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year, between the hours of ten in the forenoon and three in the afternoon, in Bordentown, aforesaid, at the office of the company, or at such other places therein as a majority of the directors for the time being shall appoint, of which election the secretary shall give public notice in one or more of the newspapers printed in the borough of Bordentown, at least two weeks immediately preceding said election, and each stockholder shall be entitled to one vote for each share of stock by him or her held; and if any of the said directors shall die or refuse to serve, or neglect to act in said office for the space of six months, successively, then and in every such case the remaining directors shall have power to fill such vacancy or vacancies until the time of the next annual election, and in case it shall happen that an election of directors should not be held on the day when, pursuant to this act, it ought to have been, the said corporation, for that cause, shall not be deemed to be dissolved, but it shall and may be lawful on any other day to hold an election for directors; and until an election for directors shall be held according to the provisions of this section, the following persons shall be directors, namely: George B. Raymond, George M. Wright, P. D. Thomas, Pirst directT. C. Zulick, and Lucius B. Blydenburgh.
4. And be it enacted, That the directors hereinbefore Election of mentioned shall, as soon as convenient after the passing of this act, and the directors annually chosen agreeably to the provisions of this act, shall, as soon as convenient after their election, proceed to choose out of their body one person to be a president, who shall be an inhabitant of Bordentown, aforesaid, and shall preside until the next annual election thereafter; and in case of the death, resig. nation, or inability to serve of the president, such vacancy may be filled for the remainder of the term by such person as the board of directors may appoint; and in case of the absence of the president, the board of directors shall have power to appoint a president pro tempore, who shall exercise all such powers and duties as the by-laws of said company may provide; provided, that the president of the Proviso.
Duties and powers of directors.
company shall hold his office at the pleasure of the board of directors, and be subject to removal by them.
5. And be it enacted, That the board of directors for the time being, or a majority of them, shall have power to make and prescribe such by-laws, rules and regulations as to them shall appear needful and proper, touching the management and disposition of the stock, property, estate and effects of the said corporation, and touching all such other matters as appertain to the business, ends and purposes which the corporation by this act is entitled to, and they also shall have power annually to appoint a secretary, treasurer, and such other additional officers, agents, and clerks for carrying on the business of the said corporation with such salaries and allowances as to them shall seem proper; proviiled, that such by-laws, rules, and regulations be not repugnant to the constitution and laws of the United States and this state.
6. And be it enacted, That the capital stock of said company shall be twenty-five thousand dollars, divided into shares of one hundred dollars each, and which shall be held as a guarantee capital, with power to increase the same to one hundred thousand dollars, whenever the same shall be directed by a majority of the stockholders, and the persons named in the first section of this act are hereby appointed to receive subscriptions to said capital stock at such place in the Borough of Bordentown, as a majority of them may appoint, giving at least five days' notice in a newspaper published in said borough; that at the time of subscribing to said stock five dollars shall be paid upon each share subscribed for, to said persons or any of them, which money shall be paid over to the treasurer of said company, so soon as one shall be appointed, and that the residue of said stock shall be paid to the treasurer in such instalments and at such times and places as the board of directors of said company shall from time to time direct, and upon the failure of the payment thereof as so directed, the said board shall have power to forfeit the shares of each
and every person so failing to pay said instalments or any of them to and for the use of said company.
7. And be it enacted, That all policies of insurance, notes, Policies of or other contracts which shall be made by the said corporation in pursuance of this act shall be made upon such terms and conditions, and for such periods of time, and confined to such places as shall be from time to time ordained and prescribed by the by-laws, rules and regulations of said corporation, and all policies of insurance, notes and contracts made or entered into by the said corporation, shall be sealed with the corporate seal thereof and shall be subscribed by the president and attested by the secretary thereof.
8. And be it enacted, That the board of directors of said Sub-ofices company, or a majority of them, shall have power to esta. established. blish sub-offices, in such other places as a majority of the said directors may deem necessary or expedient.
9. And le it enacted, That suits in law or in equity, may Suits may die be maintained by said corporation, against any of its mem- against bers, for any cause relating to the business of said corporation; also suits at law or in equity, may be prosecuted and maintained, by any person, against said corporation, for losses, or damages, if payment is withheld more than three months after the company is duly notified of such losses. 10. And be it enacted, That no policy shall be issued by Where
policies may the said company; until two hundred shares of its capital be issued. stock shall be subscribed for.
11. And be it enacted, That the capital stock of said com- Stock transpany shall be transferable on the books of said company, in the presence of the president or secretary thereof, which transfers of stock shall be kept in a suitable book to be provided for that purpose.
12. And be it enacted, That it shall and may be lawful surplus profor said company to take securities, mortgaged or pledged invested. to said company, to secure the payment of any debt, which may be contracted with said company, or which may come to said company by virtue of any judgment, execution or
decree at law or in equity, and to hold the same, until they can conveniently sell or convert the same into money and also to invest the capital stock, or so much of the surplus profits of said company as they may deem fit, and in such manner, and upon such securities as a majority of the board of directors may determine.
13. And be it enacted, That this act shall continue in force twenty years.
14. And be it enacted, That this act shall take effect immediately.
Approved March 1, 1859.
An Act to change the name of the First Colored Presbyterian
Congregation of Newark.
Yame of church changed.
1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the name of the First Colored Presbyterian Congregation of Newark, is hereby changed to the Plane Street Presbyterian Church in Newark.
2. And be it enacted, That this act shall take effect immediately.
Approved March 1, 1859.
A FURTHER SUPPLEMENT to an act entitled an act to incorporate “The
Bordentown and Columbus Turnpike Company," approved March fourteenth, eighteen hundred and fifty-six.
1. BE IT ENACTED by the Senate and General Assembly of former act the State of New Jersey, That the thirteenth section of said act, be so amended, that it shall and may be lawful for the said company, to demand and receive the rates of toll prescribed in said section, for all fractions over seven sixteenths of a mile; also from any person or persons, going to or from other than their regular places of Worship, on the sabbath day.
2. And be it enacted, That so much of said act, as is in. Part of consistent with this act, is hereby repealed.
repealed. Approved March 1, 1859. .