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give notice of

meetings.

such overseer; and in case of the failure of any district to elect an overseer, or of the person so elected to accept of the appointment, the township committee shall fill such vacancy, and shall furnish a list of the names of said overseers of the highways so elected or appointed to the clerk of the township, and it shall be his duty to publish the same with the names of the officers and proceedings of the first town meeting after the election of said overseers.

Overseers to 2. And be it enacted, That all subsequent district road district road meetings in said township, shall be called by the overseers of the respective road districts, upon notice posted up in some conspicuous place in such road district at least ten days before the time of holding such meeting, and all subsequent district road meetings shall be held on Saturday preceding the annual town meeting in said township, and should the overseer of any district fail to call such meeting, or the individual elected refuse to accept such appointment, or in case of a vacancy arising from any other cause, the township committee shall fill such vacancy, and cause the names of the persons so elected or appointed to be published as aforesaid.

3. And be it enacted, That this act shall take effect immediately.

Approved April 21, 1868.

Corporators.

Name.

CHAPTER DXLII.

An Act to incorporate the Enterprise Foundry and Manufac turing Company.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That James Crooks, James Peacock and John V. E. Fredericks, their successors and assigns, and all such persons as may hereafter be associated with them, shall be and they are hereby constituted a body corporate and politic, in fact and in name, by the style and title of "The Paterson Enterprise Foundry and Manufacturing Company," for the purpose of manufacturing and selling all kinds of iron and brass castings, stationery and steam engines, woolen,

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cotton, linen and silk machinery, and fabrics composed of the

same.

ers.

2. And be it enacted, That the said corporation may pur-General pow chase, sell, mortgage, hold, use, lease, occupy, possess and enjoy such real or personal property, tools, engines, machinery, fixtures and materials as may be necessary or needful for the proper management and conduct of said business, and may purchase such real estate as may be required for the purpose of said corporation, not exceeding thirty acres, and may dispose of the same, and all other real estate which shall have been bona fide mortgaged to the said company by way of security, or conveyed to them on satisfaction of debts previously contracted in course of dealings, or purchased at sales upon judgments or decrees, which shall be obtained for such debts.

payment of

3. And be it enacted, That the said corporation may secure May secure the payment of any debt which may be contracted by it on any debt by the business for which it was incorporated, by mortgaging all mortgage. or any part of the real estate of such corporation, and every mortgage so made shall be as valid to all intents and purposes as if executed by any individual holding such real estate; provided, that it be done with the assent of the stock- Proviso. holders owning at least two-thirds of the stock of such corporation.

elected.

4. And be it enacted, That the stock, property and concerns Directors, how of said corporation shall be managed and conducted by five directors, of whom a majority shall be residents of this state, and being stockholders, one of whom shall be chosen on the second Monday in June in every year, or on such other day as the directors shall appoint, at such time and place as shall be directed by the by-laws of said corporation; and public notice shall be given of the time and place of holding every such election, not less than ten days previous, in a newspaper published in the city of Paterson, in the county of Passaic, by such of the stockholders as shall attend for that purpose, either in person or by proxy; and each stockholder shall be entitled, either in person or by proxy, or by power of attorney, to as many votes as he or she shall hold shares of the capital stock of said company, and the persons having the greatest number of votes, being stockholders, shall be directors, and the directors chosen at one election shall be capable of serving by virtue thereof until another election shall have been had; and the directors so chosen may appoint such clerks,

Capital stock.

Commissioners to open books of subscription.

Powers of directors.

officers, agents and superintendents, and assign such compensation as they shall think fit, not less than a majority of the whole number of directors being present when the same shall be done; and if it should happen at any time that any vacancy or vacancies occur, by death, resignation or otherwise, such vacancy or vacancies shall be filled by such person or persons as the remainder of the directors for the time being, or a majority of them, shall appoint.

5. And be it enacted, That the capital stock of said company shall be one hundred thousand dollars, with the privilege of increasing the same at any time, by a vote of a majority of the directors, to any sum not exceeding three hundred thousand dollars; said stock shall be deemed personal property, and shall be divided into shares of one hundred dollars each, to be transferable only on the books of the corporation, and in such manner as shall be prescribed by the bylaws of said corporation.

