the same shall be determined by the commissioners of appeal in cases of taxation for said township.

21. And be it enacted, That all acts relating to the election Repeater. of overseers of the highways in the township of Shrewsbury, so far as they relate to the parts of said township embraced within the aforesaid limits of the town of Red Bank, are hereby repealed.

provements to

22. And be it enacted, That it shall and may be lawful Money for imfor the legal voters of said town, at their annual election for bo voted upon town officers as hereinbefore provided, or at any special election appointed by the board of commissioners for that purpose, by notice in writing, set up in at least five public places in said town, for at least ten days before the day appointed for holding such special elections, to vote by ballot for such sum or sums of money for the then ensuing year, as they may think necessary for any special purposes for the improvement of said town of Red Bank, other than is hereinbefore provided for in this act; provided, that such sums in Proviso. the aggregate shall not exceed in any one year fifteen cents on each hundred dollars of the valuation of the taxable property liable to assessment under this act, which sum or sums of money so voted shall be assessed and levied and collected under the direction of said board of commissioners, in the same way and manner as is hereinbefore provided for the collection of the moneys for street crossings, lighting streets, and so forth.

ers not to re

sation.

23. And be it enacted, That no compensation shall be paid Commissionto any of said commissioners; that no moneys shall be paid ceive compenby the treasurer of said board of commissioners for any purposes under this act, except upon resolution of the board upon bills countersigned by the chairman; and that the town clerk of said town shall keep minutes of the proceedings of said board, and record the same in a book provided for that purpose..

inent.

24. And be it enacted, That said commissioners shall render Annual statefull and detailed statements of all moneys collected and expended by virtue of the provisions of this act on the day of each annual election for officers under said act; and at the place of holding such election, before said election takes place, and by publishing at least one week before said annual election, a synopsis of said statements in the newspaper printed and published in said town of Red Bank.

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

Approved March 17, 1870.

Names of corporators.

Corporate

name.

Amount of capital stock.

rectors.

CHAPTER CCCCLXXVII.

An Act to incorporate the Randolph Land Improvement Com

pany.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That J. Warburton King, Joseph S. Kendall, Edward B. Southworth, Allen L. Bassett, James S. Edwards, Theodore Mace and Henry Harmah, and such other persons as they may hereafter associate with them, be and they are hereby constituted and declared a body corpor ate and politic in fact and in law by the name of "The Randolph Land Improvement Company," to have a corporate seal to sue and be sued by their corporate name, and in their corporate name to purchase, hold, improve and sell real estate or any interest therein, establish on such real estate as they may purchase and hold, a settlement, or colony of settlers with educational and religious institutions.

2. And be it enacted, That the capital stock of said company shall consist of five thousand shares of fifty dollars each, with the liberty to increase the same from time to time not exceeding ten thousand shares, which shall be deemed personal property, and transferable in such manner as the company may by their by-laws direct.

Election of di- 3. And be it enacted. That the property and affairs of the said company shall be managed and conducted by a board of seven directors, shareholders in said company, a majority of whom shall be residents of this state, who shall be chosen annually at such place in the county of Essex, and at such times and in such manner and upon such notice as the bylaws of said company shall direct, each share of the capital stock entitling the holder to one vote, either in person or by proxy, and that J. Warburton King, Allen L. Bassett, Ed

ward B. Southworth, James S. Edwards, Joseph S. Kendall, First directors Henry Harmah and Theodore Mace, shall be first directors under this charter, to continue in office till others are elected or appointed in their stead, and they shall have power to fill any vacancy which at any time may exist in the board by death or otherwise until the next succeeding annual election.

4. And be it enacted, That the directors of said company, officers. a majority of whom shall constitute a quorum competent to transact all business, shall choose one of their number to be president and may appoint such other officers and agents as they may deem expedient.

hold and sell

sonal estate.

5. And be it enacted, That the president and directors of May purchase, said company be and they are hereby authorized and in real and pervested with all the rights and powers necessary and expedient to purchase, hold, use, and improve, sell and dispose of real estate or any interest therein in the state of New Jersey, to survey such real estate as they may purchase, to lay it out in such lots, to lay out and establish or locate thereon such streets or lines of division and to sell it in such

lots and at such prices as shall to said company seem best calculated to improve and build up said settlement.

