CHAPTER CCVIII. An act to incorporate the Passaic Mining and Manufacturing Company. pur corporators name. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Sylvanus D. Brown, James Bell, Names of Garrett A. Hobart, William P. Richardson, and their associates be and they are hereby created a body politic and corporate, in fact and in law, by the name and style of "The Corporate. Passaic Mining and Manufacturing Company," for the pose of mining, smelting, manufacturing and vending iron ores, minerals, earth fossils and mineral substances of every kind and description, and carrying on the business incident thereto, and in dealing in and making all materials used in said business and appurtenant thereto; and for such purpose the said company shall or may raise by subscription, by opening the books therefor, or otherwise, a capital stock of one hundred thousand dollars, to be divided into shares of one hundred dollars each; and it shall be lawful for said company to issue certificates of stock in whole or in part payment for any real and personal property purchased or leased by said company for the purpose of their business aforesaid; provided, the business of said corporation shall Proviso. not commence until at least the sum of ten thousand dollars shall be paid in, or secured to be paid, to the satisfaction of corporators herein named. hold real 2. And be it enacted, That the said corporation may pur. May purchase, use, hold possess and enjoy such real estate, leases and chase and grants as may be necessary or expedient for the purposes of estate. said corporation, and may sell, mortgage, lease or otherwise dispose of the same at pleasure, and may borrow money and issue bonds therefor to an amount not exceeding, at any one time, one-half their paid up capital stock, and may sue or be sued in all courts of law or equity, and may have and use a common seal, and may change and alter the same at pleasure, and may make such by-laws for their regulation and government as they may see proper; provided, the same are Proviso Affairs of corporation managed. not inconsistent with the constitution and laws of the United States or of this state. 3. And be it enacted, That the affairs and business of said by whom corporation shall be managed by not less than three nor more than seven directors, who shall elect one of their number president; and said directors shall be stockholders in said. corporation, and shall hold their offices for one year and until others shall be chosen to fill their places; and directors shall be elected at the annual meeting of the stockholders to be held on such day, at such hour of the day, and at such place as the by-laws of the corporation shall direct, and until such annual election shall take place, the corporators herein named being stockholders, shall be directors of said corporation; a majority of the directors shall on all occasions when assembled at such time and place as the by-laws shall prescribe, constitute a body competent to transact business, and all business matters before them shall be decided by a majority of votes; and in case a vacancy shall occur in the board of directors by death, resignation, or a failure of the stockholders to elect the full number required by their by-laws, the remaining directors for the time being or a majority of them, shall have power to fill such vacancy or vacancies at any regular meeting of the board. Corporation not election not held. 4. And be it enacted, That in case it shall happen that an dissolved if election of directors shall not be made upon the day designated for that purpose, the said corporation shall not be deemed to be dissolved, but the stockholders may proceed to hold an election for directors on any other day, ten days' notice being given of the time and place of such election. Directors to 5. And be it enacted, That said directors shall submit to the stockhold- stockholders at their annual meeting a written statement of statement. the affairs of the said corporation, setting forth the amount of the capital stock paid in, the amount of money due to and from the said corporation, and the amount of all assets and property belonging to the said corporation as nearly as the same can be ascertained. submit to ers annual Location of office. 6. And be it enacted, That the principal office of the said principal company shall be in the county of Passaic, where the accounts of the said company shall be kept, to which any stockholder shall have free access at all reasonable times for the purpose of inspection; and that books of transfer of the stock shall also be kept and shall be evidence of the ownership of said stock in elections and other matters sub mitted to the decision of the stockholders of said corporation. tion how 7. And be it enacted, That the said corporation hereby Corpora created may be dissolved by a general meeting of the stock-dissolved. holders of the same, specially called for that purpose; pro- Proviso. vided, at least three-fourths in value of the stockholders shall concur therein; and upon such dissolution the directors for the time being and the survivors of them or such persons as the stockholders shall appoint shall be trustees for the settling all the affairs of the company, collecting and disposing of all its property and assets, paying its debts and dividing its surplus among the stockholders in proportion to their respective interests in the stock. corporation 8. And be it enacted, That the corporation hereby created Powers of shall possess the general powers and be subject to the general restrictions set forth in the act entitled "An act concerning corporations," approved on the fourteenth day of February, one thousand eight hundred and forty-six, so far as the same may be applicable. 