} to be dissolved; but it shall be lawful on any other day, to tion. SEC. 6. And be it enacted, That the directors first chosen, or that may thereafter be chosen, shall, as soon as may be, after their election, meet and proceed to choose one of the President to said directors to be president, who shall preside until the next be chosen. annual or other election, to be holden thereafter; and in case of the death, resignation or inability to serve, of the president or any director of the said corporation, such vacancy or vacancies may be filled for the remainder of the year, or until Vacancies, the next election, by the directors, for the time being, or a how supplied. majority of them; and in case of the absence of the president, the board of directors shall have power to appoint a president pro tempore, who shall have and exercise such powers and functions as the by-laws of the said corporation shall provide. SEC. 7. And be it enacted, That the said president and directors, for the time being, or a majority of them, shall form a board for transacting the business of the said corporation, and shall have power to make and prescribe such by-laws, Powers and rules and regulations, as to them shall appear needful and duties of diproper, respecting the management and disposition of the rectors. stock, property, estate and effects of the said corporation; the management and conducting the business of the said corporation, and all matters appertaining thereto; the transfer of shares of the stock, the election and meetings of the directors, the powers and conduct of the officers and servants of said corporation, and such by-laws, rules and regulations, at their discretion, to repeal, alter or modify: Provided, that such by-laws rules or regulations shall not be repugnant to the constitution and laws of this state, or of the United States; and the board of directors for the time being, or a majority of them, shall have power to appoint a secretary, and such and so many managers, foremen, officers, clerks and servants, as they shall deem necessary for the well conducting and carrying on of their business, and regulate their salaries, wages and allowances; and may, at their discretion, remove and discharge from their employ, any such managers, foremen, officers, clerks, servants, or other persons engaged in said factories, and supply their places by the employment of others in their stead. SEC. 8. And be it enacted, That the stock and property of Stock, perthe said corporation, of whatever nature or kind shall be sonal properdeemed personal property; and the shares of stock in the ty. said company shall be transferable only on the books of the Mode of ers. shall be prescribed by the by-laws of said company; but in case the said corporation shall have any claim or demand against any stockholder thereof, whether such claim or demand is due, or to become due at a future day, such stockholder shall not be entitled to make any sale, conveyance, or transfer of his stock in the said corporation, or to receive a dividend thereon, until such demand shall be paid or secured to the satisfaction of the board of directors; and unless such claim or demand shall be paid, or secured to be paid, in manner aforesaid, within three months after the same shall become due, then such stock of any such debtor, or so much thereof as shall be sufficient for the purpose, may be sold by the said corporation, for the highest and best price that can be obtained for the same, and transferred to the purchaser by the president for the time being, in the presence of one of the directors or the secretary of said corporation, and the proceeds applied towards the satisfaction of such claim or demand. SEC. 9. And be it enacted, That the president and directors shall at all times keep a book or books, in which shall be enBooks open tered all the proceedings of the stockholders at their annual or to inspection other meetings, and all the proceedings of the board of direcof stockhold- tors; and they shall also keep, at their manufactory, books of account, in which shall be regularly entered all the transactions and accounts of the said corporation; which books shall be subject at all times, in business hours, to the inspection of the stockholders of the company; and the president and directors shall from time to time, as to them shall seem meet, make and declare dividends of such parts of the clear profits resulting from the business of the said corporation, as they shall deem expedient. Capital not to be employed in banking. act. SEC. 10. And be it enacted, That the corporation hereby created shall not engage in, or carry on, or employ any part of their capital stock in banking operations. SEC. 11. And be it enacted, That this act shall be and conLimitation of tinue in force until the first day of November, one thousand eight hundred and fifty-three, and no longer: Provided always, that upon any violation of, or departure from the provisions of this act by the said company, the legislature may, at any time after, modify or repeal the same. Passed February 19, 1833. AN ACT to authorize the sale of the real estate of Joseph Thickston, de ceased. WHEREAS it appears that Joseph Thickston, late of the county Preamble. of Middlesex, and state of New Jersey, deceased, died seized of certain real estate in the county and state aforesaid, without leaving any last will and testament, and leaving five children, to wit, Rebecca Bloodgood, wife of Samuel Bloodgood, Mary Munday, wife of Michael Munday, Elizabeth Dunham, Azariah Thickston and John Thickston, his heirs at law him surviving, to whom the said lands descended.— AND WHEREAS, since the death of the said Joseph Thickston, the said John Thickston has also departed this life, leaving three children, to wit, David Thickston, Edward Thickston, and Jane Thickston, his heirs at law, the two latter of whom are minors and under the age of twenty-one years, to whom the undivided share of the said John in the said real estate of said Joseph has descended.