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The proceeds of the said real estate shall be the same as if no sales of the real estate had taken place.
Sec. 3. And be it enacted, That the said trustees shall, before they enter upon the duties prescribed by this act, enter Trustees to into bond to the governor of this state, with sufficient securi- give bond. ty, to be approved by the Orphans' Court of the county of Bergen, conditioned for the faithful performance of said trust; which bond shall be filed in the surrogate's office of said county, for the benefit of said heirs. .
Passed, January 12, 1836,
AN ACT to incorporate The “Salem, Delaware, and Phila
delphia Steamboat Company."
Sec. I. BE IT ENACTED by the Council and General Assembly of this State and it is hereby enacted by the authority of the same, That Jacob Ridgway, Isaac Reeves, Philip Reybold, Robert Polk, Matthew Keasby, John Hall, and all such persons as now are, or shall hereafter become stockholders in a company now forming, and building a steamboat to run from Salem to the city of Philadelphia, touching at Delaware City, and other points on the river Delaware, and their successors and assigns, be, and they hereby are, made and declared to be a corporation and body politic, by the name, title, Style of incor. and designation of The Salem, Delaware, and Philadelphia, poration. Steamboat Company," and by that name may have continual succession, may make and have a common seal, and shall be able to sue and be sued, implead and be impleaded, in all courts of record and elsewhere; and shall have full right, power, and legal authority to purchase, build, hold, occupy, and convey any steamboats, lands, tenements, hereditaments, and real and personal estate whatsoever, which shall be necessary to carry into effect the objects of the said corporation.
Sec. 3. And be it enacted, That the capital stock of the amount said corporation, shall not exceed the sum of one hundred capital.
thousand dollars, which shall be divided into shares of one
hundred dollars each; and shall be employed and vested in How to be em. the purchase, or the building of one or more steamboats, with ployed. steam engines, boilers, and machinery, and all their rigging,
furniture, tackle, and apparatus; and in the repairs necessary thereto, from tiine to time, and in the purchase of real estate, and the construction thereon of suitable storehouses, and other buildings, for the safe keeping and preservation of goods, wares, and merchandize, iransported or owned by said corporation, and in the construction of wharves, docks, and landing places, for the boats of said corporation, and for such other purposes, as may be necessary and convenient for steamboat navigation ; and that the said capital stock shall be deemed personal estate, and shall be assignable and transferrable upon the books of said corporation, agreeably to the by-laws for that purpose to be made and adopted.
Sec. 3. And be it enacted, That the board of directors,
named in the fifth section of this act, shall have power to Books of snb open books of subscription to said stock, at such time or scription to be times, and place or places as they, or a majority of them, opened.
shall think proper, giving at least thirty days notice of the time and place of their meeting, and at the time of subscription to said stock, ten dollars on each share subscribed shall be paid to the said directors, in gold or silver coin, or current bank notes, and whenever ten thousand dollars shall be subscribed and paid in, or expended on said boat, the said company shall be considered fully organized, and may proceed to elect their officers, and the board of directors shall and
may call in the residue of said stock, at such times as they Manner in . shall deem expedient, giving thirty days notice before the which stock is some to be paid in. id in same shall be payable, in one newspaper printed in Salem,
and one in Philadelphia, but not more than ten dollars on each share shall be called for at any one time; and the said corporation shall have power to make, ordain, and establish such by-laws, rules, and regulations, for the said company, as to them shall seem expedient, and not inconsistent with the laws of this state, or the United States.
Sec. 4. And be it enacted, That the affairs, property, and
concerns of the said corporation, shall be conducted by six Mode of eleci. directors, to be chosen annually, by ballot, by the stockhold. ing directors. ers, either in person or by proxy; and in the choice of direc
tors, each share shall be entitled to one vote ; should a vacan. cy at any time occur in the board of directors, the place to be supplied by an appointment by the remaining directors until the next ännual election; the first election for directors, under this charter, shall be held at Salem, on the fifteenth day of December next ensuing the passage of this act, twen.
ty days notice being first given thereof in a newspaper published at Philadelphia, and also the like notice in a newspaper published at Salem; and the stockholders when met, to choose three disinterested persons as judges of election; and all future elections of directors for said corporation, shall be held annually, at such time and place as the by-laws shall direct.
