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Not dissolved by failure to
Books of ac.
election shall be given, not less than ten days previous thereto, and each stockholder shall be entitled to as many votes, in person or by proxy, as he, she or they shail hold shares of the capital stock of the said corporation.
6. And be it enacted, That in case it should at any time elect directors happen that an election should not be held on the day when,
pursuant to this act, it ought to be held, the said corporation shall not for that cause be deemed dissolved, but it shall and may be lawful to hold such election on such other day, in the manner aforesaid, as shall be prescribed by the laws of said corporation ; and the said James Crooks, Alfred N. Horton, and John V. E. Fredericks, shall be commissioners to open books and receive subscriptions for the capital stock of said corporation, and to call the first meeting of the stockholders for the election of directors.
7. And be it enacted, That the directors shall at all times femint to be keep, or cause to be kept, proper books of account, in which
shall be regularly entered all the transactions of the said corporation, which books shall at all times be open to the inspection of the stockholders or their legal attorney or attorneys; and further, that no transfer of stock shall be valid or effectual until such transfer shall be entered or registered in a book kept by the directors for that purpose.
8. And be it enacted, That whenever the sum of ten thousand dollars of the said capital stock as aforesaid is subscribed, and ten dollars on each share paid in, or secured to be paid in, it shall and may be lawful for said corporation to proceed to carry into effect the objects of said corporation; and that installments of the shares subscribed may be called in as the wants of the association may require; and any stockholder refusing or neglecting to pay the installments as required by the directors, after thirty days' notice, his, her or their installments paid in may be forfeited to the association, by order of the directors.
9. And be it enacted, That this act shall take effect immediately, and be subject to the restrictions and liabilities contained in the act entitled “ An act concerning corporations, approved February fourteenth, eighteen hundred and fortysix, and the supplements thereto, as far as the same are applicable.
Approved February 26, 1868.
Capital, how paid in, and forfeited for non-payment.
A Supplement to “ An Act to incorporate the Morris County
Mutual Life and Fire Insurance Company," approved February twenty-eighth, eighteen hundred and forty-nine.
1. BE IT ENACTED by the Senate and General Assembly of act extended. the State of New Jersey, That said act shall continue in force twenty years from and after the expiration of the time fixed in section tenth of said act.
Approved February 26, 1868.
A Supplement to "An Act to incorporate the Burlington
County Agricultural Society.”
WHEREAS, the Burlington County Agricultural Society by its Preamble.
act of incorporation, approved March fourth, eighteen hundred and fifty-two, was empowered to purchase and hold real estate, and erect buildings thereon for the purposes of the society; and whereas, in order to raise the funds for that purpose, life member tickets have been sold to divers persons for ten dollars each, the holders of which tickets constitute the actual members of said society, and who in case said society should cease to exist should be entitled to the assets of said society in equal shares; and whereas, the property now held by said society is valuable, and it is deemed advisable to place the same on a more permanent basis, and definitely define the ownership; therefore,
1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That said society shall, and they are hereby authorized to issue one thousand shares of stock, to be called the capital stock of said company, of the par value of ten dollars each, with the privilege of increasing the number of shares as the society may hereafter deem advisable.
Certificates of tock issued
2. And be it enacted, That a certificate for one share of to lite mem- said stock shall be issued to each person holding a life mem
ber's ticket in lieu thereof, and the balance of said stock shall be sold to such persons as shall desire to purchase the same at ten dollars per share; provided, that no person shall at any time be allowed to hold more than one share of said capital stock.
3. And be it enacted, That such share of stock shall entitle the holders thereof to one vote at all elections held for officers of said society or other business, and also to all the privileges which are now enjoyed by life members under the constitution and by-laws of said society; provided, however, that no person shall be entitled or allowed to vote by proxy.
4. And be it enacted, That said stock shall be deemed and taken as personal property, and transferable on the books of said society, and whenever the receipts shall exceed the expenses, the officers of the society shall have power to declare a dividend upon the capital stock, if deemed advisable, to be paid to the stockholders.
5. And be it enacted, That the capital stock of said society, to the amount of ten thousand dollars, shall not be liable to have any tax or taxes assessed and levied upon it for any purpose whatsoever, so long as, and no longer than the said society declares and pays no dividend on its capital stock.
