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band;—AND WHEREAS it appears to be for the interest of the said children that their undivided ninth part of the said real estate should be sold—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 Henry Staats be, and he hereby is appointed a trustee, with full power and authority, to sell and dispose of pointed a true
H. Staats apo the one equal undivided ninth part of the real estate of said tee to sell cer. Josiah Schenk, deceased, which descended to the said Eliza- tain real esbeth Staats, and, on her death, to her said minor children, at tate. public sale, by giving public notice thereof, as by law is re. quired of executors and administrators, for the best price that can be obtained for the same; and, after sale thereof, to make and execute a good and sufficient deed of conveyance to the purchaser or purchasers thereof, conveying all the title and interest of him, the said Henry Staats, and the children of the said Elizabeth Staats, in and to the said real estate. Sec. 2. And be it enacted, That the said trustee, after making ,
Mug To account to sale in manner aforesaid, shall account to the orphans' court,
court the orphans' of the county of Somerset, at the term next succeeding such court of sosale, for the proceeds of said sale; and, after a fair and just merset. allowance of all costs, charges, and expenses attending the sale, made and allowed by said court, shall invest the balance of said proceeds at interest, upon good and sufficient security, and shall be entitled to receive the interest thereon during his natural life, and, at his death, the principal to be divided between the said children, or their heirs, of the said Elizabeth Staats, deceased.
Sec. 3. And be it enacted, That the said trustee shall, before to give bond he enters on the duties prescribed by this act, enter into bond to the goverto the governor of this state, with two sufficient sureties, to be nor. approved by the surrogate of the county of Somerset, conditioned for the faithful performance of said trust.
Passed January 29, 1833.
A Supplement to "An act concerning roads," passed the ninth of Febru
ary, eighteen hundred and eighteen.
Sec. 1. Be it ENACTED by the Council and General Assembly of this State, and it is hereby enacted by the authority of the Bride same, That it shall and may be lawful for the owner or own- be made over ers of any land or meadow, over which a private or by-road drains on primay pass, to erect, make, and maintain bridges on all ditches vate roads. and drains lying or running across said road.
made, or heren
Sec. 2. And be it enacted, That all bridges which are now
made, or hereafter may be made, across or over ditches or bridges to be drains in private and by-roads, lying on mud or miry bottom, considered with one or two doors or hoists, with at least three feet span, swinging and made of such light materials as may be hoisted or lowered gates.
with facility, shall be taken and considered as swinging-gates; Tando
and all persons leaving such gates down or laid, or who shall
cut, break, or destroy any such gate, bridge, or door, shall, for · every such offence, forfeit two dollars, to be recovered by ac
tion of debt, with costs, by any person who shall prosecute for the same, and shall also pay the owner of the soil, or his tenant, all damages which he may have sustained thereby, to be appraised by three neighboring freeholders, or a majority of them; which damages, so assessed, shall be recovered by action of debt, with costs.
Sec. 3. And be it enacted, That the twelfth section of the act Part of former to which this is a supplement, authorizing the erection of swingact. extended ing-gates in private roads, is hereby extended to all by-roads. to this.
Passed January 30, 1833.
AN ACT supplementary to an act entitled, “ An act to incorporate the
Clinton Manufacturing Company,” passed February first, eighteen hun
dred and thirty. 1,"Is T ured a
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 the real estate mentioned in the proviso of the first Other lands
de section of the act to which this is a supplement, to be purmay be own. ed by compa. chased and holden by the corporation created by the said act. ny than spe- shall be not only such as was owned by the said William cified in for Jackson, at the time of the passing of said act, but such other mer act.
lands and real estate in this state, as may be necessary for the purposes for which the said corporation was established.
Sec. 2. And be it enacted, That it shall and may be lawful Company for the said corporation to commence their said business when may com
in and so soon as twenty thousand dollars of the capital stock ness when thereof shall have been subscribed for and paid, or secured to $20,000 paid be paid, instead of fifty thousand dollars, as mentioned in the in,
second section of the act to which this is a supplement.
Sec. 3. And be it enacted, That it shall be lawful for Choose dlthe commissioners named in the third section of the act to
which this is a supplement, or a majority of them, to call the first meeting of the said company for the choice of directors, when the sum of twenty thousand dollars shall have been sub
in which this is a sus
scribed, instead of fifty thousand dollars, as directed in the said third section of said act.
Sec. 4. And be it enacted, That so much of the act to which Part of for. this is a supplement, as comes within the purview of this act, mer act reand inconsistent therewith, be, and the same is hereby repealed. pealed.
Passed January 30, 1833.
AN ACT to incorporate the Paterson Button Manufactory.
