-

George Kingsland, and William B. Baldwin, shall be directors, and shall hold their offices, respectively, until the first Tuesday in February, in the year of our Lord one thousand eight hundred and thirty-five, and until others shall be chosen by the stockholders.

Sec. 4. And be it enacted, That seven directors shall constitute a quorum for the transaction of business, except in cases of discount, which shall be regulated by the by-laws of the corporation: Provided, that no discount shall be made on any note or notes, bill, or bills, without at least one good endorser.

Sec. 5. And be it enacted, That the directors, for the time being, or a majority of them, shall have power to make and Powers and duprescribe such by-laws, rules and regulations as to them shall ties of directors appear needful and proper, touching the government of the said corporation, the management and disposition of the stock, business, and effects thereof, the time, manner, and terms at and upon which discounts and deposits, shall be made and received by the said corporation; the duties and conduct of the officers, clerks, and servants employed therein; the election of directors, and all such other matters as may appertain to the concerns of the said corporation; and shall have power to appoint as many officers, clerks and servants, for carrying on said business, and with salaries and allowances as to them shall seem meet: Provided always, that such by-laws, rules and regulations shall not be repugnant to the provisions or requirements of this charter, or to the constitution and laws of the United States, or of this state: And provided further, that the cashier of the said bank shall be annually appointed; Cashier to be and that upon the appointment or re-appointment of said annually ap cashier, he shall take an oath or affirmation, faithfully to perform the duties of his office, and that he will not, knowingly or wilfully suffer any director of the said bank wrongfully to convert the funds of the said bank to his own use, by overdrawing his account or otherwise; and that in case it shall come to his knowledge that any director has wrongfully converted any part of the funds of the said bank to his own use, that he will give notice thereof to the board of directors, at their then next meeting, and shall give bond, with two or more sureties, in a sum not less than twenty thousand dollars, conditioned for the faithful performance of the duties of cashier of said bank.

pointed, &c.

Sec. 6. And be it enacted, That the said corporation shall not issue bills of a less denomination than one dollar; and that the stock of the said corporation shall be considered as personal property; and that the said stock, and the dividends arising therefrom, shall be subject to such taxes as all other Stock subject to banking institutions in this state are liable to; and their real estate shall be subject to be taxed as other lands in this state are or shall be taxed; and each and every person subscribing to the capital stock of said bank, shall pay, at the time

taxation.

Stock forfeited

on failure to pay instalments.

Transfer of stock, &c.

assignable by endorsement.

Bills not under seal assignable and negotiable.

of subscribing, to the commissioners receiving such subscriptions, the sum of five dollars, in specie or notes of the Bank of the United States, or of banks in this state, or the city of New-York or Philadelphia, which pay their notes in specie on demand, upon every share so by him subscribed; and the directors of said company may require payment for the remaining instalments which shall have been subscribed, at such times and in such proportions as they, or a majority of them, shall deem fit, under the penalty of the forfeiture of all previous payments made thereon; and that previous notice of the instalments required to be paid after the first, and of the time when the same are to be paid, shall be published, at least thirty days, in two of the newspapers printed in the town of Newark; Provided, that no instalment to be paid, shall exceed five dollars on a share.

Sec. 7. And be it enacted, That no transfer of stock of the said corporation shall be valid and effectual until any debt or debts which may be due to the said corporation from the person transferring, shall have been fully discharged, and such transfer shall have been registered in a book or books, to be kept for that purpose by the directors; and that the total amount of the debts which the said corporation shall at any time owe over and above the actual deposites in the said bank, shall not exceed twice the sum of the capital stock subscribed and actually paid into the bank.

Sec. 8. And be it enacted, That the bills obligatory and of Bills under seal credit, under the seal of the said corporation, which shall be made to any person or persons, shall be assignable by endorsement thereon, under the hand of such person or persons, his, her, or their assignee or assignees, successively, and so as to enable such assignee or assigness, to bring and maintain an action thereupon in his, her or their name or names; and the bills or notes which may be issued by order of said corporation, signed by the president, and countersigned by the cashier thereof, promising the payment of money, to any person or persons, his, her or their order, or bearer, though not under the seal of said corporation, shall be binding and obligatory on the same, and with like power and effect, as upon any private person or persons, if issued by him or them in their private and natural capacity or capacities, and shall be assignable or negotiable in like manner as if they were issued by such private person or persons, and shall be received in payment for all debts due to said corporation: Provided, that every bill or note issued by said corporation, payable to bearer, or to any person or persons, his, her, or their order or bearer, shall be deemed and taken to be payable and demandable at the office of the said banking company.

Proviso.

Sec. 9. And be it enacted, That it shall be the duty of the directors of the said corporation, to make semi-annuål

dividends of so much of the profits of said bank as to them, Semi-Annual or a majority of them, shall seem advisable; but they shall dividends made. make no dividend of any part of the capital stock.

Sec. 10. And be it enactd, That the rate of discounts at Rate of discount which loans may be made by the said corporation, shall not on loans. exceed the legal rate of interest of this state for the time being: Provided, that nothing herein contained shall be construed to prohibit the said company from dealing in bills of exchange, and the purchase and sale thereof.

Sec. 11. And be it enacted, That it shall be the duty of the president and cashier of the said corporation, for the time being, under their respective oaths or affirmations, and under the seal of the corporation, annually, to lay before the legisla- Annual stateture of this state, a statement of its capital stock paid in, and ment to be made. of its notes, debts, and specie on hand; and if the said president and cashier shall fail to do the same for the space of three years together, that then and from thenceforth, this charter, and all the privileges hereby conferred shall cease, and be forever at an end.