&c., to be

sident and

6. And be it enacted, That any conveyance, deed, lease, Conveyances, agreement or other instrument signed by the president and signed by presecretary of said company and duly acknowledged according secretary. to the laws of the state of New Jersey, shall have full force and effectd said company to all the covenants and conditions therein contained.

provement to

7. And be it enacted, That for the purpose of restricting System of imnuisances and of compelling a uniform system of improve- be uniform. ment in said settlement, the said company are hereby authorized and invested with full power to incorporate into any deed of conveyance made by them, whether fee simple or otherwise a clause or condition forbidding the sale upon the premises so conveyed by said company, of any spirituous or intoxicating liquors and forbidding any nuisance which the said company may deem detrimental to the interests and prosperity of said settlement, and to require any grantee of said company to make and maintain such style and character of improvements on said lots so conveyed or on the streets fronting thereon as to the said company may seem most expedient for securing a uniform system of development and improvement throughout the said settlement.

8. And be it enacted, That for the purpose of enforcing

be enforced

for non-compliance.

Penalty may the provisions of the last section, the said company are hereby authorized and invested with power to attach to said,clause to restrict nuisances and regulate improvements a penal sum, which said grantee shall forfeit upon any non-fulfillment or non compliance therewith, and said sum the said company may recover in any court of record having competent jurisdiction in actions of debt.

Dividends

May borrow

money and se

by bond and

mortgage.

9. And be it enacted, That the president and directors of the said company shall declare and make such dividends as they may deem prudent and proper, from time to time, out of the profits of said company.

10. And be it enacted, That the said company shall have cure the same power to borrow such sum or sums of money, from time to time, as shall be necessary to carry out the objects of said company, and to secure the repayment thereof by the execution and negotiation of any bond or bonds, and secured by mortgage on the said lands, privileges, franchises and appurtenances of and belonging to said company, said bonds bearing not more than seven per centum interest per annum.

How dissolved

Proviso.

11. And be it enacted, That the said corporation may be dissolved at any time by a general meeting of the stockholders, specially summoned for that purpose, by the president of said corporation, by direction of the board of directors, or a majority of them; provided, that at least two-thirds in value of the stock be represented therein, and upon such dissolution the directors for the time being, or the survivors or survivor of them, shall be the trustees for settling all the affairs of said corporation, and dividing the surplus among the stockholders in proportion to their respective interest therein, unless the stockholders at such meeting shall appoint one or more persons for such purpose, in which case the person so appointed shall be trustee for the purpose aforesaid. 12. And be it enacted, That this act shall take effect immediately.

Approved March 17, 1870.

CHAPTER CCCCLXXVIII.

An Act to incorporate the Bergen City Savings Bank.

1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That John R. Mullany, William porators. Brinkerhoff, Stephen D. Harrison, William H. Bumsted, Delos E. Culver, Samuel C. Nelson, James Soper, Daniel L. Holden, Menzies R. Case, John M. Corneilson, James M. Barrows, James A. Alexander, George W. Helm, Peter Henderson, John A. Bouker, Michael S. Allison and Humphrey Price, and their successors, shall be and are hereby constituted a body corporate and politic by the name of "The Corporate Bergen City Savings Bank."

name.

2. And be it enacted, That the business of the said corpo- Election of ration shall be conducted by nine managers, five of whom managers shall constitute a quorum; and the seat of any manager who shall have neglected to attend for four successive meetings may be vacated by the board, and when the seat of any member of the board of managers shall from any cause become vacant, the other members may fill such vacancies by the vote of the majority of the board, such vacancies to be filled at the first regular meeting of the board held after such vacancy having occurred; the first managers shall be elected from the persons named in the first section of this act, by a majority of the votes, the said incorporators having the right to vote by proxy; the board of managers shall meet at least once in every three months to attend to the business of the corporation, and there shall be an annual meeting of the board held on the first Monday in May for the purpose of choosing one of their number president, and appointing a cashier and such officers or agents as may appear to them necessary for conducting the business of the bank, which officers so chosen and appointed shall continue in office for one year, and until others are chosen and appointed in their place, and they shall be under oath, and if necessary required to give security for the faithful and honest performance of the duties of their respective offices.

3. And be it enacted, That the office or place of business