in the settlement and prosecution of any claims or business, and the transfer and sale of any property of the company. 9. And be it enacted, That this act shall take effect immediately.

Approved March 16, 1870.

CHAPTER CCLXXVI.

An Act to incorporate the Somerset County Farmers' and Manufacturers' Association.

1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Henry H. Garretson, Charles porators. M. Jameson, Abraham T. Huff, F. V. L Disborough, Calvin Corle, Joseph Thompson, Andrew Fleming, Gilbert L. Kershow, Rockhill Robeson, John N. Hoagland, Elbridge Van Syckle, Peter A. Voorhees, Abraham Garretson, Stephen Voorhees, Augustus Van Zandt, Peter D. Staats, Andrew J. Farrand, L. E Rice, George W. Winsor, James M. Thompson, William P. Sutphen, Jacob Powelson, Andrew Rarick, Horace A. Vanderbeck, Samuel T. Voorhees, Henry Baird, William B. McMurty, John R. Lewis, Abraham Coriell, Thomas Simpson, James Verdon and David Palmer, of the county of Somerset, and their associates and successors, shall be and they are hereby constituted a body politic and corporate, by the name of "The Somerset County Farmers' and Corporate Manufacturers' Association," for the purpose of promoting the agricultural interests of said county, by public lectures, and by fairs and exhibitions of agricultural and mechanical products.

name.

capital stock.

2. And be it enacted, That the capital stock of said com- Amount of pany shall be ten thousand dollars, with liberty for said company to increase the same to fifteen thousand dollars, and shall be divided into shares of ten dollars each; and that the above named corporators are hereby appointed commismissioners to receive subscriptions to said stock, at such times and places as they, the said commissioners, may direct;

Proviso.

Payment of installments.

May make by. laws, &c.

Provise.

and that when five hundred shares shall be subscribed for, the said commissioners shall call a meeting of the stockholders, giving at least twenty days' notice of the time and place of said meeting, by advertisements in two of the public newspapers of said county, and that said stockholders shall thereupon proceed to elect nine directors to manage the affairs of the said association for one year, at which election the said commissioners, or so many of them as may be present, shall be judges; and at the expiration of that term, and annually thereafter, upon like notice to be given by the directors for the time being, said stockholders shall elect the same number of directors, and at every such election, and in all other cases in which the stockholders shall be entitled to vote, a vote may be given for each share, by the holder or holders thereof, either in person or by proxy; provided, neverthelees, that no stockholder shall have more than ten votes, although he or she may hold a greater number of shares.

3. And be it enacted, That at the time of subscribing for said stock, five dollars shall be paid upon each share subscribed for, which money shall be paid over to the treasurer of said association as soon as one shall be appointed, and the residue of the subscriptions shall be paid in installments at such times and places and to such persons as the president and directors of the association shall from time to time direct, and give public notice thereof in manner aforesaid; and upon failure of the payment thereof as so directed, said president and directors shall have power to forfeit the shares of each and every person so failing to pay the said installments, or any of them, to and for the use of said association. 4. And be it enacted, That the said association shall from time to time have power to make, ordain and establish such constitution, by-laws and regulations as they shall deem proper for the designation of the officers of such association, the election of the same, for prescribing their respective functions, and the mode of discharging the same, and for the transacting, managing and directing the affairs of the association; provided, such constitution, by-laws and regulations shall not be repugnant to the laws of this state or of the United States.

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

Approved March 16, 1870.

CHAPTER CCLXXVIII.

An Act to incorporate the Lake View Academical Institute.

name.

1 BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That James Crooks, Joseph Ban- porators. vard, John J. Brown, Samuel J. Knapp, John Swinburne, Henry B. Crosley, John Hopper, John N. Terhune, Franklin C. Beckwith, Robert Hamil, John V. E. Fredericks, Alfred Stoutenborough, senior, Samuel B. Fields and Alpheus S. Allen, and their associates, shall be and are hereby created, declared and constituted a body corporate and politic, in fact and in name, by the name of "The Lake View Academical Corporate Institute," and by that name they and their successors shall have continued succession, and may sue and be sued, plead and be impleaded, answer and be answered unto in all courts and places whatsoever, to make a common seal, and to purchase, take and have, hold, receive and enjoy any lands, tenements, hereditaments, in fee simple and otherwise, and any goods, chattels, legacies, donations, annuities or other personal property of what kind or quality soever, by gift, grant, devise, bequest or otherwise, and the same to grant, convey, mortgage, assign, sell or otherwise dispose of for the purpose of said corporation; and the said association hereby incorporated shall succeed to and is hereby vested with all the property, rights and privileges intended in this act, and that all property acquired by the said corporation shall be used expressly for the same.

