of the peace, which said sheriff shall return the said warrant, with his proceedings thereon, to the said judge at the time therein specified, and shall pay over the moneys by him collected or made to such justice or justices of the peace, in said township, to be by him or them expended for the purposes mentioned in said will, as shall not have been in default in rendering such account, in making such settlement, as are provided in and by the second section of this act, upon his or their receipt therefor; and in case there shall be no such justice or justices of the peace not in default as aforesaid, when the said moneys shall be received or made by such sheriff, then to the said township superintendent of schools for the time being, who shall expend the same for the purposes mentioned in said will, until such time as a new justice or justices of the peace shall be elected and duly qualified by law to act in and for the said township, and upon such new justice or justices of the peace being so elected and qualified, the said township superintendent shall at once pay over to him or them all such moneys in his hands, with an account of all moneys by him received, and of his expenditure thereof, which said new justice or justices shall expend the sum so received by him or them for the purposes in said will provided. 4. And be it enacted, That this act shall take effect immediately. Approved February 3, 1858. CHAPTER X. AN ACT SUPPLEMENTARY to an act entitled "A supplement to an act entitled 'An act concerning the Firemen of Jersey City, in the county of Hudson,'" passed January twenty-seventh, one thousand eight hundred and fifty-three, which said supplement was approved February twenty-sixth, eighteen hundred and fifty-five. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the provisions of the act entitled "A supplement to act entitled 'An act concerning the firemen of Jersey City, in the county of Hudson,' passed January twenty-seventh, one thousand eight hundred and fifty-three, which said supplement was approved February twenty-sixth, eighteen hundred and fifty-five, shall apply to such persons as have been firemen at any time heretofore within the limits known as the present limits of Jersey City, and that such persons shall be entitled to the benefits of said act to which this is a supplement, the same as if they had been actual residents of Jersey City during the time required by said act. Approved February 3, 1858. Provisions CHAPTER XI. AN ACT to incorporate the Trenton Boat and Dockyard Company. 1. BE IT ENACTED by the Senate and General Assembly of Names of the State of New Jersey, That Garret Schenck, William H. corporators. Norcross, Thomas P. Johnston, William I. Shreve, and Robert C. Belville, and their associates and successors, are hereby created a body politic and corporate in law, by the name and style of "The Trenton Boat and Dockyard Company," to be located in the city of Trenton, for the purpose of carrying on the business of building, constructing, altering, and repairing boats or vessels, and erecting and constructing buildings, basins, and such other improvements on their lands as may be useful or necessary for the purpose aforesaid; and for such purpose the said company Amount of shall or may raise by subscription, a capital stock of fifteen. thousand dollars, to be divided into shares of twenty dollars each. capital stock. What pro perty corpo hold. 2. And be it enacted, That the said corporation may purration may chase, possess and enjoy any such real estate, improvements, machinery, goods and effects whatsoever, within the county of Mercer, as shall be deemed necessary and advantageous to the said corporation to carry on its business, and it shall be lawful for the said corporation to sell, mortgage, lease, and otherwise dispose thereof at pleasure, any part of the same; provided, that the proceeds of such sale or mortgage shall be applied to the payment of the debts of the company. Proviso. When com. pany may commence business. Payment of instalments 3. And be it enacted, That it shall be lawful for the aforesaid corporators or their successors to receive subscriptions to the capital stock by opening books or otherwise, and as soon as ten thousand dollars shall have been subscribed and fifty per cent. of that amount paid in cash, and an affidavit being made by one or more of the corporators before any alderman or justice of the peace, or judge of the court, and a copy thereof filed in the office of the secretary of state, it shall be lawful for said corporators to organize said corporation and forthwith commence and carry on its business as contemplated under the provisions of this act. 4. And be it enacted, That it shall be lawful for the directors of the said corporation to call for, collect and demand of the stockholders respectively, all such instalments due on such stock subscribed for as may have been agreed upon previous to subscribing, under penalty or forfeiture of the shares so subscribed, and all previous payments made thereon; provided, however, that said stockholders being Proviso. notified personally, or by advertising at least thirty days previous to such instalments becoming due; said stock to be transferable on the books of said company, and only in the presence of the proper officers. powers of 5. And be it enacted, That the stock, property and affairs Duties and of the said corporation shall be managed by not less than directors. seven directors, a majority of whom shall be residents of this State, one of whom shall be appointed president; said directors shall have power to appoint such other officers, agents and employees as the by-laws may from time to time designate; said directors shall always be stockholders in said company, and shall hold office until the next annual meeting or election, and until others shall have been duly elected in their places; annual meetings shall be held on the first Monday in February of each year, at such places and hour as the by-laws may direct; a majority of the existing number of directors shall constitute a quorum, and when assembled at such place as the by laws may designate, shall constitute a board competent to transact business, and all questions before said board shall be decided by a majority of votes present; in case any vacancy may occur by death, resignation or otherwise, the remaining directors shall have the power to fill such vacancy by the appointment of any stockholder. statement to 6. And be it enacted, That the said directors shall submit Annual to the stockholders at their annual meeting a written state- be made. ment of the affairs of said corporation, setting forth the amount of capital stock paid in, the amount of property held, and the amount of money due unto or by said corporation, as nearly as the same may be ascertained, and when desired by one or more of the stockholders, shall be accompanied by the oath or affirmation of an officer or one of the board of directors, stating the same to be correct to the best of their knowledge and belief. Semi-annual dividends. Proviso. Corporation not dissolv to elect on day prescribed. pro 7. And be it enacted, That dividends of so much of the fits as the directors may deem advisable, may be declared at the annual meeting, or on the first days of January or July of each year, and paid to the stockholders or their attorneys at such time as may be agreed upon by the directors; provided, however, that no part of the capital stock so paid in shall be declared in dividends until all debts due by the corporation shall have been first paid. 8. And be it enacted, That in case it shall so happen that ed for failure an election for directors shall not be made on such day as designated by the act of incorporation, or the by-laws, said corporation shall not be deemed dissolved thereby, but the stockholders may proceed and order and hold an election on any other day, by giving ten days' previous notice of such time and place; corporators to have all powers of directors until directors are elected. Property to be taken at a valuation. General powers. Limitation. 9. And be it enacted, That any wood, timber, land, property, or other materials used by said corporation, which may be received in payment of subscription for stock, shall be taken at a valuation approved by a majority of the stockholders designated for that purpose. 10. And be it enacted, That the corporation hereby authorized or created shall possess such general powers usually possessed by corporations for their general government and the management of their affairs, and be subject to the restrictions and liabilities set forth in "An act concerning corporations," approved upon the fourteenth day of February, eighteen hundred and forty-six, so far as the same is applicable. 11. And be it enacted, That this corporation shall be limited to twenty years, and that the legislature may alter, amend, or repeal this act whenever the public good may require it. Approved February 4, 1858. |