Trustees authorized to hereby vested in them as aforesaid, of sufficient dimensions to be used for a school house, and also for a public hall. 3. And be it enacted, That the said trustees, and their sucraise money. cessors in office, are hereby authorized and empowered to raise money for the payment of the cost of erecting such building, and to secure the payment thereof by bond and mortgage on the said building and lot; provided, however, that such money to be raised shall not exceed the sum of five thousand dollars. Proviso. Building to be under control of trustees. 4. And be it enacted, That the said school house and public hall shall be under the sole direction and control of the trustees of said school district. 5. And be it enacted, That this act shall take effect immediately. Approved March 6, 1858. Part of former act repealed. CHAPTER C. A SUPPLEMENT to the act entitled "An act to incorporate the Princeton Mutual Fire Insurance Company," approved March tenth, eighteen hundred and fifty-six. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That so much of the seventh section of the act entitled "An act to incorporate the Princeton Mutual Fire Insurance Company," approved March tenth, A. D. eighteen hundred and fifty-seven, as requires twentyfive per centum of the premium notes for insurance, to be paid in cash at the time of effecting such insurance, be, and the same is hereby repealed, and that the directors of said 2. And be it enacted, That this act shall take effect imme- Approved March 6, 1858. CHAPTER CI. A SUPPLEMENT to an act entitled "An act to authorize and enable the council au borrow mo 1. BE IT ENACTED by the Senate and General Assembly of Common the State of New Jersey, That it shall be lawful for the com- thorized to mon council of the city of Trenton, whenever it may seem ney. to them expedient so to do, to borrow such sums of money on the credit of the said city, as shall appear to them to be necessary, for the purpose of paying the expenses already incurred, or which may hereafter be incurred, in relaying, repairing, and extending the mains, and other works of the Trenton Water-works, and providing motive power for the same, and to loan such moneys to the president and directors of the Trenton Water-works, for the purposes aforesaid; provided, that the sums of money so to be borrowed shall Proviso. not exceed the sum of twenty-five thousand dollars. council au 2. And be it enacted, That to secure the payment of the Common loan authorized by this act, the said common council are thorized to hereby authorized to issue the bonds of the city for an issue bonds First three sections of act to be submitted to citizens at election. Water districts to be set off. amount not exceeding in the whole the sum of twenty-five thousand dollars, which bonds shall bear interest at the rate of six per cent. per annum, payable semi-annually, and shall not be subject or liable to any tax which may hereafter be levied or assessed by order of the common council of said city. 3. And be it enacted, That at the next annual election for the officers of the said city of Trenton, the electors of the said city shall vote upon the question of making the loan authorized by this act, those in favor thereof depositing ballots with the words "For water loan" written or printed thereon, and those opposed thereto depositing ballots with the words "Against water loan" written or printed thereon; and the result of such election shall be certified by the election officers of each ward, to the president of common council, to be by him laid before the common council at their next meeting; and if it shall appear that a majority of the electors of said city, voting for and against said loan at such election, have voted in favor of such loan, then the first three sections of this act shall take effect immediately, but if otherwise, then said sections shall be void. 4. And be it enacted, That the common council of the city of Trenton are hereby empowered to set off such parts of the said city, through which the water-pipes of the Trenton Water-works now or hereafter shall be laid, into a district or districts, to be called "the water district or districts," and to alter the boundaries thereof, as occasion may require, and to impose an annual tax, in such an amount as to them may seem expedient, on all improved lands comprised in the said water district or districts, the said tax to be assessed with a view to the value of the property taxed, and to its rental; and said assessment to be made and collected in such manner, at such times, and by such person or persons as the said common council shall from time to time by ordinance direct; and that said taxes, when imposed in the manner aforesaid, shall have the same force and effect, and be collectable by the same process, as other city taxes; and the treasurer of said city is hereby authorized and taxes, how priated. directed to pay over, annually, to the president and directors of the Trenton Water-works the proceeds of said taxes. 5. And be it enacted, That the president and directors of Proceeds of the Trenton Water-works shall, from the proceeds of said to be approtaxes, and from the water rents, apply such portions of said moneys received by them, after paying all expenses for maintaining the works, and raising and distributing the water, and salaries, wages, and incidental charges, first, to the payment of six per cent. on the stock of the company, and to the payment of interest on the debt created for the construction and improvement of the works, and next, to pay over the surplus to "the commissioner of the sinking fund," to be applied by him to the purchase of the "scrip" or bonds issued therefor by the city, if the same can be obtained at reasonable rates, or if that cannot be effected, to be by him safely invested, and allowed to remain as a sinking fund for the payment of said bonds at their maturity. repealed. 6. And be it enacted, That the fourth and fifth sections of Former acts this act shall take effect immediately, and that all acts and parts of acts inconsistent herewith shall be repealed. Approved March 6, 1858. CHAPTER CII. AN ACT to incorporate the Howell Turnpike Company. sioners to 1. BE IT ENACTED by the Senate and General Assembly of Commis the State of New Jersey, That the subscription books of the receive sub scriptions. Amount of capital stock. Payment of instalments. Proviso. capital stock of the Howell Turnpike Company shall be opened by Charles Butcher, Job Cottrell, James Cooper, Andrew Simpson, David Cooper, or a majority of them, who are hereby appointed to receive subscriptions to said stock, at such times and places as they, or a majority of them, may direct, giving notice thereof, at least twenty days prior to the opening of said books, by publishing the same in at least one of the newspapers published in the county of Monmouth. 2. And be it enacted, That the capital stock of said company shall be three thousand dollars, with liberty for the said company to increase the same to five thousand dollars, and shall be divided into shares of twenty-five dollars each, and when two-thirds of the stock shall be subscribed for and taken, the persons holding the same shall be, and they are hereby incorporated into a company, by the name and style of "The Howell Turnpike Company," and by that name and style shall have, enjoy, and exercise all the rights, powers, and privileges appertaining to corporate bodies and necessary to carry the objects of this act into effect. 3. And be it enacted, That at the time of subscribing for said stock, two dollars shall be paid upon each share subscribed for, to the said commissioners, or any of them, which money shall be paid over to the treasurer of the company, as soon as one shall be appointed, and the residue of the subscriptions shall be paid in instalments, at such times and places, and to such persons, as the president and directors of the company shall, from time to time, direct, and give public notice thereof, in the manner aforesaid, and upon failure of the payment thereof, as so directed, the said president and directors shall have power to forfeit the shares of each and every person so failing to pay the said instalments, or any of them, to and for the use of said company; provided, that if the number of shares subscribed for shall exceed the number of shares authorized by this act, that the said commissioners shall apportion the said stock among such subscribers, in proportion to the amount or number of shares by them subscribed for, as aforesaid; |