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tions.

transactien of business,

their first meeting after every general election, shall elect President to be from among themselves, by a majority of the members prechosen.

sent, by ballot, a president, who shall be an inhabitant of the state of New Jersey; and in case of the death, refusal, resignation, disqualification, or removal of the president, the directors shall meet as soon as conveniently can be thereafter, and elect in the manner before mentioned, another person, qualified as aforesaid, for president.

Sec. 7. And be it enacted, That for the well regulating Mode of conducting elec- and conducting of the election of directors, the stockholders,

at their first general meeting, shall appoint three from among themselves, who shall be judges of said election, for the first term; and that at every election thereafter, the president and directors, for the time being, shall appoint three stockholders, not being directors, to be judges of the same; and that each stockholder shall be entitled to one vote for each share holden by him; Provided, that he shall have held such share for at least twenty days next preceding an election, and shall be a citizen of this state.

Sec. 8. And be it enacted, That seven directors shall conQuorum for

stitute a quorum for the transaction of business, of whom the president shall always be one, except in case of sickness or necessary absence, and in such case, his place may be supplied pro tempore, by any other director, chosen by a inajority of the directors so met for business.

Sec. 9. And be it enacted, That the stock of the corporaMode of trang- aion choll be deemed ners fering stock.

tion shall be deemed personal property, and that no transfer of said stock shall be valid, unless it shall be made upon the transfer book of said corporation.

Sec. 10. And be it enacted, That the total amount of the

debts which the said corporation shall at any time owe, whe

and ther by bond or bill or note, or other contract, shall not exceed directors jointly double the amount of the capital paid in; that the president Jules and directors of the corporation shall, in their individual ca

pacities, and jointly and severally, be and continue liable to every creditor for the payment of all 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 president and directors of the said company, in their individual capacities and jointly or severally; and it shall be lawful for the plaintiff or plaintiffs to declare thereon 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.

Sec. 11. And be it enacted, That it shall be lawful for the directors of the said corporation, to make semi-annual divi

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dends to the stockholders, of so much of the profits of the Sem
banking business, as to said directors may seem advisable ; vidends to be
but the said directors shall not at any time make any divi-
dend of any part of the capital stock of said corporation,
but only the net profits thereof; and in case they shall divide
any part of the capital stock as aforesaid, the directors under
whose administration it shall happen, shall be liable for the If dipidend of
same, in their natural and private capacities, and an action pital is made,
of debt may be brought in such case, against them, or any directors liable.
of them, their heirs, executors, or administrators, in any court
of record of this state, by any creditor of said corporation,
and may be prosecuted to judgment and execution, any con-
dition, covenant, or agreement to the contrary notwithstand-
ing; and such of the directors as may have been absent
when such dividend took place, or may have dissented from
the act or resolution directing the same, may exonerate them-
selves from such liability, by forthwith giving notice of the
fact of their absence or dissent, to the governor of the state
for the time being, and to the stockholders at a general meet-
ing, which they, the said directors, shall have power to call
for that purpose.

Sec. 12. And be it enacted, That none but a stock- onglif
holder, being a citizen of the United States, and resident directore.
in and citizen of the state of New Jersey, shall be eligible
as a director; and no director shall be entitled to any
emolument, unless the same shall be allowed by the stock-
holders, at a general meeting; the stockholders shall make
such compensation to the president for his extraordinary ser-
vices and attendance upon the business of said corporation,
as shall appear to them reasonable.
Sec. 13. And be it enacted, That the bills obligatory and of

u Bills under seal credit, under the seal of the said corporation, which shall be made to any person or persons, shall be assignable by endorse- endorsemeni. ment thereon, under the handor hands of such person or persons, and his, her, or their assignee or assignees, successively, and shall enable such assignee or assignees, to bring and maintain an action thereupon, in his, her, or their name or names; and bills or notes which may be issued by said corporation, signed by the president, and countersigned by the cashier

** Billo not under thereof, promising the payment of money to any person or seal assignable persons, his, her, or their order, or to bearer, though not under and negotiable. the seal of the said corporation, shall be binding and obligatory upon the same, in like manner, and with the like effect, as upon any private person or persons, if issed by him or them, in their private or natural capacity or capacities, and shall be assignable and negotiable in like manner, as if they were so issued by any private person or persons, that is to say: those which shall be payable to any person or persons, his, her, or their order, shall be assignable and negotiable by endorsement in like manner, and with the like effect as fo.

ble by

reign bills of exchange now are, and those which shall be payable to bearer, shall be negotiable or assignable by. delivery.

Sec. 14. And be it enacted, That it shall and may be What real es

lawful for the said corporation to purchase and hold such, tate may be

and so much of the said real estate as shall be necessary for held,

their convenient accommodation in the transaction of their business ; and also such as shall be bona fide mortgaged to it by way of security, or conveyed to it in satisfaction of debts, previously contracted, in the course of its dealings, or purchased at sales upon judgments which shall be obtained for such debts.

