shall be for a sum exceeding one hundred dollars, it may be prosecuted, as in other cases, to judgment and execution, and a sale made of the house or building and appurtenances, and lot of land, on which the lien was created, as in other cases of sale of land by virtue of judgment and execution; and if judgment shall be recovered in the court for the trial of small causes, and no appeal be demanded, or other proceedings had upon said judgment, the party recovering may file a transcript. of said judgment, under the hand and seal of the said justice, in the office of the clerk of said county, with an affidavit of the claimant, that the said judgment is unsatisfied; and thereupon, the said clerk shall docket and record the said judgment, as in other cases, and execution may issue thereon; and the said judgment and execution shall have the same force and effect as in other cases, and the said house or other building, and lot of land, upon which the same is a lien, may be sold, as is provided for the sale of land upon judgment and execution; but no priority shall be given to such judgment and execution over other liens, but the said house or building and appurtenances, and lot of land, or the avails thereof, over and above all prior encumbrances, if any, shall be for the equal benefit of all persons who have obtained a lien, and have a just and legal claim thereon by virtue of this act, in the proportions mentioned in the first section thereof; but nothing in this act conta ined shall authorize the claimant to recover or receive any greater sum or amount than he is justly and by law entitled to, and the like costs and fees, as near as may be, shall be recovered, as in other cases, in the said several courts.

ses of dis

5. And be it enacted, That if any dispute shall arise between Proceedthe parties in whose favour a lien is created by this act, as to ings in cathe amount which shall be due to said claimants, or either of puted am't. them, the said parties shall take measures, within fifteen days after the lien shall take effect, or the claim shall be due, to settle the same by suit at law or otherwise, and bring the same to a close without delay, or be for ever debarred of the benefits of said lien; and the owner or, owners of said house or other building, and lot of land, upon which said lien rests, may be relieved therefrom, by paying the amount of money which, by contract, he or they are legally bound to pay, making a rebate of interest for the time unexpired, if by the contract the same should not be due, to the clerk of the county in which the lien is created, who shall receive and retain the same until the rights of the claimants shall be finally settled; and upon satisfactory evidence of such settlement, the said clerk shall pay to the claimant or claimants the amount which he or they shall be entitled to receive, in whole or part, as provided in the first section of this act, deducting from said des ́

posit one per centum for his services for receiving and pay ing the same, and the surplus, if any, shall be paid to the depositor; and the certificate of such deposit shall be a bar to all suits or actions against the said owner or depositor by the claimants aforesaid; and upon such payment to the said clerk, as aforesaid, the said lien shall cease and determine, and the premises subject thereunto for ever discharged therefrom, and satisfaction shall be entered on the docket aforesaid.

Liens to be 6. And be it enacted, That any person performing such lacreated on- bour, or furnishing such materials in pursuance of any agreely for labour done. ment made by him with the original contractor with such owners, or his said agent, who shall have done the acts prescribed by the second section of this act, to create a lien therefor, shall have a lien for only such labour as shall be performed, and for only such materials as shall be furnished subsequently thereto. Approved February 16, 1847.

$30 per an num to be paid to M. Tingley.

AN ACT for the relief of Martha Tingley, of the county of Morris.

BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the treasurer of this state is authorized and required to pay to Martha Tingley, of the county of Morris, the widow of Lemuel Tingley, a Revolutionary sol dier, or her order, the sum of thirty dollars per annum, during her natural life, in semi-annual payments of fifteen dollars each, the first payment to be made the fourth day of March next; and the receipt of the said Martha Tingley shall be a sufficient voucher to the treasurer, in the settlement of his accounts. Approved February 16, 1847.

$30 per an

num to be nor Ross.

paid Ele

AN ACT for the relief of Elenor Ross, of the county of Morris.

BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the treasurer of this state is authorized and required to pay to Elenor Ross, of the county of Morris, the widow of John Ross, a Revolutionary soldier, or

her order, the sum of thirty dollars per annum, during her na. tural life, in semi-annual payments of fifteen dollars each, the first payment to be made the fourth day of March next; and the receipt of the said Elenor Ross shall be a sufficient voucher to the treasurer, in the settlement of his accounts.

Approved February 16, 1847.

AN ACT to incorporate the Trenton Iron Company.

powers.

1. BE IT ENACTED by the Senate and General Assembly of Names of the State of New Jersey, That Peter Cooper, James Hall, Ed-corporators .ward Cooper, and Abram S. Hewitt, and their associates and successors, are hereby made and created a body politic and corporate in law, by the name of " the Trenton Iron Company," Style and for the purpose of manufacturing iron and other commodities general and articles of which iron forms a constituent part, and for the transaction of such business as may be properly connected therewith; and may raise by subscription, a capital not exceeding five hundred thousand dollars, in shares of one hundred dollars each; and that the mills and manufactories of the said company shall be located in the borough of South Trenton, and county of Mercer; but it may, nevertheless, be lawful for the said corporation to manufacture or procure the raw material used in the said mills, at such points and places as the said corporation shall deem most advantageous.

