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Act may be amended.

power and authority in the subscribers to the said capital stock, of erecting a bridge at the place aforesaid, and extending the same from shore to shore, with as full and ample powers, privileges, franchises, and emoluments, as to the said company are hereby given.

16. And be it enacted, That the legislature may alter, amend, or repeal this act, whenever in their opinion the public good requires it.

Approved January 31, 1860.,

Corporation may redecin

CHAPTER VI.

AN ACT to authorize the stockholders of the Central Bank of New Jersey to reduce their capital stock, and afterwards, as they deem advisable, to increase the same.

1. BE IT ENACTED by the Senate and General Assembly of capital stock. the State of New Jersey, That whenever, at a meeting of the stockholders of the Central Bank of New Jersey, convened in the banking house in the borough of Hightstown, by the board of directors, giving at least twenty days' notice of the time and place of said meeting, a majority of the said stockholders voting according to the rule, and in the ratio, observed in the election of directors, shall determine that a reduction of the capital stock of the said bank is expedient, it shall and may be lawful for the said stockholders, by resolu

tion to be adopted at such meeting, to reduce the capital of the said bank, to such sum as they may deem most likely to promote the interests of the said stockholders; provided al- Proviso. ways, that the said capital stock shall not be reduced to a sum less than seventy-five thousand dollars, nor to a sum less than the amount of the existing liabilities of the said corporation at the time of said reduction; and also that the said reduction shall not be legally perfected and established until a copy of the resolution of the stockholders for that purpose, to be adopted as aforesaid, signed by the president and countersigned by the cashier of the said bank, and sealed with the common seal of the said corporation, shall be delivered to the secretary of this state, to be by him filed in his office.

capital stock

stored.

2. And be it enacted, That if at any time after the said Amount of reduction shall have been made and established, as mentioned may be rein the first section of this act, it shall be deemed advisable to increase the capital stock of said bank, it shall be lawful for the board of directors of the said the Central Bank of New Jersey, to convene a meeting of the stockholders of said bank, giving the same notice thereof as is required to be given in the first section of this act, and to submit to said meeting the question of restoring their capital stock to the sum of two hundred thousand dollars, as it stood before said reduction; and if the. said stockholders, or a majority of them, shall at said meeting, or at any adjourned mecting, voting according to the rule, and in the ratio, observed in the election of directors, determine that the capital stock shall be restored to its said original amount of two hundred thousand dollars, it shall and may be deemed to be restored accordingly; and the directors of said company shall thereupon provide for such increase, either by increasing the par value of the shares of stock or by an addition to the number of shares of the capital stock, as they may deem best; and in case said directors shall increase the par value of the shares of stock, the said directors may require from the stockholders payment of such sum per share as will be necessary to raise said increased capital, at such time or times as they may see fit, giving the

same notice as was required by the charter of said bank for the payment of the original installments; and if the said directors shall decide on an increase of the number of the shares of stock for the purpose of raising said capital to the amount herein above specified, then the said directors shall ascertain the number of shares to be added, and the par value of each of said shares; and the directors may from time to time dispose of the additional shares so created, at not less than their par value, and such additional shares, when sold, shall be deemed to be a part of the capital stock of said corporation, as fully to all intents and purposes as if they had been created by the original act of incorporation.

3. And be it enacted, That this act shall take effect immediately.

Approved February 2, 1860.

Provisions of former acts extended.

CHAPTER VII.

AN ACT to renew the charter of the Farmers' and Mechanics' Bank of Rahway, and to increase the capital stock thereof.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the act entitled, "An act to incorporate the Farmers' and Mechanics' Bank of Rahway," passed the seventh day of February, in the year one thousand eight hundred and twenty-eight, and the supplement to the

act entitled, "An act to incorporate the Farmers' and Mechanics' Bank of Rahway," passed the seventh day of February, eighteen hundred and twenty-eight, which supplement was passed the twenty-fifth day of February, one thousand eight hundred and thirty-six, and an act entitled, “An act to renew the charter of the Farmers' and Mechanics' Bank of Rahway," approved February twenty-sixth, Anno Domini one thousand eight hundred and forty-five, shall be and hereby are continued for and during the term of twenty years, from and after the time by said acts and supplement limited for their continuance.

may be in

2. And be it enacted, That if the directors of said bank Capital stock shall at any time hereafter deem it expedient, it shall be law-creased. ful for them to increase the amount of their capital stock to any sum not exceeding four hundred thousand dollars, in the manner and under the same provisions as are directed in said acts and supplement above mentioned.

sue not to be

3. And be it enacted, That it shall not be lawful for said Amount of 1scorporation to increase the issue of its bills or notes by rea- increased. son of such increase of its capital stock, but that the same shall be restricted to its present issue, as now authorized by law, without regard to the increase of capital stock by this act authorized.

ing at elec

4. And be it enacted, That at all elections and meetings of Mode of vot the stockholders of said corporation hereafter to be held, tions. each stockholder shall be entitled to oné vote for each share of stock which he, she or they shall have held in his, her or their names at least thirty days before the time of voting.

to additional

5. And be it enacted, That the said additional stock shall Subscription and may be called in from time to time as the directors of stock. the said bank for the time being shall deem expedient; and the books for subscribing to said stock shall be opened at such times, and in such manner, as the said directors shall order, of which four weeks' notice shall be given in one or more of the newspapers.published in the city of Rahway; and the same, when so called in, shall be allotted ratably among the several stockholders of the stock of said bank, in propor

Assets liable, in case of insolvency, for payment of bills.

Liablity of directors.

tion to the number of shares held by them respectively, at least ten days before the time of subscribing to such new stock; and in case it shall happen that at the time noticed for subscribing to any such additional capital, any of the stockholders shall decline or neglect to subscribe for the same, he or she shall forfeit the privilege thereto, and the remaining stockholders, or such of them as then apply for the purpose, shall be entitled to the privilege of subscribing as aforesaid, in proportion to the shares held by them respectively as aforesaid, or the said directors may from time to time sell the shares forfeited as aforesaid, as they may think most for the interest of the said bank, for the best price or prices that can be obtained, not less than their par value, and the overplus, if any, to be credited to the account of the profits of the said bank.

6. And be it enacted, That if the said corporation shall at any time hereafter become insolvent, the whole assets of said corporation, at the time of its becoming insolvent, shall be first liable for its bills or notes then in circulation, and shall be first applied to the payment thereof; and in case of a distribution of the assets of said corporation among the credi tors, under the order or decree of the court of chancery or other court, the holders of such bills or notes shall be equal in priority, and shall have a preference over all other credi

tors.

7. And be it enacted, That all the directors of said corporation shall be residents of this state, and shall be jointly and severally liable for the payment of all the bills or notes of said corporation which may be in circulation at the time of its becoming insolvent, and may be jointly or severally prosecuted at law or in equity, by any receiver or receivers that shall or may be appointed, for the payment of any such bills or notes, as if the same were joint and several bills or notes executed by them in their individual capacity; and it shall not be lawful for any director of said corporation to resign his office to avoid such liability; and if any director shall so attempt to resign his office, he shall be and continue

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