May receive deposits of

money on interest

CHAPTER CXXIX.

A Supplement to an act entitled "An Act to incorporate the International Life Insurance and Trust Company," approved April twenty-second, eighteen hundred and sixty-eight.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the said company shall have power to receive as deposits all sums of money which may be offered, in such sums and at such times and on such terms as the by-laws shall prescribe, which money so received shall be repaid to such depositor at such times and with such interest, not to exceed seven per centum, and under such regulations as shall be, by said company, from time to time prescribed; and the said company may accept and execute all such trusts of any and every description as may be committed to said company by any person or persons, corporation or corporations, by will or otherwise, or transferred to them by the order of any court; and the said company may take and accept by May hold real grant, assignment, transfer, devise or bequest, and hold any and personal real or personal estate on trusts created in accordance with the laws of this state, and execute such legal trusts in regard to the same on such terms as may be declared, established or agreed upon in regard thereto.

estate on trusts.

May hold real

estate.

2. And be it enacted, That the said company shall be, in and personal law, capable of purchasing, holding and conveying such real estate as shall be requisite for the purpose of erecting buildings thereon, in which to meet and transact the business of the company, or such as shall have been bona fide mortgaged to it by way of security, or conveyed to it in satisfaction of debts previously contracted, or purchased by it, either at sales on judgments or decrees which shall have been obtained for such debts or otherwise.

Preamble.

AND WHEREAS, certain bonds and mortgages made or assigned to said company have been assigned to the state treasurer as trustee and in trust and on deposit as security for, and for the benefit of all policy holders of the said company, under and in conformity with, and pursuant to the provisions of the act entitled "A Supplement to an

act entitled 'An Act to provide for the incorporation of insurance companies,"" approved March tenth, eighteen hundred and fifty-two, which supplement was approved March tenth, eighteen hundred and fifty-three, and for all the uses, interests and purposes provided by the laws of this state; and whereas, it may become necessary for said company to take a re-assignment of any or all of said bonds. and mortgages for the purpose of foreclosing or cancelling the same; now, therefore,

Duty of state

3. And be it enacted, That it shall be the duty of the state treasurer, upon the said company depositing with him treasurer. other bonds and mortgages equal in amount to the amount desired to be withdrawn, to re-assign to said company such bonds and mortgages as may be designated, the said company paying all the expenses attending such re-assignment.

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

Approved March 1, 1870.

CHAPTER CXXX.

A Further Supplement to the act entitled "An Act for the preservation of sheep," approved April fourteenth, eighteen hundred and forty-six.

1. BE IT ENACTED by the Senate and General Assembly of Cattle law exthe State of New Jersey, That the provision of the act enti- tended. tled "A Supplement to an act for the preservation of sheep," approved April fourteenth, eighteen hundred and forty-six, which supplement was passed March twenty-fourth, eighteen hundred and fifty-two, shall be extended to and be in full force and effect within the township of Greenwich, in the county of Warren, in this state.

2. And be it enacted, That the first, second, fifth and Repealer. tenth sections, and all such other sections and parts of sections of an act entitled "An Act for the preservation of sheep," approved April fourteenth, eighteen hundred and

forty-six, as are repugnant to or inconsistent with the provisions of this act, so far as relates to the township of Greenwich, in the county of Warren, shall be and the same are hereby repealed.

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

Approved March 1, 1870.

CHAPTER CXXXI.

An Act to authorize Robert Walker and Francis P. Walker to build wharves, piers and bulkheads in front of their lands on the Delaware river, in the township of Upper Penns Neck, Salem county, New Jersey.

Authorized to 1. BE IT ENACTED by the Senate and General Assembly of erect wharves. the State of New Jersey, That Robert Walker and Francis P.

Proviso.

Walker be and they are hereby authorized and empowered to erect and maintain all such wharves, piers and bulkheads in front of their lands on the Delaware river, in the township of Upper Penns Neck, Salem county, New Jersey, as they may deem proper and necessary for the improvement of their property, or for the benefit of commerce, and to collect wharfage for the use thereof, and to hold, use and enjoy the same to themselves, their heirs and assigns; provided, however, that no such wharf, pier or bulkhead shall be erected or built by virtue of this act for a greater distance than four hundred feet from high water mark, nor in front of the land of any other person.

