Amount of capital stock Directors and officers. Stock transferable. cranberries and other fruits and other produce of said lands, and carrying on the business connected therewith, and erecting such buildings and holding such personal property as may be necessary therefor, and that they and their successors by the same name may sell, grant, alien, mortgage and dispose of the said lands, tenements and hereditaments, cranberries, produce, fruits, goods and chattels or any part thereof. 2. And be it enacted, That the capital stock of said company shall be one hundred thousand dollars, which shall be divided into shares of one hundred dollars each, and that subscriptions to the capital stock may be paid in real and personal estate, in valuation to be agreed upon by a majority of the directors, and the said corporation may issue stock in payment therefor; and that the subscriptions for stock shall be opened in the town of Pemberton, in Burlington county, at such time as the directors may designate under their direction or that of such persons as a majority of them may s3lect. 3. And be it enacted, That the affairs of said corporation shall be managed by a board of five directors, one of whom shall be president, and a majority of whom shall have all th powers of the board, and they shall hold their office for one year, and until others are elected in their stead, and shall have power to make by-laws for the government and management of said corporation, and shall hold their meetings at such times and places in this state, or elsewhere as the bylaws may provide; and that until an election for directors shall be held, the persons named in the first section of this act shall be directors. 4. And be it enacted, That the stock of said corporation shall be deemed personal estate, and shall be transferable in such manner as the by-laws may prescribe. 5. And be it enacted, That this act shall take effect immediately. Approved March 8, 1870. CHAPTER CXCIV. An Act to authorize the Trustees of the Methodist Episcopal Church, of the City of Cape May, in the County of Cape May, to sell and convey certain Real Estate. sell and con property. 1. BE IT ENACTED by the Senate and General Assembly of Trustees authe State of New Jersey, That the trustees of the Methodist thorized to Episcopal Church, of the city of Cape May, (formerly the vey church city of Cape Island,) or their successors, be and they are hereby authorized and empowered to sell and convey all the real estate, with the appurtenances to the same belonging or in anywise appertaining, conveyed by Downs Edmonds, junior, Eli B. Wales, Andrew H. Reeves, Jeremiah Eldredge and William Cummings, trustees of the Presbyterian Church at Cold Spring, in the lower township of the county of Cape May, to the trustees of the said Methodist Episcopal Church of the city of Cape May, by a certain deed dated the first day of May, eighteen hundred and fifty-four, and recorded in the clerk's office of the county of Cape May, on the eleventh day of May of the same year; also that the said trustees be and they are hereby authorized and empowered to sell and convey all the real estate, with the appurtenances to the same belonging, conveyed by William Corgie and wife to the trustees of the said Methodist Episcopal Church by two certain deeds, one bearing date the twenty-ninth day of April, eighteen hundred and fifty-two, and recorded in the clerk's office of the county of Cape May, on the twenty-first day of May of the same year, the other dated the twenty first day of May, eighteen hundred and fifty, and recorded in the clerk's office of the county of Cape May, on the fourth day of June of the same year, and to make, execute and deliver a good and sufficient deed or deeds for the said three tracts or pieces of real estate and appurtenances, to the purchaser or purchasers of the same, and such deed or deeds being executed in due form of law, shall pass and convey to the purchaser or purchasers full and perfect title to the said several tracts of land, free and clear and absolutely discharged from all trusts whatsoever, upon which the said tracts were previously held by the trustees of the said Methodist Episcopal Church of the city of Cape May. 2. And be it enacted, That this act shall take effect immediately. Approved March 8, 1870. Names of corporators. Corporate name. Amount of capital stock. CHAPTER CXCV. An Act to incorporate the Hamil and Booth Manufacturing Company. 66 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Robert Hamil, James Booth and James S. Shapter, and the survivors of them, and such other persons as may hereafter be associated with them, be, and they are hereby created a body politic and corporate, in fact and in law, by and under the name of The Hamil and Booth Manufacturing Company," for the purpose, and with the power and authority of carrying on, in the county of Passaic, in this state, the business of manufacturing goods and fabrics of every kind, of which silk, wool, linen and cotton, or any or either of them form a component part, and of buying and selling the same, and all other goods and articles necessary and proper to be used in the business authorized by this act; and by the said name shall have continued succession, and be capable of holding, purchasing, leasing, mortgaging and conveying any lands, tenements, goods and chattels necessary or proper for the purposes of the corporation hereby created; and the principal office of said company shall be at Paterson aforesaid. 