the said declaration, setting forth that the said action or suit is under and by virtue of the provisions of this act, specifying the aggregate amount claimed, the names of the president and cashier subscribed to the bills or notes declared on, and the number and denominations thereof.

Issue.

17. And be it enacted, That the bills or notes issued by Amount of said corporation shall not at any time exceed double the amount of its capital stock actually paid in, and if the president or cashier thereof shall knowingly or wilfully issue, or cause or suffer to be issued, bills or notes of said corporation. exceeding double the amount of its capital stock actually paid in, such president or cashier shall be deemed guilty of a misdemeanor, and on conviction thereof shall be punished by imprisonment not less than one year, nor more than five years, in the discretion of the court.

statements to be made.

18. And be it enacted, That it shall be the duty of said Monthly corporation, on the first Monday of every month after commencing the business of banking, to publish in one or more of the newspapers published in the county of Mercer, a statement, under oath or affirmation, of the actual condition of said corporation, conforming as nearly as may be with the annual statements now required by law, and shall within ten days after making such statement, forward a duplicate thereof to the secretary of state, to be by him filed in his office; and if any president, cashier or director shall knowingly and wilfully falsely swear or affirm to any such statement, he shall be deemed guilty of perjury, and be liable to the pains and penalties thereof.

be filed of pay

ment of capi

tal stock.

19. And be it enacted, That it shall not be lawful for the Amdavits to said corporation to issue any bills or notes, or otherwise enter upon the business of banking, until an affidavit or affidavits shall have been made and filed in the office of the secretary of state, stating that one hundred thousand dollars of the capital stock of said corporation has been subscribed for and paid in, conformable to the provisions of this act.

20. And be it enacted, That this act shall go into effect im- Limitation. mediately, and continue in force for twenty years; but it

shall be lawful for the legislature at any time hereafter to alter, modify or repeal the same, whenever in their opinion the public good shall require it.

Approved March 22, 1860.

Names of cor. porators.

Proviso.

CHAPTER CCXLVII.

AN ACT to incorporate "the Egg Harbor Bank," in Atlantic county.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That William Schmoele, P. M. Wolsieffer, Ebenezer Westcott, Abraham L. Izard, William Moore, Frederic Clever, Charles Herman, Elias Wright, Louis Ertell, William Sooy, John Fritchy, Andrew K. Hay, Augustus Heil, Edmund Taylor, Moritz Stutzbach and George S. Woodhull, and their associates, shall be and they are hereby created a body politic and corporate, by the name of "the Egg Harbor Bank," and by that name they shall have and exercise banking powers, and the incidental corporate powers enumerated in the first section of the act concerning corporations; provided, that the said corporation shall not trade or deal in anything except money, bills of exchange, promissory notes, and gold or silver bullion; and shall in no case hold any real estate, goods, wares, merchandize, or chattels, except such as may be necessary for the convenient transaction of its business, or shall be mortgaged or pledged to it as se

curity for debts, loans or contracts, or shall be conveyed or sold in full or in part satisfaction of debts previously contracted in the course of dealings, or shall be purchased upon judgment or execution for the purpose of bona fide making or securing a debt or debts due or owing said corporation.

2. And be it enacted, That the capital stock of said corpo- Amount of ration shall be one hundred thousand dollars, with privilege, in the board of directors, of increasing the same to two hundred thousand dollars, and shall be so divided into shares of twenty-five dollars each; that the said William Schmoele, Philip M. Wolsieffer, Ebenezer Westcott, Abraham L. Izard, William Moore, Frederic Clever, Charles Herman, Elias Wright, Louis Ertell, William Sooy, John Fritchy, Andrew K. Hay, Augustus Heil, Edmund Taylor, Moritz Stutzbach, and George S. Woodhull, or a majority of them, shall be and they are hereby appointed commissioners to open, at Egg Harbor City, in the county of Atlantic, books of subscriptions for, and receive subscriptions to, said capital stock, giving at least twenty days' notice, in two newspapers printed or circulating in Atlantic county, of the time and place of receiving said subscriptions; that the said books, after having been opened, shall be kept open for three successive days, unless the amount of said capital stock shall be sooner subscribed for; and no person but citizens of the state of New Jersey shall be allowed to subscribe for said stock, and at the time of subscribing for said stock the respective subscribers shall pay to said commissioners five dollars for each share subscribed for.

rectors.

