Preamble. Authorized to sell real es tate. CHAPTER CIV. An Act to enable Sarah M. Barnes to lease, mortgage and convey her real estate. WHEREAS, it is represented to us that Sarah M. Barnes, of Chester, Morris county, New Jersey, is the owner of real estate which she acquired by descent some twelve years after her desertion by her husband, as hereinafter stated, and which real estate she is desirous of leasing, mortgaging and conveying but is embarrassed in so doing by reason of the absence of her husband, David Barnes, who left her in the year eighteen hundred and forty-eight, and who has not been seen since said year eighteen hundred and forty-eight, nor heard of since the year eighteen hundred and fifty-eight by said Sarah M. Barnes, nor by any other person so far as she can ascertain, and that she believes said David Barnes to be dead, although she is unable to prove or obtain proof of his death; now, therefore, 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That it shall be lawful for the said Sarah M. Barnes to mortgage, lease, grant and convey any and all real estate which she may at any time own or have any interest in, or any part of such real estate, and to execute and deliver any and all deeds and other instruments necessary and proper for that purpose, and generally to deal with such real estate in all respects the same as if she were a single unmarried woman; and every lease, mortgage, conveyance or other deed or written instrument whatever, executed by her without the concurrence of her husband, shall be good, valid and effectual in law in all respects the same as if her husband had joined therein, or as if she were a single unmarried woman. 2. And be it enacted, That this act shall take effect immediately. Approved February 22, 1870. CHAPTER CV. A Supplement to an act entitled "An Act to incorporate the Bloomfield Trust Company," approved April first, eighteen hundred and sixty-nine. name. 1. BE IT ENACTED by the Senate and General Assembly of Change of the State of New Jersey, That the name of “ The Bloomfield Trust Company" be and the same is hereby changed to that of "The American Trust Company of New Jersey," and that the business and the corporate powers of said company shall be exercised by a board of trustees and such officers and Board of trus agents as they shall appoint; said board of trustees shall tees. consist of twenty-one persons, and the first board of trustees shall consist of the six persons named in the first section of the act to which this is a supplement, and fifteen others to be chosen by ballot from among the stockholders; they shall elect a president annually from their own body and shall have power to declare, by a by-law, what number of trustees shall be a quorum for the transaction of business. three classes. 2. And be it enacted, That the board of trustees shall Trustees didivide itself, by lot, into three classes of seven each; the term of vided into office of the first class shall expire at the end of one year; that of the second class at the end of two years, and that of the third class at the end of three years; and at the expiration of the first year, and annually thereafter, seven trustees shall be chosen, who shall hold their office for three years, or until their successors are elected; trustees shall be re-eligible and vacancies occurring in the intervals of elections shall be filled by the board. tion of trus tees. 3. And be it enacted, That the election for trustees shall Annual elec. be held annually at the office of the company, and the board shall give at least ten days' notice thereof, in two daily newspapers published in the county of Essex, and in case of a failure to elect on that day the trustees whose regular terms do not expire, shall proceed to elect seven trustees, or such number as may have failed of election, who shall then constitute the board, and before any member shall enter upon the duties of a trustee, his election shall be approved by the be approved tice thereof. Trustees must supreme court of this state or a justice thereof, and in case of by supreme disapproval by said court or justice the board of trustees shall court or a jus- fill the vacancy thereby created, subject to approval as before; every election of trustees shall be by ballot and a plu rality of votes shall elect; three inspectors of election shall be appointed by the board of trustees from among the stockholders, and every shareholder shall be entitled, either in person or by proxy, to one vote for trustees for every share of capital stock standing in his name on the books of the company. How money may be invested Removal of trustees for fraud. No loan to be made to trustees. Books open of supreme 4. And be it enacted, That the trustees shall have a discretionary power of investing the moneys received by them, in trust, in public stocks or bonds of the United States, or any individual state, or in the bonds or stocks of any county, city, town or township in this state, or in such real or personal securities as they may deem proper. 5. And be it enacted, That whenever it shall appear to the satisfaction of the supreme court that any officer, trustee or servant of said corporation has been guilty of any fraud or misconduct towards said company, the said court may, upon proper notice to such person, and affording him an opportunity of being heard in his defence, remove such person or persons, and make such further order and take such further measures for securing the funds and properties of the said corporation as the said court shall deem expedient. 