and interest of the said township of Union in and to the property, both real and personal, now belonging to the said townships, respectively, or any part thereof, for such sum or sums as may be agreed upon by the committees of the townships. interested, and to make and deliver good and sufficient deed or deeds for the same. 8. And be it enacted, That nothing in this act contained Rights of townshall be construed to impair or in any wise affect the rights of ship of Union to surplus revenue the said township of Union in and to any portion of the surplus not impaired. revenue of the general government, to which the said township may now or at any time hereafter be entitled, in the distribution of said surplus revenue. take effect. 9. And be it enacted, That this act shall take effect on the Act, when to second Tuesday of March next. AN ACT giving the assent of this state to the act of the legisla ture of Pennsylvania entitled, "Supplement to an act authorizing the incorporating of the Easton Water Company," passed March twenty-fourth, eighteen hundred and seven teen. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the assent of this state be, and Assent of the the same is hereby given to the second section of the act of state to act of the legislature the legislature of the state of Pennsylvania entitled, "Supple- of Pennsylva ment to an act authorizing the incorporating of the Easton nia. Water Company," passed the fifteenth day of January, in the year of our Lord one thousand eight hundred and forty-six; and said second section is hereby adopted, ratified, and confirmed by this state, and the provisions thereof shall be in full force and effect in this state, and said section shall be annexed to, and published with this act; and the governor shall transmit an attested copy of this act to the governor of the commonwealth of Pennsylvania. Supplement to "An act authorizing the incorporating of the Easton Water Company," passed March twenty-fourth, eighteen hundred and seventeen, passed by the legislature of B Pennsylvania, on the fifteenth day of January, in the year of our Lord one thousand eight hundred and forty-six. SEC. 2. That said company is hereby authorized to conWing-wall and struct a wing-wall and dam in the river Delaware, at anv dam authorized. point north of the confluence of said river and the Bushkill creek and the northern line of the borough of Easton, from the western shore of said river to the western shore of a small island called Easton Island, a distance of about one hundred feet, and to construct such other works, reservoirs, connecting pipes, conduits, and machinery, in or adjacent to said river, and in or adjacent to said borough, under the provisions of the act to which this is a supplement, as may be necessary for pumping, conducting, retaining, and supplying a sufficiency of water to the inhabitants of said borough; provided, that the construction authorized by this act shall be so made as not in any way to obstruct or impair the navigation of said river; shall any water be withdrawn from said river for the purpose of creating water-power for propelling machinery for manufacturing purposes; and provided also, that said com pany shall not withdraw any water from the river Delaware, excepting for the purposes mentioned in this act. nor Approved, February 11, 1846. Preamble. AN ACT to confirm the last will and testament of Berret WHEREAS it appears to the legislature, that Doct. Berret the heirs-at-law, legatees, and other persons interested in the said estate, together with the executors of the said will, have petitioned the legislature to aid them in giving effect to the clearly expressed intention of the said testator, by confirming the said will, and it appearing to be just and reasonable that the intentions of the said testator should not be defeated -therefore, BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the said last will and testament Will of B. Haof the said Berret Havens, late of the township of Wantage, in vens confirmed. the county of Sussex, deceased, bearing date on the twelfth day of July, in the year of our Lord one thousand eight hundred and thirty, and the several bequests and devises therein contained, be confirmed in all things; and that the same are hereby declared to be as good, valid, and effectual in law as if the said last will and testament had been signed and published by the said testator in the presence of three subscribing witnesses, in the manner prescribed by law. Approved, February 12, 1846. A further supplement to an act entitled, "An act incorporating the inhabitants of townships, designating their powers, and regulating their meetings," passed the twenty-first of February, seventeen hundred and ninety-eight. annual town meetings. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the inhabitants who are or shall Time of holding be qualified by law to vote at town meetings in the county of Cape May, shall have full power, and they are hereby directed and required, to assemble and hold town meetings in the respective townships in said county, on the first Tuesday in March annually. 2. And be it enacted, That so much of the third section of Part of former the act to which this is a supplement, as relates to the county act repealed. of Cape May, is hereby repealed. 