in paying installments shall arise, with all previous payments therefore made. elect not to 7. And be it enacted, That in case it shall at any time Failure to happen that an election be not held on the day when by this dissolve. act it should have been held, the corporation shall not for that cause be deemed to be dissolved, but it shall and may be lawful to hold such election on such other day as may be prescribed by the by-laws or by the board of directors. count to be kept. 8. And be it enacted, That the directors shall at all times Books of ackeep or cause to be kept proper books of accounts, in which shall be entered all the transactions of the corporation, and they shall at all times be open to the inspection of the stockholders, and the principal office of said company shall be in the county of Hudson. 9. And be it enacted, That this act shall take effect immediately. Approved February 22, 1870. CHAPTER LXXXV. An Act to incorporate "The Madison Park Land Improvement Company." porators. name. 1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That all such persons as shall become stockholders in the capital stock hereinafter mentioned, their successors and assigns are hereby constituted, and made a body politic and corporate, in fact and in law, by the name of "The Madison Park Land Improvement Company," and Corporate by that name shall have continued succession, and be capable in law of purchasing, using, holding, letting, improving, manufacturing, selling and disposing of any real or personal estate, lands, tenements, hereditaments and appurtenances thereto belonging, goods and chattels, and of performing all other acts necessary or proper to accomplish the objects of the said corporation hereby granted; and may receive and make all deeds, transfers, conveyances, covenants, grants, Amount of capital stock. installments feiture. contracts, agreements and bargains, whatsoever necessary or useful for the purposes aforesaid. 2. And be it enacted, That the capital stock of said company shall be fifty thousand dollars, with the privilege of increasing the same, from time to time, to any sum not exceed ing two hundred and fifty thousand dollars, divided into shares of one hundred dollars each; but as soon as ten thousand dollars of said capital stock shall have been subscribed, and shall have been paid or secured to be paid, it shall be lawful for said company to proceed to carry into effect the business or objects of said corporation; and it shall be lawful for the directors of said company to call and demand Failure to pay from the stockholders thereof respectively, such installments, to work a for. and at such times, and in such proportions as they shall deem proper, not exceeding twenty dollars on each share at any one time, notice of which shall be published for at least twenty days in a newspaper published in the county of Passaic or shall be given in writing to the stockholders for the like space of time before such installments are required to be paid, and in case of the failure of any stockholder to pay his or her installments at the time and place appointed for the payment thereof said stockholder shall incur a forfeiture of his or her shares, and all previous payments thereon for the use of the company, and the shares of the said capital stock shail be deemed personal property and be transferable only on the books of the said company, and in such manner as the directors by their by laws may direct. Directors, &c. 3. And be it enacted, That the business, property and afhow chosen, fairs of said company shall be managed by a board of not less than three nor more than seven directors, to be chosen by the stockholders of said company annually, at such time and place as the by-laws of said company may direct, and who shall serve for one year and until others are chosen in their stead, notice of which said election shall be given previously, for fifteen days at least, in one of the newspapers published in the city of Paterson, and each share of stock shall entitle its owner to one vote at such election, to be given either in person or by proxy. filled. Vacancies how 4. And be it enacted, That a majority of the board of directors shall constitute a quorum for the transaction of all business, and shall have power to elect or appoint such officers, agents and superintendents, and make such compensations and assign such duties to said officers, agents and super 4 ! H intendents as they think proper; and if at any time it shall ers to open 5. And be it enacted, That John Hopper, James Crooks, CommissionJ. V. E. Fredericks and James Peacock, or a majority of books of sub. them, are hereby appointed commissioners to open books for scription. subscriptions to the capital stock of said company, at such time or times, and at such place or places as they may direct, and as soon as ten thousand dollars of the capital stock shall have been subscribed, and shall be paid or secured to be paid, the said commissioners shall appoint the hour and place for holding the first election of directors upon such notice as they may prescribe and