shall neglect or refuse, on demand being made at their bank. ing house, at any time during the regular hours of doing buCharter forfeit siness, to redeem, in specie, any of the bills, notes, or other ed on refusal to evidences of debt, issued by the said corporation, and which pay specie for notes shall be due and payable, the said president, directors and company shall wholly discontinue and close their banking operations, either by way of discount or otherwise, unless the said president, directors and company shall resume the redemption of their said bills, notes, and other evidences of debts, in specie, or other lawful money of the United States, within thirty days after such demand shall have been made; and the said company shall be liable to pay to the holder or holders of such bills, the payment whereof has been refused or delayed, upon demand as aforesaid, damages for the nonpayment thereof, at and after the rate of ten per centum per annum, from the time of such demand, until the same shall be paid, as aforesaid, or otherwise satisfied. Sec. 4. And be it enacted, That whenever any holder of President and any bill, note, or other evidence of debt, issued by the said directors per- bank, shall present the same to the bank for payment, and sonally responBible. payment thereof shall be neglected or refused, during the regular business hours of said bank, on the day of such presentment, that then, and in that case, such holder of any such bill, promissory note, or other evidence of debt, may commence an action in any court of competent jurisdiction, in this state, against the president and directors of the said bank, or any or either of them, and recover, by the judgment of the court before whom such action shall be commenced, the full amount of such bill, promissory note, or other evidence of debt, with full costs of suit; upon which, execution shall immediately issue against the proper goods and chattels, lands and tenements of the said president and directors, or any or either of them, in the same manner as if the bill, promissory note, or other evidence of debt, had been given or issued by them, or either of them, in their individual capacity; Provided, that nothing in this section shall prevent any holder of any bill, promissory note, or other evidence of debt, from commencing an action against the said Newark Banking and Insurance Company. Proviso. Annual state ment to the legislature. Sec. 5. 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 legislature of this state, a statement of its capital stock paid in, and of its notes, debts, and specie on hand. Sec. 6. And be it enacted, That it shall and may be lawful for the legislature of this state, at any time hereafter, to alter, 座 modify or amend this act, or the act to which this is a supplement, whenever, in their opinion, the public good re- Act may be 31 quires it. altered or mod ified. Sec. 7. And be it enacted, That this supplement shall not go into operation until the said company shall signify their When act to go into opera assent and acceptance of this supplement, in writing, to the tion. governor of this state. Passed, February 24, 1836. H AN ACT to dissolve the marriage contract between John Williams and his wife Rachel. Sec. 1. BE IT ENACTED by the Council and General Assembly of this State, and it is hereby enacted by the authority John and Raof the same, That the marriage contract between John Wil- chel Williams. liams, of the county of Morris, and Rachel, his wife, be, and divorced the same is hereby dissolved, as-fully, as if they had never been joined in matrimony. Passed, February 25, 1836. A SUPPLEMENT to the Act entitled "An Act to incor- Sec. 1. BE IT ENACTED by the Council and General As- Capital insembly of this State, and it is hereby enacted by the authority creased. of the same, That the capital stock of The Farmers and Mode of receiving subscription to new stock. Achanics' Bank of Rahway, in the county of Middlssex is hereby increased to the sum of two hundred thousand dollars; and the additional capital hereby created shall be divided into shares of fifty dollars each, in the same manner as provided in relation to the original capital in the act to which this is a supplement. Sec. 2. And be it enacted, That it shall and may be lawful for the directors of the said bank to appoint three of their own number as commissioners to open books of subscription at their banking house for the said additional capital; and said books shall be kept open for three entire days during the regular hours of business; and due notice thereof shall be published in a newspaper printed in Rahway, for the space of twenty days previous to the opening the books of subscription as aforesaid, and five dollars on each share shall be paid at the time of subscribing therefor: provided that the stockDistribution of holders of the original stock shall be entitled to a preference stock Value of new and old stock to be equali sed ou non pay ment of instelments in subscribing to one-half of the said additional capital, and provided also that if more than the required amount shall be subscribed, the said commissioners shall distribute the onehalf of the stock to and among the said original stockholders (if they shall subscribe for the one-half thereof) and the other half of the said additional stock shall be distributed among the subscribers not being stockholders, in