for any corporation to subscribe for, purchase and hold the stock and bonds of the said railway company.

23. And be it enacted, That this act shall take effect imme

diately.

Approved March 17, 1870.

CHAPTER DXXII.

An Act to incorporate the Highwood Land Company.

porators.

1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Archibald Gracie King, Edward King, John A. King, Denning Duer, Edgar II. Richards, John C. Bancroft Davis and James L. McLane, and their associates, are hereby created a body politic and corporate by the name of "The Highwood Land Company," Corporate and by that name shall have power to sue and be sued, complain and defend in any court of law and equity, to make and use a common seal and to alter the same at pleasure.

name.

2. And be it enacted, That the capital stock of the said com- Amount of pany shall consist of twenty-five hundred shares of fifty dol. capital stock. lars each, and said shares shall represent the lands, tenements and hereditaments which the said company by this

act are empowered to purchase, hold or acquire.

conveyances

3. And be it enacted, That the said company are hereby May receive empowered to receive conveyances from the devises of James from devisees. G. King, late of Hudson county, deceased, of the lands and real estate held and owned by them, and also the title, by said devises acquired from the state of New Jersey to lands under water under the act entitled "Supplement to an act entitled 'An Act to ascertain the rights of the state and of riparian owners in lands lying under the waters of the bay of New York and elsewhere in this state,'" approved April eleventh, eighteen hundred and sixty-four, which said supplement was approved March thirty-first, eighteen hundred and sixty-nine; and the shares of stock in the said corpora

Improvement of lands.

Election of directors.

tion shall be apportioned among the said devisees so as to represent their interest and estate in the said lands; and the trustees under the said will of the said J. G. King, and other trustee or trustees that hereafter may be appointed by any competent authority, shall hold the stock of the said company to represent the trust property in the said will described upon the trusts in the said will set forth, and the said company can also acquire the title to other lands; provided, that no more than five hundred acres shall at any time be held by the said company.

4. And be it enacted, That the said company are and shall be empowered to improve the said lands; to lay the same out in streets, lots and blocks, to reclaim the lands under water, the title to which has been or shall be acquired from the state of New Jersey, in pursuance of the laws of the said state, upon compensation made or to be made therefor; to erect houses, buildings, wharves, piers, docks and other structures on the property of the said company, and to establish and regulate the rates of wharfage and charges for the use of said wharves, piers and docks, and to establish, keep up and maintain one or more ferries from said property which they may acquire to the city of New York or elsewhere; to sell, mortgage, rent or lease the said property, and to execute the proper conveyances and assurances therefcr.

5. And be it enacted, That the affairs of the said company shall be managed by seven directors; the corporators above named being the directors for the first year, and thereafter said directors shall be elected by the stockholders, each share being entitled to one vote; said directors shall be elected on the first Monday in May of each year; in case there shall be a failure to elect directors at any day fixed for an election, this corporation shall not for that cause be dissolved, but the directors previously elected shall hold their office until others shall be lawfully chosen; two weeks notice of every election for directors shall be given by publication in a daily newspaper published in the county of Hudson; any vacancy among the directors can be supplied by a majority of the remaining directors until an election shall be had to supply such vacaney; one of the said directors shall be chosen president of the company, by the votes of a majority of the said directors, who shall hold his office for one year, and until another shall be chosen in his place.

ers.

6. And be it enacted, That a majority of the directors shall General powform a board for the transaction of business, and shall have power to make by-laws, ordinances and regulations, and to appoint all officers and agents as they may think proper, and to fix their compensation.

7. And be it enacted, That dividends can be made of the Dividends. proceeds of the sale of lands and of the profits of the said company by the directors.

take stock of

8. And be it enacted, That the said company shall be at Company may liberty to subscribe for and take stock in any railroad, canal, railroad comturnpike or other highway. that now is or hereafter may be panies, &c. incorporated or established by the legislature, which shall pass to or through any lands that may be owned by the said company, and to take stock in or establish as aforesaid a ferry or ferries from their lands to the city of New York or elsewhere.

creased.

