time, and in such place or places in this state, as they shall designate by public advertisement, previously inserted for at least three weeks, in a newspaper printed at Hightstown, or in some newspaper printed in Mercer county, and shall keep the same open as long as they deem necessary, and may close the same at their discretion, and again open the same from time to time, giving like notice, and shall require each subscriber to pay to them at the time of subscribing, such per centum on each share subscribed, as they may deem expedient, not exceeding ten per cent. on each share subscribed, which shall be paid over to the directors of said corporation, to be appointed as hereinafter directed; and all the powers of the said commissioners shall cease on the appointment of the directors; and the board of directors, when appointed, shall have power, and they are hereby authorized, from time to time, to open the books for further subscriptions, until the whole stock subscribed amounts to fifteen thousand dollars, and are also authorized to call upon the subscribers, by public advertisement in a newspaper printed at Hightstown, or in some newspaper printed in Mercer county, for three weeks, for the payment of further installments, in such sum or sums, and at such time or times, and under such forfeiture or forfeitures as they may deem expedient, until the whole amount of said shares so subscribed shall be fully paid.

rectors.

4. And be it enacted, That the management of the con- Election of di cerns of the company shall be vested in five directors, to be" elected from the stockholders, a majority of which directors shall be citizens of the state of New Jersey; and the said directors shall choose, by a plurality of votes from among themselves a president; and as soon as conveniently may be after five thousand dollars shall have been subscribed, the said commissioners, or a majority of them, shall convene the stockholders by public notice, for three weeks, in a newspaper printed in Hightstown, or in some newspaper printed in Mercer county, and at such time and place in Hightstown as they shall designate in such notice, to choose the first board of directors, who shall hold their offices until the then next suc

Corporation not dissolved

ceeding first Monday in May; and they shall hold their offices from the first Monday in May in each year, for one year, and shall be elected on the first Monday in May in each year, at such time and place in Hightstown as a majority of the directors shall appoint; and public notice shall be given of the time and place of holding, such election, for ten days, in a newspaper printed in Hightstown, or in some newspaper printed in Mercer county; and any vacancy in the said board of directors may be supplied by appointments to be made by the board of directors until the next election; and all elections shall be by ballot of the stockholders or their proxies, allowing one vote for each share which they shall have held in his, her, or their name or names, at least one month before the time of voting.

5. And be it enacted, That if, at any time, an election shall for failure to not be held on the day herein appointed, the corporation shall

elect on day

prescribed.

Quorum.

Stock transferable.

Penalty for in

Juring works.

not for that reason be dissolved, but the directors for the time being shall remain in office until others are duly elected, which may be at any time designated by the board of directors, on public notice as aforesaid, for ten days.

6. And be it enacted, That the directors for the time being shall form a board, and they, or a majority of them, shall be a quorum for transacting business.

7. And be it enacted, That the stock of the corporation shall be transferable, according to the regulations of the directors, and shall be considered personal property; and the stock and transfer books, and all proper books of account, in which shall be fairly and truly entered all the transactions of the company, shall be kept at some suitable place in Hightstown, and shall be open at all times for the inspection of the stockholders.

8. And be it enacted, That if any person or persons shall wilfully do, or cause to be done any act or acts whatever, with intent thereby to injure any conduit, pipe, cock, machine, post or structure whatsoever, or anything appertaining to the works of said corporation, or whereby the same may be stopped, obstructed or injured, the person or persons so offending, shall

be considered guilty of a misdemeanor, and being thereof convicted, shall be punished by fine not exceeding three hundred dollars, or imprisonment at hard labor not exceeding two years, or both; provided, such criminal conviction shall Proviso. not in any way impair the right of action for damages, by a civil suit, which said civil suit is hereby authorized to be brought for any such injury as aforesaid, by and in the name of the said corporation, in any court of this state having cognizance of the same.

may borrow

9. And be it enacted, That the said company shall have Company power to borrow money at any time or times, not exceeding money. two-thirds of their capital paid in; and to secure any moneys so borrowed, to give bond or bonds, or other evidences of debt, and mortgage or mortgages upon their property, franchises and privileges, and by such other assurance or assurances as they may deem expedient.

10. And be it enacted, That this act shall take effect imme- Public act. diately, and is hereby declared to be a public act, and shall be taken and received as such wherever it may come in question.

Approved March 20, 1860.

Preamble.

Presilent and directors of

company authorized to

convey pro

CHAPTER CLXIX.

AN ACT to authorize the mayor and common council of the city of Newark to purchase the property of the Newark Aqueduct Company, and creating the Newark Aqueduct Board.

WHEREAS, by an act of the legislature of the state of New Jersey, passed November seventeenth, eighteen hundred, entitled "An act to incorporate the Newark Aqueduct Company," certain persons therein named were created a body corporate and politic, by the name of the president and directors of the Newark Aqueduct Company, for the purpose of supplying the town of Newark with pure and wholesome water, by virtue of which act, and of a supplement thereto, the said company have purchased lands and erected works for the purpose aforesaid; and whereas, the great increase of the business and population of Newark, and its creation into a city with corporate powers and duties, and the inadequacy of the supply of water now furnished by the said company to answer the wants of the said city, have rendered it expedient that the duty of supplying the said city with pure and wholesome water for all purposes, should be undertaken and carried forward by the city authorities, and that the property, rights and franchises of the said "The Newark Aqueduct Company," should be purchased from them by the mayor and common. council of the city of Newark, and a preliminary proposition to that effect having been agreed upon by the said parties; now, therefore,

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That upon the securing to be paid perty to city. by the mayor and common council of the city of Newark, according to the terms of said proposition, of the purchase money or price therein mentioned, the board of directors of

the said the president and directors of the Newark Aqueduct Company shall forthwith, without further consideration, assign, transfer and convey to the mayor and common council of the city of Newark all the rights, franchises, lands, property, real and personal, of every kind and description, to said company belonging or in them vested, or to which they are entitled, and all the capital stock of said company in said proposition mentioned; and said board are hereby fully authorized and empowered to make such transfer, assignment and conveyance, and the same, when so made, shall be complete and effectual for the transfer, assignment and conveyance to the said the mayor and common council of the city of Newark, as well of said capital stock as of said rights, franchises, lands and property; and all certificates of said capital stock shall be forthwith, on such transfer, delivered up to the treasurer of said city, and from the time of said transfer said certificates shall have no validity in the hands of any person or persons other than the said the mayor and common council of the city of Newark.

common coun

to receive pro

Authority to be exercised

2. And be it enacted, That the said mayor and common Mayor and council are hereby authorized to accept the said property, the cil authorized same to be held as is hereinafter directed, and to take and perty. convey from the sources of supply now used by the said Newark Aqueduct Company, or which they are empowered to use, and from any other sources, sufficient water to supply the city of Newark with pure and wholesome water for all purposes. 3. And be it enacted, That all authority under this act shall be exercised by a board of commissioners to be known by commisand designated as "The Newark Aqueduct Board," to be appointed as is hereinafter designated; and in pursuance of this authority the said commissioners may employ all proper engineers, surveyors, clerks and other agents or assistants necessary or convenient for accomplishing the purposes contemplated by this act, and may enter upon any land or water for the purpose of making surveys and examinations for the

same.

sioners.