Compensa tion to com 5. And be it enacted, That the said commissioners shall missioners. be appointed; William H. Pancoast, for three years, William N. Shinn for two years, and Thomas C. Alcott for one year, and at each annual town meeting thereafter the term of the commissioner that expires shall be filled by a new election, and the said commissioners shall be allowed for their services an annual salary each of twenty-five dollars, which shall be paid by the collector of said township; in case of vacancy by death, resignation, or otherwise, the township committee of said township shall have power to fill the vacancy, by appointing another person to act as commissioner until the next annual town meeting; provided, that William H. Pancoast shall serve for three years, William N. Shinn for two, and Thomas C. Alcott for one year. Proviso. Boundaries of town. Accounts of overseer of the high certified. 6. And be it enacted, That the boundaries of the town of Mount Holly shall be as follows, viz: beginning at the middle of the public road from Mount Holly to Burlington, where the division line between the townships of Northampton and Westhampton crosses the same, thence along the said division line between said townships to the middle of the south road from Mount Holly to Pemberton, thence a direct line to the toll-house lately erected on the turnpike from Mount Holly to Lumberton, thence in a direct line to the two bridges, in the turnpike from Mount Holly to Rancocas, thence along the aforesaid division line between the said townships, to the place of beginning. 7. And be enacted, That no account of the overseer of the ways to be highways of said township of Northampton, shall be allowed by the township committee of said township, unless the same shall be certified to be correct by said street commissioners or any two of them, and in case any overseer of the highways shall do or eause to be done any work upon the roads or streets in said township, without the direction of said commissioners, he shall not be entitled to any compensation therefor. Part of former act 8. And be it enacted, That all acts, and parts of acts, repealed. relating to the powers and duties of overseers of the highways of this state, inconsistent with the provisions of this act, so far as the same relates or applies to the township of Northampton, in the county of Burlington, be and the same are hereby repealed. 9. And be it enacted, That this act shall take effect immediately. Approved March 23, 1859. CHAPTER CC. AN ACT to confirm the official acts of Stephen Jackson, of Rahway, in the county of Union, as commissioner of deeds for the county of Union. confirmed. 1. BE IT ENACTED by the Senate and General Assembly of official acts the State of New Jersey, That all proceedings which have been had by and before Stephen Jackson, as a commissioner of deeds for the county of Union, and all official acts done by him in said county since the nineteenth day of February, eighteen hundred and fifty-eight, to the eighth day of March, one thousand eight hundred and fifty-nine, shall be held to be of the same force and validity as if the said Stephen Jackson's oath of office, as directed by the law, had been filed in the office of the clerk of the county of Union, on the said nineteenth day of February, one thousand eight hundred and fifty-eight. 2. And be it enacted, That this act shall take effect immediately. Approved March 23, 1859. Commis sioners to scriptions. CHAPTER CCI. AN ACT to incorporate the Moorestown and Mount Laurel Turnpike 1. BE IT ENACTED by the Senate and General Assembly of receive sub- the State of New Jersey, That the subscription books of the capital stock of the Moorestown and Mount Laurel Turnpike Company shall be opened by David Darnell, Allen Rogers, Yeamans M. Gillingham, George F. Doughten, Charles Jessup, David Davis, Japhet B. Joyce, and Ambrose M. Risdon, or a majority of them, who are hereby appointed commissioners 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 two of the newspapers published in this state. Amount of capital stock. Payment of instalments. 2. And be it enacted, That the capital stock of said company shall be six thousand dollars, with liberty for the said company to increase the same to twenty thousand dollars, and shall be divided into shares of twenty-five dollars each; and that when two hundred and forty shares shall be subscribed for the persons holding the same shall be, and they are hereby incorporated into a company, by the name of "The Moorestown and Mount Laurel Turnpike Company;" and by that name 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 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 di rectors 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 the shares sub- Proviso. scribed for shall exceed the number of shares authorized by this act, that the commissioners shall apportion the said stock among such subscribers, in proportion to the amount or number of shares by them subscribed for as aforesaid; provided, also, that no subscription for less than Proviso. six shares of said stock shall be reduced by such apportionments. 4. And be it enacted, That if the number of shares hereinbefore made necessary for the incorporation of the said company be not subscribed for within three years from the time of opening the said subscription books, this act, and all the subscriptions under it, shall be null and void; and the said commissioners, after deducting thereout the expenses incurred, shall return the residue of the money paid in to the respective subscribers, or their representatives, in proportion to the sum paid in by them. Act void if shares are not taken in certain time. directors. 5. And be it enacted, That when two hundred and forty Election of shares of said stock shall be subscribed for, the said commissioners shall call a meeting of the stockholders, giving at least twenty days' notice of the time and place of said meeting, as herein before directed, with regard to the opening of said books, at which meeting the subscription books shall be laid before the stockholders, who shall thereupon. proceed to elect by ballot, nine directors, a majority of whom shall be citizens of this state, to manage the affairs of said. company for one year; of which election the said commissioners, or a majority of them, shall be judges; and at the expiration of that term, and annually thereafter, upon like notice, to be given by the directors for the time being, the said stockholders shall elect by ballot, the same number of directors, a majority of whom shall be citizens of this state, Proviso. Election of president. Duties and powers of directors. as aforesaid; and at every such election, and in all other cases in which the stockholders shall be entitled to vote, a vote may be given for each share by the holder or holders thereof, either in person or by proxy; provided, nevertheless, that no stockholder shall have more than twenty votes, although he or she may have a greater number of shares. 6. And be it enacted, That within twenty days after the annual election as aforesaid, the said directors shall elect from their number a president of their said company, who shall be a citizen of this state, and a resident of the county of Burlington, who shall hold his office for one year, and until another shall be elected, and receive such compensation for his services as a majority of the said directors shall direct, and shall be the presiding officer at all meetings of said directors, and shall have the casting vote when they shall be equally divided; he shall have charge of the seal of the company, and shall appoint the judge or judges of all elections of the stockholders, or in case of his death, absence, or inability so to do, the said directors shall appoint some other suitable person, who, for the time being, shall possess the same powers and authority, and perform all the duties herein prescribed. 7. And be it enacted, That the said directors, or a majority of them, may supply any vacancy occurring in the interval between the annual elections by death, resignation, removal, or refusal to act, of any president or director, and may appoint a treasurer, who shall be a citizen of this state, and a resident in the county of Burlington, and all officers, agents, superintendents, and other servants, who may be required to transact the business of the company, with such compensation as they may determine upon, and may exact from them such security for the due performance of their respective trusts as they may think expedient; they shall regulate the tolls, and have the superintendence and direction of all receipts and disbursements, and all other affairs of the company, and may make and enforce such ordinances and by-laws as they may think expedient for regulating the transfers of the stock, and for the general |