CHAPTER XLII. AN ACT to incorporate the "Paterson Rolling Mill Company." name. 1. BE IT ENACTED by the Senate and General Assembly of Corporators the State of New Jersey, That Sherman Jaqua, George A. and corporate Jaqua, Henry S. Jaqua, Peter I. Terhune, Peter Doremus, and the survivors of them, and all such persons as may hereafter be associated with them, or the survivors, their successors and assigns, shall be and they are hereby constituted a body politic and corporate, in fact and in name, by the name of the "Paterson Rolling Mill Company," for the purpose of manufacturing and rolling iron, and the business incident thereto. conducted. 2. And be it enacted, That the stock, property and concerns Directors. of the said company shall be managed and conducted by five directors, being stockholders, one of whom to be president, who shall hold their office for one year; and that the said directors shall be chosen on the first Monday in January, in When chosen every year, at such place and time as shall be directed by the by-laws of said corporation, and public notice shall be given of the time and place of holding every such election, not less than ten days previous, in one or more newspapers published in the city of Paterson, in the county of Passaic, by such of Election, how the stockholders as shall attend for that purpose, either in person or by proxy, and each stockholder shall be entitled, either in person or by proxy, or by power of attorney, to as many votes as he or she shall hold shares of the capital stock of said company, and the persons having the greatest number of votes, being stockholders, shall be directors, and the directors chosen at one election shall be capable of serving, by virtue thereof, until another election shall have been had; and the omcers ap directors so chosen may appoint such officers and superintendents, and assign such compensation as they shall think fit, not less than a majority of the whole number being present when the same shall be done; and if it at any time happen that any vacancy or vacancies occur by death, resignation, or other- Vacancies wise, among the directors named in this act, or those hereafter to be elected, such vacancy or vacancies shall be filled by such person or persons as the remainder of the directors for the time being, or the majority of them, shall appoint; and until other directors are chosen from the stockholders, the pointed. filled. First directors first directors shall be Sherman Jaqua, George A. Jaqua, Henry S. Jaqua, Peter I. Terhune, Peter Doremus, and the survivor or survivors of them, who shall hold their office until the first Monday in January next, or until others are legally Capital stock May com $25.000 is subscribed and paid. chosen. 3. And be it enacted, That the capital stock of said company shall not exceed the sum of seventy-five thousand dollars, which shall be divided into shares of fifty dollars each, but as soon as the sum of twenty-five thousand dollars of the said capital stock shall have been subscribed and paid, or satisfactorily secured to be paid, it shall and may be lawful mence when for the said company to commence their said business, and with that capital conduct and carry it on until they deem it expedient to extend their operations; and it shall be lawful for the directors of the said company to call and demand from the stockholders of said company, respectively, all such sums Instaliment of money by them subscribed, at such time and in such proportion as they shall deem proper, not exceeding ten dollars on each share at any one time, under pain of forfeiting the shares of the said stockholders, and all previous payments thereon; if such payments shall not be made within sixty days after a notice shall have been published, for the space of thirty days, in one or more newspapers published in the said city of Paterson, in the county of Passaic. called in. Subscription of stock. Stock, &c. to be personal estate. Failure to elect not to 4. And be it enacted, That the subscription of the said stock shall be open at Congress Hall, in the city of Paterson, for any number of days not exceeding thirty, under the direction of the board of directors, or such of them as shall be designated for that purpose. 5. And be it enacted, That the stock or property of the said corporation, of whatsoever nature or kind, shall be deemed personal estate, and be transferable in such manner as shall be prescribed by the by-laws of said corporation; provided, that no dividend shall be made to and among the stockholders, except from out of the net profits of the said corporation. 6. And be it enacted, That in case it should at any time forfeit charter. happen that any election should not be made on the day that pursuant to this act the same should be made, the said corporation shall not for that cause be deemed to be dissolved, but it shall and may be lawful to hold such election on such other day, in the manner aforesaid, as shall be prescribed by the by-laws and ordinances of said corporation. Quorum. 7. And be it enacted, That a majority of the directors for the time being shall form a board for the transaction of the business of said corporation, and shall have power to ordain, establish and put into execution such by-laws, ordinances and regulations as shall seem necessary and convenient for the government, management, or the disposition of the stock, effects, profits and concerns of the said corporation; provided, that the same are not contrary to the constitution and the laws of the United States or of this state. 