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by the town committee ; in posting up the list of officers elected, as required by law, the clerk shall add thereto the results of the election in other particulars; the first elections under this act shall be held at the place appointed at the last town meeting, and all special town meetings at the place of holding the last preceding annual town meeting; the same ballot box shall be used at the town meetings, and provided by the clerk, which is used at the state and county elections; the judge of election and clerk shall receive the same compensation for attending any town meeting as for attending a state or county election; and the town committee shall allow the clerk such compensation for the additional duties required by this act, as they may deem reasonable.
Sec. 9. This act shall take effect as soon as it becomes a Act, when to law.
Approved, March 28, 1845.
Å supplement to “ An act authorizing the banking and improve
ing of certain marsh, meadow, and swamp, in the township of Fairfield, in the county of Cumberland," passed the first day of February, eighteen hundred and sixteen.
WAEREAS, by the act to which this is a supplement, it was made Preamb
the duty of the managers of the Cedarville Meadow Company, and they were thereby authorized and empowered to make good and sufficient banks, dams, sluices, and every other work necessary and proper to keep out the tide at all times, and prevent the marsh, meadow, and swamp thercin mentioned from being overflowed; and to begin the bank at or near the Goose landing on Cedar creek, and thence across said creek to such part of the fast land, on the opposite side thereof, as to them should seem most prudent, in which said creek it was directed that there should be erected a sluice or gates sufficient to stop the tide from flowing up the said creek, and to discharge, at low tide, all the back water; and whereas sundry citizens of said township of Fairfield, by their petition, have set forth, that, in consequence of the erection of the said dam and floodgates, the creek is rapidly filling up, and will soon be rendered impassable for vessels,
thereby producing great loss and inconvenience to every person in the vicinity, and have prayed that the said dam may be cut-therefore,
BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, as follows:
Sec. 1. The said dam may and shall be cut, and James B. Commissioners Parvin, William Moore, and Benjamin Rush Bateman are apto cut dam.
pointed commissioners for that purpose, and are authorized and empowered to cut the said dam, so as to allow the flowing of the tide without obstruction; and such commissioners shall, in so doing, be exempt from all liability to the penalties or damages set forth and contained in the eleventh section of said
act. Act, when to
Sec. 2. This act shall go into effect immediately after it betake effect. comes a law.
Approved, April 1, 1845.
An act to incorporate the Rancocus Steamboat Company.
Be it enacted by the Senate and General Assembly of the State of New Jersey, as follows:
Sec. 1. William Irick, Edward B. Thomas, Barclay Haines,
David B. Coles, William Springer, Benjamin Deacon, Caleb Names of corpo. Da
Shreve, Charles Bispham, Allen Fenimore, Joseph Davis, and John W. Middleton, and all such persons as are now members or partners of an association called and known by the name of the Rancocus Steamboat Company, and their successors, are
hereby made and declared to be a corporation and body poliStyle of incortic, by the name, title, and designation of “the Rancocus poration. Steamboat Company ;" and, by that name, may have continual
succession, may make and have a common seal, and shall have General pow.
power to sue and be sued, implead and be impleaded, in all courts of record and elsewhere; and may have full power, right, and legal authority to purchase, build, hold, occupy, and convey any steamboat or boats, lands, tenements, heredita: ments, and real and personal estate, whatsoever, which shall or may be necessary to carry into effect and operation the objects of the said corporation, as herein after declared.
Sec. 2. All the joint stock of the said association, and all stock the estate, real, personal, and mixed, all the securities, claims, former associa
ale unor and owahore: tion vested in and demands, all the records, books, papers, and vouchers, in
new corporation any wise belonging to the said association, shall be transferred to, and vested in the said corporation, as absolutely and completely, to all intents and purposes, as if the same had been acquired by the said corporation after the passing of this act; provided, that nothing in this section contained shall impair or affect the rights of the creditors of the said association. Sec. 3. The capital stock of said corporation shall not ex
Capital stock, ceed forty thousand dollars, which shall be divided into shares h
ea mto shares how to be emof twenty-five dollars each; the capital stock of the said asso- ployed. ciation is to be taken as a part of the said sum' of forty thousand dollars, and the members of the said association are to receive so many shares of the said stock of the said corpora. tion as will equal in amount the stock which they now respectively own in the said assocation; and the said capital stock is to be employed in running one or more steamboats from Lumberton, in the county of Burlington, to the city of Philadelphia and elsewhere, and is to be vested in the purchase or building of one or more steamboats, with steam engines, boilers, and machinery, and all their rigging, furniture, and apparatus, and in the repairs thereto, and in the purchase, renting, repairing, or building of suitable landings, wharves, and storehouses ; and the said capital stock shall be deemed personal estate, and shall be assignable and transferable upon the books of the said corporation, agreeably io the by-laws for that purpose to be made and adopted.
