seal thereof, and shall be subscribed by the president or vice president and attested by the secretary, and being so signed, executed, and attested, shall be binding and obligatory upon the said corporation, according to the true intent and meaning of said policies and contracts; and all such policies and contracts may be so made, signed, executed, and attested without the presence of the board of directors. be held. 8. And be it enacted, That it shall and may be lawful for the What real said company to take and hold any real estate or securities estate may bona fide mortgaged or pledged to the said company, or to secure the payment of any debt which may be contracted with the said company, and to foreclose the same; and also to purchase on sales made by virtue of any judgment at law, or any order or decree of any court of equity, or any other legal proceedings, or otherwise to receive and take any real estate in payment or towards satisfaction of any debt previously contracted and due to the said company, and to hold the same until they can conveniently sell and convert the same into money or other personal property, and also to invest the capital stock, or so much of the surplus profits of the said company as they may deem fit, in such manner as the directors shall decide; but no loans shall be made on real estate, unless the same be situated in this state, and to call in and reinvest the same, so often as it shall be deemed necessary for the interests of the said company. nonpay 9. And be it enacted, That the capital stock of said com- Shares forpany shall be transferable, according to the rules and regula-feited for tions prescribed by the directors; and every subscriber of any inent. share or shares of said stock, who shall neglect to pay the instalments aforesaid, or to secure the residue of the share or shares by him subscribed, shall forfeit the same to the said corporation, and all payments made thereon, and all profits that may have arisen thercon. made from 10. And be it enacted, That it shall and may be lawful for Dividends the directors of said company to make dividends of so much not to be of the profits of the said company as shall appear advisable; and the said dividends shall be paid to the stockholders or their stock. representatives, but the dividends shall not at any time exceed the amount of clear profits made by the company, but the capital stock shall be and remain unimpaired; and if the said directors shall at any time knowingly make a dividend of the capital as aforesaid, they shall be individually liable for the proportion of the stock so divided, and an action of debt may be brought against them, their heirs, executors, or administrators, or any of them, in any court of record in this state, by any creditor of said company, and may be prosecuted thercon to judgment Tax to be paid by company. Limitation. and execution; and each director present when such dividend shall be declared, shall be adjudged to be consenting thereto, unless he forthwith protest against said dividend, and request his protest to be entered on the minutes of the board, and give further notice to the stockholders of the declaring of such dividend, by advertising his said protest, within ten days thereafter, in a newspaper published and circulating in the county of Hudson. 11. And be it enacted, That the said company shall pay into the treasury of this state one quarter of one per centum per annum on the capital stock paid in, to commence three years after the said company shall go into operation; which amount shall be paid in under the oath or affirmation of the president and secretary thereof. 12. And be it enacted, That this act shall continue in force for the term of twenty years, and the said corporation shall possess the general powers, and be subject to the restrictions and liabilities contained in the act entitled, "An act concerning corporations," approved the fourteenth day of February, one thousand eight hundred and forty-six, so far as the same are applicable. 13. And be it enacted, That this act shall take effect immediately. Approved February 2, 1847. AN ACT to incorporate the Flemington Copper Company. Preamble. WHEREAS Hugh Capner, Edward F. Gay, George I. Gross, John G. Brenner, Alexander Cummings, Gideon G. Westcott, and Henry Welsh have, in behalf of themselves and their future associates, by their petition set forth, that they are proprietors in fee of certain tracts of land in the vicinity of Flemington, in the county of Hunterdon, and state of New Jersey, containing mines of copper and other minerals and metals; and also the proprietors of certain other mining privileges, steam engines, smelting furnaces, and other improvements, for conducting the business of mining and smelting copper ores, and refining and manufacturing the same, valued at two hundred thousand dollars ($200,000); and have full right, by virtue thereof, to work the said mines, and have requested the legislature to pass an act incorpo rating the said petitioners and their future associates, for the purpose of enabling them to work the said mines, and also, to manufacture the ores and metals in such manner as they may think proper-therefore, 1. BE IT ENACTED by the Senate and General Assembly of Names of the State of New Jersey, That Hugh Capner, Edward F. Gay, corporators George I. Gross, John G. Brenner, Alexander Cummings, Gideon G. Westcott, and Henry Welsh, and such others as are or may hereafter be associated with them for the purposes aforesaid, shall be, and hereby are ordained, constituted, and declared to be a body corporate and politic, in fact and in Style. name, by the name of "the Flemington Copper Company." nual elec 2. And be it enacted, That the stock, property, concerns, Time and and affairs of the said corporation shall be managed and con- mode of anducted by seven directors, who shall be annually elected on tion of dithe second Tuesday of January, at such time of the day, and at rectors. such place in the county of Hunterdon, state of New Jersey, as the by-laws of the said corporation shall direct; and public notice shall be given of the time and place of holding such election, not less than thirty days previous thereto, in one of the newspapers printed at Flemington, and in one of the newspapers printed in the