9. And be it enacted, That the said company can increase Capital stock their capital stock, from time to time, to an amount not to may be inexceed two millions of dollars, and in case of such increase, shall file a statement thereof in the cffice of the secretary of state of this state, and this company shall be liable to taxation in like manner as all other corporations of the same character are liable in this state.

10. And be it enacted, That this corporation shall cease at Limitation. the end of fifty years, and the legislature can at any time alter, modify and repeal this act, and this act shall take effect immediately.

Approved March 17, 1870.

Names of cor

porators.

Corporate

name and powers.

Proviso.

Proviso.

Election of managers.

CHAPTER DXXIII.

An Act to incorporate the Half-dime Savings Bank, of the Town of Orange, in the County of Essex.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Michael Mohor, John L. Blake, John Otterbine, James Sheridan, Henry A. Howe, James Brady, James P. Burton, Leander Williams, Thomas J. Smith, John S. Holey, Sam W. Baldwin, Jabez P. Condit, jr., William N. Williams, Edward D. Pierson, Alvin M. Condit, Lewis F. Taylor, David Dodd, Henry M. Matthews, Sebastian Trabold, Thomas G. Barber, Ross C. Browning, James F. Wilson, William M. Kent, George Spottiswoode, Isaac L. Vanorden, James Peck, David S. Beach, Thomas P. Bayes, Jared B. Porter, Amzi S. Dodd, Charles M. Banta, and their successors, shall be and hereby are incorporated a body corporate and politic, under and by the name of the "Half-dime Savings Bank, of the Town of Orange," and, by that name, shall be capable of purchasing, taking, holding and enjoying any real or personal estate of any kind or description whatsoever, and in fee simple or otherwise, and of selling, conveying, leasing or otherwise disposing of the same, or any part or parts thereof, at their will and pleasure; provided always, that the clear annual income of such real estate, other than that which may be taken in the payment or securing of any loan or loans, shall not exceed the sum of twenty-five thousand dollars; and provided also, that no such real estate shall be sold or purchased (except in the payment or securing of a loan, as aforesaid) without the consent and approval of at least three-fifths of the whole number of the board of managers hereinafter mentioned.

2. And be it enacted, That the business and affairs of said corporation shall be conducted at some convenient place in the town of Orange, in the county of Essex, and by a board of thirty-one managers, of whom four members shall constitute a quorum; and that the corporators named in the first section of this act shall be the first board of managers; and that said board shall have power, by the vote of at least

three-fifths of their whole number, to declare vacant the seat of any manager who may have neglected to attend the regular meetings of the board for the space of six months or longer, and, also, in the same manner, to fill any vacancy which may at any time occur in said board, whether by death, resignation or otherwise.

ers.

3. And be it enacted, That the board of managers shall General powmeet annually on the first Monday in March, and shall then' choose from among their own number a president and vice president, and they shall and may, from time to time, appoint and remove a secretary and treasurer, and such other officers and agents as to them may seem necessary for the transaction of their business; and that said officers so chosen or appointed, shall continue in office until others shall be chosen or appointed in their stead; and that the said president, vice president, secretary and treasurer, shall severally make oath or affirmation, before any person or persons authorized to administer oaths or affimations in this state, for the honest and faithful execution of the duties of their respective offices, and shall also give ample security therefor in such sum or sums as may be required and approved by the board.

tion to man

4. And be it enacted, That no emolument or other compen- No compensasation for services shall be received, whether directly or indi agers. rectly, by any of said managers, except the president, secretary and treasurer, and any committee who may be entrusted with the examination of property offered as security for loans, who shall receive such compensation as may from time to time be established by a vote of three-fifths of the whole number of managers; and that no officer or manager shall be allowed, whether directly or indirectly, to hire or borrow any money from said corporation, or to become in any way security for any hirer or borrower of any such money, or to use the funds or other property of such corporation for his own purposes in any way whatever; and that said corporation shall not take or hold any bond, mortgage or other security for the payment of money drawn or endorsed by, or existing against any of its said officers or managers, as security for any money loaned by said corporation, unless the same shall have been received in the payment of debts due from other parties.

5. And be it enacted, That the said board of managers May adopt shall have power, from time to time, to make, ordain, establish, by-laws.