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liable the same as if no resignation had been attempted; and such liability of directors shall continue after they ceased to be directors, either by resignation or otherwise, if the said corporation was insolvent when they ceased to be directors; and it shall not be lawful for any director to assign or transfer his stock or other property to avoid such liability; and in case of the payment of any such bills or notes by any of said directors, the other directors who may be liable shall account in the same way as other joint debtors are accountable to each other; provided, that no property that shall or may be Proviso. levied on or taken in execution under or by virtue of any judgment or decree in favor of any receiver or receivers under the provisions of this act, shall be sold until after the expiration of four months from the date of said judgment or decree.

sets to be dis

rata.

8. And be it enacted, That if the assets of said corporation Amount of asand the property of said directors shall prove insufficient to tributed pro redeem the whole of the said bills and notes, then the amount that shall or may be realized from said assets and property shall be distributed ratably among the holders of the said bills and notes.

stockholders.

9. And be it enacted, That the stockholders of said corpo- Liability of ration at the time of its becoming insolvent, other than said directors, shall be jointly and severally liable to any receiver or receivers that shall or may be appointed as aforesaid, to an amount sufficient to redeem the said bills and notes after the assets of said corporation and the property of said directors shall have been distributed as aforesaid; provided, that Proviso. no stockholder other than said directors shall be made liable to an amount exceeding the par value of the stock held by him at the time said corporation becomes insolvent; and if that amount shall not be required for the full redemption of said bills and notes, then the said stockholders shall be liable in the ratio of the said stock so held by them; and it shall not be lawful for any such stockholder to assign or otherwise transfer his stock or other property to avoid such liability.

10. And be it enacted, That nothing in this act contained

ter not changed.

Present char- shall be construed to alter or change the present charter of said corporation, but the same shall continue as if this act had not been passed, up to the expiration of the time limited for its continuance.

Parts of for

mer acts repealed.

Act may be

modified, &c.

11. And be it enacted, That all sections and parts of sections in said original acts and supplement inconsistent with the provisions of this act, be and the same are hereby repealed.

12. And be it enacted, That this act shall be subject to be modified, altered or repealed at the pleasure of the legislature. Approved February 2, 1860.

Names of corporators.

CHAPTER VIII.

AN ACT to incorporate the Crane Lathe Company.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Aaron D. Crane, Daniel F. Tompkins, Lebbeus B. Miller, James H. Hill, Daniel Holsman, L. Spencer Goble, Henry E. Richards and John T. Tompkins, shall be and they are hereby declared a body corporate and politic in law, by the name and style of "The Crane Lathe Company," to be located in the city of Newark, for the purpose of carrying on the business of manufacturing irregular form machines, invented by the said Aaron D. Crane, and known as "Crane's Lathes," and also, by means

of said lathes, to manufacture all kinds of irregular forms in wood.

capital stock.

2. And be it enacted, That the capital stock of said com- Amount of pany shall be one hundred thousand dollars, divided into one thousand shares of one hundred dollars each; and the persons named in the first section of this act as corporators, are hereby appointed commissioners to receive subscriptions to said capital stock, at such times and place, in the city of Newark, as a majority of them shall appoint, having given thirty days previous notice to that effect in one or more of the newspapers published in said city, and as soon as three hundred shares of said capital stock shall be subscribed for, and ten dollars on each share so subscribed for paid to the said commissioners, the said commissioners shall call a meeting of the stockholders for the purpose of organizing the said company.

rectors.

3. And be it enacted, That the business of said company Election of dishall be managed by not less than five, nor more than seven directors, all of whom shall be stockholders, and one of whom shall be president, who shall hold their office for one year, and until others are elected in their stead; and an election shall be held for directors at such time and place, and upon such notice, as the by-laws may provide.

instalments.

4. And be it enacted, That a majority of the directors Payment of shall have power to transact all business of the said company, and shall have power to call in installments on all stock subscribed for, in such amount and at such times as they may direct, by giving thirty days previous notice, in writing, to each stockholder, or by advertising the same for thirty days in one or more of the newspapers published in the city of Newark; provided, that no installments shall ex- Proviso. ceed ten dollars on each share, and that no two installments shall be required to be paid within sixty days of each other; and in case of the non-payment of said installments, or any one of them, the said directors shall have power to forfeit to the said company the share or shares upon which said default shall arise, and all previous payments thereon.

Stock transferable.

Restrictions and liabilities.

5. And be it enacted, That the stock of said company shall be deemed personal estate, and shall be transferred in such manner as the by-laws shall direct.

6. And be it enacted, That the said company shall possess the general powers, and be subject to the restrictions and liabilities contained in the act entitled "An act concerning corporations," approved the fourteenth day of February, eighteen hundred and forty-six, and the acts supplementary thereto, and that this act shall continue in force for thirty ' years.

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

Approved February 2, 1860.

Preamble

CHAPTER IX.

AN ACT to incorporate the Weccacoe Hose Company, Number Two, of Camden.

WHEREAS, a number of persons associated themselves together, in the city of Camden, state of New Jersey, in the year of our Lord one thousand eight hundred and fiftyeight, under the name of "The Weccacoe Hose Company, Number Two," for the protection of the lives and property of their fellow citizens from destruction and loss by fire; and whereas, the said company, believing that they would

be advantaged by having an enactment from the senate and general assembly of this state, conferring acts of incorporation on them, respectfully ask that the same may be granted to them—therefore,

porators.

ers.

1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That John W. Garwood, Wesley P. Murray, Edward T. James, Edward J. Steer, Simeon H. Pine, John Thornton, William W. Bowler, William Able, William J. Sweeten, John G. Sweeten, Crosby S. Sweeten, Daniel S. Roberts, Thomas J. Knox, Isaac M. Curts, Edmund E. Read, and all such persons as now are, or may hereafter become, members of the association styled the Weccacoe Hose Company, Number Two, of Camden, be and they are hereby constituted and declared to be a body politic and corporate, in fact and in law, under the name, style and title of the Weccacoe Hose Company, Number Two, of Cam- General powden, and by the same shall have succession, and be persons in law, capable of sueing and being sued, pleading and being impleaded, answering and being answered unto, defending and being defended, in all courts of judicature whatsoever; and that they and their successors may have a common seal, and by their corporate name, as aforesaid, and under their common seal make, enter into, and execute any contracts or agreements touching and concerning the object of said corporation; and shall have full power to make, form and adopt such form of constitution and such by-laws and regulations for their government, not inconsistent with the constitution and laws of this state or of the United States, as they shall think proper.

capital stock.

2. And be it enacted, That the capital stock of said com- Amount of pany shall not exceed the sum of fifteen thousand dollars, which shall be solely and exclusively applied to procuring, maintaining and repairing such fire hose, hose carriages, hose house, and such other apparatus, and to such other incidental expenses as the company shall hereafter deem proper to secure the property of their fellow citizens from injury or destruction by fire.

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