CHAPTER CLXXXII. AN ACT for the relief of the creditors of the Burlington Aqueduct Preamble. WHEREAS, the Burlington Aqueduct Company have heretofore executed to Robert Pitman, trustee, a first mortgage upon all their real and personal estate, franchises and works, to secure certain bonds to the amount of one hundred thousand dollars which have been issued by said company, and the holders of said bonds are now foreclosing said mortgages in the court of chancery of this state, and have obtained an interlocutory decree therein, and are about to obtain a final decree and execution for the sale of the mortgaged premises, and doubts exist whether, by the law now existing, the same can be sold at sheriffs' sale, and the interests of all the credi tors of said company would be promoted by a sale of such real and personal estate, franchises and works: therefore, Officer may sell and make title. Purchasers to have the same 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That upon the issuing of an execution for the sale of the real and personal estate, franchises and works of the Burlington Aqueduct Company, out of the court of chancery of this state in the aforesaid foreclosure suit, the officer to whom the said writ is directed may sell the same at public sale, to the highest bidder, having first advertised the same in the manner provided' by law in the case of the sale of real estate, under the direction of a court, and may make to the purchaser thereof as good and sufficient a title in law as the said company had in said real and personal estate, franchises and works, as the said company had at the time of the execution of said mortgage. 2. And be it enacted, That the purchasers thereof shall hold said works, franchises, real and personal estate, as a as original joint stock company, by the name of "The Burlington powers, &c., Water Company," in the same manner and with the same company. powers and privileges as the original stockholders held the same, and subject to all the limitations and conditions. in the charter of the original company contained. 3. And be it enacted, That this act shall be deemed and Public act. taken as a public act, and shall take effect immediately after the passage thereof. Approved March 23, 1859. CHAPTER CLXXXIII. AN ACT to authorize the inhabitants of the township of Orange, in the county of Essex, to sell and convey lands. committee directed to 1. BE IT ENACTED by the Senate and General Assembly of Township the State of New Jersey, That it shall and may be lawful for may be the inhabitants of the township of Orange, in the county sell lands. of Essex, at any public town meeting, duly held for the purpose, by a majority of votes, to direct the township committee to sell and convey the whole or any part of the lands or real estate belonging to the said inhabitants; and that the said committee shall thereupon proceed to make sale thereof, and to execute and deliver a deed or deeds thereof; which deed or deeds shall convey as good a title to the said lands or real estate as the said inhabitants were seized of, at the time of making the conveyance. 2. And be it enacted, That this act shall take effect imme diately. Approved March 23, 1859. Road may be extended. CHAPTER CLXXXIV. A SUPPLEMENT to the act entitled "An act to incorporate the New York, Elizabethtown and Morristown Railroad Company," passed the sixth day of February, eighteen hundred and fifty. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That it shall and may be lawful for "The New York, Elizabethtown and Morristown Railroad Company," so to construct the main and lateral railroad authorized by their act of incorporation that the same may be extended to any point or points in the cities of Elizabeth and Newark, and that Vancleve Dalrymple, William Stiles, Israel D. Condit and Appollos M. Elmer, be and they are hereby appointed commissioners, instead of those who have deceased, since the passage of the said act: and that the time limited for the commencement and completion of the said road be computed from the first day of January next. Approved March 23, 1859. CHAPTER CLXXXV. A SUPPLEMENT to an act entitled "An act concerning taxes," approved WHEREAS, under the provisions of the act to which this is Preamble. a supplement, the president and directors of every incorporated bank are required to pay into the treasury of the state one-half of one per cent. upon the whole amount of the capital stock actually subscribed and paid in; AND WHEREAS, banks organized under the general banking law of this state, are not permitted to issue circulating notes to any amount over and above the amount of securities deposited with the state treasurer, while banks specially chartered are authorized to issue not less than twice, and in some instances, triple the amount of their capital paid in, consequently there is no equality in the present mode of taxation upon such institutions, therefore, tax to be 1. BE IT ENACTED by the Senate and General Assembly of Amount of the State of New Jersey, That the president and directors of paid to state. every incorporated bank, organized under the provisions of an act entitled "An act to authorize the business of banking," approved February twenty-seventh, eighteen hundred and fifty, and all such as may at any time hereafter become organized under said act, shall hereafter be required to pay yearly into the treasury of this state, as directed in the forty-fifth section of the act to which this is a supplement, one-quarter of one per cent. per annum, upon the whole amount of capital stock actually subscribed and paid in. former act 2. And be it enacted, That so much of the forty-fifth sec- Part of tion of the act to which this is a supplement, and all other repealed. acts or parts of acts inconsistent with or anywise contravening the true intent and meaning of this act, be and the same are hereby repealed. 3. And be it enacted, That this act shall take effect im mediately. Approved March 23, 1859. Corporate name and location. Amount of capital stock. CHAPTER CLXXXVI. AN ACT to incorporate the "State Insurance Company," in the state of 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That all such persons as shall become stockholders to the capital stock hereinafter mentioned, their successors and assigns, shall be and are hereby constituted and made a body politic and corporate, by the name and style of "The State Insurance Company," and the office of the said company shall be located at Jersey City, in the county of Hudson, in this state. 2. And be it enacted, That the capital stock of said company shall not exceed three hundred thousand dollars, and shall be divided into shares of fifty dollars each; and there shall be paid into the treasury of said corporation, by each subscriber to the capital stock, at the time of subscription, an instalment of five per cent. on the stock by him subscribed, and the remainder to be paid, or amply secured to be paid in such securities on real estate, or other security as the commissioners hereinafter named shall deem sufficient; and until fifty thousand dollars of said stock is sub |