3. And be it enacted, That this act shall go into effect im- Act, when to mediately. Approved, February 13, 1846. take effect. Powers of corporations. to exercise AN ACT concerning corporations. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That every corporation, as such, shall be deemed to have power— 1. To have succession, by its corporate name, for the period limited in its charter, and when no period is limited, perpetually, except so far as the constitution otherwise provides concerning banks or money corporations; 2. To sue and be sued, complain and defend, in any court of law or equity; 3. To make and use a common seal, and alter the same at pleasure; 4. To hold, purchase, and convey such real and personal estate, as the purposes of the corporation shall require, not exceeding the amount limited in its charter; 5. To appoint such subordinate officers and agents as the business of the corporation shall require, and to allow them a suitable compensation; 6. To make by-laws, not inconsistent with the constitution or laws of the United States or of this state, for the management of its property, the regulation of its affairs, and for the transfer of its stock. 2. And be it enacted, That the powers enumerated in the preceding section shall vest in every corporation that shall hereafter be created, although they may not be specified in its charter, or in the act under which it shall be incorporated. 3. And be it enacted, That in addition to the powers enumerated in the first section of this act, and to those expressly given in its charter, or in the act under which it is or shall be incorporated, no corporation shall possess or exercise any corporate powers, except such as shall be necessary to the exercise of the powers so enumerated and given. 4. And be it enacted, That no corporation, created or to be Corporation not created, shall, by any implication or construction, be deemed to possess the power of discounting bills, notes, or other eviunless express- dences of debt, of receiving deposits, of buying gold or silver ly authorized. bullion or foreign coins, of buying and selling bills of exchange, or of issuing bills, notes, or other evidences of debt, upon loan or for circulation as money, unless such corporation is or shall be expressly incorporated for banking purposes, or unless such powers are or shall be expressly given in its charter. 5. And be it enacted, That where the whole capital of a Stockholders to corporation shall not have been paid in, and the capital paid pay their pro- shall be insufficient to satisfy the claims of its creditors, each. discharge debts stockholder shall be bound to pay on each share held by him portion of sum the sum necessary to complete the amount of such share, as necessary to fixed by the charter of the company, or such proportion of that of company. sum as shall be required to satisfy the debts of the company. 6. And be it enacted, That the charter of every corporation Charter may which shall hereafter be granted by the legislature, shall be be altered, &c. subject to alteration, suspension, and repeal, in the discretion. of the legislature. vide capital 7. And be it enacted, That it shall not be lawful for the di- Directors of rectors of any bank, or moneyed or manufacturing corporation banks not to diin this state, to make dividends, except from the surplus profits stock. arising from the business of the corporation, nor to divide, withdraw, or in any way pay to the stockholders, or any of them, any part of the capital stock of the said corporation, nor to reduce the said capital stock without the consent of the legislature; and in case of any violation of the provisions of Penalty. this section, the directors under whose administration the same may happen shall, in their individual and private capacities, jointly and severally, be liable to the said corporation, and to the creditors thereof, in the event of its dissolution or insolvency, to the full amount of the capital stock so divided, withdrawn, paid out, or reduced, with legal interest on the same. from the time such liability accrued; provided, that any of the Proviso. said directors who may have been absent when the same was done, or who may have dissented from the act or resolution by which the same was done, may respectively exonerate themselves from such liability, by causing their dissent to be entered at large on the minutes of the said directors, at the time the same is done, or forthwith after they shall have notice of the same, and by causing a true copy of the dissent so entered on the minutes to be published, within two weeks after the same shall have been entered on said minutes, in some public newspaper published in the county where the said corporation has its office or place of business; and if none be published in such county, then in a newspaper printed in an adjoining county, and circulating in the neighbourhood of such office or place of business of said corporation; and provided also, that this section shall not be construcd to prevent a division and distribution of the capital stock of the corporation, which shall remain after the payment of all its debts, upon the dissolution, of the corporation or the expiration of its charter. 8. And be it enacted, That this act shall take effect imme- Act, when to diately. Approved, February 14, 1846. take effect. |