of twenty years from and after the time by the said act limited for its continuance.

take effect.

2. And be it enacted, That this act shall take effect imme- Act when to diately upon the expiration of the terms in and by the said act entitled "An act to incorporate the Rahway Mutual Insurance Fire Company," limited for the continuance thereof.

Approved February 8, 1859.

CHAPTER XXI.

AN ACT to authorize the Paterson and Ramapo Railroad Company to issue new bonds.

WHEREAS, the Paterson and Ramapo Railroad Company Preamble. have heretofore issued their bonds, amounting in the aggregate to one hundred thousand dollars, payable on the first day of November, eighteen hundred and fiftyeight, with coupons attached for half-yearly interest at seven per centum per annum; and as security for the payment thereof, the said company executed a mortgage upon their road, property, and franchises, to John I. Palmer, William Samuel Johnson, and Edward Bement, as trustees for the holders of said bonds; which mortgage bears date the sixteenth day of October, eighteen hundred and forty-eight, and is recorded in the clerk's office of the County of Passaic, in Book D of mortgages, pages two hundred and forty-four, &c., and the said company propose to issue new bonds, with like coupons, to the same amount, and to negotiate the same in continuation of the original loan, and in lieu of the

Company authorized

to issue bonds.

Proviso.

Mortgage to remain a

lion.

Bonds may

be converted into stock.

said first mentioned bonds, the said mortgage to remain. as security for the payment of the said new bonds which may be issued for the purpose aforesaid-therefore,

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That it shall and may be lawful for "The Paterson and Ramapo Railroad Company" to issue bonds of the said company, to the amount of one hundred thousand dollars, of no less denomination than five hundred dollars, with coupons for the payment of interest halfyearly, for the purposes mentioned in the preamble to this act, payable to the owners or bona fide holders thereof, at such times as to them shall appear expedient, and can be agreed upon, not exceeding twenty years from November first, eighteen hundred and fifty-eight, with interest payable half-yearly, not exceeding seven per centum per annum; provided, that the said bonds, or the proceeds thereof, shall be applied only in lieu or redemption of the said bonds heretofore issued by said company.

2. And be it enacted, That the mortgage mentioned in the said preamble shall be and remain a valid and subsisting lien and security upon the road, property, and franchises of the said company, as described in the said mortgage, for the due payment of all such bonds as shall be issued by said company by virtue of this act, as fully and completely as if said bonds were recited and referred to therein.

3. And be it enacted, That the bonds so to be issued by the said company may be made convertible into stock at par, by the respective holders thereof, within such time from their date as the company shall designate therein.

Approved February 9, 1858.

CHAPTER XXII.

AN ACT to incorporate the Jersey City Locomotive Works.

corporators.

1. BE IT ENACTED by the Senate and General Assembly of Names of the State of New Jersey, That William R. Travers, Charles Kneeland, George M. Wheeler, Josiah S. Breese, John J. Hill, William G. Hamilton, and William Cummings, and their associates, shall be and they are hereby declared to be a body corporate, in fact and in law, by the name of "The Jersey City Locomotive Works," for the purpose of manufacturing locomotives, boilers, steam-engines, machinery, and all other articles of which iron, brass, or copper form the principal ingredient, and for that purpose may purchase and hold such real estate and personal property as may be needful to carry on the said business, or may accrue to them in the course thereof, any may sell, mortgage, lease, or otherwise dispose of the same.

capital

tors.

2. And be it enacted, That the capital stock of said com- Amount of pany shall be one hundred and fifty thousand dollars, stock. divided into shares of twenty-five dollars each; and the persons named in the first section of this act are hereby appointed to receive subscriptions to said capital stock, at such place in Jersey City as a majority of them may appoint, giving at least five days' notice in a newspaper published in said city; and the persons above named are declared to be the first board of directors of said company, First direcunless the stockholders shall otherwise determine at their meeting, when the company shall be organized as hereinafter declared; that the said capital stock can be paid in in cash or in property adapted for said business at its fair and full value; and as soon as one hundred and fifty thousand dollars of such capital is subscribed and paid in as aforesaid, the said commissioners shall, by like notice, call the first meeting of the stockholders for the purpose of organizing said company.

directors.

Elections for 3. And be it enacted, That the business of said corporation shall be managed by seven directors, all of whom shall be stockholders, and one of whom shall be president, who shall hold their office for one year, and until others are elected in their stead; and the persons above named shall be the first board of directors, unless the stockholders, when the said company shall be organized, shall resolve to hold an election for directors; and every year thereafter, at such time and place, and upon such notice as the by-laws may appoint, an election shall be held, at which election every stockholder shall be entitled to one vote, either in person or by proxy, for every share of stock he may own.

Directors may make by-laws.

Stock transferable.

Capital

stock may

4. And be it enacted, That the directors of said corporation shall have power to make by-laws for its government, not inconsistent with the laws of this State or of the United States, and may appoint such subordinate officers as the business of the corporation may require.

5. And be it enacted, That the stock of said corporation shall be deemed personal estate, and shall be transferred in such manner as the by-laws may prescribe, but no dividends shall at any time be made to the stockholders, except from the net profits of the corporation.

6. And be it enacted, That the said corporation may from be increased. time to time hereafter increase the said capital to any sum not exceeding two hundred and fifty thousand dollars, giving ten days' notice of their intention to do so in two newspapers printed in Jersey City, and within six months 'thereafter filing with the Secretary of State, under the oath of the president or the treasurer, and a majority of the directors, a statement that the amount of the increased capital so proposed to be increased has been paid in.

Books of account to be kept.

Restrictions and liabilities.

7. And be it enacted, That regular books of account shall be kept in the office of said company in the city of Jersey City, to which books every stockholder may have free access at all reasonable times for the purpose of inspection. 8. And be it enacted, That the corporation hereby created shall possess the general powers, and be subject to the

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