2. And be it enacted, That the objects of this corporation objects. shall be for the promotion of education, and shall be located at Lake View, in the city of Paterson, and county of Passaic.

3. And be it enacted, That the capital stock of this cor- Amount of poration shall be fifty thousand dollars, with the privilege of capital stock. increasing the same from time to time to any sum not exceeding one hundred thousand dollars, to be divided into shares of one hundred dollars each, which shall be considered personal property and transferable on the books of the corporation; and any person holding one or more shares of stock

Directors,

&c.

shall be a member of the corporation, and shall be entitled at all meetings of the stockholders, or at any election or question at issue, to cast one vote, in person or by proxy, for each and every share of stock by him or her owned, and standing in his or her name on the books of said corpora

tion.

4. And be it enacted, That the persons named in the first how elected, section of this act, or a majority of them, are hereby appointed commissioners to open books to receive subscriptions to the capital stock of said corporation, at such time or times and such place or places as they, or a majority of them, may think proper; and whenever five thousand dollars of the capital stock shall have been subscribed, and shall be paid or secured to be paid, it shall and may be lawful for said corporation to purchase lands, and proceed to erect thereon such buildings as they may deem needful and proper, and otherwise carry out the objects of the corporation, and the above named persons, or a majority of them, shall then give notice. for a meeting of the stockholders, to choose not less than seven nor more than fifteen directors, who shall be stockholders in their own right and name, and the said commissioners, or a majority of them, shall be inspectors of the first election of directors of said ccrporation, and shall certify under their hands the names of those duly elected, and deliver over the subscription books to the said directors, and the time and place of holding the first meeting of directors shall be fixed by the said commissioners, or a majority of them.

Powers of directors.

5. And be it enacted, That a majority of said directors shall constitute a quorum for the transaction of business, and that said directors shall be elected annually by a meeting of the stockholders, and by a majority of the votes legally cast by the stockholders and representatives of stock; and the directors thus elected shall have power to make by-laws for their own government and that of the institution and its officers, which by laws shall not be repugnant to the laws of this state, nor of the United States; to fill vacancies occurring in their own body by means of death, removal, inability or refusal to serve of any person elected; and in the event of any failure or neglect of the stockholders to hold an election on the day annually appointed therefor, said directors shall continue in office until a new election shall be held, either at a special meeting of the stockholders, or at a subsequent annual meeting; the said directors shall at their first annual meeting, and

annually thereafter, elect a president, secretary and treasurer, and shall have power to appoint such other officers, professors and teachers, and fix compensation for the same, as they may, from time to time, deem necessary, and shall have power to establish, regulate and prescribe the course of studies to be taught and pursued in the said academy, and to fix the rates of tuition therefor, and to make all necessary rules and regulations for the maintenance and proper conduct of said academy.

6. And be it enacted, That the property and effects of the Property exsaid corporation, held or used for the purposes contemplated empt from tax by this act, to the amount or value of twenty-five thousand

dollars shall be exempt from taxation under the laws of this

state.

7. And be it enacted, That this corporation shall have the General powsame powers (except as herein otherwise provided) as are ra. provided in the act entitled "An Act concerning corporations," approved February fourteenth, eighteen hundred and forty-six.

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

Approved March 16, 1870.

CHAPTER CCLXXIX.

An Act to incorporate the Prospect Hill Cemetery Association, of Flemington.

1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Charles Bartles, William P. porators. Emery, John C. Hopewell, Judiah Higgins, and Abraham V. Van Fleet, and their associates, be and they are hereby constituted a body politic and corporate in law by the name of "The Prospect Hill Cemetery Association of Fleming- Corporate ton," with the general powers and privileges of a corporation.

name.