9. And be it enacted, That this act shall take effect immediately. Approved March 12, 1874. CHAPTER CCIX. An act to incorporate the Plainfield Literary Union. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Charles M. Ulrich, John Van Names of Dyke, Alexander Hutcheons, A. Messerschmidt, John H. corporators Allen, Frank P. Doty, Charles W. Kellogg, Hugh M. Gilligan and Eli H. Bouton, and their successors, be and they are hereby constituted and declared to be a body corporate and politic, in law, by the name, style and title of "The Plainfield Corporate Literary Union," and by that name, they and their successors shall and may at all times hereafter, be capable in law of having, purchasing, holding and possessing any lands, tenements and hereditaments, and personal estate, purchased, name. Proviso. devised or bequeathed by any person or persons, body corporate or politic capable of making the same, and also to have a common seal, and the same to use at pleasure; provided, always, that the said corporation or body politic shall not at any time hold or possess property, real, personal or mixed, exceeding in value the sum of five thousand dollars. 2. And be it enacted, That this act shall take effect immediately. Approved March 12, 1874. Names of Commissioners to and receive tions. CHAPTER CCX. An act to incorporate the Ocean Beach and Squan River 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the subscription books of the capital stock of the Ocean Beach and Squan River Turnopen books pike Company shall be opened by Abram Bitner, Jr., Dasubscrip- vid Walling, John Remsen, Pitney Curtis, William V. Reid, Osborn Curtis and A. A. Higgins, or a majority of them, who are hereby appointed commissioners to receive subscriptions to the said stock, at such times and such places as they or a majority of them may direct, giving notice at least ten days prior to the opening of said books by publishing the same in at least two of the newspapers published in the county of Monmouth, in this state. Capital stock. 2. And be it enacted, That the capital stock of said com. pany shall be twelve thousand dollars, with liberty for said company to increase the same to a sum not exceeding twenty thousand dollars, and shall be divided into shares of twenty-five dollars each, and when one hundred shares shall be subscribed for the persons holding the same shall be, and they are hereby incorporated into a company by the name Corporate of the "Ocean Beach and Squan River Turnpike Company," and by that name shall have, enjoy and exercise all the rights, powers and privileges appertaining to corporate bod name. ies, and necessary to carry the objects of said company into effect. each scribed. 3. And be it enacted, That at the time for subscribing for Amount to said stock two dollars shall be paid upon each share sub- beadore scribed for to the commissioners, or any of them, which when submoney shall be paid over to the treasurer of the company as soon as one shall be appointed, and the residue of the subscription shall be paid in installments, at such times, and at such places, and to such persons as the president and the directors of the company shall from time to time direct or give public notice thereof in manner aforesaid; and up. on failure of the payment thereof, as so directed, the said president and directors shall have power to forfeit the shares of each and every person so failing to pay the said installments, or any of them, to and for the use of said company, provided that the stockholders shall, upon request, have the right to pay the stock subscribed for, except the first installment, by work upon said road under such regula tions, at such time and upon such notice as the directors may determine. to be null 4. And be it enacted, That if the number of shares here. When act inbefore made necessary for the incorporation of the said and void. company be not subscribed for within three years from the time of opening the said books, this act and all subscriptions under it shall be null and void, and the said commissioners, after deducting thereout the expenses incurred, shall return the residue of the money paid in to the respective subscribers or their representatives in proportion to the sums paid in by them. elected. 5. And be it enacted, That when one hundred shares of Directors said stock shall be subscribed for, the said commissioners when to be shall call a meeting of the stockholders giving at least six days' notice of the time and place of said meeting, as hereinbefore directed, with regard to the opening of said books, at which meeting the subscription book shall be laid before the stockholders, who shall thereupon proceed to elect five directors by ballot, a majority of whom shall be citizens of this state, to manage the affairs of said company for one year, at which election the said commissioners, or a majority of them, shall be judges, and at the expiration of that term, and annually thereafter, upon like notice to be given by the directors for the time being, the said stockholders shall elect by ballot the same number of directors, a major |