Statement of

&c.

ed for the faithful performance of the trust by this act as signed to him; which bond shall be deposited in the surrogate's office of the said county of Burlington.

Sec. 4. And be it enacted, That the said Levi Borton, sales to be filed, within six month after making any sale or sales, by virtue of the authority by this act assigned unto him, shall make, subscribe, and exhibit, under oath or affirmation, a fair and exact statement of such sale or sales, to the surrogate of the said county of Burlington, and which statement shall be filed in said surrogate's office: Provided, that no sale or deed which may be made by virtue of the authority by this act assigned, shall impair, or in any way affect the right, title, interest, or claim of any person or persons whomsoever, other than the devisees of the said David Woolman.

Proviso.

Passed February 13, 1835.

ration.

AN ACT to Incorporate the Wading River Manufacturing and Canal Company.

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 William McCarty, Thomas Davis, Henry C. Carey, Isaac Lea, and Laurence Johnson, and such other persons as may be hereafter associated with them, their successors and assigns, be, and they are hereby constituted a body politic and corporate, by the name of the "Wading River Stue of incorpo- Manufacturing and Canal Company" for the purpose of manufacturing paper, boards, and other articles; by that name, they and their successors and assigns, shall have power and continue a body politic and corporate, and be capable in law, of suing and being sued, impleading and being impleaded, answering and being answered unto, in all courts of justice, or any other place whatever, to make and use a common seal, and the same to alter and renew at pleasure; and they and their successors and assigns, in their corporate name, shall be able and capable to acquire, purchase. receive, have, hold and enjoy any lands, tenements, hereditaments, goods and chattels, of whatever kind or quality soever, necessary or useful for said corporation to carry on their manufacturing operations above mentioned; and all other real and personal estate, which shall have been bona fide mortgaged to said corporation, by way of security, or conveyed to them in satis

Powers.

faction of debts previously contracted in the course of business, or purchased at sales upon judgments, which shall have been obtained for such debts; Provided, that of the real and personal estate to be purchased and holden by said corporation, shall be that which is termed the "Slitting Mill Estate" in the township of Washington, county of Burlington; and it shall be lawful for the said corporation to carry on their manufacturing business only at that place, or at the termination of the canal, which the said corporation are, by another section of this act, authorized to construct; Provided always, that the funds of the said corporation shall not be applied, used or employed at any time, in banking operations; and Commissioners the said William McCarty, Thomas Davis, Henry C. Cary, to receive subIsaac Lea, and Laurence Johnson, or a majority of them, scriptions. hereby authorized to receive subscriptions to the capital stock

of said company.

are

Time and man

ner of electing

Sec. 2. And be it enacted, That the stock, property and concerns of the said company, shall be managed and conducted by five Directors, being stockholders, and one of whom shall be President, and another of whom shall be agent, directors. of the company, who shall hold their offices for one year, and until others shall be elected; and the said Directors shall be elected on the first Monday of June, in each and every year, after the company goes into full operation; the election for Directors shall be held at such hour and place, as a majority of the Directors, for the time being, shall appoint; and it shall be the duty of the President, to give each stockholder notice of the election through the post office, at least fifteen day's previous thereto, of the time and place of holding such election, who shall have previously informed him in writing, of his or her place of residence, at least twenty days previous to such election; and all elections shall be by ballot, each stockholder shall be entitled, either in person or by proxy, to as many votes as he or she shall hold shares of the capital stock of said corporation; and the said Directors shall proceed to elect one of their number to be President, and one of President to be their number to be agent; and if vacancy or vacancies shall at any time happen 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.

chosen.

Sec. 3. And be it enacted, That no stockholder shall be eligible to the office of Director, who is not a citizen of the Qualifications of United States, and a stockholder in said company, in his own directors. right, to the amount of at least ten shares, two months previous to the day of election; and the board of Directors may employ as many work people, appoint superintendents and officers, as in their opinion the business may require, and as

tal stock.

sign 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 may remove the same and appoint others at their pleasure.

Sec. 4. And be it enacted, That the capital stock of said Amount of capi- company, shall not exceed two hundred thousand dollars, which shall be divided into shares of one hundred dollars each; but as soon as the sum of fifty thousand dollars, of the said capital stock shall have been subscribed and paid, it shall and may be lawful, to and for the said company, to commence their said business, and with that capital, conduct and carry it on, until they shall deem it expedient to extend their operations and their capital, which they are hereby authorized to do, from time to time, to the amount hereinbefore mentioned; and it shall be lawful for the Directors of said company, to call and demand from said stockholders, respectively, all such sums of money by them subscribed, at such times, and in such portions of instalments, not exceeding ten dollars on each share, as they shall deem proper, under pain Stock forfeited of forfeiting the shares of said stockholders, and all previous payments thereon, if such payments shall not be made within thirty days after a notice shall have been published for the space of twenty days, in, or near the place where such payment shall be required to be made, and also, in one or more newspapers of the city of Philadelphia, and in one of the newspapers of the county of Burlington.

on failure to pay instalments.

