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dividends of so much of the profits of said bank as to them, Semi-Annual or a majority of them, shall seem advisable; but they shall dividends made. make no dividend of any part of the capital stock.
Sec. 10. And be it enactd, That the rate of discounts at Rate of discount which loans may be made by the said corporation, shall not on loans. exceed the legal rate of interest of this state for the time being: Provided, that nothing herein contained shall be construed to prohibit the said company from dealing in bills of exchange, and the purchase and sale thereof.
Sec. 11. And be it enacted, That it shall be the duty of the president and cashier of the said corporation, for the time being, under their respective oaths or affirmations, and under the seal of the corporation, annually, to lay before the legisla. Annual stateture of this state, a statement of its capital stock paid in, and ment to be made. of its notes, debts, and specie on hand; and if the said president and cashier shall fail to do the same for the space of three years together, that then and from thenceforth, this charter, and all the privileges hereby conferred shall cease, and be forever at an end.
Sec. 12. And be it enacted, That if at any time after the passing of this act, the said president, directors, and company, shall neglect, on demand being made at their banking house during the regular hours of doing business, to redeemn, in specie or other lawful money of the United States, their said bills, on failure to me notes, or other evidence of debt, issued by the said corpora- deem noles in tion, the said president, directors, and company, shall forfeit speci their charter for ever, and wholly discontinue and close their banking operations, either by way of discount or otherwise.
Sec. 13. And be it enacted, That if the bank shall at any time refuse or neglect to pay in gold or silver, any bill, note, or other evidence of debt, agreeably to the tenor thereof, which it has issued, and which shall be presented for payment during its regular hours of business, it shall be the duty of the cashier, and he is hereby required, at the time of such refusal,
Interest paid to or neglect, to endorse on such bill, note, or other evidence of note holders from debt, the fact, and the time of such refusal or neglect, and time of refusal
on demand of subscribe his name thereto, and the holder of such bill, note, payment. or other evidence of debt, shall be entitled to receive interest for the same, at the rate of ten per cent. per annum, until paid, provided a demand therefor, in manner aforesaid, shall be made every three months from the time of such endorsement; Provided also, that nothing in this section shall be construed to prevent the said bank from redeeming its own notes with the notes of any other bank in whose behalf the same shall be presented for payment.
Sec. 14. And be it enacted, That the president and direc- President and tors of said corporation, shall individually, and jointly and dirt
u and severally severally, be, and continue liable to every creditor for the liable for noies payment of any bills obligatory or of credit, note or notes,
that they or any of them may issue and circulate, and upon demand of payment being made at the bank, during the usual hours of business, and refusal thereof, an action may be brought against the said persons then acting as president and directors of the said company, jointly or severally; and it shall be lawful for the plaintiff or plaintiffs to declare therein generally for money had and received, with a specification of the dates, sums, payees, and numbers of the said bills or notes so demanded, and payment whereof hath been neglected or refused, and, upon judgment being rendered, execution shall issue thereon.
Sec. 15. And be it enacted, That it shall not be lawful for When the bank the said bank to issue any notes or bills until an affidavit, by may issue notes, the president and cashier, shall have been made and filed in
the office of the secretary of state, stating that seventy-five thousand dollars of the capital stock of the said corporation shall have been subscribed and paid in, conformably to the provisions of this act.
Sec. 16. And be it enacted, That this act shall be and Limitation. continue in force until the first day in January, one thousand
eight hundred and fifty-five, and no longer; And further, that
it shall and may be lawful for the legislature of this state, at Ace may be al- any time hereafter, to alter, modify, or repeal this act, whentered or repealed ever in their opinion the public good requires it.
Passed February 26, 1834.
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 it shall and may be lawful for the directors of the
Company to ex tend the road.
Princeton and Kingston Branch Turnpike Company, or a majority of them, at any time they may see proper, to open books to receive subscriptions for the purpose of increasing Subscription their stock to any amount not exceeding two hundred and may be opened fifty thousand dollars, by giving at least twenty days notice stock in one of the newspapers published at Princeton or Trenton.
Sec. 2. And be it eracted, That it shall and may be lawful for said company to improve their road by McAdamizing, Road may be or otherwise, in such manner as they may see fit : Provided. McAdamized. that nothing herein contained shall be so construed as to interfere with the privileges of any other incorporated company.
Sec. 3. And be it enacted, That it shall and may be lawful for said company to extend their road from any point thereof, to any point of the Georgetown and Franklin Turn.. pike road, as may be deemed advisable, subject to the provisions of the act to which this is a supplement, and if they think proper, they may pursue the course of said Georgetown and Franklin Turnpike road to its termination at the head of Albany street, in the city of New Brunswick, by and with the consent of said Georgetown and Franklin Turnpike Company, in the same manner as is herein and hereby authorized.