8. And be it enacted, That the directors shall at all times Books of ackeep, or cause to be kept, proper books of account, in which count. shall be entered all the transactions of the said corporation, which shall at all times be open to the inspection of the stockholders of the said corporation, or their legal attorney or attorneys; and further, that no transfer of stock shall be valid or effectual, until such transfer shall be entered and registered in the books to be kept by the president and directors for that purpose. 9. And be it enacted, That the said company may be dis- Dissolution. solved at any general meeting of the stockholders specially convened for that purpose; provided, at least three-fourths in value of the stockholders shall be present or represented therein; and upon such dissolution, the directors for the time being, and the survivors or survivor of them, shall be trustees for settling all the affairs of the said corporation, disposing of its effects, recovering and paying its debts, and dividing the surplus among the stockholders, in proportion to their respective interests in the stock, unless the stockholders, at such general meeting, shall appoint other persons, not less than three nor more than five in number, for such purpose, in which case the persons so appointed, or the survivors or survivor of them, shall be trustees for the purpose aforesaid. 10. And be it enacted, That this act shall continue in force for the space of thirty years. Approved February 16, 1863. Charter ex years. CHAPTER XLIII. A supplement to the act entitled "An act to incorporate the 1. BE IT ENACTED by the Senate and General Assembly of tended for 25 the State of New Jersey, That the act entitled "An act to incorporate the Somerville Mutual Fire Insurance Company,' approved April first, eighteen hundred and forty-five, be and the same is hereby continued and extended for and during the term of twenty years from and after the time limited in the said act for its continuance; and it shall be lawful for the legislature at any time to amend, modify or repeal the same; provided, that no contract made by said corporation before such repeal shall be affected thereby, and the said corporation shall have a reasonable time to bring their accounts to a final settlement. Proviso. Provisions. 2. And be it enacted, That this act shall take effect immediately upon the expiration of the term limited for the continuance of the act to which this is a supplement. Approved February 16, 1863. Preamble. CHAPTER XLIV. AN ACT granting to Alexander C. Blair the right, title, interest and estate of the state of New Jersey in and to a lot of land in Morris township, Morris county. WHEREAS, it has been represented that Thomas Martin, of the township of Morris, in the county of Morris, was, in his lifetime, the owner of a small lot of land, situate in the said township of Morris, lately in the possession of one Alexander C. Blair; that said Thomas Martin made his last will and testament in writing, subscribed by three attesting witnesses, bearing date the tenth day of December, eighteen hundred and forty, now deposited and remaining in the office of the surrogate of the county of Morris, but never proved; that in and by the said will the said Thomas. Martin did give to his wife Sally the use of his house and lot of land, (being the same lot above referred to,) during her lifetime, and, after her death, he did "give and bequeath" his "said house and lands" to his "son James Martin, to him, his heirs and assigns forever;" that the said testator's son, James Martin, died intestate, without ever having been married, and leaving no brother or sister, or so far as is known any heir him surviving; that Sally, the widow of the said testator, intermarried with the said Alexander C. Blair and lived with him upon said lot until she died; that, so far as is known, the title to said lot of land and premises, for the want of heirs of the said James Martin, deceased, has escheated to the state of New Jersey; that said Alexander C. Blair has long been in possession of said lot of land and premises; that he is in very indigent circumstances; that said lot and premises are of very small value, and, if sold by proceedings in escheat, would produce little if any more than sufficient to defray the legal expenses of such proceedings-therefore, 1. BE IT ENACTED by the Senate and General Assembly of The interest of the State of New Jersey, That all of the right, title, interest, vested in and estate of the state of New Jersey in and to the said lot Blair. of land and premises, be and the same are hereby granted and conveyed to the said Alexander C. Blair, his heirs and his assigns, for his and their own use forever. 2. And be it enacted, That this act shall take effect immediately. Approved February 16, 1863. the State Alexander C. CHAPTER XLV. AN ACT to authorize the inhabitants of the township of West Milford, in the county of Passaic, to raise money by issuing bonds, and for other purposes. WHEREAS, the inhabitants of the said township being desirous that the call of the government for troops to sup Preamble. |