seal. and shall be subscribed by the president, or by such other without officer as may be designated by the company for that purpose, and attested by the secretary, and being so subscribed and attested shall be obligatory upon the company, according to the tenor, intent and meaning of this act and of such policies or contracts. chase and essary for 10. And be it enacted, That it shall and may be lawful May purfor said company to purchase and hold such and so much hold real real estate as shall be necessary for their acccommodation estate nec in the transaction of their business, and also to take and business. hold any real estate or securities bona fide, mortgaged or pledged to said company to secure the payment of any debt which may be contracted with them; and also to proceed on mortgage or other securities for the recovery of the moneys thereby secured, either at law or in equity, and to purchase on sales made under such proceedings, or otherwise, to take and receive any real estate in payment or towards satisfaction of any debt previously contracted with or due to said company, and the said real estate to mortgage, sell, exchange, or otherwise dispose of; and said company may invest their capital stock and accumulating premiums, from time to time, in public stocks, bonds and mortgages, as the directors may approve; provided, nothing in this act con- Proviso tained shall authorize said company to use its funds for banking purposes. ferable. 11. And be it enacted, That the capital stock of said cor- capital poration shall be transferable according to the rules and stock transregulations prescribed by the directors; and in case a subscriber or stockholder of any share or shares of said stock shall fail or refuse to pay any installment on his or her stock, when called in by the directors and required to be paid pursuant to the provisions of this act, it shall and may be lawful for the directors of said company and they are hereby authorized to forfeit the shares of each and every person so failing to pay such installment 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 such installments respectively. 12. And be it enacted, That it shall be lawful for the di- Directors rectors to make dividends of so much of the profits of end the company as shall appear advisable, among the stock dividends. holders, which dividends shall be paid to the parties entitled thereto or their legal representatives and this act shall take effect immediately. Approved March 24, 1874. corporators Corporate name. CHAPTER CCCLXVII. An act to incorporate the Camden County Land Company. 1. BE IT ENACTED by the Senate and General Assembly of Names of the State of New Jersey, That James P. Mechillon, William Sexton, William Moore, Jr., H. L. Bonsall, Geo. B. Carse, James E. Hays, and all such persons as may hereafter be associated with them, their successors and assigns, shall be and they are hereby constituted and declared to be a body corporate and politic, in fact and in law, by the name of "Camden County Land Company," and by that name shall have perpetual succession, and shall be capable in law of acquiring, purchasing and taking in fee, any lands, tenements, hereditaments and appurtenances thereunto belonging, in the county of Camden, and of using, holding, leasing, granting, conveying, improving, selling and dispos ing of such lands, tenements, hereditaments and appurten ances thereto belonging, or any part thereof, and may sell and dispose of any materials found within or upon such land, and may do and perform all acts necessary or proper for accomplishing the objects of the said company, hereby granted, and may make and receive all deeds, mortgages, transfers, conveyances, covenants, grants, contracts, agreements and bargains whatsoever, necessary for the said purpose. Capital stock. 2. And be it enacted, That the capital stock of the said company shall be one hundred thousand dollars, divided into shares of one hundred dollars each, with the privilege of increasing the said capital stock as hereinafter provided, which capital stock shall be personal property, and be transferable on the books of the company, as the by-laws of the company may provide. 3. And be it enacted, That the above named incorporators, sioners to subscrip or a majority of them, shall be commissioners to receive Commissubscriptions to the capital stock of the said company, open books at such time and place as they may direct; and at the time and receive of subscribing for said stock, such amount on each share tions. subscribed for shall be paid, satisfied, or satisfactorily secured to said commissioners as they, or a majority of them, shall direct, and the residue of the subscription shall be paid, satisfied or secured as the directors of the said company, when elected, shall from time to time direct, giving notice of such time and place in a newspaper printed and published in the county of Camden, for two weeks, at least once in each week, or may give such notice in writing, personally served on such stockholder, or left at his usual place of business or abode, for the like space of time, before such installments are required to be paid; and upon the failure of any person or persons to pay, satisfy or secure the payment of such installments, or any of them as aforesaid, the directors shall be empowered, after ten days there. after, to forfeit the share or shares of each and every person so failing, or any of them, to and for the use and benefit of said company; and any share or shares of stock, forfeited as aforesaid, may be held by the said company, or any person or persons, for its benefit, and may at any time be sold or disposed of for the benefit of the company, as said directors may determine; or may be divided proportionately among the remaining stockholders, to be by them held and enjoyed, or sold and transferred, with all the rights