2. And be it enacted, That this act shall go into effect immediately. Approved April 8, 1868.

Agreement

to pay tax.

CHAPTER CCCLXXXIII.

A Supplement to an act entitled "An Act to incorporate the Morristown Institution for Savings," approved April ninth, eighteen hundred and sixty-seven.

1. BE IT ENACTED by the Senate and General Assembly of with borrower the State of New Jersey, That it shall and may be lawful for the said "The Morristown Institution for Savings," and the borrowers of any money secured by mortgage or other security, to enter into a contract or agreement whereby the borrower shall pay all national, state, county or city taxes which may be assessed upon the money so lent or to be loaned, and the securities given for the payment thereof, in the possession of the said savings institution; and all such contracts and agreements are hereby declared to be valid and binding in law, and no such mortgage or other security shall be held, deemed or taken in any court of this state to be usurious, or in any degree invalidated by reason of any such contract or agreement, anything in any existing law of this state to the contrary notwithstanding.

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

Approved April 8, 1868.

CHAPTER CCCLXXXIV.

An Act to incorporate the People's Gas Light Company of the cities of Hudson and Bergen, and places adjacent.

Kame.

1. BE IT ENACTED by the Senate and General Assembly of Corporators. the State of New Jersey, That John R. McPherson, John R. Mullaney, John M. Wilson, Thomas E. Bray, Jeremiah B. Cleveland, Joseph W. Gilmore and William H. Bumstedt, and every person or persons who may become subscribers according to the mode hereinafter prescribed, and their successors, are hereby created a body politic and corporate in fact by the name of "The People's Gas Light Company of the City of Hudson," and by the said name the said corporation shall have corporate power in all courts of law and equity, and shall have power and authority to manufacture, make and sell gas, to be made of coals or other materials, for the purpose of lighting the streets, buildings, manufactories and other places in the cities of Hudson and Bergen and places adjacent in Hudson county, and to enter into and to execute all contracts, agreements or covenants in relation to the objects of this corporation, and to enforce the same, and be capable of purchasing, taking, holding and disposing of such property, real and personal, as is necessary to give effect to the purposes of this corporation, and for the accommodation of their business and concerns, or which it may be necessary for the said corporation to acquire and hold, and dispose of for the purpose of securing debts which have become due to them in the course of the business of the said corporation; provided, that the said proviso. real estate shall not exceed what may be necessary for the purpose mentioned, and no private lands shall be in any way injured or defaced without permission being first obtained in writing from the owner or owners thereof.

gas pipes, &c.

2. And be it enacted, That the said corporation shall be Power to lay empowered to lay down their gas pipes and to erect gas posts, burners and reflectors in the streets, alleys, lanes, avenues or public grounds of the said cities of Hudson and Bergen and places adjacent, and to do all things necessary to light the said cities and places or any part thereof; provided, that the public travel shall at no time be unnecessarily affected or impeded by the laying of said pipes, or the erection of said

Proviso.

Commissioners to open

scription.

posts, and the streets, side and crosswalks, public grounds, lanes, avenues and squares shall not be injured, but all be left in as good and perfect condition as before the laying of said pipes or the erection of said posts.

3. And be it enacted, That John R. McPherson, John R. books of sub- Mullaney, Jeremiah B. Cleveland, are hereby appointed commissioners for receiving subscriptions for the sum of one hundred thousand dollars, to constitute the capital stock of said corporation, in shares of fifty dollars each, and the said commmissioners, or a majority of them, shall open books for that purpose, at such time and in such place or places within said cities of Hudson and Bergen, as they shall designate by a public advertisement, to be previously inserted for at least one week, in the newspapers printed in the county of Hudson, and shall continue the same open until the said one hundred thousand dollars shall be subscribed, or at their discretion close the same after they shall have remained open two days, and again open the same at some other time or times, place or places, giving public notice thereof as aforesaid; and the sum of ten per centum upon each share so subscribed, shall be paid by each subscriber, at the time of subscription to the said commissioners, or a majority of them; and each subscriber shall be entitled to receive a receipt for the installments paid by him on account of such stock from said commissioners, and as soon as the said one hundred thousand dollars shall have been subscribed, the amount so received by the said commissioners, at the time of subscription shall by them, or a majority of them, be paid over to the directors of the said company, to be elected as hereinafter directed, and all the power of said commissioners shall then cease and determine; and the said board of directors when so elected, shall have power, and they hereby are authorized to open the books for the further subscription of stock hereinafter provided, until the whole amount of said stock is subscribed, and are also authorized to call upon the said subscribers for the payment of further installments, in such sum or sums, at such time or times, and under such forfeiture or forfeitures, as they may deem expedient, until the whole amount due on said shares so subscribed shall have been fully paid; provided, that no such installment shall exceed ten per centum upon each share, and that no installment shall be required to be paid by any subscriber, without public notice of said installment being due and payable, to be previously inserted

Proviso.

for twenty days in the newspapers printed in the county of Hudson.

rectors.