Capital not to be reduced.

Company authorized to con

struct a canal.

Proviso.

Sec. 5. And be it enacted, That at no time shall it be lawful to reduce the capital stock of said corporation, but by the permission of the Legislature, losses or misfortunes in business excepted.

Sec. 6. And be it enacted, That the said corporation be, and they are hereby authorized to construct a canal from their land, to some point on the tide water of said river, the written consent of the owners of the land through which it may pass, being first obtained; and to charge a toll, which shall not exceed eight cents per ton per mile, for the transportation of every species of property; Provided, that when the said canal shall cross any public road or farm, it shall be the duty of said company, at their proper expense, to make good and sufficient bridges across said canal, and to keep the same in repair, so as to prevent any inconvenience in the use of said road or farm, by reason of said canal crossing the same; and also, to make and maintain, good and sufficient fences along the line of said canal, on both sides thereof, where the same may be necessary.

Sec. 7. And be it enacted, That the first directors shall First directors. be William McCarty, Thomas Davis, Henry C. Carey,

Isaac Lea and Laurence Johnson, who shall hold their offices until others shall be legally chosen; and have power to establish and put in execution, such by-laws, ordinances and regulations, as shall seem necessary and convenient for the government, management, and disposition of the stock, effects, profits, and concerns of the said corporation; provided, the same be not contrary to the laws and constitution of the United States, or of this state.

tate.

Sec. 8. And be it enacted, That the stock and property of the said corporation, of whatever nature or kind, shall be Stock and property deemdeemed personal estate, and be transferable in such manner ed personal esas shall be prescribed by the laws of said corporation; provided, that no dividend shall be made to and among the stockholders, except from and out of the profits of said corporation.

Sec. 9. And be it enacted, That the Directors shall at Books of acall times, keep, or cause to be kept, proper books of account, count to be kept in which shall be regularly entered all the transactions of open. said corporation; which books shall at all times during business hours, be open to the inspection of the stockholders of the said company, or their legal attorney or attorneys: And further, that no transfer of stock 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.

Corporation not

Sec. 10. And be it enacted, That in case it should at any time happen that an election should not be made on the day, that pursuant to this act it ought to have been made, the dissolved, for corporation shall not for that cause, be deemed to be dissolv- failure to elect on day prescried; but it shall and may be lawful to hold such election on bed. such other days, in the manner aforesaid, as shall be prescribed by the by-laws and ordinances of said corporation.

Sec. 11. And be it enacted, That it shall be the duty of Account of the directors, for the time being, in each and every year, stock to be taken annually. namely, on or about the first week in April, to take an account of all the stock, property and effects belonging to said corporation, including all debts due to and from the said company, and make and enter in a book for that purpose, a true inventory of the same, for the inspection of the stockholders, previous to, and at, the annual election.

Sec. 12. And be it enacted, That it shall and may be lawful for the Legislature of this state, at any time hereaf ter, to alter, modify, or repeal this act, whenever, in their opinion, the public good requires it.

Passed February 17, 1835.

Draw or swing rized to be built.

bridge autho

Penalty for

AN ACT to authorize the chosen freeholders of the county of Essex, to build a Draw or Swing bridge over the navigable waters of Elizabethtown Creek, at Elizabethtown. 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 board of chosen freeholders, of the county of Essex, aforesaid, to build and maintain a good and sufficient bridge over Elizabethtown Creek, at or near D. Coriell's dock, as near as practicable, in a line with the road passing from Water street to said Creek, where the old bridge formerly stood, with a suitable draw or swing therein, of a sufficient width for the convenient passage of vessels navigating the same.

Sec. 2. And be it enacted, That if any captain of a vessel, or other person or persons, shall open the draw or swing leaving draw or of said bridge, and leave the same open, for more than fifteen swing open. minutes when the same is not absolutely necessary for the passage of some vessel or boat through the same; or if any person or persons shall cut, remove, or destroy any piece or pieces of timber, draw, swing, posts, or piles, or shall remove any iron or stone work belonging to said bridge, or otherwise wilfully damage or do any act which may have a tendency to injure said bridge, draw or swing unnecessarily, he, she, or they, so offending, shall for each and every offence, forfeit and pay the sum of twenty dollars over and above the damage done to said bridge, draw, or swing, to be recovered in an action of debt, before any court having a competent jurisdiction, with costs of suit, by any person who shall sue for the same, one half of said sum to be for the use of the prosecutor, and the other half to be paid into the hands of the county collector of Essex, to and for the use of the county.

Sec. 3. And be it enacted. That in case it should become necessary for the protection of said bridge and draw, or swing, a and the accommodation of persons passing over or through said bridge, to have the same put in special care of some person suitable for that purpose, then, and in that case, it shall and may be lawful for the board of chosen freeholders of the said county, for the time being, to make such regulations as they shall deem necessary for the better protection and accommodation of the same; provided, they shall be in accordance with the preceding sections of this act.

Passed February 17, 1835.