CHAPTER CCCCLXXXII. A Supplement to an act entitled "An Act to develop and improve the water power of the Passaic river. WHEREAS, it appearing that the company interested in the Preamble. said act consent to the provisions of this act; therefore, Beatty's dam creased. 1. BE IT ENACTED by the Senate and General Assembly of Height of the State of New Jersey, That it shall not be lawful under the not to be inprovisions of the act to which this is a supplement, to increase the height of Beatty's dam in the Passaic river, at Little Falls, or to erect any dam in said river above said dam, anything in said act to the contrary notwithstanding. 2. And be it enacted, That this act shall take effect immediately. Approved April 16, 1868. CHAPTER CCCCLXXXIII. A Further Supplement to an act entitled "An Act for the instruction of indigent deaf and dumb persons inhabitants of this state," approved April tenth, eighteen hundred and forty-six. mute. 1. BE IT ENACTED by the Senate and General Assembly of Annual exthe State of New Jersey, That the annual expenses for each deaf teach deaf mute instructed at the charge of the fund provided by the act to which this is a supplement, shall not exceed the sum of two hundred and sixty dollars, unless the governor or person administering the government shall be satisfied that the means of such deaf mute, or those of his or her parents or guardians, are insufficient to keep such deaf mute supplied with suitable clothing during his or her term of instruction, in which case clothing may be supplied at the charge of said fund at an expense not exceeding twenty-five dollars in any one year for any one pupil so supplied. Payment for loss authorized to be made. Repealer. 2. And be it enacted, That the governor be authorized to pay to the New York Institution for the Instruction of the Deaf and Dumb the sum of four hundred and eighty dollars, to be drawn from the fund provided by the act to which this is a supplement, in repayment of loss actually sustained by that institution by reason of receiving compensation only at the rate of two hundred and forty dollars per annum for the maintenance and instruction and twenty five dollars per annum for the clothing of indigent deaf and dumb person inhabitants of this state during the last two years. 3. And be it enacted, That all acts and parts of acts inconsistent with the provisions and requirements of this act, shall be and the same are hereby repealed. 4. And be it enacted, That this act shall take effect immediately. Approved April 16, 1868. Commissioners to be ap plication of assessing dam manent character. CHAPTER CCCCLXXXIV. A Further Supplement to an act entitled "An Act to develop and improve the water power of the Passaic river,” approved March thirtieth, eighteen hundred and sixty-eight. 1. BE IT ENACTED by the Senate and General Assembly of pointed on ap- the State of New Jersey. That whenever, under the said act company, for lands or other real estate are authorized to be taken or used age of a per- by the company in said act named, for their use, like commissioners as are authorized to be appointed by said act, may on the application of the said company and in like manner as provided in said act, be appointed for assessing any damage of a permanent character, which the work or structure authorized by said act and requiring said lands may cause to any other lands or real estate though not taken and used therefor, and when such damage shall be assessed and paid the said company shall be exonerated and discharged from any further claim or demand in respect thereof; provided, that nothing herein contained shall be construed to make such com Proviso pany liable for any damage for which they would not otherwise be held legally liable and responsible. 2. And be it enacted, That this act shall take effect imme A Supplement to the act entitled "An Act to incorporate the Gloucester Turnpike Company," approved March fifth, eighteen hundred and fifty. over faster galt than a walk. 1. BE IT ENACTED by the Senate and General Assembly of Penalty for the State of New Jersey, That if any person or persons shall riding or drivride or drive, or suffer to be ridden or driven, any horse or bridge at t horses, mule or mules, or other animal or animals, on or over the bridge of said company over Great Timber Creek, at a faster gait than a walk, such person or persons so offending shall forfeit and pay for each and every such offence, the sum of five dollars to be recovered in an action of debt, with costs of suit, by any person who shall sue for the same, in any court of competent jurisdiction in this state, one-half of said penalty to be paid over, when collected, to the person by whom such suit was brought and the other half to be paid to the said company. put up. 2. And be it enacted, That said company shall within thirty Notice to be days after the passage of this act, cause to be erected and put up in a conspicuous place upon said bridge, and within the view of travellers, thereon a notice as follows: "All persons are prohibited from travelling over this bridge at a faster gait than a walk, under a penalty of five dollars.' 