2. And be it enacted, That this act shall take effect im mediately. Approved March 17, 1870. CHAPTER DXXVII. An Act to incorporate the Amboy Iron Works. amount of 1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That James Montgomery, Charles porators. H. Marvin, William Bell, James A. Cowing and Augustus T. Post, and such other persons as they may associate with them, and their successors, shall be and hereby are created a body politic and corporate. in fact and in law by the name of "The Amboy Iron Works;" that the capital stock of the Corporate said corporation shall be five hundred thousand dollars, di- name, and vided into shares of one hundred dollars each, which shall capital stock. be subscribed and paid in at such times, upon such notice and in such manner and installments as the directors of said corporation by their by-laws or otherwise may direct, that such payments shall be made either in money or in real or personal property, including patent rights necessary for the business of said corporation, and in case of payment in real or personal property including patent rights, the directors of said corporation may issue in payment therefor the stock of the said corporation upon such terms as they may deem best for its interests; that in case of the failure of any stockholder to pay any installment on his or her stock at the place and within thirty days of the time appointed by the said directors, for the payment thereof his or her share and shares of stock may be sold at public auction to the highest bidder, upon such notice and in such manner as the by-laws of the said corporation may prescribe, and the proceeds of such sale may be applied to the payment of any such installment, and each subscriber to the capital stock of said corporation shall be personally liable to said corporation for the full payment Stock transferable. Election of directors. First directors of all the stock that shall be subscribed for by him or her, until such stock shall be fully paid for. 2. And be it enacted, That the capital stock of said corporation shall be deemed personal property, and the shares of stock shall be transferable in such manner as the board of directors by their by-laws may direct; and every share of stock shall entitle the holder thereof to one vote either in person or by proxy. 3. And be it enacted, That the said corporation shall be organized and shall have all the rights and powers conferred by this act when one hundred thousand dollars of its capital stock shall be subscribed; the affairs of said corporation, shall, after its organization, be managed by at least five, and not exceeding nine directors, as shall be determined by the board of directors, such directors to be chosen, except as hereinafter provided, by the stockholders of said corporation annually, at such time and in such manner as the by-laws of said corporation may direct; a majority of the directors shall be a quorum for the transaction of business and the directors so chosen shall serve for one year and until others are chosen in their stead, and at least two weeks previous notice of the election of directors shall be given by the publication thereof in a newspaper printed and published in the county of Middlesex; said directors shall from time to time elect a president of the said corporation, from their own number, who shall hold his office until the next annual election for directors, and until another shall be elected in his place, and they may also appoint such other officers as they may deem necessary; and any vacancy in the board of di rectors may be filled by the remaining directors until the next election, and if for any reason the election for directors shall not be held at the time appointed, the corporation shall not for that reason or cause be dissolved, but such election may be held at any time thereafter; provided, two weeks notice shall be given of such election by the publication thereof in some newspaper published in the county of Middlesex. 4. And be it enacted, That James Montgomery, Charles H. Marvin, William Bell, James A. Cowing and Augustus T. Post, shall be the first directors of said corporation, and shall be authorized to receive subscriptions for the capital stock of said corporation, and a majority of them shall, as soon as convenient after the sum of one hundred thousand dollars of the capital stock shall be subscribed for, assemble and organize such corporation, and they shall continue in office until others as herein before directed shall be chosen in their stead. 5. And be it enacted, That the said corporation be and the objects. same is hereby authorized and empowered to carry on the business of ship and boat building and other manufacturing business and of selling and disposing of the things that shall be manufactured by said corporation, and take, hold, use, possess, convey, mortgage and dispose of real and personal property of every description; and said corporation shall at all times have an office in this state where a legal process may be served upon it. be increased. 