proportion to their several subscriptions. Sec. 3. And be it enacted, That the directors of the said bank shall equalize the value of the new stock to the old, by requiring payment on the new stock of the rateable proportion of the expenses of said bank in its organization and establishment, and an amount equal to the surplus profits on hand. Sec. 4. And be it enacted, That the said directors may Stock forfeited require payment on the said subscriptions, by instalments not exceeding five dollars on each share, at such times and manner as they, or a majority of them, shall deem proper, under the penalty of the forfeiture of all previous payments thereon, and that thirty days previous notice of the time and place of payment of each instalment shall be published in a newspaper printed in the town of Rahway. Privilege of new stockhold. ers Sec. 5. And be it enacted, That all the proprietors and owners of the said additional stock under and by virtue of this act, shall be a part of the corporation created by the said act to which this is a supplement, and entitled to all the privileges and benefits of the original subscribers, and subject to all the provisions of the said act. Passed, February 25, 1836. AN ACT to authorize Isaac Collins and Susan R. Smith to sell a certain tenement and lot of land in the county of Burlington. WHEREAS Richard M. Smith, late of the county of Burlington, having departed this life intestate, leaving Susan R. Smith, his widow, and Maria, Rachel and Dillwyn Smith, his children and heirs, him surviving, and Rowland Jones, Thomas Collins, and John J. Smith, junior, having duly administered upon the estate of said intestate, and made a final settlement thereof, before the orphans' court of the county of Burlington, at the term of May, A. D. eighteen hundred and twenty-seven, and thereupon the said Isaac Collins and Susan R. Smith were duly appointed guardians of the persons and estate of the said children, being minors; and the said Maria Smith having since intermarried with one Josiah R. Reeve; And whereas it hath been represented to the legislature that a part of the estate of the said in- Preamble testate consists of a certain tenement and lot of land, containing ninety-eight hundredths of an acre, situate in the township of Nottingham, in said county, remote from the said petitioners, and disconnected with any other part of the estate of said intestate; that the same needs considerable repair, and that it would be more beneficial to sell the same than appropriate other funds towards its repair; and the parties interested therein having by petition prayed for legislative aid in the premises, and the same appearing to be reasonable-Therefore, Sec. 1. BE IT ENACTED by the Council and General Assem bly of this State, and it is hereby enacted by the authority of Guardians authe same, That the said Isaac Collins and Susan R. Smith, thorized to be, and they hereby are empowered to make sale of all and sell lands. singular the said certain tenement and lot of land, with its appurtenances so as aforesaid, situate in the township of Nottingham, county of Burlington, containing ninety-eight hundredths of an acre, being part of the estate of Richard M. Smith, deceased, first giving notice thereof, as guardians are by law required to do, and to execute and deliver a good, legal and sufficient deed, in their names, to the purchaser thereof, which said deed shall convey to and vest in the purchaser of the said tenement and lot of land, with the appurtenances, all the right, title, interest and estate whereof the said intestate died seized. Sec. 2. And be it enacted, That the said Isaac Collins and Susan R. Smith shall account for the net proceeds arising from the said sale, in the same manner as in case a sale there of were made as guardians, under and by virtue of an order To account to of the orphans' court; Provided, that this act shall not be orphans' court. construed to the prejudice of the just and lawful claims of other persons not named and embraced herein. Passed, February 26, 1836. AN ACT to incorporate the Totowa Manufacturing 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 Russel Stebbins, Obadiah Holmes, Abraham Godwin, John Clark, jun. Charles Danforth, and such other persons as may be hereafter associated with them, and their successors and assigns, be, and are hereby constituted a body politic and corporate, by the name of "The Totowa Manufacturing Company," for the purpose of manufacturing in the Style of incor- town of Paterson, in the county of Essex, cotton, iron, and poration. brass castings, mill gearing, wool, flax, silk, and cotton machinery, and such iron, brass, and copper work, as appertains to rail roads, and by the same name they and their successors and assigns shall have power and continue a body politic and corporate, and capable in law, of sueing 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 and quality soever, necessary or useful for the said corporation to carry on their manufacturing operations, above mentioned, and all other real estate, which shall have been bona fide mortgaged to the said corporation, by way of security or conveyed to them in satisfaction of debts previously contracted in the course of business, or purchased at sales upon judgments, which shall have been obtained for such debts; Provided always, that the funds of Powers of company. |