order, and the persons before named and the survivors, and the survivor of them shall be the first directors of said company, and hold their said office until other directors shall be duly chosen. improve 6. And be it enacted, That the said company is hereby May mortauthorized to let, purchase, mortgage, sell and convey all gage, sell and lands and real estate they may have and hold, in the county lands. of Passaic, and to improve the same by grading, paving, curbing, guttering or flagging, or by constructing sewers or drains, or by erecting or causing to be erected buildings of every name, kind and description, and the said company are hereby authorized to issue their bonds bearing not more than seven per centum interest per annum, and to sell and dispose of the same at market value; to secure the payment of such bonds the company shall have power to convey or pledge by wayof mortgage, trust or otherwise such portion of the property of said company as the directors may deem necessary for the purpose; provided, that the amount of bonds issued shall Proviso. not exceed two thirds of the value of the real estate held by said company. elect not to dissolve. 7. And be it enacted, That in case it shall at any time Failure to happen that an election of directors shall not be made on the day when pursuant to this act it ought to have been made, the said company shall not for that cause be deemed to be dissolved, but it shall and may be lawful to hold said election on such other day as the directors of said company shall direct, and the office of said company shall be in the county of Passaic. 8. And be it enacted, That this act shall take effect immediately. Approved February 22, 1870. Preamble. Officers. CHAPTER LXXXVI. A Supplement to an act entitled "An Act to incorporate the Elizabethport Land Improvement Company," approved March thirtieth, eighteen hundred and fifty-five. WHEREAS, The president and treasurer, and the secretary of the Elizabethport Land Improvement Company have departed this life, and among the stockholders of said company there are not a sufficient number of residents of this state to form a majority of the board of directors, by reason whereof it is doubted whether valid transfers of the stock of said company can be made, or a valid election of directors of said company can be held pursuant to said act and the by-laws of said company; for remedy thereof 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That James C. Fairbanks, one of the stockholders of said company, be and is hereby constituted and appointed the president and treasurer of the said company, and that Daniel B. Whitlock, who as executor of Augustus Whitlock, deceased, is a representative of the stock of said company, be and is hereby constituted and appointed the secretary of said company, to hold the said offices respectively until the first election of directors of said company; that the said James C. Fairbanks and Daniel B. Whitlock as such president and treasurer, and secretary, be authorized and empowered to permit transfers of the stock of said company to be made, and to record the ame in the books of fers of stock. said company, which transfers, when so made and recorded, They shall permit and record trans shall be good, valid and effectual, the same as if made in the manner prescribed by the by-laws of said company. Shall give notice of an elec tors. 2. And be it enacted, That the said president and secretary do give immediate notice of an election of directors of tion of direc said company, to be held within the county of Union, and that such notice, describing the time and place of such meeting, shall be by them published for two weeks next preceding such election, in one or more newspapers printed and published in said county, and at the time and place so appointed the stockholders of said company shall proceed to elect directors for the same, who shall possess all the powers of directors of said company conferred by the act to which this is a supplement. cers. 3. And be it enacted, That the said president and secre- Powers of offitary appointed by this act, shall hold such offices solely and' only for the purpose of transferring stock and of giving notice of an election as aforesaid, and until a board of directors shall be chosen pursuant to the provisions of this act. 4. And be it enacted, That this act shall take effect immediately. Approved February 22, 1870. CHAPTER LXXXVII. An Act to incorporate the Lake View Gas Light Company. porators. 1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That James Crooks, Franklin C. Beckwith, John J. Brown, Orrin Van Derhoven, John V. E. Fredericks, James Peacock and Peter J. Terhune, and all and every person or persons who may become stockholders in the capital stock hereinafter mentioned, their successors and assigns are hereby constituted and made a body politic and corporate, in fact and in law, by the name of "The Lake View Gas Light Company," and by the said Corporate name the said corporation shall have power to sue and be sued, plead, and be impleaded, contract and be con name. |