Sec. 15. And be it enacted, That the corporation shall Restrictions, not directly or indirectly deal or trade in any thing except

bills of exchange, promissory notes, gold and silver bullion, or in the sale of goods which shall be the produce of its lands;

nor shall the said corporation take more than at the rate of Rate of interest. six per centum per annum, for, or upon its loans or discounts,

and the capital stock of the said company shall be subject to Stock may be the same tax as other banks in this state are or shall be subtaxed. ject to, and the same shall be levied, collected and paid in

the same manner as taxes on other banks in this state, now are or hereafter may be recovered.

Sec. 16. And be it enacted, That the votes of seven of the

directors shall be neceassary to a choice of the cashier of this Election of

corporation, who shall hold his office during the pleasure of the directors, for the time being, and every cashier, before he enters upon the duties of his office, shall be required to give bond, with two or more sureties, to the satisfaction of the directors, in a sum not less than forty thousand dollars, with

condition for his good behaviour; and every director and Cashier to give cashier, before entering upon the duties of their respective

offices, shall take the following oath or affirmation, as the ce case may be : I,

do swear (or affirm) that I will tors and cashier. faithfully execute the duties of

agreeably to the provisions of the law and the trust reposed in me, to the best of my skill and understanding.

Sec. 17. And be it enacted, That the president and direcAnnal state. tors shall not be authorized to issue any bank notes for any ment to be exhi- sum under one dollar; and that at the annual meeting for bited.

the choice of directors, a balance of the books shall be exhibi. ted, and a statement of the affairs and business of the corporation for the preceding year, shall be made out and shown for the general satisfaction of the stockholders; and that the books of said corporation shall, at all times, during banking

hours, be open for the inspection of the stockholders. Interest allowed Sec. 18. And be it enacted, That on all special deposits, to special depo

there shall be allowed, to such depositors, three per cent.

cashier.

bond.

Oath of direc

witors,

to hold

for the time being provided such deposits are not withdrawn by draft, or otherwise, within sixty days.

Sec. 19. And be it enacted, That if, at any time after the passing of this act, the said president, directors, and company, Charter forfeited shall neglect on demand being made at their banking-house

ouise on failure to pay during their regular hours of doing business, to redeem in specie or other lawful money of the United States, their said bills, notes, or other evidences of debt, issued by the said corporation, the said president, directors, and company shall forfeit their charter for ever, and wholly discontinue and close their banking operations, either by way of discount or otherwise ; provided, the same be not resumed within seven days, and the said bank shall be liable to pay the holder or holders of such Damages paid notes or bills, the payment whereof has been refused or de ho

Oruc notes on failure layed, upon demand as aforesaid, damages for the non-pay- to pay. ment thereof, at and after the rate of ten per centum per annum, from the time of such demand, until the same shall be paid as aforesaid, or otherwise satisfied.

Sec. 20. And be it enacted, That the president and directors of said corporation, shall, individually, and jointly and President and severally, be and continue liable to every creditor for the pay. directors jointly ment of any bills obligatory or of credit, note or notes, that liable for notes they or any of them may issue and circulate, and upon de- sued. mand 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. 21. And be it enacted, That it shall be the duty of

Of Annual statethe president and cashier of the said corporation, for the time ment to be made being, under their respective oaths or affirmations, and under 10 legislature. the seal of the corporation, annually to lay before the legislature of this state, a statement of its capital stock paid in, and of its notes, debts, and spécie 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 thence forth this charter, and all the privileges hereby conferred, shall cease, and be forever at an end.

Passed February 26, 1834.

A SUPPLEMENT to the act, entitled “ An act respecting

the sale of the real estate of Robert Young, deceased,

passed February eleventh, eighteen hundred thirty-three. WHEREAS, the legislature of this state, did, on the eleventh of

February eighteen hundred and thirty-three, pass an act auPreamble:

thorizing Moses Chandler, of Elizabethtown, county of Essex, to sell, convey, &c. all the real estate, of Robert Young, deceased ; AND WHEREAS, the said Moses Chandler, has recently deceased, without disposing of all of said real estate, and there being no person legally authorized to take charge of or dispose of the same-Therefore,

BE IT ENACTED by the Council and General Assembly of this state, and it is hereby enacted by the authority of the

same, That Charles Davis of Elizabethtown, be, and he is Trustee ap

hereby substituted in the place of Moses Chandler, deceased, pointed to sell with like powers to sell and convey the remaining unsold real

estate of Robert Young, deceased, and divide the proceeds thereof, in like manner, as Moses Chandler could have done, and perform all other duties provided for in and by the said act, to which this is a supplement.

Passed February 27, 1834.

real estate.

AN ACT to incorporate the Princeton Bank. 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 William Cruser, John S. Vandyke, John Gulick,

Robert Bayles, Robert Voorhees, Abraham Cruser and WilCommissioners to receive sub- liam Gulick, be appointed commissioners to open a subscripscriptions for tion at Princeton, to raise the sum of one hundred and fifty

thousand dollars, in shares of fifty dollars each; the said commissioners to give notice of the time and place, or places of opening the books of subscription, by advertising the same in the newspapers published at Princeton, at least three weeks ; the books to continue open from day to day for five days, and should more than one hundred and fifty thousand dollars be subscribed, the commissioners shall make an equitable deduc. tion and apportionment: Provided always, that the citizens

stock,

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