Annual statement. Principal office. How dissolved Proviso. "An Act to incorporate the Pequannock Peat and Manufacturing Company," approved February twenty-sixth, eighteen hundred and sixty-seven, and the appeal authorized in the proviso to the seventh section may be had and made by either party, and the said corporation may also purchase, lease, use and dispose of such machinery, patents and personal property, and do such other acts and things and take and construct such buildings, erections and improvements as a successful prosecution of the business of the company may require. 6. And be it enacted, That the said directors shall submit to the stockholders at their annual meeting, a written statement of the affairs of the said corporation, setting forth the amount of the capital stock paid in, the amount of money due to and from the said corporation, and the amounts of all assets and property belonging to said corporation, as nearly as the same can be ascertained. 7. And be it enacted, That the principal office of the said company shall be in Bonhamtown, and the regular books of accounts of stocks shall be kept in said office, to which books of accounts any stockholder may have free access at all reasonable times, for the purpose of inspection. 8. And be it enacted, That the said corporation hereby created may be dissolved by a general meeting of the stockholders of the same, specially called for that purpose; provided, that at least nine-tenths in value of the stockholders shall concur therein; and upon such dissolution the directors for the time being, and the survivors of them, or such persons as the said stockholders shall appoint, shall be trustees for the settling all the affairs of the company, collecting and disposing of all its property and assets, paying its debts and dividing its surplus among the stockholders, in proportion to their respective interests in the stock. 9. And be it enacted, That this act shall take effect immediately. Approved February 16, 1870. CHAPTER LXVI. An Act to authorize the transfer of the Lodi Branch Railroad, and to incorporate the Lodi Branch Railroad Company. WHEREAS, The Lodi Branch Railroad was constructed by Preamble. the Hackensack and New York Railroad Company from a point on the line of the railroad of said company, near the village of Hackensack to the village of Lodi, in the county of Bergen, under and by virtue of an act approved March twenty first, eighteen hundred and sixty, entitled "A further supplement to an act entitled 'An act to incorporate the Hackensack and New York Railroad Company,' passed March fourteenth, eighteen hundred and fifty-six, upon lands purchased by Robert Rennie for the route of the same, and the money required for the construction of the same, including the price of said lands, and amounting to upwards of twenty thousand dollars, were advanced by the said Robert Rennie; and the said Robert Rennie conveyed to the said company the said lands and branch railroad for the consideration of two hundred shares of the capital stock of said company, issued to the said Robert Rennie; and the said Robert Rennie has furnished, and now owns, all the cars and rolling stock used upon said branch railroad, and has ever since its completion, run and operated the same at his own costs and on his own liability, under agreement with the said company; and whereas, the said company and the said Robert Rennie mutually desire that the said company should re convey the said branch railroad, and the lands whereon the same is laid out and constructed, to the said Robert Rennie, upon the surrender by him to the said company of the two hundred shares of stock so issued to him as aforesaid; therefore, to Robert 1. BE IT ENACTED by the Senate and General Assembly of Lawful to conthe State of New Jersey, That it shall and may be lawful vey railroad for the Hackensack and New York Railroad Company, in Rennie. consideration of the surrender of the said two hundred shares of stock, to execute under its corporate seal, and deliver to Lawful for Robert Ren nie and as. rate road. porators. the said Robert Rennie, and for the said Robert Rennie to take and receive a deed or deeds, conveying and assuring to the said Robert Rennie and his assigns, the said lands and branch railroad, with the superstructure, appendages and appurtenances, and all the estate, property, title, use, rights and franchises, of, in and to the same belonging and appertaining, in as full and ample a manner as the same or any part thereof are now held, possessed or enjoyed by the said company, together with the right and privilege of holding, running and operating the said branch railroad for his own use and at his own expense and liability, in accordance with the chartered rights of said company so far as the same relate or are applicable to the said branch railroad, and not further or otherwise. 