4. AND WHEREAS, the said Princeton and Kingston Branch Turnpike Company, have expended thirty-five thousand dol. lars on their road, for which they have the right of charging mella one cent per horse per mile, Therefore, BE IT ENACTED, That the said company may charge as tolls for travelling on said turnpike, in the ratio of one cent per horse per mile, for every additional thirty-five thousand dollars expended on said road. Sec. 5. And be it enacted, That the additional stock here. Additional stock
considered part by authorized to be created, shall be in shares of twenty-five of dollars each, which shall be deemed and considered a part of the capital stock of said company, and be entitled to all the privileges and subject to all the regulations of the present capital stock of said company.
Sec. 6. And be it enacted, That this supplement shall not take effect until the persons holding three fourths of the stock take effect. of said company shall assent, in writing, to the provisions of the same, and such consent be filed in the office of the secretary of this state.
Passed February 26, 1834.
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of capital stock.
Then act to
AN ACT to divorce John Pierson from his wife Catharine
BE IT ENACTED by the Council and General Assembly of this state, and it is hereby enacted by the authority of the same, That John Pierson, of the county of Essex, be, and he is hereby divorced from his wise, Catharine Pierson, and that the marriage contract heretofore existing between them, be, and the same is hereby as fully and absolutely dissolved, as if they had never been joined in matrimony.
Passed February 26, 1834.
Style of incorporation.
AN ACT to incorporate the Farmers' and Mechanics' Bank
of New-Brunswick. 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 all such persons as shall become stockholders in the capital stock hereinafter mentioned, their successors and assigns, are, and shall be hereby constituted and made a body corporate and politic, by the name and style of “ The Farmers' and Mechanics' Bank of New Brunswick," and by that name shall be known in law, and shall have power to sue and be sued, to plead and be impleaded, answer and be answered unto, defend and be defended in all courts, whether in law or equity, and by that name may also have, purchase, possess and enjoy, to them and their successors, lands, tenements and heriditaments, goods, chattels, and effects of what nature or kind soever, necessary for the purposes of this corporation; and the same to grant, demise, alien and dispose of at pleasure, for the benefit of the said corporation; and may also have a common seal, and alter and renew the same at pleasure; and also may make such by-laws and establish such rules and regulations as shall seem necessary and expedient for the well government of the said institution, and put the same in execution; Provided, that the same be not repugnant to the constitution and laws of the United States, nor of this state; and may also appoint all such officers, agents and servants as shall be necessary to carry into effect the powers by this act vested in the said corporation, and allow such compensation for their services as shall be right and proper.
Sec. 2. And be it enacted, That' the capital stock of said corporation shall be one hundred thousand dollars, with liberty to increase the same to two hundred thousand dollars, which shall be divided into shares of twenty-five dollars each; and that the sum of fifty thousand dollars shall be subscribed and actually paid in, before the said corporation shall be allowed to coinmence business. Sec. 3. And be it enacted, That John Bray, James S.
No Commissioners Nevius, Lewis Carman, Peter N. Pool, Abraham Suydam, to receive subCharles Morgan, Littleton Kirkpatrick, David Mercereau, Scriptions. James C. Zabriskie, Andrew Agnew, Miles C. Smith, and C. L. Hardenbergh, be, and they are appointed commissioners, to receive subscriptions for the said stock, in the city of New-Brunswick, first giving two weeks previous notice in the newspapers, printed in said city, of the time and place of opening the books of subscription, which shall remain open from day to day, (Sundays excepted) for ten days, unless the whole amount of the said stock shall be sooner subscribed. Sec. 4. And be it enacted, That the sums subscribed shall me
"Mode of pay. be paid in the following manner, to wit: five dollars on meni of stock. each share, at the time of subscribing, to the commissioners aforesaid, and the remainder in such instalments, and at such times as the president and directors shall appoint; Provided, that previous notice of the time when such instalments shall be required to be paid, shall be published at least three weeks in the newspapers of the city of New-Brunswick.
Sec. 5. And be it enacted, That any person, co-partnership or body politic, failing to pay any instalment, or part on failure to pay. thereof, pursuant to the provisions of the fourth section, shall instalments. forfeit to the said corporation, every share upon which there shall be a deficiency, and all moneys thereon previously paid.
Sec. 6. And be it enacted, That as soon as two thousand shares shall be subscribed, the commissioners aforesaid, or any seven of them, may call a meeting of the subscribers, at Election of first New-Brunswick, by giving at least three weeks previous notice in the newspapers printed in that city; and the subscribers assembled in pursuance of such notice, shall choose, by ballot, from among the subscribers, by a majority of votes of such as are present, or by proxy, eleven directors, who shall be citizens of this state, who shall serve until the second Monday in May, eighteen hundred and thirty-five, on which Time of annual day, and on the same day annually thereafter, (during the continuance of their charter) a like election shall be made, a majority of which directors, shall, at all times, be inhabitants of the city of New-Brunswick; and in case of the death, refusal, resignation, disqualification, or removal of any director, the remaining members, at their next meeting thereafter, shall elect, by ballot, another person in his place, for the residue of the term; and the directors, or any seven of them, at
election of directors,