Proviso.

May make

estate shall not exceed the sum of two thousand dollars per annum; and provided also, that the estate of the said corporation shall not at any time be applied or appropriated to any purpose or object other than that of a charitable or benevolent nature, or for the relief of the members of said corporation, or for the payment of taxes and assessments. 4. And be it enacted, That the said corporation be, and by-laws,&c. they are hereby authorized and empowered to make, adopt and use, and from time to time to alter, amend or change, as may by them be deemed expedient, such general form of by-laws for the transaction of business, and for effecting the purposes and objects of the said society, as to the members thereof, when duly convened, shall seem right and proper; provided, that nothing in said by-laws shall be repugnant to the constitution and laws of the United States or of this state.

Proviso.

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

Approved March 17, 1874.

ed to man

and sell

CHAPTER CCXXIII.

A supplement to an act entitled "An act to incorporate the Union Car Spring Company," approved March the seventeenth, eighteen hundred and sixty-five.

1. BE IT ENACTED by the Senate and General Assembly of the Empower- State of New Jersey, That the Union Car Spring Manufac ufacture turing Company be and they are hereby authorized and steel tires, empowered to manufacture and sell in addition to the wheels, &c. manufactures which are now authorized to be made by them, steel tires, wheels and other materials connected with or incident to the business, and the equipment of railways.

Approved March 17, 1874.

CHAPTER CCXXIV.

A supplement to an act entitled "An act to incorporate the Stafford Mutual Insurance Company," approved March twenty-sixth, eighteen hundred and seventy-two.

stock.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That said company shall have the Capital privilege of having as an additional security to its policy holders, a capital stock divided into shares of one hundred dollars each, the capital stock not to exceed two hundred and fifty thousand dollars; and that ten per centum on each share subscribed shall be paid in at the time of subscription, and the directors may open books of subscription to the capital stock after two weeks' notice thereof by advertisement published in a newspaper in the county of Ocean; and said company may issue policies insuring against fire, May issue and the risks of ocean and inland navigation, and providing for participation in profits; and also policies providing against such participation.

policies,&c.

by whom

2. And be it enacted, That after said capital stock shall Directors have been subscribed, the directors of said company shall be elected. elected by the stockholders, each share of stock entitling the owner thereof to one vote.

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

Approved March 17, 1874.

Names of

CHAPTER CCXXV.

An act to incorporate the Upper Greenwich Hall Associa tion.

1. BE IT ENACTED by the Senate and General Assembly of the corporators State of New Jersey, That Job Carter, George Craft, Amos J. Penslee, John Haines and Job S. Haines, and all such other persons as may be hereafter associated with them, and their successors be and they are hereby created a body politic and corporate in fact and in law, by the name and title Corporate of the Upper Greenwich Hall Association," and by that name and title shall have and possess all the powers and privileges which by the laws of this state are now incident and belonging to corporations.

name

Object of 2. And be it enacted, That the object of the said associa association tion shall be to erect and maintain at Upper Greenwich, in the county of Gloucester, in this state, a suitable building or buildings, whereby to provide necessary and proper accommodations for lectures, meetings, exhibitions, stores, library rooms, and purposes of a like character.

Capital stock.

Commissioners to

3. And be it enacted, That the capital stock of said association shall be three thousand dollars, divided into shares of twenty-five dollars each, and shall be paid in by the stockholders at such time and in such manner and by such installments as the directors of said association shall direct, and such shares shall be deemed personal property and shall be transferable but only on the books of said associa tion, in such manner as the said association may by their bylaws direct; and the said association may at any time hereafter increase their capital stock to any amount not exceeding five thousand dollars.

4. And be it enacted, That the above named persons, or open books any three of them who may be chosen by a majority of said and receive persous, shall be and they are hereby appointed commistions. sioners to open the books and receive subscriptions to the capital stock of said association at such time and place and

subscrip

in such manner and amount as a majority of said commissioners may determine, and as soon as fifty shares of stock are subscribed the stockholders of said association, or a majority of them, are hereby authorized to hold their first meeting and at such time and place as they may determine and choose and elect a president, secretary, treasurer, and two other stockholders, who together shall constitute a board of directors, and such and so many other officers as may be necessary to carry out the objects of said association, which said officers and directors shall hold their offices for one year, and until others are elected in their stead.

dissolved if

held.

5. And be it enacted, That in case any election of officers corporaof said association should not be held upon the day when tion not pursuant to the by-laws of said association it ought to have election not been held, the corporation shall not for that reason be dissolved, but the stockholders may proceed to hold an election on any other day, ten days' notice of such election having been given by advertisement in a newspaper published in the county of Gloucester; and at all elections and meetings of said association each stockholder shall be entitled to one vote in person or by proxy for each share of stock held; and in case a vacancy should occur in any of the offices by death, resignation, or in any other manner whatsoever, the board of directors for the time being shall fill said vacancy by appointment of any person who is a stockholder in said association, and any person so appointed shall hold said office until the next annual election, and until another is elected in his stead.

6. And be it enacted, That it shall be lawful for the said May make association to make and establish such by-laws for the gov- by-laws,&c. ernment and management thereof, as may be deemed proper and necessary; provided, that such by-laws shall not conflict Proviso. with the constitution and laws of this state or the United States, or the provisions of this act.

chase and

and person

7. And be it enacted, That the said association, for the pur- May purpose of erecting and maintaining such buildings for the pur- hold real poses specified in section two of this act, shall have power al estate. and authority to receive by gift, grant, devise, bequest or purchase, and to use, hold, possess and enjoy such real and personal estate as shall be necessary and proper for the purpose herein before specified, and the same or any part of said real and personal estate to sell, lease, hire, mortgage, or otherwise dispose of at pleasure, and to ask, demand and receive for

May bor-`

row money.

Dividends by whom made.

the said association's own use, such sum or sums of money for the rental and use of such building or buildings or any part or parts thereof, as shall be fixed and determined by the said board of directors.

8. And be it enacted, That the said association shall have power and authority to borrow such sum or sums of money, from time to time, as shall be necessary for the uses and purposes of said association, as herein before specified and set forth, and to secure the payment thereof by bond or bonds and mortgage or otherwise, on the lands and real estate and appurtenances of, or belonging to said association, at a rate of interest not exceeding seven per centum per an

num.

9. And be it enacted, That so much of the profits of said association as the directors shall, from time to time think fit, shall be divided among the stockholders, but no dividend or dividends shall be declared which will impair the capital of said association.

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

Approved March 17, 1874.

Amendment.

Reduction

made.

CHAPTER CCXXVI.

A supplement to the act entitled "An act to incorporate the Phillipsburg Stove Works," approved February twentythird, eighteen hundred and seventy.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the act of incorporation of the Phillipsburg Stove Works," approved February twentythird, eighteen hundred and seventy, be so amended that the capital stock of said incorporation shall be twenty-five thousand dollars, divided into shares of fifty dollars each.

2. And be it enacted, That said reduction shall not be when to be made until all the stockholders shall agree thereto in writing signed by them and recorded in the books of the incor. poration.