-AND WHEREAS it appears, also, that it would be for the interest of all persons concerned in said lands, that the same should be sold-Therefore, ston, dec. SEC. 1. BE IT ENACTED by the Council and General Assembly of this State, and it is hereby enacted by the authority of the same, That David Mercereau and Henry Stevenson be, and Trustees emthey are hereby appointed trustees, with full power to sell and powered to dispose of all the land, with the appurtenances, belonging to sell real estate the said Joseph Thickston at the time of his death, for the best of J. Thickprice that can be obtained for the same, at public vendue, first giving notice thereof, as executors and administrators, by law, are required to do, and report such sale to the next subsequent orphans' court of the county of Middlesex, for confirmation and allowance; and, on said court approving the same, to make and execute a good and sufficient deed or deeds of conveyance for the same to the purchaser or purchasers thereof, and to apply the moneys arising from such sale, after deduct ing a reasonable compensation for their services and their reasonable and necessary expenses, to be allowed by the said orphans' court out of the same, to the payment of the respective shares of the several owners in said lands, according to their several and respective rights under the statute of descents. SEC. 2. And be it enacted, That before the said David Mer- To give bond. cereau and Henry Stevenson shall enter upon the trust reposed in them by this act, they shall enter into a bond to the governor of this state, with such securities and such amount as shall be approved of by the surrogate of the said county of Middlesex, conditioned for the faithful performance of the trust reposed in them by this act; which bond shall be deposited in the office of said surrogate. To account to SEC. 3. And be it enacted, That the said David Mercereau the surrogate and Henry Stevenson shall, within six months after the sale of of Middlesex. said lands shall be completed, make out and exhibit, under Preamble. AN ACT authorizing trustees to sell certain real estate, whereof Benjamin Hendrickson died seized. WHEREAS Benjamin Hendrickson, of the township of Trenton, in the county of Hunterdon, and state of New Jersey, lately departed this life intestate, seized, in fee-simple, of and in a certain tract of land, situate in the township of Trenton aforesaid, containing seventy-five acres, more or less, leaving Phebe Hendrickson, his widow, and Israel Hendrickson, Elijah Hendrickson, Letitia Hendrickson, Sarah Hendrickson, Matilda Hendrickson, Cornelia Hendrickson, Elizabeth Hendrickson, Charity Hendrickson, Marsha Hendrickson, Benjamin Hendrickson, and Julia Hendrickson, his heirs at law; which said Matilda, Cornelia, Elizabeth, Charity, Marsha, Benjamin, and Julia are minors, under the care of their mother Mary Hendrickson.-AND WHEREAS the said Phebe Hendrickson, Israel Hendrickson, Elijah Hendrickson, Letitia Hendrickson, Sarah Hendrickson, and Mary Hendrickson have, by their memorial, represented to the legislature, that it is for the interest of all the parties concerned, and especially for the interest of the said infant heirs, that a sale of the said premises should be effected with all convenient speed, and thereby prayed that trustees may be appointed to sell the same; and the prayer of the said memorialists appearing to be reasonable and proper―Therefore, SEC. 1. BE IT ENACTED by the Council and General Assembly of this State, and it is hereby enacted by the authority of the same, That Israel Hendrickson and Elijah Hendrickson, and the survivor of them, be, and they are hereby appointed trusTrustees em- tees, to sell and convey all and singular the real estate whereof powered to sell real estate the said Benjamin Hendrickson died seized, situate in the townwhereof B. ship of Trenton aforesaid, in the manner, and upon giving such Hendrickson notice of said sale or sales as is required by law in case of died seized. sales of real estate by executors or administrators by virtue of an order of the orphans' court; and, when sold, to make, ex ecute, and deliver, in their own names, or in the name of the survivor of them, as trustees or trustee as aforesaid, good, legal, and sufficient deed or deeds of conveyance for the said real estate; which said deed or deeds shall convey to, and vest in the purchaser of the said real estate all the right, title, interest, property, claim, and demands which the said Benjamin Hendrickson had therein at the time of his death, and which the widow and heirs at law of the said Benjamin Hendrickson now have in the same. To account to orphans'court SEC. 2. And be it enacted, That the said trustees, and the survivor of them, shall keep a full, fair, and just account of the sale or sales by them made under this act, with the costs and of Hunterdon expenses thereof, and exhibit the said account, under oath or affirmation, to the orphans' court of the said county of Hunterdon within six months after such sale or sales shall be made, to be approved by the said court, and to be recorded and filed by the surrogate of said county; and the said trustees or trustee, after deducting from the proceeds of such sale or sales all legal costs and expenses, and such reasonable commissions as shall be allowed by the said court, together with such compensation as shall be agreed upon with the said Phebe Hendrickson for her right of dower in said premises, shall pay unto the heirs of the said Benjamin Hendrickson, who shall have attained the age of twenty-one years, such part, share, and portion of sales to be How proceeds of the balance of said proceeds as the said heirs are respec- applied. tively entitled to in the said lands and premises under the laws of this state directing the descent of real estate, and shall pay the residue thereof to the guardian or guardians of the minor heirs of the said Benjamin Hendrickson, deceased, to be divided among them in like proportion; or if there be no guardian of the said minor heirs, then the said trustees or trustee shall place the said residue at interest, on good security, and pay the same, with the interest that shall accrue thereon, to the said minor heirs, as they severally attain the age of twentyone years, according to their respective shares, as aforesaid. Trustees to SEC. 3. And be it enacted, That the said Israel Hendrickson and Elijah Hendrickson shall, before entering upon the execu- give bond. tion of the trust reposed in them by this act, enter into bond, unto the governor of this state for the time being, in such sum, and with such security, as the surrogate of the said county of Hunterdon shall approve, conditioned for the faithful performance of the said trust; which bond shall be deposited in the office of the said surrogate, and shall be good to all intents and purposes, and pleadable in any court of justice; and in case the said bond shall become forfeited, it shall and may be lawful for the governor of this state for the time being to cause the same to be prosecuted in any court of record, at the request and for the benefit, and at the proper costs and charges, of any person or persons aggrieved by such forfeiture. SEC. 4. And be it enacted, That no sale or conveyance of |