Failure to elect not to dissolve. pen that an election for directors shall not take place on the day herein appointed for that purpose this corporation shall not be deemed dissolved; but the directors for the time being shall appoint a future day to hold such election for directors, giving the same notice of such election as is hereinbefore required for that purpose. 11. And be it enacted, That this act shall take effect immediately. Approved February 23, 1870. Names of cor porators. CHAPTER CXIII. An Act to incorporate the Co-operative Company of Elizabeth, 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Aaron Chichester, Philip H. Amoore, John W. Brooks, Robert B. Thompson, E. H. Wilson, E. M. Herrick, William C. Manvel, John McCandless, A. T. Mulford, John S. Stryker, W. Luttgen, John L. Shreve, C. J. Despard, Samuel Barber, William H. Patten, Robert Crosbie, George C. Ford, John McAdams, Robert McCloud, George Webb, Stephen Magie, William Addis, James Moore, James Smith, E. Kellam, J. A. Lutz, S. B. Ryder, Benjamin Urner, Nathaniel Munday, C. H. Genung, E. P. Bray, Joseph H. Gray, William McKinlay, James W. Woodruff, A. S. Woodruff, Jesse Tiger, Thomas H. Smith, Nathan Worley, Charles P. Sherman, Charles P. Kennedy, Jason Hicks, E. P. Hampson, James S. Green, S. Slater, Isaac S. Riker, J. Y. Brokaw, and others, their successors, associates and assigns shall be and they are hereby ordained, constituted and declared to be a body politic and corporate, for the purpose of carrying on the trade or trades of general and retail dealers, producers and manufacturers, in order to enable its members to purchase food, fuel, clothing and other necessaries and conveniences of life, on the most favorable terms, and for that purpose may hold such real estate as name. may be necessary to carry on said business, or may accrue to them in the course thereof, and may sell, mortgage, lease, or otherwise dispose of the same, under the name of "The Corporate Co-operative Company, of Elizabeth, New Jersey," to be lo-" cated in the city of Elizabeth, in the county of Union, in this state, with power to establish branches at such places and for such periods of time as may seem advantageous or convenient to said corporation; and by that name to sue and be sued, to plead and be impleaded in all courts of justice; and to have and to use a common seal, and to alter and change the same at pleasure. 2. And be it enacted, That the amount of stock of this Amount of company shall be fifty thousand dollars, and the amount with capital stock. which it will commence business is five thousand dollars, divided into shares of twenty-five dollars each, and that they shall commence business as soon as practicable after the above amount of five thousand dollars is paid in. rested in a 3. And be it enacted, That the general management of this Management company shall be vested in a board of control, consisting of board of contwelve members, all of whom shall be stockholders, six of trol. whom shall, at the first meeting of this company, be elected for two years and six for one year; and ever after at the annual meetings of the company, six controllers shall be elected to take the place of those whose term of office then expires. elect direc dissolve. 4. And be it enacted, That in case it shall at any time Failure to happen that an election of directors or controllers shall not tors not to be made on the day when, pursuant to this act, it ought to have been made, the said 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 the controllers of the said corporation shall direct. 5. And be it enacted, That the board of control for the General powtime being, or a majority of them, shall have power to makers. and prescribe such by-laws, rules and regulations as to them shall appear needful and proper, for the management of the company, managers and employees, provided that such by-proviso. laws, rules and regulations shall not be repugnant to the constitution or laws of the United States or the state of New Jersey, and shall elect from their own number a president, secretary and treasurer; they shall elect a board of managers and determine the salaries of officers and employees and the amount of bonds to be given, and shall have power Contingent fund. Stock transferable. Officers, how elected. Dividends. Regular meetings. Proviso. to suspend any officer or employee for incompetence or malfeasance in office; they shall be the highest tribunal for all complaints and shall control all business management for the interest of the company, according to the laws of the state, and report to the company quarterly. 6. And be it enacted, That before any dividend is declared according to the laws of the state, five per centum of the net profits shall be appropriated to a contingent fund, which shall be allowed to accumulate until it shall amount to a sum equal to one-third of the cash capital paid in; any surplus shall be disposed of for the interest of the company, by the board of control. 