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SEC. 4. And be it enacted, That the capital stock of the said company, shall be one hundred and fifty thousand dollars, Amount of to be divided into shares of twenty-five dollars each; but it capital stock. shall nevertheless be lawful for the said corporation, when and so soon as fifty thousand dollars on account of the said capital stock shall have been subscribed and paid in, or satisfactorily secured, to commence their said business, and with that capital to conduct and carry it on until they shall find it expedient from time to time to extend their capital to the amount herein before authorized.
Sec. 5. And be it enacted, That all the affairs, concerns, and business of the said corporation, shall be managed and conducted by a president and four directors, or a majority of them, being stockholders, in the said company, and elected by them; the first election shall be held on the first Monday of Time and October, in the year of our Lord, one thousand eight hundred mode of electand thirty-four; and every election for directors thereafter, ing directors. shall be held annually on the first Monday of October, which election shall be by ballot, and decided by plurality of votes, under the direction of the president and directors of the corporation, or a majority of them ; and each stockholder shall be entitled to one vote for each share of stock standing in his name: and until the first Monday of October, in the year of our Lord, one thousand eight hundred and thirty-four, the said Robert Swartwout, David B. Ogden, William C. Holly, Henry Aaron, and Charles Kinsey, shall be directors of the said corporation and shall continue to be director's until others shall be elected in their stead; and the directors who may from time to time be duly elected, shall continue in office, and hold over until others are duly elected in their place or stead. Sec. 6. And be it enacted, That the stock of the said com.
" Stock to be pany, shall be considered personal property, and shall be as- deemed persignable and transferable according to such rules as the board sonal estate. of directors shall from time to time make and establish.
Sec. 7. And be it enacted, That the said directors hereinbefore named, and those that may from time to time be duly elected, or a majority of them, shall as soon as may be convenient, after their election, appoint one of their number to be president, and the said president and directors, or a majority Election of of them, shall have power to make all necessary rules and president. regulations for the government of their own board, and the time and mode of transacting business therein, the regulations Duties of of elections for directors and for the management of the con- president
directors. cers of the corporation; provided such rules and regulations are not inconsistent with the constitution and laws of the United States, and of this state, they shall have power to declare and make dividends of the profits resulting from the business of the said company; and also to appoint all such officers and agents as they or a majority of them may deem necessary for the purposes intended by this act; the first elec
tion for directors shall be held at Hoboken, in the county of Bergen, and all subsequent elections shall be held at such time
and place within said county as the president and directors, or Election to
a majority of them, shall from time to time direct, and notice
a majority on them, snali be advertised. shall be given in at least one newspaper published in this state,
and one in the city of New York, ten days prior to each election of directors, stating the time and place where such election will be held; at which election, each stockholder may vote in person or by proxy; Provided always, that in case it should at any time happen that an election of directors should not be made on any day when pursuant to this act it ought to have been made, it shall be lawful on any subsequent day, upon such notice, and in such manner as the by-laws of the said company may prescribe, to hold an election of directors of the said company, and the directors so elected, shall proceed to choose a president as herein before directed.
Sec. 8. And be it enacted, That books of subscription to the capital stock of the company, shall be opened at such time and place and in such manner as may be designated by the directors, within ninety days after the passage of this act; that five dollars shall be paid upon each share of stock at the time of subscribing, and the remainder by installments or otherwise, upon a call of the president and directors, giving at least thirty days notice thereof, and that the shares of every stockholder, omitting to make such payment, shall be forfeited to the company with all previous payments made thereon.
Sec. 9. And be it enacted, That this act shall be and conLimitation of tinue in force for and during the term of fifty years from the charter. passing thereof, and from thence until the end of the next sesProviso. sion of the legislature: Provided always, that the legislature
may at any time during that period, repeal, amend, or alter this charter at their will and pleasure.
Passed February 21, 1833.
AN ACT to diyorce William H. Schenck from his wife Angeline M.
• Sec. 1. BE IT ENACTED by the Council and General AssemWilliam H. bly of this State, and it is hereby enacted by the authority of the and Angeline same, That William H. Schenck, of the county of Monmouth, M. Schenck divorced. be, and he is hereby divorced from his wife Angeline M.
Schenck; and that the marriage contract heretofore existing
between them, the said William H. Schenck and Angelina M. his wife be, and the same is hereby as fully and absolutely dissolved as if they had never been joined in matrimony.
Passed February 22, 1833.
A further Supplement to the act entitled, “ An act to incorporate a com
pany to create a waterpower at the city of Trenton and its vicinity, and for other purposes," passed February sixteenth, eighteen hundred and thirty-one.
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 any person, copartnership, or body politic failing, Stock forfeit
8 ed on failure for the space of thirty days after having received notice and a to par install. demand in writing to pay any installment, or part thereof, of ments. the capital stock of the said company, shall forfeit to the said company, at its discretion, each and every share upon which there shall be a deficiency, and all moneys thereon previously paid; which share or shares of stock so forfeited shall and may be sold by the president and managers for the time being for such price as can be had for the same; and the purchaser or purchasers thereof shall become members of the company, as fully as if they had been original stockholders.
Sec. 2. And be it enacted, That the act entitled, “ A sup- Former supplement to an act entitled, an act to incorporate a company to plement recreate a waterpower at the city of Trenton and its vicinity, pealed. and for other purposes," passed February sixteenth, cighteen hundred and thirty-one, which said supplement was passed January iwenty-sixth, eighteen hundred and thirty-three, be, and the same is hereby repealed.