Sec. 5. And be it enacted, That Jacob Ridgway, Isaac First direcReeves, Philip Reybold, Robert Polk, Matthew Keasby, and tors. John Hall, shall be, and they are hereby declared to be the directors of the said corporation, from the passage of this act until the election is held, as is provided for in the foregoing section; that the board of directors for the time being, shall have power to elect a president, who shall be a direc. Powers of di. tor, a treasurer and all such other officers and agents, and rectors. to employ such workmen, artificers, and laborers, as shall be necessary to carry into effect, and execute all the powers by this act granted to the said corporation, and to allow such compensation as shall be agreed upon, and if they judge it necessary, to exact and take from their officers and agents, bonds for the proper execution of their several duties and trusts, and for the faithful performance of their several contracts. Sec. 6. And be it enacted, That the president shall pre
Powers and side at all meetings of the said corporation, and if absent, duties of dihis place may be supplied for the time he is absent, by the rectors. election of any one of the directors; that the directors of the said corporation shall have power by their by-laws to fix, determine, and regulate, the prices of transportation of pass. engers, goods, wares, and merchandize, wagons, carriages, horses, catile, stock of every description, or other articles that shall be transported in the boat, or boats of said corporation; and that the said board of directors shall, from time to time, declare dividends of so much of the profits of the said corpor- Dividends ta
to be made. ation, as they may deem advisable, and pay the same over to be the persons entitled thereto, but no part of the capital stock shall be divided during the continuance of this charter. Sec. 7. And be it enacted, That if any subscriber or sub
Stock forfeited scribers to the capital stock of this company, neglects or re
er, on failure to fuses to pay any instalment or instalments on the number of pay instal. shares which he or they may have subscribed, or holders ments, thereof, for the space of thirty days after the same may have been called for and appointed for the payment thereof, by the president and directors, by an advertisement in one newspaper in Salem, and one in Philadelphia, for the space of thirty days previous thereto, that in such case the president and directors, may either declare such share or shares forfeited,
and shall have full power and authority to sell and dispose of the same, for the use, benefit, and advantage of the said company; or they may, in the name of the said corporation, sue for and recover the sum'or sums so remaining unpaid, with costs and interest thereon; and that such delinquents shall not, during the time that any of the instalments aforesaid, being due and remaining unpaid, be entitled to vote at any meeting of the stockholders, or to receive any dividends thereon.
Sec. 8. And be it enacted, That if an election of direcCorporation tors shall not be made during the day when, pursuant to this not dissolved
failure to act, it ought to have been made, the said corporation shall elect officers not for that cause be deemed to be dissolved, but such elecon day pre tion may be held at any time thereafter, upon notice as afore. scribed.
said, and the directors for the time being shall continue in all cases to hold their offices until new ones shall have been chosen in their stead; and in all elections for directors of said corporation, stockholders may vote either in person or by
proxy. not to Sec. 9. And be it enacted, That the said corporation shall be employed not use or employ any part of the capital stock, or other funds, for banking for banking or other purposes, not clearly indicated in this purposes.
act, under the penalty of an immediate forfeiture of their charter.
Sec. 10. And be it enacted, That it shall be lawful for the
legislature, at any time hereafter, to alter, amend, modify, or Act may be altered or
repeal this act; and this act shall continue in operation thirty repealed. years, and no longer.
Passed, January 19, 1836.
AN ACT to provide for a succession of trustees for the
Cooper town meeting house and burial ground, and for other purposes.
WHEREAS it has been represented to this legislature that a
certain deed of trust made and executed by Charles W.
tehnip of Wilt as the
Fetters and Lydia his wife, dated the tenth day of August,
Sec. 1. BE IT EXACTED by the Council and General Assembly of this Slate, and it is hereby enacted by the authority of the same, That it shall be lawful for George Wiegand, Daniel Mode of elect; Newton, Richard Heaton, Isaac Perkins, William Adams,
ing trustees. and John Hamell, the surviving trustees in the said deed of trust, to meet at the Coopertown meeting house, in the township of Willingborough, in the county of Burlington, on the first seventh day of April next, at iwo o'clock, P. M., and when so met, or the majority of those who may thus meet, to proceed to elect and choose six or more reputable freeholders, residents of said township of Willingborough, as trustees, to supply the vacancy of those who have deceased; which said election or choice shall be entered in a book to be provided for that purpose, together with fair minutes of the proceedings of this and all subsequent proceedings of the said trustees and their successors: And in case of death, resignation, or removal out of the county of Burlington, of either one or more of the aforesaid trustees, or trustees authorized to be chosen or elected by this act, then it shall be the duty of the majority of the surviving trustees, at their annual meeting, which they are hereby authorized and required to hold on each and every first seventh day of April as aforesaid, to elect or choose one or more fit person or persons, residents of said township of Willingborough, and being a freeholder or freeholders, to fill such vacancy or vacancies.
Sec. 2. And be it enacted, That the trustees thus appointed, and all such as may be appointed hereafter, and their successors, shall and may have continual and perpetual suc- duties of the cession, and be a body corporate, invested with full power tees. and authority to hold, have and retain the said meeting house and burial ground, with all and singular the appurtenances, in trust nevertheless for the free use of all persons professing a belief in the divinity of Jesus Christ and desirous of peaceably and orderly assembling there for religious devotion and