2. And be it enacted, That the capital stock of said company shall be three hundred thousand dollars, with liberty to the directors to increase the same to any amount not exceeding five hundred thousand dollars, to be divided into shares of one hundred dollars each; and the persons named in the first section of this act are hereby authorized to open books of subscription, and take and receive subscriptions to ers to receive for stock land. such capital stock, at such time or times, and in such man- Commissionner, and to such extent, not exceeding the amount herein subscriptions. authorized, as they shall deem proper; and whenever the same shall be paid or satisfactorily secured to be paid, to the extent called for, the said company may commence business; and the persons before named and the directors of said company may receive in payment of subscriptions for stock any May receive land, buildings, machinery or other property by them deemed necessary or proper for the use of said company, and at such valuation as a majority of said directors shall approve, and also all the property, bonds, stocks, bonds, accounts, claims and demands held by or belonging to Robert Hamil and James Booth, now carrying on the silk manufacturing business, in the city of Paterson, under the name, style and firm of Hamil and Booth. machinery, &c. 3. And be it enacted, That the stock, property and con- Election of di cerns of said company shall be managed and conducted by rectors, &c. not less than three nor more than five directors, being stockholders, one of whom shall be president, to be appointed by said directors, who, after the first directors hereinafter named, shall hold their offices for one year, and until others shall be elected in their stead; the number of directors may be fixed from time to time by the stockholders, at their annual meeting; and the directors shall be chosen annually on the second Monday of January, or on such other day and at such place in the county of Passaic as the directors shall, by their bylaws or otherwise, from time to time appoint, public notice for at least ten days previous, of the time and place being given in one of the newspapers published in the city of Paterson, by such of the stockholders as shall attend for that purpose, either in person or by proxy, and each stockholder shall be entitled, either in person or by proxy, to as many votes as he shall hold shares of the capital stock, and the persons having the greatest number of votes, being stockholders, shall be directors; and the directors may appoint such officers, superintendents and agents, and assign such compensation as a majority of said directors shall think fit; and if any vacancy, by death, resignation or otherwise, shall occur among the directors named in this act, or those hereafter to be elected, such vacancy may be filled by the remaining directors, or a majority of them; and the said Robert Hamil, James Booth and James S. Shapter shall be the first directors of said company, and shall serve as such Failure to pay installments feiture. until the second Monday of January next, and until others are legally chosen. 4. And be it enacted, That it shall be lawful for the dito work a for- rectors of said company to call in and demand from the subscribers to said capital stock, the amount subscribed by them, at such times and in such proportions as they shall deem proper, under the penalty of forfeiting the shares by them respectively subscribed, and all previous payments made thereon, if such payments shall not be made in thirty days after demand thereof by service of notice upon them or publication thereof in one or more of the newspapers published in the city of Paterson. Not dissolved elect directors 5. And be it enacted, That in case an election for direcby failure to tors shall not be made on the day specified in this act, the said corporation shall not for that cause be deemed to be dissolved, but it shall be lawful to hold such election on such other day as may be provided by the by-laws of said corporation, or by resolution of the board of directors. May make bylaws, &c. Proviso. Stock transferable. How dissolved Proviso. 6. And be it enacted, That a majority of the directors shall form a quorum for the transaction of the business of said corporation, who shall have power to ordain, establish and put in execution such by-laws, ordinances and regulations as they shall deem necessary and proper for the government, management or disposition of the stock, effects, profits and concerns of the said corporation; provided, that the same be not contrary to the constitution or laws of this state or of the United States. 7. And be it enacted, That the stock and property of said corporation, of whatever name or kind, shall be deemed personal estate, and the said stock shall be transferable in such manner as the directors may prescribe, but no tranfer of stock shall be valid or effectual until such transfer shall be entered and registered in the books to be provided and kept by the president and directors for that purpose; and no dividends shall be declared except out of the net profits of the company. 8. And be it enacted, That the said company may be dissolved at any general meeting of the stockholders thereof specially convened for that purpose by the president upon twenty days' notice, in writing, served upon each stockholder or by publication for the same period of time in two newspapers of the city of Paterson; provided, at least threefourths in value of the stock shall be present or represented |