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Names of corporators.

General

powers.

Amount of capital stock.

Shares

transferable.

CHAPTER XL.

AN ACT to incorporate the Democratic Association of the City of Newark.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That John S. Darcy, Charles T. Gray, Thomas B. Pierson, William W. Pollard, Edward H. Wright, James F. Bond, James Courter, Herman Ise, David McCurdy, James Smith, and Theodore Runyon, and their associates, and all other persons who shall become subscribers to and owners of the capital stock by this act created, shall be, and they and their successors are hereby made and declared to be a body corporate and politic, in fact and in law, by the name of "The Democratic Association of the City of Newark," and by that name they shall have power to lease, purchase, and hold real estate in the city of Newark, in this state, and to erect thereon a hall or building, in whole or in part for the accommodation of said association and its business, and to make such improvements thereon as they may see fit, and generally to transact all such business and do all such acts as may properly or necessarily appertain to the erecting, constructing, furnishing, leasing, selling, or otherwise disposing of and conveying such buildings, furniture, improvements, and real estate, or any part of the same.

2. And be it enacted, That the said corporation shall have power to raise by subscription a capital stock of one hundred thousand dollars.

3. And be it enacted, That the capital stock of said corporation shall be divided into shares of twenty dollars each, and shall be transferable in such manner as the by-laws of said corporation shall direct; and each of said shares shall entitle the owner thereof, or his lawfully constituted proxy in his stead, to one vote at all elections for officers of said association, and in all stockholders' meetings for business or making by-laws for said corporation.

ration shall

ration.

4. And be it enacted, That said corporation shall not go When corpointo operation until the commissioners in this act named go into opeshall receive subscriptions to said capital stock to the amount of twenty thousand dollars, and money on account of such subscriptions to the amount of ten thousand dollars, and an affidavit thereof, made by one of the said commissioners, shall have been filed in the office of the clerk of the county of Essex, and said subscriptions and money transferred to said corporation, as hereinafter is directed.

ers to receive

tions.

5. And be it enacted, That the persons named in the first Commissionsection of this act be and they are hereby appointed com- subscripmissioners to receive subscriptions (and money on account thereof) to the said capital stock, and said commissioners, or a majority of them, may, immediately after the passage of this act, open books and take subscriptions, and receive moneys for or on account of said capital stock, in such manner as they may deem expedient; and whenever the subscriptions so received by them shall amount to the sum of twenty thousand dollars, and the moneys received by them on account thereof to ten thousand dollars, the said commissioners, or a majority of them, shall convene the stockholders of the corporation, by giving two weeks' notice in a newspaper published in said city of Newark, stating the time, place, and object of the meeting; and the said stockholders, or a majority of them, who shall meet pursuant to such notice, shall proceed then and there to make such by-laws as they may deem expedient; provided, the same shall not be contrary to the laws of this state or the United States, and to elect from among the stockholders of said corporation a president, vice-president, secretary, and treasurer, and as many managers as there may at the time be wards in the said city of Newark, who, together, shall constitute the board of directors of said corporation, and shall hold offices for one year and until other persons shall be elected in their stead, a meeting of the stockholders for which election shall annually thereafter be held at such time and place in the said city of Newark as by the by-laws of said corporation may be designated for the purpose; and

Commission

ers to trans

directors.

Capital stock not to be withdrawn.

to

Debts not to
exceed
amount of
capital
stock.

citizens of this state.

the number of said managers elected at such meetings shall be equal to the number of wards at the time in said city of Newark.

6. And be it enacted, That said commissioners, or a majority of them, as soon as said board of directors shall have been so chosen, shall transfer all moneys and subscriptions so taken and received by them as aforesaid, to the said board of directors, and said commissioners shall thereupon be discharged, and their further action in the premises cease and be at an end; and the remainder of said capital stock may be raised as the board of directors of said corporation shall deem expedient.

7. And be it enacted, That no part of the capital stock of said corporation shall at any time or under any pretence be withdrawn or refunded to the stockholders until all the debts and liabilities of said corporation shall have been fully paid and satisfied.

8. And be it enacted, That the whole amount of debts which said corporation shall at any time owe shall not exceed the amount of its capital stock actually subscribed for, and in case of any excess, the directors under whose administration it shall happen (except such director or directors as shall before the contracting of said debt, file in said clerk's office of Essex county his or their dissent to the contracting of such debt), shall be jointly and severally personally liable to the extent of such excess.

Officers to be 9. And be it enacted, That the officers of said corporation shall all be stockholders of said corporation and citizens of the United States and of this state, and shall at the time of their election reside in said city of Newark, and be legally entitled to vote therein; and the office or offices of the officers of said corporation shall, with the records, books, and papers of said corporation, be kept in said city of Newark.

Annual

statement to be made.

10. And be it enacted, That at the time of each annual meeting of said stockholders for choosing said board of directors, the board of directors of said corporation shall submit to said stockholders a written statement, verified by

the accompanying oath of the president (or in case of his absence or inability the vice-president), and secretary, of the capital stock paid in, the amount of debts existing against the corporation, as well as the receipts, credits, and assets of said corporation; and no dividend shall at any time be declared or paid except from the surplus profits of said corporation.

11. And be it enacted, That this act shall take effect immediately.

Approved February 18, 1858.

CHAPTER XLI.

AN ACT explanatory of the act entitled A further supplement to the act entitled "An act against usury," approved second March, one thousand eight hundred and fifty-four.

WHEREAS, the county of Union was set off from the county Preamble. of Essex, by act approved nineteenth March, one thousand eight hundred and fifty-seven; and whereas doubts have arisen whether the provisions of the said further supplement, approved second March, one thousand eight hundred and fifty-four, are in force, and applicable to, said county of Union, for remedy whereof

of former act

1. BE IT ENACTED by the Senate and General Assembly of Provisions the State of New Jersey, That all the provisions of the said extended. further supplement, approved second March, one thousand eight hundred and fifty-four, be, and the same are hereby declared to extend to and be in full force in the said county

Former contracts made

valid.

of Union, in the same manner, and to the same extent, as the same existed in the county of Essex, at the same time of the act creating the county of Union going into operation.

2. And be it enacted, That all contracts made in said county of Union since the said act creating said county went into operation, under and by virtue of the said supplement, approved second March, one thousand eight hundred and fifty-four, for the loan or forbearance of money upon which interest at the rate of seven per cent. has been or shall be taken, as provided in said supplement, shall be deemed and taken in all courts and places to be valid and legal, in the same manner and to the same extent as is authorized in and by said supplement in said county of Essex.

Approved February 18, 1858.

Mortgages

may be recorded in full.

CHAPTER XLII.

A FURTHER SUPPLEMENT to the act entitled "An act to register mortgages," approved April fifteenth, eighteen hundred and forty-six.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That it shall and may be lawful to record in full, in the books provided for the registry of mortgages, all mortgages authorized to be registered by the act to which this is a supplement, upon the request of the mortgagee, and upon his paying therefor the same fees as are allowed by law for recording deeds; and when any

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