Passed February 22, 1833.
AN ACT to incorporate the Rahway Mutual Insurance Fire Company.
WHEREAS Robert Lee, Job Squire, Samuel Oliver, David S. Preamble.
Craig, Jonathan B. Marsh, and others, inhabitants of the townships of Woodbridge, in the county of Middlesex, and Rahway, in the county of Essex, have, by their petition to
the legislature, set forth the great advantages that would result from an act of incorporation, enabling them and others, their associates, to insure their buildings and other property against loss or damage by fire; and it appearing to the legislature that the prayer of the petitioners is reasonable, and ought to be granted— Therefore,
Sec. 1. BE IT ENACTED by the Council and General Assem. bly of this State, and it is hereby enacted by the authority of the same, That the said Robert Lee, Job Squire, Samuel Oliver, David S. Craig, Jonathan Bloomfield Marsh, and others, their associates, successors, and assigns, shall be, and hereby are
ordained, constituted, and declared to be a body corporate and Style of in politic, in fact and in name, by the name of "the Rahway corporation. Mutual Insurance Fire Company;" and by that name, they
and their successors shall and may have succession during the continuance of this act, and shall be persons, in law, capable
of suing and being sued, pleading and being impleaded, answerPowers.
ing and being answered unto, defending and being defended, in all courts and places whatsoever, in all manner of actions, suits, complaints, matters, and causes whatsoever; and that they and their successors may have a common seal, and may change and alter tbe same at pleasure; and also, that they and their successors, by the name of the Rahway Mutual Insurance Fire Company, shall be, in law, capable of purchasing, holding, and
conveying any estate, real or personal, for the use of the said Proviso. corporation: Provided, that the lands, tenements, and heredita
ments, which it shall be lawful for the said corporation to hold, be only such as shall be requisite for the purpose of erecting buildings thereon, in which to meet and transact the business of the said corporation, or such as shall have been bona fide mortgaged to it by way of security, or conveyed to it in satisfaction of debts previously contracted in the course of its business, or purchased at sales on judgments which shall have been obtained for such debts; and with regard to all such lands, tenements, and hereditaments, so to be held by the said corporation as aforesaid, except such as may be for its immediate accommodation as aforesaid, or such as it may hold by way of mortgage, and whereof the actual possession shall be and remain in the mortgagers, their heirs or assigns, the said corporation shall be bound to sell and dispose of the same, respec
tively, within five years after it shall acquire the same, and · shall not be capable of holding the same after the expiration of the said five years.
Sec. 2. And be it enacted, That the said corporation shall Company not not, directly or indirectly, deal or trade in buying or selling to trade in any goods or commodities whatsoever, or in buying or selling
mer- any stock created by any act of the congress of the United chandise.
States or any particular state, unless by purchasing for the purpose of investing its capital stock, or any part thereof, in
the same, for the greater security, or by selling for the payment of its debts, or when such stock shall have been duly pledged to it by way of security of debts to the corporation, or for the payment of their deposits.
Sec. 3. And be it enacted, That it shall not be lawful for the president or a director of any other insurance company en- Who may not gaged in insuring houses and stores against loss by fire, to be be president president or director of the company incorporated by this act. Of au
Sec. 4. And be it enacted, That the property and concerns Time ane of the said corporation shall be managed and conducted by mode of electfifteen directors, a majority of whom shall be citizens of this ing directors. state, to be chosen by ballot, by and from among the members, to hold their offices for one year, and until others are chosen to fill their places; and that the election for directors shall be held on the first Tuesday in April in every year, between the hours of ten, in the forenoon, and two, in the afternoon, at such place as the majority of directors for the time being shall appoint; and public notice shall be given, by the said directors, in a newspaper printed in Rahway, and by advertisements set up in four of the most public places in the said town, of such time and place, not more than fourteen days, nor less than seven days, previous to the time of holding the said election: and if any of the said directors shall die, or refuse to serve, or neglect to act in their said office, for and during the space of six calendar months, successively, then, and in every such case, another director shall and may be chosen by ballot, in the place of each director so dying, refusing, or neglecting to act as aforesaid, by a majority of the directors, or such of them as shall be present at the next monthly meeting of the corporation after such vacancy shall happen, which person so appointed shall be a director until the next general election: and in case it should happen that an election of directors should not be held on any day when pursuant to this act it ought to have been held, the said corporation shall not for that cause be deemed to be dis- Corporation solved, but it shall and may be lawful, on any other day, to not assolved
ay, to for failure of hold an election of directors, in such manner as the by-laws of electing on the said corporation shall have prescribed; and until an elec- day prescribtion of directors shall be held, according to the provisons of ed. this section, the following persons shall be directors, namely, Robert Lee, Job Squire, Joel Clarkson, George F. Webb, Samuel Oliver, David S. Craig, Jonathan B. Marsh, Adam Lee, Joseph 0. Lufberry, Jackson Freeman, Henry Mundy, Timothy Ross, Charles Cox, Robert C. Vail, and Jacob Flatt. Persons in
SEC. 5. And be it enacted, That all persons who shall at any suring with time bereafter insure in or with the said company, or be allow the company,
to be memed so to do, shall be deemed and taken for members of the ho
bers. said corporation.
Sec. 6. And be it enacted, That the directors of the said No compencorporation shall not take or receive any compensation for sation to ditheir services, as directors; and no person being a debtor to rectors.