CHAPTER CXXXIII.

AN ACT to incorporate the Oxford Iron Company.

corporators.

1. BE IT ENACTED by the Senate and General Assembly of Names of the State of New Jersey, That Charles Scranton, Eugene T. Henry, Jacob W. Dernberger, Joseph J. Henry, George Kiser and H. L. Marvine, and such other persons as may hereafter be associated with them, and their successors, be and are hereby constituted a body politic and corporate by the name and style of "The Oxford Iron Company," for the purpose of mining, smelting, manufacturing and vending iron, minerals, earths, metallic substances and such other articles as are necessary in the prosecution of their business in the most advantageous manner, and by that name they and their successors shall have all the powers and privileges, and be subject to such restrictions, limitations and conditions as are specified in the act entitled "An act concerning corporations," approved February fourteenth, one thousand eight hundred and forty-six, except as otherwise granted in and by this act of incorporation, and this act shall continue in force for thirty years.

capital

2. And be it enacted, That the capital stock of said com- Amount of pany shall be three hundred thousand dollars, with privi- stock. lege to increase the same to the sum of five hundred thousand dollars, and shall be divided into shares of one hundred dollars each, which shall be deemed personal property and be transferable only on the books of said company in such manner as the said corporation shall by their by-laws direct.

sioners to

receive sub

scriptions.

3. And be it enacted, That the persons named in the first Commissection, or any four of them, shall open books to receive subscriptions to the capital stock of said corporation at such time or times, place or places in the county of Warren and elsewhere as they may think proper, giving notice thereof for at least two weeks previous to the opening of

instalments.

said books by publishing the same in a newspaper published at Belvidere, in the county of Warren, and the said Payment of books shall be kept open two days at least, and two dollars per share shall be paid on each share of the stock subscribed at the time of subscription, and if more than the amount to which the capital by this act of incorporation is limited shall be so subscribed, the said persons named in the first section, or a majority of them, shall make an equitable distribution of said stock among the said subscribers; and it shall and may be lawful for said company to commence their business and carry it on after the sum of twenty thousand dollars shall be subscribed and the sum of ten thousand dollars paid; and when they find it necessary, the directors of said company may call and demand of the stockholders all sums of money by them subscribed, by instalments of not more than ten dollars on each share, and at intervals of not less than thirty days between each payment, under a penalty of a forfeiture of all previous payments, if any such instalments be not paid within thirty days after a notice has been given in a newspaper published at Belvidere, in the county of Warren; and it shall be lawful for the said company, at any time they may have any of their capital stock unsubscribed for or otherwise disposed of, to grant certificates of shares in full or part payment for any personal or real estate and mining rights that may be purchased or leased for the purposes of conducting the business of the company. 4. And be it enacted, That the business of said company shall be managed by five directors, being stockholders, one of whom shall be president; the number of directors may be increased to nine, if a majority of interest desire it, a majority of whom shall be competent to transact the business of the company; the first directors may be elected at any time after twenty thousand dollars of the capital stock has been subscribed, upon notice being given to all the stockholders for a meeting to choose directors, each share of the capital stock entitling the holder thereof to one vote; and the persons named in the first section of this

Election of directors.

act, or a majority of them, shall be inspectors of the first election for directors of the corporation, and shall certify under their hands the names of those persons having the greatest number of legal votes and being duly elected, and deliver over the said subscription books and effects to the said directors, and annually thereafter elections for directors shall be held and conducted in conformity to an act entitled "An act to prevent fraudulent elections by incorporated companies," approved April fifteenth, eighteen hundred and forty-six, and the supplements thereto, and the persons, being stockholders, having the greatest number of legal votes shall be the directors, and the said directors shall proceed by ballot to elect one of their number president; and in case any vacancy or vacancies shall happen in the office of director by death, resignation or otherwise, such vacancy or vacancies may be filled for the remainder of the year, whenever it or they may happen, by the said board of directors, or a majority of them.

not dis

failure to

elect on day

prescribed.

5. And be it enacted, That should it happen that an elec- Corporation tion should not be made upon the day designated for that solved for purpose, the said corporation shall not for that cause be deemed to be dissolved, but such election may be held at any other time, and the directors for the time being shall continue to hold their office until new ones shall have been chosen in their places.

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

Approved March 15, 1859.

Part of former act repealed.

CHAPTER CXXXIV.

SUPPLEMENT to the act entitled "An act concerning escheats," approved twenty-seventh February, eighteen hundred and twenty-eight.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That so much of the second section of said act, to which this is a supplement, as requires that the attorney general shall cause notice to be given of the taking of the inquisition therein referred to in one of the newspapers printed in the city of Washington and in one of the newspapers printed in the city of New York, be and the same hereby is repealed.

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

Approved March 15, 1859.

CHAPTER CXXXV.

AN ACT to enable the inhabitants of school district No. ten, in the township of Hope, in the county of Warren, and state of New Jersey, to raise money by tax to purchase land and build a school-house.

Preamble. WHEREAS, the inhabitants of school district No. ten, in the township of Hope in the county of Warren and state of

New Jersey, have become incorporated under the name of "The Hope Academy;" AND WHEREAS, the said district is desirous of raising money by tax for the purpose of purchasing land and building a suitable school-house thereon; therefore,

thorized to

1. BE IT ENACTED by the Senate and General Assembly of District anthe State of New Jersey, That it shall and may be lawful for raise money. the said incorporated school district, number ten, in the township of Hope, in the county of Warren, to raise by tax a sum not exceeding two thousand dollars, for the purpose of purchasing land and erecting a school-house thereon; provided, that a majority of the legal voters in Proviso. said school district shall concur therein at an election to be held in said district school-house on the last Monday of March eighteen hundred and fifty nine, between the hours of one and four o'clock in the afternoon of said day, notice of which election shall be given by the incorporators posting up notices of such election in three of the most public places in said school district.

and collec

tion of part

of tax.

2. And be it enacted, That of the said sum of two thousand Assessment dollars, one hundred dollars shall be assessed by an equal capitation tax upon all persons subject to assessment and taxation in said incorporated school district, as it now exists, which said sum shall be levied, assessed and collected at the same time and in the same manner as other township taxes are or may be assessed, levied and collected.

and collec.

ance.

3. And be it enacted, That the balance of the said sum of Assessment two thousand dollars, or so much thereof as it shall be tion of balnecessary to raise, shall be assessed on the estates of the inhabitants of said incorporated school district as it now exists, and on all lands liable to be taxed therein, in the same manner and to the same extent as township taxes are now assessed by law.

sioners to

land.

4. And be it enacted, That George D. Turner, James K. CommisSwayze, Abraham Freese, George H. Beatty, and Caleb purchase Swayze, or a majority of them, shall be commissioners in behalf of the said incorporated school district to purchase land in the said district suitable for the erection of such