Act may be al Sec. 16. And be it enacted, That the legislature of this tered, modified, state shall have power at any time to alter, modify, or repeal or repealed. this act. Passed February 14, 1843. Names of corpo rators. poration. Powers and privileges. AN ACT to incorporate the Rockaway Manufacturing Com pany. Sec. 1. BE IT ENACTED by the Council and General Assembly of this State, and it is hereby enacted by the authority of the same, That Joseph Jackson, Stephen J. Jackson, and John Mott, with all others who are or shall hereafter become associated with them, their successors and assigns, be, and they are hereby incorporated, by the name of "the Rockaway Style of incor Manufacturing Company," for the purpose of manufacturing iron, in all its various branches, at Rockaway, in the county of Morris, in this state, and carrying on the business incident to such manufactory; and by that name they and their suc cessors and assigns shall and may have continual succession, and be persons in law capable of contracting and being contracted with, suing and being sued, pleading and being im pleaded, answering and being answered unto, defending and being defended, in all courts of law and equity; and that they and their successors may have and use a common seal, and may alter the same at their pleasure; and that they and their successors, by the same name and style, shall be, and hereby are authorized and empowered to purchase, hold, possess, use, and enjoy, to them and their successors, all or any such lands, not exceeding in value one hundred thousand dollars, tenements, waters, goods, chattels, and effects, of whatever kind they may be, as shall be necessary for the purposes of said corporation.. pital stock. Sec. 2. And be it enacted, That the capital stock of said Amount of ca- corporation shall be one hundred and fifty thousand dollars, which shall be divided into shares of one hundred dollars each; but it shall, nevertheless, be lawful for the said corporation, when and so soon as twenty thousand dollars of said capital stock shall have been subscribed for and paid, or secured to be paid to said company, to commence their said business, and with that capital to conduct and carry it on until they shall find it expedient to extend their capital, which they are hereby authorized to do, from time to time, to the amount hereinbefore mentioned. Affairs of corpotion to be ma directors. naged by five of annual elec Sec. 3. And be it enacted, That the stock, property, and affairs of the said corporation shall be managed by five directors, one of whom they shall appoint their president, who shall hold their offices until the annual meeting of the stockholders, to be held next after their election and until others shall be chosen, and no longer; which directors shall, at all times during their continuance in office, be stockholders in said company, in their own right, to the amount, at least, of ten shares, and shall be citizens of the United States, and shall, after the first election, be elected at the annual meeting of the stockholders, which shall be held on the third Monday in May, in Time and mode each year, at such hours of the day and at such place at the tion of directregulations of said corporation shall prescribe; a majority of ors. directors shall, on all occasions when assembled at such place as the by-laws of the company direct, constitute a board competent to the transaction of business, and all questions before them shall be decided by a majority of voices; and a majority of the stockholders, or their proxies, present at any legal meeting of such stockholders, shall be capable of transacting the business of such meeting, each share entitling the owner thereof, or his proxy, to one vote; but no shares shall entitle the holder to vote unless the same shall have been held by him at least three months next immediately preceding such election; and that Joseph Jackson, Samuel B. Halsey, John Mott, Commissioners and Freeman Wood shall be commissioners, and hereby are and receive subauthorized, at such time and place as they may choose, to scriptions. open books and receive subscriptions for the capital stock of said company; and when the sum of twenty thousand dollars shall have been subscribed, then they shall call the first meet to open books ing of the said company, for the choice of directors; and the To be judges of said commissioners shall be inspectors of the first election of election. directors of the said company, and shall certify, under their hands, the names of those duly elected, and deliver over to them the subscription books and the moneys and securities received for subscriptions; and the time and place of holding the first meeting of directors shall be fixed by the said commissioners; provided, that the said corporation shall organize and proceed to the business hereby authorized to be carried on within five years from the passage of this act, or that the privileges granted shall cease, and this act be void. Sec. 4. And be it enacted, That the said president and directors for the time being, or a majority of them, shall have G supplied. dent and direct ors. power to fill any vacancy which may happen in their board, Vacancies, how by death, resignation, or otherwise, for the then current year, and to appoint and employ, from time to time, a secretary, treasurer, and such other officers, mechanics, and labourers as Duties of presi- they may think proper for the transaction of the business and concerns of the said company, and also to make and establish such by-laws, rules, and regulations as they shall think expedient for the better management of the concerns of the said company, and the same to alter and repeal; provided always, that such by-laws, rules, and regulations be not inconsistent with the laws of this state or the United States; and the said directors shall and may, whenever they shall deem it expedient, and at such time and place, and with such notice, as they shall think proper, and as often as the interests of the stockholders shall require and the affairs of the said company will permit, declare a dividend or dividends of profit on each share, which shall be paid by the treasurer of said company; provided the said company shall make no dividend of any part of the capital stock of said company. Sec. 5. And be it enacted, That if it shall so happen that Corporation not an election of directors should not take place on any day to be dissolved when pursuant to this act it ought to be made, the said corpoby failure to elect on day ration