6. And be it enacted, That from and after the passage of this act it shall not be lawful for any person or persons to erect, place or have any booth, stali, tent, carriage, boat, building of any description, or other place for the purpose or use of selling, giving or otherwise disposing of any kind of articles of traffic, spirituous liquors, wine, porter, beer, cider, or any other fermented, mixed or strong drink, or for the purpose of holding, having or making any show, exhibition, concert, or any other show or amusement of any kind whatsoever, for gain or pleasure, within half a mile of the boundaries of the grounds of said society during the time of any exhibi. tion of said society; provided, that nothing in this act contained shall be taken or construed so as to effect any licensed tavern-keepers in his or her ordinary and lawful business at his or her usual place of residence specified in his or her license; nor shall it be so construed as to effect any merchant, shop-keeper, farmer, mechanic or other person in the usual and lawful transaction of his, her or their ordinary concerns and business in their usual places of doing such business.
Acts declared unlawful.
7. And be it enacted, That if any person or persons shall Penalties. or do violate the preceding section of this act, he, she or they shall be liable to the same penalties or forfeitures which shall be enforced in the same manner as is prescribed against offenders under an act of this state, entitled “ An Act to prevent the disturbance of meetings held for the purpose of religious worship,” passed February second, eighteen hundred and twenty.
8. And be it enacted, That so much of the original act as is Repealer. inconsistent herewith, be and the same is hereby repealed, and this act shall be deemed a public act and take effect immediately.
Approved February 26, 1868.
An Act to incorporate the Trenton Fire Insurance Company
1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That all such persons as shall be. come stockholders of the capital stock hereinafter mentioned, their successors and assigns, shall be and are hereby constituted and declared to be a body corporate, by the name and style of “ The Trenton Fire Insurance Company,” to be lo- Name. cated in the city of Trenton, in the county of Mercer, and state of New Jersey.
2. And be it enacted, That the capital stock of said com-Capital stock pany shall not exceed two hundred thousand dollars, and shall be divided into shares of fifty dollars each; and there shall be paid into the treasury of said corporation by each subscriber of the capital stock, at the time of subscribing, an installment of twenty-five per centum in cash on the capital stock by him subscribed for, the remainder to be paid in such installments, at such time and upon such notice, as the board of directors of said corporation may determine; and the said company shall not commence the business of insurance hereby
authorized until fifty thousand dollars of the capital herein
authorized is actually paid into the treasury thereof. Von-payment 3. And be it enacted, That in case any stockholder in the ments incur a Trenton Fire Insurance Company shall fail or refuse to pay
any installment on his or her stock when called in by the directors, and required to be paid in accordance with the second section of this act, it shall be lawful for the directors of said company, and they are hereby authorized, to forfeit the share of each and every person so failing to pay such installments, or any of them, to and for the use of the company, or at their option, to sue for and recover the installment or installments so remaining unpaid of the person or persons in whose name such stock shall stand on the books of the company at the time of calling in the said installments respectively.
4. And be it enacted, That the stock, property and affairs their terms of said corporation shall be managed and conducted by fifteen
directors, all of whom shall be stockholders and residents of this state; they shall continue in office for the term of one year, or until others shall be chosen in their place; they shall choose out of their body a president, vice president and treasurer; all vacancies may be filled for the remainder of the year by such person or persons as a majority of the board of directors for the time being may appoint, a majority of whom shall form a quorum for the transaction of business.
5. And be it enacted, That the annual election for directors shall be held on the second Tuesday in May in every year, at the office of the company, or such other place as a majority of the directors may previously designate, of which said election a public notice shall be given by the secretary in the newspapers printed in the city of Trenton, at least two weeks previous to the time of holding the election, such election to be held in such manner as may be prescribed by the rules and regulations of said company; and in case it should happen that an election for directors should not be held on the day when, pursuant to this act, it ought to have been held, the said corporation shall not for that cause be dissolved, but it shall and may be lawful on any other day to hold such election.
6. And be it enacted, That the said board of directors shall have power to establish and ordain such by-laws and regulations as they or a majority of them shall deem proper, and to alter or change the same at pleasure; to elect a secretary and fix the compensation of the same, to adopt a com
Election of di. rectors.
Powers of directors.