6. And be it enacted, That no loan shall be made directly or indirectly to any trustee of the said company. 7. And be it enacted, That the books of the said corporafor inspection tion shall at all times during their hours for business, be open for inspection and examination by the supreme court of this state, or such person as the said court may designate as their agent for such purpose. court. How capital vested. 8. And be it enacted, That the capital of the said company shall be in shall be invested in bonds and mortgages on unincumbered real estate worth double the amount loaned thereon, or in stocks or bonds of the United States, or of this state, or in stocks or bonds of any county, city, town or township of this state, authorized to be issued by the legislature, and within two years after the said company commences business, at least one-half of the capital paid in shall be invested, and thereafter remain constantly invested in bonds and mortgages on real estate within the limits of this state. 9. And be it enacted, That it shall be lawful for the said money on de cute trusts. company to receive moneys on deposit and allow such inter- May receive est thereon as may be agreed upon with the depositors, not posit, and acexceeding seven per centum per annum, and to accept and cept and exeexecute all such trusts of every description as may be committed to them upon such terms and commissions as may be established by said company and agreed upon with any person or persons whatsoever, or by any corporation, or for any trust or business committed or transferred to them by any court of record, or any officer of this or any other state. 10. And be it enacted, That this act shall take effect immediately. Approved February 23, 1870. CHAPTER CVI. A Supplement to an act entitled "An Act to incorporate the city of Hoboken," approved March twenty-eighth, eighteen hundred and fifty-five. WHEREAS, Willow street, from Newark avenue to the Hack. Preamble. ensack plank road, in the city of Hoboken, is undergoing improvement under and by virtue of an ordinance of the mayor and council of the city of Hoboken, passed for that purpose, and approved April fifteenth, eighteen hundred and sixty nine; and, whereas, said improvement was divided into sections and separate contracts on each of said sections were awarded to several different contractors for making said improvements; and, whereas, the said improvements on some of the said sections are now completed and finished, while other sections of said improvements will not be completed for a long time to come; and whereas, it is desirable that the lands benefited by the said improvements along the said sections already completed, should be assessed for such benefits received and the money collected therefor for the purpose of paying the contractors for doing said work on said sections now completed; therefore, Expenses how ascertained and assessed. Commissioners of assessment. Council may appoint sur verors to assist commis sioners. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the expenses of each of the sections of said improvement now completed shall be ascertained and assessed by three impartial commissioners not interested therein, who shall be appointed by said council from the freeholders resident in the city as soon as may be after the passage of this act, which commissioners shall examine into the whole matter and shall determine and report in writing to the council what real estate ought to be assessed for such section of said improvement, and what proportion of such expenses shall be assessed to each separate parcel or lot of land, and shall accompany such report with a map containing each lot assessed and the name of the owner or owners thereof, which report and map shall be filed in the office of the city clerk, whereupon the said clerk shall cause to be inserted in the newspapers, as now required by law, for at least ten days, notice of the filing of said report, and that the council will meet at a time and place to be specified in said notice, to consider said assessment and receive and consider all objections thereto which may be presented in writing; at said day named in said notice, or at any time thereafter, the council may confirm said assessment, or if they refuse to confirm the same they may return the same to said commissioners for correction in any particulars named by said council; and said commissioners shall amend said report and map in the particulars named and report again to the council, and if said report and map be amended as directed, the council may thereafter, without any notice to any person, confirm said assessment or assessments, and upon said confirmation said assessment or assessments shall constitute a lien on the property assessed for the amount of such assessment or assessments, and shall be collected as assessments for improvements have been heretofore collected in said city. 2. And be it enacted, That on each of the remaining sections of said Willow street improvement, commissioners of assessment may be appointed at any time after the passage of this act, which commissioners and the said council, shall proceed in all things to make and confirm assessments thereon as directed in the preceding section of this aet. 3. And be it enacted, That the council may, whenever they deem it advisable, appoint one or more city surveyor or city surveyors to assist commissioners of assessments, appointed by said council, in making measurements and estimating |