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the stock of said company shall have been registered, and the Transfer books books containing the names of the stockholders in such compaopen to inspec
ny, shall at any time during the usual hours of transacting busi. ness, be open to the examination of every stockholder of such company, for fifteen days previous to any election of directors; and if any officer having charge of such books, shall, upon demand, by any stockholder as aforesaid, refuse or neglect to exhibit such books, or submit them to examination as aforesaid, he shall for every such offence, forfeit the sum of two hundred dollars, the one half thereof to the use of the state of New Jersey, and the other moiety to the person who will sue for the same, to be recovered by action of debt, in any court of record, together with the cost of such suit; And further, that the book or books aforesaid, shall be the evidence who are the stockholders of such company, entitled to examine such book or books, and to vote in person at any election, for directors of said company.
ARTICLE III. Not less than seven directors shall constitute a quorum to Quorum to trans do business, of whom the president shall always be one, ex
cept in case of sickness or necessary absence, in which case, his place may be supplied by any other director, chosen by the directors so met for business ; Provided however, that three directors, when met for the purpose, may be allowed to make discounts.
ARTICLE IV. The directors shall make such compensation to the presiCompensation dent for his services in the business of the said company, as of president.
shall appear to them reasonable ; but no other director shall be entitled to pay any emolument, unless the same shall have been allowed by the stockholders at the time of their annual meeting for the election of officers.
ARTICLE V. The shares of the capital stock at any time owned by any Transfer of
stockholder, shall be transferable on the books of the said stock, &C. company, only according to such rules as shall be instituted
in that behalf by the laws and ordinances of said corporation, and no transfer of stock of the said corporation shall be valid and effectual, until any debt or debts which may be due to said company from the person or persons transferring, shall have been duly discharged, and such transfer registered in a book or books to be kept for that purpose; the bills obligatory and of credit under the seal of said corporation, which shall be made to any person or persons, shall be assignable by endorsement thereupon, under the hand or hands of such
person or persons, and his, her, or their assignee or assignees successively, and shall enable such assignee or assignees to bring and maintain an action thereupon, in his, her, or their name or names ; and bills or notes which may be issued by order of said corporation, signed by the president and countersigned by the cashier, promising the payment of money to any person or persons, his, her, or their order, or to bearer, though not under the seal of said corporation, shall be binding and obligatory upon the same, in like manner and with like effect as upon any private person or persons, if issued by them in their private or natural capacity or capacities, and shall be received in the payment of all debts due the said corporation.
ARTICLE VI. That the president and directors of said corporation shall individually and jointly and severally be and continue liable to every creditor, for the payment of any bills, obliga- directors liable tory or of credit, note or notes, that they or any of them, may for notes issued. 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 thereon 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 judginent being rendered execution shall issue thereon.
ARTICLE VII. After the first year, half yearly dividends shall be made to the stockholders of so much of the profits of the banking Semi-Annual business as shall appear to the directors advisable, but the dividends to be said directors shall not at any time make any dividend of any part of the capital stock of the said company, but only the net profits thereof, and in case they shall divide any part of the capital stock as aforesaid, the directors under whose ad. ministration it shall happen, being present and consenting thereto, shall be liable for that part of the capital stock so divided, in their natural and private capacity.
ARTICLE VIII. The lands, tenements, and hereditaments which it shall be lawful for the said corporation to hold, shall only be such What lands may
be held, as shall be required for its immediate accommodation in relation to the convenient transaction of business, and such as shall have been in good faith, mortgaged to it by way of security, or conveyed to it in satisfaction for debts previously contracted in the course of its dealings, or purchased at sales on judgments which shall be obtained for such debts.
advanced on stock.
ARTICLE IX. The said corporation shall not, directly or indirectly, deal What corpora- or trade in any thing, excepting bills of exchange, promissory tion may trade
notes, gold or silver bullion, stocks of the states, or the United States, and such goods, wares and merchandise as shall be truly pledged to them as security for debts due, owing or growing due to said corporation, or purchased to secure such debts, or in the sale of goods which shall be the produce of its lands.
ARTICLE X. Money not to be The corporation shall not advance money on the stock of
the said company, or discount any note or bill of exchange without at least one good endorser thereon.
ARTICLE XI. The cashier of the said bank shall be appointed annually; Cashier to be
m. and the votes of seven of the directors shall be necessary to a
and the votes of seven ally, and to give choice; and every cashier, before he enters on the duties of
his office, shall be required to give bond, with two or more sureties to the satisfaction of the directors, in a sum not less than twenty thousand dollars, with condition for his good and faithful discharge of the duties of his office.
