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7. And be it enacted, That Simeon Harrison, Napoleon iecelve sub. Stetson, J. R. Gilmore, William H. Vermilye, and Daniel
Babbitt, or a majority of them, are hereby constituted commissioners to open books and take subscriptions for the said capital stock in such manner as they may deem expedient, at such time and place as they shall designate by notice thereof, in writing, published for at least two weeks previously thereto in one of the newspapers of said township of Orange, and whenever the said subscriptions amount to at least ten thousand dollars, the stockholders representing the same may convene upon the call of the said commissioners, or a majority of them, and elect such officers and directors, and make such by-laws, as they may deem necessary for conducting the affairs of said corporation; and the remainder of the stocks, if any, shall be disposed of under the direction of said officers and directors, or their successors in office.
Approved February 20, 1858.
A FURTHER SUPPLEMENT to an act entitled “ An act for the relief of credit
ors against absconding and absent debtors.”
Former acts repealed.
1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the act entitled “A further supplement to 'An act for the relief of creditors against absconding and absent debtors,'” approved April fifth, eighteen hundred and fifty-five, and also a certain other
supplement to said act, approved March eighteenth, eigh-
2. And be it enacted, That this act shall take effect imme-
Approved February 20, 1858.
AN ACT to incorporate the Union Manufacturing Company.
1. BE IT ENACTED by the Senate and General Assembly of Names of the State of New Jersey, That Liscomb R. Titus, John Valentine, William Howe, William I. Shreve, and J. Weigand Lloyd, and their associates and successors, are hereby created a body politic and corporate in law, by the name and style of " The Union Manufacturing Company,” to be located in the city of Trenton, for the purpose of carrying on the business of manufacturing, casting, and working, iron and metals, and erecting and constructing buildings, and such other improvements on their lands as may be useful or necessary for the purpose aforesaid; and for such amount of purpose the said company shall or may raise by subscrip. stock. tion, a capital stock of seventy-five thousand dollars, to be divided into shares of fifty dollars each.
2. And be it enacted, That the said corporation may pur. What pro chase, possess, and enjoy any such real estate, improve. be held. ments, machinery, goods and effects whatsoever, within the county of Mercer, as shall be deemed necessary and advan
tageous to the said corporation to carry on its business, and it shall be lawful for the said corporation to sell,
mortgage, lease, and otherwise dispose thereof at pleasure. Books of 3. And be it enacted, That it shall be lawful for the aforeto be opened. said corporators or their successors to receive subscriptions
to the capital stock by opening books or otherwise, and as soon as twenty-five thousand dollars shall have been subscribed, and fifty per cent. of that amount paid in cash, and an affidavit being made by one or more of the corporators before any alderman or justice of the peace, or judge of the court, and a copy thereof filed in the office of the secretary of state, it shall be lawful for said corporators to organize said corporation and forthwith commence and carry on its business as contemplated under the provisions
of this act. Payment of 4. And be it enacted, That it shall be lawful for the diinstalments.
rectors of the said corporation to call for, collect, and demand of the stockholders respectively, all such instalments due on such stock subscribed for as may have been agreed upon previous to subscribing, under penalty or forfeiture
of the shares so subscribed, and all previous payments Proviso. made thereon ; provided, however, that said stockholders
being notified personally, or by advertising at least thirty days previous to such instalments becoming due; said stock to be transferable on the books of said company, and
only in the presence of the proper officers. Duties and
5. And be it enacted, That the stock, property, and affairs of the said corporation shall be managed by not less than five directors, a majority of whom shall be residents of this state, one of whom shall be appointed president; said directors shall have power to appoint such other officers, agents and employees as the by-laws may from time to time designate; said directors shall always be stockholders in said company, and shall hold office until the next annual meeting or election, and until others shall have been duly elected in their places; annual meetings shall be held on the first Monday in February of each year, at such places and hour as the by-laws may direct; a majority of the
powers of directors.
existing number of directors shall constitute a' quorum,
6. And be it enacted, That the said directors shall submit Annual
7. And be it enacted, That dividends of so much of the Dividends to profits as the directors may deem advisable, may be declared at the annual meeting, or on the first days of January and July of each year, and paid to the stockholders or their attorneys at such time as may be agreed upon by the directors; provided, however, that no part of the capital stock Proviso, as paid in shall be declared in dividends until all debts due by the corporation shall have been first paid.
8. And be it enacted, That in case it shall so happen that Corporation an election for directors shall not be made on such day as designated by the act of incorporation, or the by-laws, said elect on day corporation shall not be deemed dissolved thereby, but the stockholders may proceed and order and hold an election on any other day, by giving ten days' previous notice of such time and place.
9. And be it enacted, That any wood, timber, land, pro. Property reperty, or other materials used by said corporation, which payment for may be received in payment of subscription for stock, shall valued. be taken at a valuation approved by a majority of the
solved for failure to
board of directors or a majority of the stockholders designated for that purpose.
10. And be it enacted, That the corporation hereby authorized or created, shall possess such general powers usually possessed by corporations for their general government and the management of their affairs, and be subject to the restrictions and liabilities set forth in "An act concerning corporations,” approved upon the fourteenth day of February, eighteen hundred and forty-six, so far as the same is applicable.
11. And be it enacted, That this corporation shall be limited to twenty years, and that the legislature may alter, amend, or repeal this act whenever the public good may require it.
Approved February 21, 1858.
An act to confirm the sale of the Mount Pleasant Church, Lower Harmony,
to the Lower Harmony Methodist Episcopal Society.
Preamble. WHEREAS, the church known as the Mount Pleasant
Church, situated in Lower Harmony, county of Warren, has until lately been owned by the Methodist Episcopal and Lutheran denomination jointly; and whereas the Lutherans owning a share in said church have through their trustees sold all their right and interest in the aforesaid church to the Lower Harmony Methodist Episcopal Society; and whereas it is the desire of both of the afore