2. And be it enacted, That the said corporation may pur- what real chase, use, hold, possess, and enjoy any such real estate, water estate may power, water privileges, machinery, goods, effects, and chat- be held. tels, whatsoever, as shall seem good to the said corporation to carry on its said business; and whenever it shall see fit, the said corporation may sell, mortgage, lease, and otherwise dispose of the same at pleasure.

conveyance

3. And be it enacted, That it shall and may be lawful for the Stock to be said corporation to issue unto the said Peter Cooper and his issued on associates, two thousand five hundred full paid shares of the of property. capital stock of the said corporation, on receiving from the said Peter Cooper, or his successors, a full conveyance of the property, situated in the borough of South Trenton, and county of Mercer, now known as "the Trenton Iron Works," together with all the fixtures and machinery therein contained, and the water power and water privileges now held by

F

Books of

the said Peter Cooper, jointly with the Trenton Water Power Company, and the basins and outbuildings attached to the said works; provided always, that the said property shall be conveyed unto the said corporation free and clear of any encumbrance, judgment, or lien whatsoever, so that the said corporation shall enter upon the possession of the said property entirely free from debt; and, as soon as the capital of two hundred and fifty thousand dollars shall be thus subscribed and invested, of which facts and affidavit shall be made by two or more of the directors of the said corporation, and filed in the office of the secretary of state, it shall and may be lawful for the said corporation to commence and carry on its said business under the provisions of this act, and to erect, maintain, and keep up a wharf in the rear of the said works on the river Delaware; provided, the rights of navigation and other common rights are not injuriously affected thereby.

4. And be it enacted, That in case it should not seem good subscrip to the said corporation to purchase, or to the said Peter Cooper tion may be opened. to convey, the whole of the property in the last section enumerated, it shall and may be lawful for the associates named in the first section of this act, or a majority of them, at such time and place as they shall select, to open books of subscription to the capital stock of the said corporation; and whenever the sum of one hundred thousand dollars shall have been subscribed, and actually paid into the treasury of the said corporation, and an affidavit thereof, made by two or more of the directors of the said corporation, shall be filed in the office of the secretary of state, it shall and may be lawful for the said corporation to commence and carry on its said business under the provisions of this act.

Capital stock may

be increased.

5. And be it enacted, That the said corporation may, by a vote of the stockholders thereof, from time to time increase its capital stock, until it reaches the sum of five hundred thousand dollars; and it shall be lawful for the directors of the said corporation to call for and demand of the stockholders, respectively, all such sums of money as are by them subscribed, at such time and in such proportion as the said directors shall see fit, under the pain of forfeiture of their shares, and all previous payments thereon, to the said corporation, the said stockholders being notified at least thirty days previous to the time of payment of each instalment; and at each increase of capital, an affidavit thereof shall be filed in the office of the secretary of state, as before; and the capital stock of the said corporation shall be deemed personal estate, and be transferable upon the books of the said corporation; and no part of the said capital stock shall at any time, or upon any pretence whatever, be divided among the stockholders for dividends; neither shall

it be withdrawn or refunded to the stockholders until all debts and liabilities of the company are fully paid, and an affidavit thereof, and of the amount of capital proposed to be withdrawn or refunded to the said stockholders, filed in the office of the secretary of state; and each stockholder shall, in all questions submitted to the said stockholders, and in all elections, be entitled to one vote for every share he holds in the stock of the said corporation, which vote he may cast in person or by proxy; and all matters before the said stockholders shall be decided by a majority of votes cast.

mode of an

6. And be it enacted, That the stock, property, and affairs Time and of the said corporation shall be managed by not less than three, muc nor more than nine directors, one of whom the said directors tion of dishall appoint their president; that the said directors shall be rectors. stockholders in the said company, and shall hold their offices for one year and until others shall be chosen to fill their places; they shall be elected at the annual meeting of the stockholders, to be held on the first Monday in August, at such hour of the day and at such place as the by-laws of the said corporation shall direct; and until such annual election shall take place, the associates named in this act, with such other persons, being stockholders, as they shall see fit to appoint, shall be the directors of the said corporation; a majority of the directors shall, on all occasions when assembled at such place as the by-laws shall prescribe, constitute a board competent to the transaction of business; and all questions before them shall be decided by a majority of votes; and in case any vacancy shall happen in the office of director, by death, resignation, or failure of the stockholders to elect the full number authorized by this act, the remaining directors for the time being, or a majority of them, shall have power to fill such vacancy by the appointment of any stockholder.

al state

7. And be it enacted, That the said directors shall submit Directors to to the stockholders, at their regular annual meeting, a written make annustatement of the affairs of the said company, setting forth the ment. amount of capital stock paid in, the amount of money due to and from the said corporation, as nearly as the same can be ascertained, and shall accompany the same by an oath or affirmation that the same is correct, to the best of their knowledge and belief.

solved for

8. And be it enacted, That in case it should happen that an Corporaelection of directors should not be made on the day designated tion not disfor that purpose, the said corporation shall not be deemed dis- failure to solved; but the stockholders may proceed to hold an election elect on day prescribed. on any other day, due notice being given of the time and place of such election.