4. And be it enacted, That the management of the concerns Election of diof said company shall be vested in five directors, to be selected from the stockholders, and the said directors shall choose by a plurality of votes a president from among themselves; and when twenty-five thousand dollars of said capital stock shall have been subscribed as aforesaid, the beforenamed commissioners, or a majority of them, shall convene the said stockholders, by public notice to be given as first aforesaid, and at such time and place as they shall designate in said notice, to choose the first board of directors, who shall hold their offices until the second Monday in January next succeeding their selection, and until others are chosen in their stead; and on the second Monday of January in each year, at such time and place as a majority of the directors may appoint, the said stockholders shall meet for the purpose of electing a board of directors for the ensuing year, and public notice shall be given of the time and place of holding such election by advertisement, for ten days in the newspapers printed in the county of Hudson, and any vacancy in the said board of directors may be supplied by the board of directors until the next election, and all elections shall be by ballots of the stockholders or their proxies, allowing one vote for each share of stock held upon the books of the company.

elect directors

dissolution.

5. And be it enacted, That if at any time an election is not Failure to held on the day herein appointed, the corporation shall not be not to work a dissolved for that cause, but an election shall be held in such manner as is directed by the by-laws at any time within one year.

rectors.

6. And be it enacted, That the directors for the time being Powers of dishall form a board and they or a majority of them, shall be a quorum for transacting business, and have power to make bylaws, rules and regulations not repugnant to the constitution or laws of the United States or of this state, or the provisions of this act, for the government of the said corporation, the management and disposition of the stock and the property thereof, and the duty of the officers, clerks and persons employed therein, the election of directors and all other matters appertaining to their business or concerns, and may appoint as many officers, clerks and servants, and with such salaries and allowances as shall to them seem necessary; and the said board of directors shall have power to make and declare from

Capital stoc may be increased.

the profits and earnings of the company such dividend and dividends among the stockholders from time to time, and make the same payable in such manner as to them may seem expedient.

7. And be it enacted, That the capital stock of said corporation may be increased upon the consent of the stockholders representing a majority of the stock to any amount not exceeding five hundred thousand dollars; and all the stock of said corporation shall be transferable according to the by-laws and regulations of the company, and shall be considered personal property, and the stock and transfer books shall be open at all times to the inspection of the stockholders.

May erect gas 8. And be it enacted, That the said corporation shall be

posts and burners.

Proviso.

Penalty for injury to works.

Previso.

Books of account shall be kept.

and privileges

empowered to lay down their gas pipes, and to erect gas posts, burners and reflectors in the streets, alleys, lanes, roads, avenues or public grounds of any of the townships of the county of Hudson, adjoining the said cities of Hudson and Bergen, and with the same privileges and upon the same conditions, and with the same limitations, as by the provisions of this act they can lay them in the said cities; provided, that the said company shall not establish their works or lay any of their pipes within the corporate limits of Jersey City.

9. And be it enacted, That if any person or persons shall wilfully do or cause to be done any act or acts whatsoever, thereby to injure any conduit, pipe, cock, metre, machine or structure whatsoever, or anything appertaining to the works of the said corporation, or whereby the same may be stopped, obstructed or injured, the person or persons so offending shall be considered guilty of a misdemeanor, and being thereof convicted, shall be punished by fine not exceeding three hundred dollars a d imprisonment at hard labor not exceeding two years, or both; provided, that such criminal prosecution shall not in anywise impair the right of action for damages by a civil suit hereby authorized to be brought for any such injury as aforesaid, by and in the name of the said corporation in any court of this state having cognizance of the same.

10. And be it enacted, That the said company shall cause to be kept at their office proper books of accounts, in which shall be fairly and truly entered all the transactions of the company, which books shall be at all times open for the inspection of the stockholders.

Restrictions 11. And be it enacted, That any portion of the profits of this company may be divided to the consumers of gas supplied by