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

Approved March 1, 1870.

CHAPTER CXXXII.

An Act to incorporate the Clarksville Bank.

porators.

name.

ers.

1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Lewis Young, George Fritts, Edward Humphrey, Joha Gardner, David H. Banghart, Marcus D. Wells and Martin Wyckoff, and their associates, shall be and they are hereby created a body politic and corporate, by the name of "The Clarksville Bank," and shall be loca- Corporate ted at Clarksville, in the county of Hunterdon, and state of New Jersey, and by that name they shall have and exercise banking powers and the incidental corporate powers enumera- Banking pow. ted in the first section of the act concerning corporations; provided, that the said corporation shall not trade or deal in Proviso. anything except money, bills of exchange, promissory notes, gold and silver bullion and the national legal notes of the United States, and shall in no case hold any real estate, goods, wares, merchandise, or chattels, except such as may be necessary for the convenient transaction of its business, or shall be mortgaged or pledged to it as security for debts, loans or contracts, or shall be conveyed or sold in full or in part satisfaction of debts previously contracted in the course of dealings, or shall be purchased upon judgment or execution for the purpose of bona fide making or securing a debt or debts due or owing said corporation.

subscriptions.

2. And be it enacted, That the capital stock of the said Amount of corporation shall be two hundred thousand dollars, and shall capital stock. be divided into shares of fifty dollars each; and that the said Lewis Young, George Fritts, Edward Humphrey, John Gard- Commissionner, David H. Banghart, Marcus D. Wells and Martin ers to receive Wyckoff, or a majority of them shall be and they are hereby appointed commissioners to open at Clarksville, in said county of Hunterdon, books of subscriptions for, and receive subscriptions to said capital stock, giving at least twenty days' notice in one of the newspapers printed in said county of Hunterdon, of the time and place of receiving said subscriptions; that the said books, after having been opened shall be kept open for three successive days, unless the

Directors, officers, &c.

amount of said capital stock shall be sooner subscribed for; that upon the first day of opening said books no persons but citizens of the state of New Jersey shall be allowed to subscribe for said stock, and at the time of subscribing for said stock the respective subscribers shall pay to said commissioners five dollars for each share subscribed for.

3. And be it enacted, That the affairs of the said corporation shall be managed by a board of nine directors, five of whom shall be a quorum for the transaction of business except in cases of discount, which may be regulated by the bylaws; that said directors shall be stockholders and shall before entering upon the duties of their office, severally take and subscribe an oath or affirmation, faithfully to execute the trust reposed in them as directors; that the directors shall hold their offices for one year, and until their successors shall be chosen; that the annual election of directors shall be held on the second Tuesday of May in every year, at the banking house of said corporation, at such time as the board of directors shall appoint, of which election at least twenty days notice shall be given by the directors, by an advertisement in one of the newspapers printed in said county of Hunterdon; that the said election shall be by ballot, those having the greatest number of votes to be deemed elected, and shall be by such of the stockholders as may attend in person or by proxy, they being respectively entitled to one vote for each share of stock held in his, her or their own name for at least three calendar months next before the election; that for the well-ordering of said election, the board of directors shall previously thereto, appoint three stockholders not being directors, to be judges thereof, who shall conduct the election and determine upon the legality of votes, the eligibility of persons voted for, and who shall be elected; and in all cases of an equality of votes between two or more persons voted for, avoiding an election of a full board, the said judges, or a majority of them, shall thereupon select from those not elected having the highest number of votes, as many as may be required to make up the full number of nine directors; and the directors so elected shall, at the first meeting thereafter, when a quorum shall be present, elect one of said nine directors to be president, as well of their board as of the said corporation; and whenever a vacancy shall occur in said board of directors, by death, resignation, or otherwise, such vacancy may be filled for the remainder of the year by the