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Corporation not dissolved for failure to electon day prescribed.
Directors may make by-laws.
Transfers to be registered.
Company may be dissolved.
5. And be it enacted, That in case it should at any time happen that an election should not be made on the day that, pursuant to this act, it ought to be made, the said corporation shall not for that cause be deemed to be dissolved, but it shall and may be lawful to hold such election on such other day, in the manner aforesaid, as shall be prescribed by the by-laws and ordinances of the said corporation.
6. And be it enacted, That a majority of the directors for the time being shall form a board for transacting the business of said corporation, and shall have power to ordain, establish, and put in execution such by-laws, ordinances and regulations as shall seem necessary and convenient for the government, management and disposition of the stock, effects and concerns of the said corporation; provided, the same are not contrary to the laws and constitution of the United States or of this state.
7. And be it enacted, That the directors shall at all times keep or cause to be kept proper books of accounts, in which shall be regularly entered all the transactions of the said corporation, which books shall at all times be open to the inspection of the stockholders of the said company, or their legal attorney or attorneys; and further, that no transfer of stock shall be valid or effectual until such transfer shall be entered or registered in the book or books to be kept by the president and directors for that purpose.
8. And be it enacted, That the said company may be dissolved at a general meeting of the stockholders specially summoned for that purpose; provided, at least three fourths in value of the stockholders shall be present or represented therein; and upon such dissolution the directors for the time being, and the survivor and survivors of them, shall be ipso facto trustees for settling all the affairs of the said corporation, disposing of its effects, recovering and paying its debts, and dividing the surplus among the stockholders in proportion to their respective interest in the stock, unless the stockholders at such general meeting shall appoint other persons, not less than three nor more than five in number, for such purpose, in which case the persons so appointed, and the survivors and survivor of them, shall be trustees and trustee for the purpose aforesaid. 9. Ahd be it enacted, That this act shall be and continue Limitation. in force for and during the term of twenty-one years from the passing thereof, and from thence to the end of the next session of the legislature, and no longer. 10. And be it enacted, That this act shall take effect immediately. Approved March 21, 1860.
CHA PTER CLXXV.
AN ACT for the relief of Joseph Wilson, a soldier of the war of eighteen hundred and twelve.
1. BE IT ENACTED by the Senate and General Assembly of Treasureran. thorized to
the State of New Jersey, That the treasurer of this state . wo
shall, and he is hereby authorized and required to pay Joseph o
Wilson, of the county of Mercer, a soldier of the war of eighteen hundred and twelve, between the United States and Great.Pritain, the sum of fifty-two dollars per annum, to be paid half-yearly, the first payment to be made on the passage of this act; and the receipt of the said Joseph Wilson, or his order, shall be a sufficient voucher to the treasurer on the settlement of his accounts, for such sum or sums of money
as he may pay by virtue of this act.
2. And be it enacted, That this act shall take effect immediately. Approved March 21, 1860.
A supplement to the act entitled “An act to incorporate the New
Jersey Steamboat Company,” approved March second, eighteen hundred and fifty-four.
capital stock 1. BE IT ENACTED by the Senate and General Assembly of
*:::" the State of New Jersey, That the New Jersey Steamboat Company are hereby authorized and empowered to increase their capital stock to one million dollars, to be subscribed in such manner and at such time or times as the directors of the said company may deem expedient and proper.
payment may 2. And be it enacted, That the board of directors shall
be enforced. have the same power and authority to call and enforce the payment from the subscribers of the increased capital stock hereby authorized, as is contained in the act to which this is a supplement, in relation to the capital stock thereby authorized.
Limitation. 3. And be it enacted, That this act shall continue in force for thirty years, unless sooner modified or repealed, and that the legislature may at any time hereafter alter, amend or repeal the same.
Approved March 21, 1860.
A further supplement to an act entitled, “An act to incorporate the city of Paterson,” approved March nineteenth, eighteen hundred and fifty-one.
1. BE IT ENACTED by the Senate and General Assembly of No. the State of New Jersey, That “the Board of Education of one" the city of Paterson” shall consist of two school commissioners from each ward of the city of Paterson, instead of three as heretofore, to be elected at the time and in the manner specified in the act of the legislature of this state, approved March sixth, eighteen hundred and fifty-six, and entitled “A further supplement to an act entitled ‘An act to incorporate the city of Paterson,’” approved March nineteenth, in the year of our Lord one thousand eight hundred and fifty-one.
2. And be it enacted, That one of the said two school com-Tomsoroms. missioners from each ward, elected at the next charter elec-3:..." tion in said city of Paterson, shall hold his office for one year, and the other of said school commissioners shall hold his of. fice for two years; that at the first regular meeting of the said board of education held after such election, the said two commissioners from each ward shall determine and decide by lot between themselves which of them shall hold his office for one year, and which of them for two years; and if from absence or any other cause they shall fail to make such determination, the same shall be made for them by lot, by the president or any member of the board to be designated by the board for that purpose; and every such determination and decision shall be entered upon the minutes, and be valid and binding; and at every charter election thereafter held in the said city of Paterson, but one school commissioner shall be elected in each ward of said city, who shall hold his office for’ two years. - ,
president to 3. And be it enacted, That at any regular meeting of the *:::" said board of education, the superintendent of public schools, sitting as president of said board, shall have the casting vote upon all resolutions or questions before said board, upon which the said school commissioners shall be equally divided. Partoformer 4. And be it enacted, That all acts and parts of acts inact repealed. consistent with the provisions of this act, be and the same are hereby repealed. 5. And be it enacted, That this act shall take effect immediately. Approved March 21, 1860.
A further supplement to an act entitled, “An act to incorporate the Hackensack and New York Railroad Company,” passed March fourteenth, eighteen hundred and fifty-six.
For 1. BE IT ENACTED by the Senate and General Assembly of i.a. the State of New Jersey, That said company be and they are hereby authorized and invested with all the rights and powers necessary and expedient to survey and construct a branch railroad, from some suitable point in the line of said Hackensack and New York Railroad, to some point at or near the village of Lodi, in the county of Bergen, with all the rights and privileges and subject to all the provisions of the act to which this is a supplement.
2. And be it enacted, That said company be and they are