4. And be it enacted, That all acts or parts of acts incon- Repealer. sistent with this act, are hereby repealed, and that this act shall take effect immediately. Approved April 16, 1868. Corporators. Name. Capital stock. Powers and business of CHAPTER CCCCLXXXVI. An Act to incorporate the New Jersey Trust Company. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Albert Pearce, David E. Green, Robert M. Hening, Zebulon E. Carrington, William Green, and such other persons as may be hereafter associated with them, and their successors, are hereby constituted a body corporate, in fact and in law, under the name of "The New Jersey Trust Company," and by that name shall have perpetual succession, and may sue and be sued in any court whatever, with powers and privileges as are hereinafter provided. 2. And be it enacted, That the capital stock of said company shall be five hundred thousand dollars, in shares of one hundred dollars each; but when one hundred thousand dollars shall have been actually subscribed, and fifty thousand dollars paid in, in cash, the said company may organize and proceed to business under this act. 3. And be it enactea, That the said company shall have the company. power to guarantee the payment, punctual performance and collection of promissory notes, bills of exchange, contracts, bonds, accounts, claims, rents, annuities, mortgages, choses in action, evidence of debt and certificates of property or value, and the titles to property, real or personal, upon such terms as may be established by the board of directors of said company; to receive upon storage, deposit or otherwise, merchandise, bullion, specie, plate, stocks, bonds, promissory notes, certificates and evidences of debt, contracts, or other property, and to take the management, custody and charge of real or personal estate and property, and to advance moneys, securities and credits upon evidence of debt or any property, real or personal, on such terms as may be established by the directors of said company; but no rate of interest to exceed seven per centum per annum shall be charged or received by said company upon any transaction. Principal of fice, where located. 4. And be it enacted. That the business and the corporate powers of said company shall be exercised by a board of nine directors, to be chosen as hereinafter provided, who shall elect from their number a president, five of which directors shall constitute a quorum for the transaction of business, and the principal office of said company shall be located in the county of Hudson, in this state. to capital 5. And be it enacted, That the persons named in the first Subscriptions section of this act shall be and they are hereby appointed stock. commissioners to open books for subscriptions to the capital stock of said company, at such time and place as they, or a majority of them shall deem proper, and for such amounts as in their judgment the business of the company may require, but for no less amount of subscription than one hundred thousand dollars, as herein before provided; the persons named in the first section of this act shall be directors of said company for one year after the passage of this act, and until others are elected in their stead; the remaining directors for the same period shall be elected by a majority in interest of the stockholders, voting at an election to be held under the inspection of said commissioners within twenty days from the closing of the subscription called for by them; and all the directors must be stockholders in said company. and hold real 6. And be it enacted, That it shall be lawful for said com- May purchase pany to lease, purchase, hold and convey all such real or estate. personal estate as may be necessary to carry on their business, as well as such real or personal estate as they may deem it necessary to acquire in the enforcement or settlement of any claim or demand arising out of their business transactions, and to sell and exchange the same for other property as they may determine, that the interests of the company may require; and the said company are hereby authorized to make, execute and issue, in the transaction of their business, all necessary receipts, certificates and contracts, which shall bear the impress or stamp of the seal of the company, and shall be signed by the president, and countersigned by the secretary or treasurer thereof. may be in 7. And be it enacted, That it shall be lawful for said com- Capital stock pany to increase the amount of its capital stock in the manner creased. provided in and by an act entitled "An Act to authorize the establishment and to prescribe the duties of companies for manufacturing purposes," approved March second, eighteen hundred and forty-nine, and by the fourteenth section thereof, and by the supplement or supplements to said act. 8. And be it enacted, That the stock of said company shall stock transbe transferable only on the books of the company. ferable. |