city of Philadelphia; and the election shall then and there be made by such of the stockholders as shall attend for that purpose in person or by proxy; and all elections shall be by ballot, each share having one vote; and the persons who shall have the greatest number of votes shall be the directors; and the said directors, so soon as may be after their election, shall proceed, in like manner, to elect by ballot one of their number to be their president; and if any vacancy or vacancies shall at any time happen among the directors elected by the stockholders, by death, removal, resignation, or otherwise, such vacancy or vacancies shall be filled, for the remainder of the year in which they may happen, by such person or persons as the remainder of the directors for the time being, or a majority of them, shall appoint; provided, that the first election shall be held within ninety days after the passage of this act, twenty days' notice in the papers aforesaid to be given of said election by the persons named in the preamble to this act; and the directors so elected shall serve until the second Tuesday of January, A. D. eighteen hundred and forty-eight. solved for 3. And be it enacted, That in case it should at any time Corporahappen that an election of directors should not be made on the tion not disday that pursuant to this act it ought to be made, the said cor-failure to poration shall not for that cause be deemed to be dissolved; but elect on day prescribed. it shall and may be lawful to hold such election on such other day, in the manner aforesaid, as shall be prescribed by the bylaws and ordinances of the said corporation. Amount of 4. And be it enacted, That the capital stock of the said corcapital. Quorum. Stocktransferable. Transfers tered. poration shall consist of the tracts of lands, mines, mining privileges, minerals and ores, engines, smelting furnaces, and all the improvements thereon referred to in the preamble to this act, and which are valued at two hundred thousand dollars, which shall be divided into ten thousand shares, of twenty dollars each; and it shall be lawful for the directors of said corporation to assess, from time to time, upon each share of the stock, of said corporation, a sum not exceeding the gross amount of five dollars, in sums not exceeding one dollar at any one time, and at intervals of not less than thirty days; and it shall be lawful for the directors to assess a still further sum of five dollars on each share of the capital stock; provided, that two-thirds in interest of the stockholders of said corporation shall advise and consent thereto, at a meeting of the stockholders called for this purpose, and notice given of the same, as provided for in the second section relating to election of directors; any stockholder refusing to pay an assessment regularly laid, and of which notice shall have been given as heretofore provided for, shall forfeit to said corporation each and every share of stock upon which such assessments remain unpaid for the period of thirty days after notice shall have been given in such form as the directors may ordain in the by-laws, to the stockholder, that such assessment was due and unpaid. 5. And be it enacted, That a majority of the directors for the time being shall form a board or quorum for the transacting of the business of the said corporation. 6. And be it enacted, That the stock of the said corporation shall be deemed personal estate, and be transferred in such manner as shall be prescribed by the by-laws of the said corporation. 7. And be it enacted, That no transfer of stock of said corto be regis-poration 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, which book shall at all times be open to the inspection of the stockholders. Limitation. 8. And be it enacted, That this act shall continue in force for the term of twenty years, and the said corporation shall possess the general powers, and be subject to the restrictions. and liabilities contained in the act entitled, "An act concerning corporations," approved the fourteenth day of February, one thousand eight hundred and forty-six, so far as the same are applicable. 9. And be it enacted, That this act shall take effect immediately, Approved February 2, 1847. AN ACT to provide for the assessment and collection of taxes in the township of Manchester, in the county of Passaic. act extend 1. BE IT ENACTED by the Senate and General Assembly of Provisions the State of New Jersey, That the provisions of an act enti- of former tled, "An act to provide for the assessment and collection of ed. taxes in the township of Paterson, in the county of Passaic," passed March tenth, eighteen hundred and forty-two, shall be extended to, and be in full force and effect in the township of Manchester, in the county of Passaic. 2. And be it enacted, That this act shall go into effect upon the passage thereof. Approved February 2, 1847. L AN ACT to authorize Jonathan McClane to maintain and keep in repair a dock or wharf in front of his land in the township of Shrewsbury, in the county of Monmouth. WHEREAS Jonathan McClane now has an old dock or wharf, Preamble. which has been built for a great many years, at the village of Red Bank, and upon and in front of his lands in said village, in the township of Shrewsbury, and county of Monmouth, and extending a small distance into the North Shrewsbury river; and whereas, for many years past, the sand has been washing in around said dock, until it has become necessary for the said wharf or dock to be extended farther into said river, and to be rebuilt and reconstructed, in order to accommodate the vessels navigating the said river-therefore, to build 1. BE IT ENACTED by the Senate and General Assembly of J. McClane the State of New Jersey, That it shall and may be lawful for authorized Jonathan McClane, his heirs and assigns, to rebuild, recon- dock. struct the said dock or wharf, and to extend the same so far into said North Shrewsbury river as may be necessary for the accommodation of vessels navigating the said river, and at all times to maintain and keep in repair the said dock or wharf, when so built and extended upon and in front of land so belonging to said Jonathan McClane, at the village of Red Bank, in the township of Shrewsbury, and county of Monmouth, and B |