6. And be it enacted. That the amount of the capital of the capital may said corporation may be increased from time to time as the board of directors shall determine to an amount not exceeding two million dollars. May make by 7. And be it enacted, That the said directors may from time to time make, alter and repeal by-laws for the government laws. of the said corporation, its officers and agents, the preservation and use of its property and the conduct and management of its business; provided, that no such by law shall conflict Proviso. with any law of this state; and the said board of directors may hold its meetings in the city of New York. taxation. 8. And be it enacted, That the real and personal property Subject to of the said corporation shall be subject to taxation in like manner as the property of individuals, and that the corporation shall not be subject to any other tax whatever. ers. 9. And be it enacted, That the said corporation shall pos- General powsess all the rights and powers, and be subject to all the liabilities incident to a corporation, and particularly that it shall possess all the rights and powers and be subject to the restrictions and liabilities provided for in an act entitled "An Act concerning corporations," approved February fourteenth, one thousand eight hundred and forty-six, and the several supplements thereto, so far as the same are applicable. 10. And be it enacted, That this act shall take effect immediately. Approved March 17, 1870. Assessment of taxes. Lands, where taxed. CHAPTER DXXVIII. A Supplement to the act entitled "An Act relative to taxes in certain Counties in this State," approved April second. one thousand eight hundred and sixty-nine. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the township of Wayne, in the county of Passaic, be, and is hereby included in the said act to which this is a supplement, and that the taxes hereafter to be assessed in the said township of Wayne, for the purposes mentioned in said act, shall be assessed and raised according to the provisions of the said act, and that the said act be so modified as not to include the said township in the exception in the said act mentioned. 2. And be it enacted, That all lands situate in the said township of Wayne, shall be assessed therein. 3. And be it enacted, That this act shall take effect immediately. Approved March 17, 1870. Annual report to be pub lished. CHAPTER DXXIX. A Further Supplement to an act entitled "An Act to divide the township of North Bergen, in the county of Hudson," passed February twenty-eight, one thousand eight hundred and sixty-one. 1. BE IT ENACTED by the Senate and General Assembly ef the State of New Jersey, That the annual report as audited by the township committee of North Bergen, shall at least ten days before the annual town election in said township, be published and distributed among the taxable inhabitants, said report to be in pamphlet form, and to explain the monetary concerns of the township by an exhibit of receipts and outlays setting forth clearly all credits and moneys that were received by the collector, the treasurer, and by any other person or persons in behalf of the township during the fiscal year, and the said township committee shall also designate an approximate total in funds, presumptively required to defray and liquidate the current and prospective expenses and obligations of said township for the coming fiscal year, giving likewise particular amounts as estimated by them, for printing, for salaries, and for any and all other needful disbursements, said approximate estimate to follow the statement of the yearly accounts in the annual report as aforesaid. inns and tav 2. And be it enacted, That under and by the title of "The Licensing of Inhabitants of the Township of North Bergen," said town- erns, &c. ship committee shall possess the prerogative and exercise the authority of prohibiting and regulating inns and taverns, with the power to license the keepers of the same within the bounds of said township; the petition of innkeepers, usual under the existing law, to be directed to the said township committee and to be recognized and recorded by the said township committee, who are empowered, for the use and revenue of said township, to require an annual fee of ten dollars from each person licensed to sell ale and beer, and a like fee of twenty five dollars from every person licensed to sell ale, beer, and other liquors, said committee are empowered to prohibit the sale of intoxicating drinks by any person or persons not licensed; provided, that all licenses shall Proviso. expire on the first day of May next ensuing their issue in each year. 3. And be it enacted, That hereafter the collector of Collector to North Bergen township shall, immediately after the second give notice. Monday in September in each year, give the notice required by the tenth section of "An Act concerning Taxes," approved April fourteenth, eighteen hundred and forty-six, and he shall make demand and give notice required by section eleven of said act, within ten days after the second Monday in September, and the final day fixed for payment of taxes shall not be later than the last Monday of October; the commissioners of appeal in cases of taxation are required annually to convene on the second Tuesday in Octo |