6. And be it enacted, That the persons above-named shall be commissioners to receive subscriptions to the capital stock, at such times and places in the city of Paterson as they, or a majority of them shall appoint, giving ten days notice thereof in one or more newspapers printed in said city of Paterson; and when ten thousand dollars of the said capital stock shall have been subscribed and paid, or satisfactorily secured to be paid, it shall and may be lawful for the said company to commence business with that capital, conduct and carry on their operations until the directors of the company deem it expedient to extend the same; and the said commissioners shall then call a meeting of the subscribers to said stock, for the purpose of organizing the company; and when the company is organized, said commissioners shall deliver to the president of the company all moneys, books and papers in their hands as such commissioners.

7. And be it enacted, That a majority of the board of directors shall have power to transact all the business of the company, to call in all installments on stock subscribed for in such amounts and at such times as they may direct, giving to each subscriber twenty days' notice thereof, personally or by publication in one or more newspapers in the city of Paterson, and also to forfeit to said company all shares upon which default in paying installments shall arise, together with all previous payments thereon.

8. And be it enacted, That in case it should at any time

not to

happen that any election should not be made on the day when Fallure to pursuant to this act the same should be made, the said corpo-work a dissoration shall not for that cause be deemed dissolved, but it lution. shall and may be lawful to hold such election on such other day, in manner aforesaid, as shall be prescribed by the bylaws of said corporation.

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count shall be

9. And be it enacted, That the directors shall at all times Books of ackeep, or cause to be kept, proper books of accounts, in which kept. shall be entered all the transactions of the said corporation, which shall at all times be open to the inspection of the stockholders of the said corporation, or their legal attorney or attorneys; and further, that no dividends shall be declared Dividends. except from the net profits of the said company.

ed.

10 And be it enacted, That the said corporation may be How dissolvdissolved at any time by a general meeting of the stockholders, specially convened, by order of the directors for that purpose; provided, at least three-fourths in value of the proviso. stockholders shall be present or represented therein; and upon such dissolution the directors for the time being, or the survivor or survivors of them, or such other person or persons as the board shall appoint for that purpose, shall be trustee or trustees for settling the affairs of the company, and paying its debts and dividing the surplus among the stockholders according to their respective interests therein.

11. And be it enacted, That this act shall take effect immediately.

Approved April 21, 1868.

CHAPTER DXLIII.

An Act to incorporate the Franklin Land Company.

1. BE IT ENACTED by the Senate and General Assembly of Corporators. the State of New Jersey, That Thomas Wilson, Charles M. Morris, Sanderson R. Martin, James P. Dunlap and John R. Cann, and such others as they or a majority of them shall associate with them, and their successors, are hereby declared to be a body politic and corporate, under the name

Rights and privileges.

of "The Franklin Land Company," and the rights and
privileges given to the "West Jersey Cranberry Land and
Improvement Company," in an act to incorporate the same,
approved February twenty-sixth, eighteen hundred and sixty-
six, are hereby extended to the Franklin Land Company.
2. And be it enacted, That this act shall take effect imme-
diately.

Approved April 21, 1868.

Preamble.

Agreement made valid.

Repealer.

CHAPTER DXLIV.

A Further Supplement to an act entitled "An Act to provide for the drainage of certain low lands lying in the city of Hoboken and the township of Weehawken.

WHEREAS, in carrying out the intention of said act, the board of commissioners are forced to keep an outlet for the water across the lands of the Morris and Essex Railroad Company, and the building of the proper drain boxes can only be done from time to time as the said lands may be filled in by said railroad company, and no contract can be made with any other parties for building the same; and an arrangement having been agreed upon between the said commissioners and the Morris and Essex Railroad Company securing the right of discharge for said water and the building of said drain boxes and maintenance of sluices upon. fair and equitable terms; therefore,

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the agreement entered into between the said board of commissioners and the Morris and Essex Railroad Company is hereby validated, and made as effectual to all intents and purposes as if the same had been made under the provisions of the act to which this is a supple

ment.

2. And be it enacted, That all acts and parts of acts inconsistent herewith, be, and the same are hereby repealed,

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