and benefits incident thereto, the same in all respects, as if they were original shares by them subscribed.. stockhold 4. And be it enacted, That whenever twenty-five thous-Meeting of and dollars of the capital stock aforesaid shall have been ers when to subscribed, said commissioners or a majority of them shall, be held. as soon as they deem expedient, give notice, in such manner as they may determine, of a meeting of the stockholders, at such time and place in the state of New Jersey, as said commissioners may designate, to choose not more than five nor more than seven directors, who shall hold their office for one year and until others are duly elected; and at such meeting of stockholders convened as aforesaid, said stockholders shall prescribe the time and place for holding the annual elections, and the number of directors of said company; which time, place and number of directors shall Number of votes stock titled to. not be changed, except at an annual election of said company; and the directors chosen at such meeting, or at the annual election of said company, shall, as soon as may be after their election, choose from their number a president of said company, who shall hold his office for one year and until his successor is duly appointed; and in case of the death, resignation, or other incapacity of the president or any director, the vacancy thereby created in the board of directors may be filled by the stockholders, at a meeting properly convened, for the remainder of the then current year. 5. And be it enacted, That at all elections by stockholders holder en- for officers of said company, and at all meetings of stockholders and upon all questions submitted to them, each stockholder shall cast one vote for each and every share of stock standing upon the books of said company in his or her name, which vote may be cast either by said stockholder in person or by proxy. May make and adopt seal. 6. And be it enacted, That the board of directors of said a common company shall have power to make and adopt a common seal, and the same to alter at pleasure; to appoint a treas urer, secretary and such other officers, clerks and servants of said company as they may deem necessary, and delegate to the president and to such other officer and servants of the said company as may be employed, such power and duties as they may deem expedient and proper, and prescribe their salaries and compensation, and may require security for the proper fulfillment of their respective duties; to prescribe the form of and to issue stock, and to make such by-laws, rules and regulations for the issuing and the transfer of the same, and the disposing of the property, effects and concerns of said company, and for the government and regula tion of the same, its officers, clerks and servants as said directors may determine, and generally direct the control and management of the business and affairs of said company, in such manner consistently with the provisions of this act as they may think proper. May let, lease, sell and con vey cer 7. And be it enacted, That the said company are hereby authorized and empowered to let, lease, mortgage, sell and tain lands. Convey all such lands, tenements, hereditaments and appurtenances thereunto belonging, as they may hold from time to time in whole or in parcels, either to persons or corporations; and, upon selling the same, to take mortgage or mortgages upon all or any part of said real estate, to secure part payment of the purchase money therefor; and may release the same, and may issue bond or bonds of the said company, and secure the payment thereof by mortgage or mortgages upon its real and personal estate or any part thereof; and may improve such lands as it may hold, by erecting or causing to be erected thereon workshops, factories and other buildings and structures of any kind and description, for all proper and legitimate uses and purposes; and may lay out such land and real estate into lots, streets, squares, avenues and other divisions; and may map and plot the same and number such lots; and may level and grade such land, and to construct on such land, aqueducts or reservoirs for carrying, collecting and providing water; and may use such land for agricultural and manufacturing purposes. increased. 8. And be it enacted, That said company may, by a vote capital of the stockholders holding a majority of all the shares of stock how stock, from time to time, to increase its capital stock to any sum not exceeding the sum of two hundred thousand dollars, and it shall be lawful for the directors of said company to issue certificates for such increased capital stock to each of the original stockholders in proportion to the amount of original stock held by them respectively, or at their option, to receive subscriptions for such increased capital stock in the same manner as said directors are hereinbefore authorized to receive subscriptions for original stock and to require payment for such subscriptions therefor, in such installments, and at such time and place, and in such manner as they may elect, and in the event of the non-payment of such installments or any of them, at the time or place or in the manner prescribed by said directors, the said stock may be forfeited and disposed of in the same manner provided by the third section of this act, in reference to the original capital stock of said company, and upon every increase of the capital stock of said company, an affidavit made by the president, and by one or more of the directors of said company, specifying the amount paid in under such increase of capital stock shall be filed in the office of the secretary of state. 9. And be it enacted, That any conveyance, deed, mort conveygage, lease, agreement, or other instrument in writing made ance, deed, by authority of this act, signed by the proper officers of said &c., when mortgage, |