Charter forfeited

Sec. 12. And be it enacted, That if at any time after the passing of this act, the said president, directors, and company, shall neglect, on demand being made at their banking house during the regular hours of doing business, to redeem, in specie or other lawful money of the United States, their said bills, on failure to renotes, or other evidence of debt, issued by the said corpora- deem notes in tion, the said president, directors, and company, shall forfeit specie. their charter for ever, and wholly discontinue and close their banking operations, either by way of discount or otherwise.

on demand of

Sec. 13. And be it enacted, That if the bank shall at any time refuse or neglect to pay in gold or silver, any bill, note, or other evidence of debt, agreeably to the tenor thereof, which it has issued, and which shall be presented for payment during its regular hours of business, it shall be the duty of the cashier, and he is hereby required, at the time of such refusal, Interest paid to or neglect, to endorse on such bill, note, or other evidence of note holders from debt, the fact, and the time of such refusal or neglect, and time of refusal subscribe his name thereto, and the holder of such bill, note, payment. or other evidence of debt, shall be entitled to receive interest for the same, at the rate of ten per cent. per annum, until paid, provided a demand therefor, in manner aforesaid, shall be made every three months from the time of such endorsement; Provided also, that nothing in this section shall be construed to prevent the said bank from redeeming its own notes with the notes of any other bank in whose behalf the same shall be presented for payment.

Sec. 14. And be it enacted, That the president and direc- President and tors of said corporation, shall individually, and jointly and directors jointly and severally severally, be, and continue liable to every creditor for the liable for notes payment of any bills obligatory or of credit, note or notes, issued by the

bank.

that they or any of them may issue and circulate, and upon demand of payment being made at the bank, during the usual hours of business, and refusal thereof, an action may be brought against the said persons then acting as president and directors of the said company, jointly or severally; and it shall be lawful for the plaintiff or plaintiffs to declare therein generally for money had and received, with a specification of the dates, sums, payees, and numbers of the said bills or notes so demanded, and payment whereof hath been neglected or refused, and, upon judgment being rendered, execution shall issue thereon.

Sec. 15. And be it enacted, That it shall not be lawful for When the bank the said bank to issue any notes or bills until an affidavit, by may issue notes. the president and cashier, shall have been made and filed in the office of the secretary of state, stating that seventy-five thousand dollars of the capital stock of the said corporation shall have been subscribed and paid in, conformably to the provisions of this act.

Limitation.

Sec. 16. And be it enacted, That this act shall be and continue in force until the first day in January, one thousand eight hundred and fifty-five, and no longer; And further, that it shall and may be lawful for the legislature of this state, at Act may be al- any time hereafter, to alter, modify, or repeal this act, whentered or repealed ever in their opinion the public good requires it.

Passed February 26, 1834.

Preamble.

A SUPPLEMENT to the act, entitled "An act to incorporate the Princeton and Kingston Branch Turnpike Company," passed December third, eighteen hundred and seven. WHEREAS, it hath been represented to this legislature, that a further increase of the capital stock of the Princeton and Kingston Branch Turnpike Company, is necessary in order to enable said company to put their road in better travelling condition, by taking advantage of so much of the McAdamized or other systems of road making, as may be usefully applied to their said turnpike, so as not to interfere with the vested rights of other companies-Therefore,

Sec. 1. BE IT ENACTED by the Council and General Assembly of this state, and it is hereby enacted by the authority of the same, That it shall and may be lawful for the directors of the

for additional

Princeton and Kingston Branch Turnpike Company, or a majority of them, at any time they may see proper, to open books to receive subscriptions for the purpose of increasing Subscription their stock to any amount not exceeding two hundred and may be opened fifty thousand dollars, by giving at least twenty days notice stock. in one of the newspapers published at Princeton or Trenton. Sec. 2. And be it enacted, That it shall and may be lawful for said company to improve their road by McAdamizing, Road may be or otherwise, in such manner as they may see fit; Provided, that nothing herein contained shall be so construed as to interfere with the privileges of any other incorporated company.

McAdamized.

Sec. 3. And be it enacted, That it shall and may be lawful for said company to extend their road from any point thereof, to any point of the Georgetown and Franklin Turn- tend the road." pike road, as may be deemed advisable, subject to the provisions of the act to which this is a supplement, and if they think proper, they may pursue the course of said Georgetown and Franklin Turnpike road to its termination at the head of Albany street, in the city of New-Brunswick, by and with the consent of said Georgetown and Franklin Turnpike Company, in the same manner as is herein and hereby authorized.

4. AND WHEREAS, the said Princeton and Kingston Branch Turnpike Company, have expended thirty-five thousand dol lars on their road, for which they have the right of charging Tolls increased. one cent per horse per mile, Therefore, BE IT ENACTED, That the said company may charge as tolls for travelling on said turnpike, in the ratio of one cent per horse per mile, for every additional thirty-five thousand dollars expended on said road.

Sec. 5. And be it enacted, That the additional stock here- Additional stock considered part by authorized to be created, shall be in shares of twenty-five of capital stock. dollars each, which shall be deemed and considered a part of the capital stock of said company, and be entitled to all the privileges and subject to all the regulations of the present capital stock of said company.

Sec. 6. And be it enacted, That this supplement shall not when act to take effect until the persons holding three fourths of the stock take effect. of said company shall assent, in writing, to the provisions of the same, and such consent be filed in the office of the secretary of this state.

Passed February 26, 1834.