3. And be it enacted, That the affairs of said corporation Election of d shall be managed by a board of nine directors, five of whom shall be a quorum for the transaction of business; that the said directors shall be stockholders, and shall, before entering upon the duties of their office, severally take and subscribe an oath or affirmation faithfully to execute the trust reposed in them as directors; that the directors shall hold their office for one year, and until their successors shall be chosen; that the annual election of directors shall be on the second Tues

Election of

day of June in every year, at the banking house of said corporation, in Egg Harbor City, in Atlantic county, at such time as the board of directors shall appoint, of which election at least fourteen days' notice shall be given by the directors, by advertisement in two newspapers printed or circulated in Atlantic county; that the said election shall be by ballot, those having the greatest number of votes to be deemed elected, and shall be by such of the stockholders as may attend, in person or by proxy, they being, respectively, entitled to one vote for each share of stock held in his, her, or their own name or names, for at least three calendar months next before the election; that for the well ordering of said election, the board of directors, or the commissioners acting as such, shall previously thereto appoint three stockholders, not being directors, to be judges thereof, who shall conduct the election and determine upon the legality of votes, the eligibility of persons voted for, and who shall be elected; and the directors so elected shall, at the first meeting thereafter, when a quorum shall be present, elect one of said nine directors to be president, as well of their board as of said corporation; and whenever a vacancy shall occur in said board of directors by death, resignation or otherwise, such vacancy may be filled for the remainder of the year by the board of directors; and if at any time it shall happen that an election of directors shall not take place at the time above required, the said corporation shall not for that reason be deemed dissolved, but an election thereof shall be had as soon as conveniently may be thereafter, upon like notice as above directed, and at the place and in the mode above specified.

4. And be it enacted, That as soon as conveniently may be first directors. after the aforesaid capital stock shall have been subscribed for, the said commissioners, or a majority of them, shall call a meeting of the subscribers to the said capital stock, in Egg Harbor City, to elect the first board of directors, by giving at least twenty days' notice of the time and place of said meeting, by advertisement in two newspapers printed or circulating in Atlantic county; and at such meeting the said

commissioners, or a majority of them, shall be the judges of said first election, and shall have the same powers as the judges of the annual election of directors; and they shall conduct the said first election, as near as may be, in the manner hereinbefore prescribed for the said annual elections, the subscribers attending said meeting, in person or by proxy, being entitled to one vote for each share of stock respectively subscribed by them; and the said first board of directors shall, as soon as conveniently may be after said election, organize by electing a president, in the manner herein before: prescribed for an election of a president and also a cashier; and after the said board shall have been thus organized, it shall be the duty of the said commissioners to pay over to the said board all the moneys received by them for subscriptions to said capital stock, deducting therefrom only the necessary expenses incurred by them; and the receipt of said president and cashier for said moneys shall be a full and absolute acquittance and discharge therefor; and the said first board of directors shall have power to fill vacancies therein by death, resignation or otherwise, and shall hold their office until the second Tuesday of June next after their election, and until their successors shall be chosen.

installments.

5. And be it enacted, That the capital stock of said cor- Payment of poration shall be deemed personal property, and shall be subject to such taxes as all the other banking institutions of this state are liable to, and the real estate of said corporation may be taxed as other lands in this state are or may be taxed, and that the board of directors for the time being shall have full power to call in the residue of the subscriptions to the said capital stock, by such installments and at such times as the said board may think proper, under the penalty of the holders of said stock forfeiting to the said corporation all previous payments thereon, which forfeiture may be made and declared by an order or resolution of said board; provided, Proviso. that at least twenty days' previous notice of the time and place for paying said installments shall be given by advertisement in two papers printed or circulating in Atlantic