shall not for that cause be dissolved, but such election prescribed. may be held on any convenient day within forty days thereaf ter, to be fixed on by the directors, they previously giving public notice thereof, by publishing the time and place of holding such election in one or more of the newspapers printed and published in the said county of Morris, or in the next adjoining counties, and one newspaper in the city of New York, for at least fifteen days next preceding the time appointed for such election. Stock to be al property. Sec. 6. And be it enacted, That the capital stock of said company shall be deemed personal property; and that all deemed person- shares shall be transferable on the books of said company, in such form as the by-laws shall ordain; and such transfer shall be valid only after it shall have been registered on the books of said company; and that no transfer of stock shall be valid or effectual, until such transfer shall be entered or registered in the book or books to be kept by the president and directors for that purpose. Books of accounts to be Sec. 7. And be it enacted, That the books of said company, containing their accounts, shall at all times be kept at their manufactory at Rockaway, and be open for the inspection of any of the stockholders of said company; and at the general stockholders. meeting of the stockholders, to be held annually, agreeably to the third section of this act, a general statement of the affairs open to the inspection of of said company shall be made out and exhibited by the pre sident and directors. Sec. 8. And be it enacted, That the directors may call in Stock forfeited the subscriptions to the capital stock by instalments, in such for refusal or neglect to pay proportions and at such times and places as they may think instalments. proper, giving such notice thereof as the by-laws and regulations of said company shall prescribe; and in case any stockholders shall neglect or refuse payment of such instalment or instalments, for the term of sixty days after the same shall have become due and payable, and after he, she, or they shall have been notified thereof, such stockholder or stockholders so neglecting or refusing to pay, shall, as the directors may elect, either forfeit to said company all his, her, or their previous instalments, together with all his, her, or their rights and interests, whatsoever, in said stock, or be compelled to pay up such further instalments by suit at law or otherwise. banking opera Sec. 9. And be it enacted, That the corporation hereby cre- Capital not to ated shall not use any part of their capital or property in car- be employed in rying on any banking operations, or for any other purpose than tions. that of carrying on the manufacturing operations authorized by this act. Sec. 10. And be it enacted, That this act shall continue in force for the space of twenty years, and no longer, and that Limitation of the legislature may alter, modify, or repeal this act, whenever act, &c. in their opinion the public good requires it. Passed February 14, 1843. AN ACT for the better regulation of the Amicable Meadow Sec. 1. BE IT ENACTED by the Council and General Assembly of this State, and it is hereby enacted by the authority of the same, That the owners and possessors of the marsh and meadow lying between the fast land of John Somers, on Old- Style of incormans creek, in the township of Upper Penns Neck, in the poration. county of Salem, and the line of the Association Meadow Company shall hereafter be known by the name of " the Amicable Meadow Company." tion of officers. Sec. 2. And be it enacted, That it shall be lawful for the Time and mode owners and possessors of the said marsh and meadow, to meet of aunual elec on the first Thursday in April next, at the inn now kept by Samuel Bond, in Pedricktown, and between the hours of two and seven o'clock, in the afternoon, and, by a plurality of the votes of the said owners and possessors present, choose two of the persons interested in said company, to be the managers thereof, one to be the clerk, and three disinterested persons to be commissioners, all of whom are to continue in office for one year, and until others are chosen in their stead; that the annual meeting of the company for the election of said officers shall be at the same time, in each successive year thereafter, and at such place as the company at the previous annual meeting shall designate; and the election shall be conducted in all respects as is hereinbefore provided; and in case any of the said officers should die, or neglect or refuse to act, then it shall be lawful for the managers, or any three members of the comVacancies, how pany, to call a special meeting for the purpose of supplying such vacancy, giving eight days' notice thereof, by setting up advertisements in three of the most public places in the neighbourhood of said meadow, stating the time, place, and object of said meeting; and at such special meeting, the members present shall proceed to elect some person to supply such vacancy, in the manner hereinbefore prescribed. supplied. Proceedings in case of unpaid assess ments. Sec. 3. And be it enacted, That it shall be the duty of the managers, or either of them, to collect all assessments made as hereinafter mentioned; and in case any of the owners or possessors shall neglect or refuse to pay his or her quota of any such assessments, for the space of ten days after notice given in writing, by one of the managers, either personally or by leaving the same at his or her usual place of abode, then it shall be lawful for either of the managers to sell, at public vendue, so much of any hay, grass, or grain, being the property of such delinquent, and on his meadow, as will be sufficient to pay said quota, and all costs accruing thereon, giving five days' notice of such sale, by advertisements set up in five of the most public places in the neighbourhood of said meadow; and in case the said managers should not be able to make the amount of said quota and costs out of the said hay, grass, or grain, then it shall be lawful for either of them to make sale of the meadow of said delinquent, for such term of years as will be sufficient to satisfy the demand against him, and the cost, and to execute a lease therefor to the purchaser, which shall vest in him the same right as if executed by the owner or possessor himself; which sale shall be conducted in all respects in the manner hereinbefore pointed out in this section, except that the manager shall give thirty days' notice of |