ARTICLE XII. Each director and cashier of said corporation, before he Directors and enters van ho
enters upon the duties of his office, shall take an oath or afcashier to make
firmation that he will faithfully execute the duties of his office according to the best of his skill and understanding.
Sec. ll. And be it enacted, That the said corporation shall Nolen less than not issue notes or bills of a less denomination than one dollar, one dollar not to be issued.
nor shall any bill or note issued by the said corporation, and made payable to bearer or to any person or persons, his, her, or their order or bearer, express any other place of payment than the office of the said banking company.
Sec. 12. And be it enacted, That this corporation shall not Rate of interest, take more for, or upon its loans or discounts than the legal
rate of interest for the time being, and the capital stock of the said company shall be subject to the same tax as other banks in this state are or shall be subject to, and the same shall be levied, collected and paid in the same manner as taxes on other banks in this state now are or hereafter may be recovered.
Sec. 13. And be it eracted, That if at any time after the Charter forfeited on failure to pay passing of this act, the said president, directors and company, specie for notes. should neglect or refuse, on demand being made at their bank
ing house, during the regular hours of doing buusiness, to redeem in specie or other lawful money of the United States, all bills, notes, or other evidences of debts issued by the said corporation, and which shall be due and payable, the said
per cent for non
president, directors and company shall on pain of forfeiture of their charter, wholly discontinue and close their banking operations, cither by way of discount or otherwise, unless the said president, directors and company, shall resume the redemption of their said bills, notes, and evidences of debts in specie or other lawful money of the United States, within one month after such demand shall have been made; and the said company shall be liable to pay the holder or Damages ten holders of such notes or bills, the payment whereof has been
U payment. refused or delayed upon demand as aforesaid, damages for the non-payment thereof, at and after the rate of ten per cent. per annum from the time of such demand, and until the same shalll be paid or otherwise satisfied.
Sec. 14. And be it enacted, That it shall be the duty of the president and cashier of the said corporation, for the time Annual stale. being, under their respective oaths or affirmations, and under ment made to the seal of the said corporation, annually, to lay before the legislature of this state, a statement of its capital stock paid in, and 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 two years successively, that then and from thenceforth, this charter, and all the powers and privileges hereby conferred, shall cease and be forever at an end.
Sec. 15. And be it enacted, That this act shall continue Limitation. in force until the first day of January, one thousand eight hundred and fifty-five, and no longer; And further, that it Act may be al. shall and may be lawful for the legislature of this state, at tered or repealany time hereafter, to alter, modify, or repeal this act, whenever in their opinion the public good requires it.
Passed February 27, 1834.
AN ACT respecting the lands of John G. Leake, deceased.
against the lands of John G. Leake, pursuant to the act
BE IT ENACTED by the Council and General Assembly of this state, and it is hereby enacted by the authority of the same, That the treasurer be authorized to advance to the Attorney General any sum which may be approved of by the Governor, not exceeding three hundred and fifty dollars.
Passed February 27, 1834.
A SUPPLEMENT to the act, entitled “ An act for the pun
ishment of crimes,” passed the seventeenth of February, eighteen hundred and twenty-nine. »
BE IT ENACTED by the Council and General Assembly of this state, and it is hereby enacted by the authority of the same, That if any person or persons, shall wilfully and maliciously injure, hinder, obstruct, impair or destroy any rail road or roads, within this state, or any of the necessary works, carriages or machines, used on said road or roads, such person or persons, so offending, shall be deemed guilty of a misdemeanor, and on conviction, shall be punished by imprisonment at hard labor, not exceeding three years, or by fine, not exceeding five hundred dollars, or both.
Passed February 27, 1834. :
AN ACT to provide for the removal of obstructions in the
river Passaic and its branches, between the turnpike bridge at Chatham and Cook's bridge at Hanover.
Sec. 1. BE IT ENACTED by the Council and General Assem
bly of this state, and it is hereby enacted by the authority of the Managors to same, That it shall be the duty of the managers, to be apmake assesso pointed as hereinafter mentioned, to make an assessment upon ments on certain lands liable to all the lands subject to be flowed by the Passaic river and its be overflowed by branches, between the turnpike bridge, at the village of Chat
ham, and the bridge called Cook's bridge, at Hanover, for