7. And be it enacted, That the stock of said corporation. shall be deemed personal property, and shall be transferred in such manner as the by-laws shall prescribe, but no dividends shall at any time be made to the stockholders, except from the net profits of the company. 8. And be it enacted, That all officers of the company shall be elected by ballot, by the members in person, or by proxy, duly witnessed and stamped; a plurality of ballots shall decide an election, and no one shall be entitled to more than one vote. 9. And be it enacted, That all accounts shall be balanced quarterly, and dividends declared according to the constitution and by-laws of the company. 10. And be it enacted, That the regular stated meetings of this company shall be held on the first day of February, May, August and November; provided, that in the event of said days being Sunday or holiday, said meetings to be held on the following day, at which meetings the board of control shall make their quarterly reports; the meeting in February shall be the annual meeting. 11. And be it enacted, That this act shall take effect immediately. Approved February 23, 1870. CHAPTER CXIV. A Further Supplement to an act entitled "An Act to incorporate the Newark Plank Road and Ferry Company," approved February twenty-fourth, eighteen hundred and forty-nine. extended. 1. BE IT ENACTED by the Senate and General Assembly of Limitation the State of New Jersey, That the time limited in the sixth section of the act entitled a "Supplement to an act entitled 'An Act to incorporate the Newark Plank Road and Ferry Company,' approved February twenty-fourth, eighteen hundred and forty-nine," which supplement was approved March twenty-ninth, eighteen hundred and sixty-six, within which to complete the railroad authorized by said supplement, be and the same is extended five years from the passage of this supplement, within which time the said road may be constructed, as authorized in the supplement herein recited. 2. And be it enacted, That the said company is hereby Rates of toll. authorized to demand and receive such sum or sums of money for toll as they from time to time shall think reasonable and proper, irrespective of the length of the said road and in lieu of the rates now charged per mile; provided, that Previso. they shall not charge more than the maximum amount authorized by said act; and provided, that said restriction shall Proviso. not apply to cases where the weight of the load exceeds three tons. 3. And be it enacted, That section four of the supplement Limitation entitled a "Supplement to an act entitled An Act to incorporate the Newark Plank Road and Ferry Company,' approved February twenty-fourth, eighteen hundred and fortynine," which said supplement was approved March fourteenth, eighteen hundred and fifty-five be and the same is hereby repealed. 4. And be it enacted, That all parts of the act to which Repealer. this is a supplement, inconsistent with this act, are hereby repealed. 5. And be it enacted, That this act shall be deemed and taken as a public act, and shall take effect immediately. Approved February 23, 1870. Names of cor Corporate name. CHAPTER CXV. An Act to incorporate the Pioneer Cranberry Company of Ocean County. 1. BE IT ENACTED by the Senate and General Assembly of porators. the State of New Jersey, That Richard B. Parker, R. C. Browning, Charles E. Parker, C. C. Bristol, Jacob H. Wyckoff, and all such persons as may hereafter be associated with them, their successors and assigns, be, and they are hereby constituted a body politic and corporate in fact and in law by the name of "The Pioneer Cranberry Company of Ocean County," for the purpose of buying, holding, cultivating and improving lands in Ocean county, and for raising and selling cranberries and other fruits, and other produce of said lands, and carrying on the business connected therewith, and erecting such buildings and holding such personal property as may be necessary therefor, and that they and their successors, by the same name, may sell, grant, alien, mortgage and dispose of the said lands, tenements and hereditaments, cranberries, produce, fruits, goods and chattels, or any part thereof; and may lay, open, make and maintain ditches, drains and embankments through their own and adjoining and contiguous lands as they deem for the benefit of said lands doing no unnecessary damage and subject to such compensation to be made therefor as is hereinafter directed. Proceedings ny and own ers of land cannot agree. 2. And be it enacted, That if the said company or their when compa- agents cannot agree with the owner or owners of such required lands for the use or purchase thereof, or when by reason of the legal incapacity or absence of such owner or owners, no such agreement can be made, then one of the justices of the supreme court of this state, or one of the judges of the court of common pleas, in and for the county of Ocean, shall on application of either party, nominate and appoint three disinterested persons to examine such lands and estimate the value thereof or damage sustained thereby, who shall at the same time take into consideration all the benefits which the said owner or owners may derive from, or |