Sec. 4. William Irick, Edward B. Thomas, Barclay Haines, first directors. David B. Coles, William Springer, Benjamin Deacon, Caleb Shreve, Charles Bispham, Allen Fenimore, Joseph Davis, and John W. Middleton shall be the directors of the said corporation until the election is held as is herein aster provided; the board of directors for the time being shall have power to elect a president (who shall be a director), a treasurer, and all such officers and agents, and to employ such workmen, artificers, and labourers, as shall be necessary to carry into effect and execute all the powers by this act granted to said corporation, and to allow such compensation as shall be agreed upon, and, if they judge it necessary, to exact and take from their officers and agents bonds for the proper and faithful execution of their several duties and trusts, to and for the faithful performance of their several contracts; and the directors of said corporation shall have power to make, ordain, and establish such by-laws, rules, and regulations for the said company, as to them shall seem expedient, not inconsistent with the constitution or laws of this state or of the United States.
Sec. 5. The residue of the capital stock of said company, Books for sub- or any part thereof not heretofore disposed of, may be dis. scription to be posed of and taken at any time hereafter, whenever the directors,
by direction of three-fourths of the whole number, shall deem it necessary and proper, who are authorized to open books of subscription for said stock, at such time or times, and place or places, as they, or a majority of them, shall think proper, giving at least fifteen days' notice of the time and place of their meeting; and at the time of subscription, the sum of five dollars on each share shall be paid to the directors, and the remainder of such subscriptions shall be paid at such times and in such instalments as the directors for the time being shall appoint, under the pain of forfeiting all previous payments on
such shares, for the use of said company; provided always, Proviso. that no instalments shall exceed the sun of ten dollars on each
share, and no two instalments shall be required to be paid within thirty days of each other ; and provided also, that at least fifteen days' notice of the time and place appointed for the payment of each instalment shall be published in one or more newspapers published in the county of Burlington and in the city of Philadelphia.
Sec. 6. The affairs, property, and concerns of the said cor
poration shall be conducted by seven directors, a majority of Time and mode of election of whom shall constitute a quorum, and at least seven shall be re. directors. sidents in this state, and shall be chosen annually by ballot by
the stockholders, either in person or by proxy, no person to be eligible as a director who shall not be a stockholder in the said company; and in the choice of directors, and in all other cases, each share shall be entitled to one vote, up to ten shares, and above ten shares, each five additional shares shall be entitled to one vote; should a vacancy occur at any time in the board of directors, the place shall be supplied by the remaining directors until the next annual election; the first election for directors under this charter shall be held at Lumberton, on the first Saturday of March next, ten days' notice being first given thereof, in a newspaper published in the county of Burlington and the city of Philadelphia ; and the stockholders. when met, to choose three persons as judges of election; and all future elections for directors of said corporation shall be held annually, at such time and place as the by-laws shal direct.
Sec. 7. The president shall preside at all meetings of said.
corporation, and if absent his place shall be supplied, for the Dividends to be declared, &c.
De time he is absent, by the election of any one of the directors|
the directors shall have power to fix, determine, and regulate the prices of transportation of passengers, goods, wares, and merchandise, wagons, carriages, vehicles, horses, cattle, stock
of every kind and description, and all kinds of produce or other articles that shall be transported in the boat or boats of the said company or corporation; and the said board of directors shall, from time to time, declare dividends of so much of the profits of said corporation as they may deem advisable, and pay the sum over to the persons entitled thereto; but no part of the capital stock shall be divided during the continuance of this charter.
Sec. 8. If an election of directors shall not be made dur- Corporation not ing the day when pursuant to this act it ought to have been dissolved for
failure to elect made, the said corporation shall not for that cause be deemed on day prescribto be dissolved, but such election may be held at any time ed. thereafter, upon notice as aforesaid; and the directors for the time being shall continue, in all cases, to hold their offices until new ones shall have been chosen in their stead; and in all elections for directors of said corporation, stockholders may vote either in person or by proxy.
Sec. 9. The said corporation shall not use or employ any Restriction. part of the capital stock or other funds for banking or other purposes not clearly indicated in this act.
Sec. 10. This act shall continue in operation twenty years, and the legislature may at any time hereafter alter, amend, or Limitation. repeal this act.
Approved, April 1, 1845.
AN ACT modifying the charter of the Hudson and Ramapo
Amount of tax and Ramapo Railroad Company to pay to the treasurer of to be paid by this state, annually, a tax of one half of one per centum upon company. their capital stock expended, until the net earnings of the railroad shall amount, annually, to six per centum upon the costs thereof, and from and after that time a tax of one per centum ; and that such payments shall be received and taken in full discharge and satisfaction of the transit duties of five cents a passenger, and eight cents a ton, provided for in the twentysecond section of their act of incorporation.