Sec. 1. BE IT ENACTED by the Council and General Assembly of this state, and it is hereby enacted by the authority of the Style same, That Virgil Blackington, John Colt, Abraham Godwin, jects of incorjunior, Daniel Holsman, Francis Doremus, and such other poration. persons as may be hereafter associated with them, and their successors and assigns, be, and they are hereby constituted a body politic and corporate, by the name of “the Paterson Button Manufacturing Company,” for the sole purpose of manufacturing gilt and other buttons, and generally all articles manufactured from metal, bone, or wood, and their several and various branches; and, by the same name, they and their successors and assigns shall have power and continue a body politic and corporate, and be capable, in law, of suing and being sued, pleading and being impleaded, answering and being answered unto, in all courts of justice or any other place whatever; to make and use a common seal, and the same to alter and renew at pleasure; and they and their successors and assigns, in their corporate name, shall be able and capable to acquire, purchase, receive, have, hold, and enjoy any lands, May hold tenements, hereditaments, goods, and chattels, of whatever lane kind or quality soever, necessary or useful for the said corporation to carry on their manufacturing operations above mentioned, and all other real estate which shall have been bona fide mortgaged to the said corporation by way of security, or conveyed to them in satisfaction of debts previously contracted in the course of business, or purchased at sales upon judgments which shall have been obtained for such debts: Provided
Proviso. always, that the funds of said corporation, or any part thereof, shall not be applied, used, or employed, at any time, in banking operations; and the said Virgil Blackington, John Colt, Abraham Godwin, junior, Daniel Holsman, and Francis Doremus, or a majority of them, are hereby authorized to receive subscriptions to the capital stock of said company. Sec. 2. And be it enacted, That the stock, property, and
and How direct
tors and presiconcerns of the said company shall be managed and conducted dent to be by five directors, being stockholders, and one of whom to be chosen.
remov e subor.
president, who shall hold their offices for one year; and that the said directors shall be chosen at such place and time as shall be directed by the by-laws of the 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 printed nearest the place where said election shall be held, by such of 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 power of attorney, to as many votes as he or she shall hold shares of the capital stock of said company; and the candidates having the
greatest number of votes, being stockholders, shall be direcDirectors tors; and the directors chosen at one election shall be capable appoint and of serving, by virtue thereof, until another election shall have
pore been had; and the directors so chosen may appoint such offidinate officers.
cers and superintendants, and assign such compensation, as they shall think fit, not less than a majority of the whole number of directors being present when the same shall be done, and may remove the same, and appoint others, at their plea
sure; and if it shall at any time happen that any vacancy or Vacancies, how supplied.
ed. vacancies occur, by death, resignation, or otherwise, among
the directors, officers, or superintendants, such vacancy or vacancies shall be filled by such person or persons as the remainder of the directors for the time being, or a majority of them, shall appoint.
· Sec. 3. And be it enacted, That the capital stock of said Amount of company shall not exceed fifty thousand dollars, which shall capital stock. be divided into shares of one hundred dollars each; but as soon
as the sum of fifteen 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 to and for the said company to commence their said business, and with that capital conduct and carry it on until they shall deem it expedient to extend their operations, and the capital necessary for that purpose, which they are hereby authorized to do, from time to
time, to the amount herein before mentioned: and it shall be Stock forfeit- lawful for the directors of the said company to call and deed on failure mond from re mand from the stockholders, respectively, all such sums of
the stoobch to pay installments.
money by them subscribed, at such times and in such proportions as they shall deem proper, under pain of forfeiting the shares of the said stockholders, and all previous payments thereon, if such payments shall not be made within thirty days after a notice shall have been published for the space of twenty days, in one or more public newspapers published in or near the place where such payment shall be required to be made, and also in one or more newspapers published in the city of New York,
. Sec. 4. And be it enacted, That the stock and property of deemed per-, the said corporation, of whatever nature or kind, shall be - sonal estate. deemed personal estate, and be transferable in such manner as
shall be prescribed by the by-laws of the said corporation: Provided, that no dividends shall be made to and among the stockholders except from and out of the profits of the said corporation
SEC. 5. And be it enacted, That in case it should at any time happen that an election should not be made on the day that, Corporatiorr pursuant to this act, it ought to be made, the corporation shall not dissolved not for that cause be deemed to be dissolved, but it shall and on
elect on day may be lawful to hold such election on such other days, in the prescribed." manner aforesaid, as shall be prescribed by the by-laws and ordinances of said corporation.
SEC. 6. And be it enacted, That a majority of directors for Me the time being shall form a board for transacting the business directors to of said corporation, and shall have power to ordain, establish, transact busiand put in execution such by-laws, ordinances, and regulations ness. as shall seem necessary and convenient for the government, management, and the disposition of the stock, effects, profits, and concerns of the said corporation: Provided the same are not contrary to the laws and constitution of the United States or of this state.
Sec. 7. And be it enacted, That the directors shall at all times keep, or cause to be kept, proper books of accounts, in inspection of which shall be regularly entered all the transactions of the said stockholders. corporation; which books shall at all times be open to the inspection of the stockholders of the said company, or their legal attorney or attorneys; and further, that no transfer of stock shall be valid or effectual until such transfer shall be entered or registered in the book or books to be kept by the president and directors for the purpose. .
Sec 8. And be it enacted, That the said company may be How comp dissolved at a general meeting of the stockholders, especially ng may be summoned for that purpose: Provided at least three-fourths in dissolved. value of the stockholders shall be present or represented there. Proviso. in; and upon such dissolution, the directors for the time being, and the survivors and survivor of them, shall be ipso facto 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 interest 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, and the survivors and survivor of them shall be trustees and trustee for the purpose aforesaid; and that stockholders owning one-fourth of the stock holden may, by giving notice in' a newspaper published in Pa. terson for a fortnight, and one newspaper published in the city of New York a fortnight, call a public meeting of the stockholders, for the purpose of passing by-laws and ordinances for the election of directors; and that such by-laws and ordinances shall be binding until in like manner repealed or altered, in