2. And be it enacted, That upon and from the delivery of the deed and surrender of the stock, as authorized in the signs to ope- first section of this act, it shall and may be lawful for the said Robert Rennie, and his assigns, to hold, run and operate the said branch railroad, with the same powers, privileges and franchises, and subject to the same conditions, restrictions and liabilities, so far as relate to said branch railroad, as were heretofore possessed and enjoyed by and were imposed on the said Hackensack and New York Railroad Company; and thereupon the said company shall become and be released and freed from all liability so far as regards the holding or operating said branch railroad; and further, that Names of cor- the said Robert Rennie, William Gregg and William Rennie, and such other persons as may hereafter be associated with them, be and are hereby created a body politic and corporate in law, by the name of "The Lodi Branch Railroad Company," with a capital stock not exceeding thirty thousand dollars, to be divided into shares of one hundred dollars each; and the corporation hereby created, upon being duly organized under this act, shall be and is hereby authorized to receive and take from the said Robert Rennie or his assigns, in exchange for the stock of said corporation, a transfer and conveyance of the said branch railroad and lands, and the appendages, rights, privileges and appurtenances to the same belonging, as the same may be owned and held by the said Robert Rennie, and such corporation may issue stock in exchange for the same, and thereupon shall become and be invested with and possess the same powers and privileges in the direction, management and conducting the affairs and Corporate name Amount of capital stock. May issue stock for transfer of road. business of the said corporation, and in the running, opera- 3. And be it enacted, That this act shall take effect immediately. Approved February 16, 1870. CHAPTER LXVII. An Act to incorporate the Vulcan Hardware Company. porators. name. 1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Henry Gerecke, Augustus Gerecke and Jacob Stahl, and their associates, be, and are hereby created a body politic and corporate, in fact and in law, by the name and style of "The Vulcan Hardware Com- Corporate pany," for the purpose of manufacturing, selling and dealing' in locks, tools and general hardware, and the business inci- objects. dent thereto; and for such purpose the said company shall or may raise by subscription, by opening the books therefor, or otherwise, a capital stock of fifteen thousand dollars, to be Amount of divided into shares of one hundred dollars each, with the capital stock. privilege of increasing the same from time to time, with the consent of a majority of the stockholders, to any amount not exceeding one hundred thousand dollars; and it shall be lawful for said company to issue certificates of stock in whole or in part payment for any real or personal property purchased or leased by said company for the purpose of their business aforesaid. hold real es 2. And be it enacted, That the said company may pur- May have and chase, use, hold, possess and enjoy such real estate as may tate. be necessary or expedient for the purposes of said corporation, and may sell, mortgage, lease or otherwise dispose of Proviso. Annual elec tors. the same at pleasure, and may sue and be sued in all courts of law or equity, and have and use a common seal, and change or alter the same at pleasure, and make such by-laws for their regulation and government as they may see proper; provided, the same are not inconsistent with the constitution or laws of the United States or of this State. 3. And be it enacted, That the affairs and business of the tion of direc- said corporation shall be managed by not less than three nor more than five directors, who shall elect one of their number president; and said directors shall be stockholders in said corporation, and shall hold their office for one year, and until others shall be chosen to fill their places; said directors shall be elected at the annual meeting of the stockholders, to be held on such day, at such hour of the day, and at such place as the by-laws of said corporation shall direct; and until such annual election shall take place, Henry Gerecke, Augustus Gerecke and Jacob Stahl, being stockholders, shall be directors of said corporation; a majority of the directors shall on all occasions, when assembled at such time and place as the by-laws shall prescribe, constitute a body competent to transact business; and all business matters before them shall be decided by a majority of votes; and in case a vacancy shall occur in the board of directors by death, resignation, or a failure of the stockholders to elect the full number authorized by this act, the remaining directors, for the time being, or a majority of them, shall have power to fill such vacancy by the appointment of any stockholder. Failure to elect not to dissolve. Annual statement. Principal office. 4. And be it enacted, That in case it shall happen that an election of directors shall not be made upon the day designated for that purpose, the said corporation shall not be deemed to be dissolved, but the stockholders may proceed to hold an election for directors on any other day, ten days' notice being given of the time and place of such election. 5. And be it enacted, That the said directors shall submit to the stockholders at their annual meeting, a written statement of the affairs of the said corporation, setting forth the amount of capital stock paid in, the amount of money due to and from the said corporation, and the amount of all assets and property belonging to said corporation, as nearly as the same can be ascertained. 6. And be it enacted, That the principal office of the said company shall be at Carlstadt, in the county of Bergen, and that regular books of account shall be kept in the said office, |