Chancellor may order an 12. And be it enacted, That upon the application of any investigation three depositors in said bank, and stating the facts verified corporation. by affidavits, the chancellor may, in his discretion, order a of affairs of Public act. strict examination to be made by one of the masters of his court, or by any other disinterested person or persons, not exceeding three, appointed by him for that purpose, of all the affairs of said corporation, for the purpose of ascertaining the safety of its investments and the prudence of its management, and the result of every such examination, together with the opinion of the master, or of such other person or persons to be appointed by the chancellor as aforesaid, and of the chancellor thereon, shall be published in such manner as the chancellor shall direct, who shall make such order, in respect to the expenses of such examination and publication, as he may deem proper, and may also make such other order or orders, and direct such further and other proceedings as he may deem necessary and proper for the due protection of the interests of the depositors in said corporation. 13. And be it enacted, That this act is hereby declared to be a public act, and that the same shall be construed in all courts favorably, and benignly for every beneficial purpose therein intended, and that the same shall take effect immediately. Approved March 20, 1857. CHAPTER CCIII. AN ACT to incorporate the Frechold Gas Light Company. porators. 1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That James S. Lawrence, Enoch L. Cowart, David C. Perrine, Charles A. Bennett, John R. Haley, William H. Conover, and Aaron R. Throckmorton, and all and every person or persons who may become subscribers according to the mode hereinafter prescribed, and their successors, are hereby created a body politic and corporate in fact, by the name of the "Freehold Gas Light Company," and by the said name the said corporation shall have power and authority to manufacture, inake and sell gas for the purpose of lighting the streets, buildings, and other places in the town of Freehold and its vicinity, and to hold and convey real estate necessary for the purposes of the corporation. authorized to 2. And be it enacted, That the said corporation shall have corporation power to lay down their gas pipes, and erect gas posts, lay down pipes burners and reflectors, in the streets, alleys, lanes, avenues, public grounds and plank roads in the town of Freehold and its vicinity, and to do all things necessary to light the said town and the dwellings, stores, and other places situated therein; provided, that the public travel shall at no time be Proviso. affected by the laying of the said pipes, and the streets, plank roads, side and cross walks, public grounds, lanes and avenues shall not be injured, but shall be left in as good condition as before the laying the said pipes and erection of the said posts. Commission 3. And be it enacted, That James S. Lawrence, Enoch L. Cowart, David C. Perrine, Charles A. Bennett, John R. ers to receive subscriptions. Haley, William H. Conover, and Aaron R. Throckmorton, are hereby appointed commissioners for receiving subscriptions for the sum of thirty thousand dollars to constitute the capital stock of the said corporation, in shares of twenty-five dollars each, and the said commissioners, or a majority of them, shall open books for that purpose at such time and in such place or places in this state, as they shall designate by Annual election for directors. public advertisement previously inserted for at least three weeks in a newspaper printed at Freehold, and shall keep the same open as long as they deem necessary, and may close the same at their discretion, and again open the same from time to time, giving like notice, and shall require each subscriber to pay to them at the time of subscribing, such per cent. on each share subscribed, as they may deem expedient, not exceeding ten per cent. on each share subscribed, which shall be paid over to the directors of said corporation, to be appointed as hereinafter directed; and all the powers of the said commissioners shall cease on the appointment of the directors, and the board of directors, when appointed, shall have power and they are hereby authorized from time to time to open the books for further subscription, until the whole stock subscribed amounts to thirty thousand dollars, and are also authorized to call upon the subscribers, by public advertisement in a newspaper printed at Freehold for three weeks, for the payment of further installments, in such sum or sums, and at such time or times, and under such for feiture or forfeitures as they may deem expedient, until the whole amount of said shares so subscribed shall be fully paid. 4. And be it enacted, That the management of the concerns of the company shall be vested in five directors to be selected from the stockholders, a majority of which directors shall be citizens of the state of New Jersey, and the said directors shall choose, by a plurality of votes, from among themselves a president; and, as soon as conviently may be after six thousand dollars shall have been subscribed, the said commissioners, or a majority of them, shall convéne the stockholders by public notice for three weeks in a newspaper printed in Freehold, and at such time and place in Freehold as they shall designate in such notice to choose the first board of directors, who shall hold their offices until the then next succeeding first Monday in May, and they shall hold their offices from the first Monday in May in every year for one year, and shall be elected on the first Monday in May in each year, at such time and place in Freehold as a majority of the directors shall appoint, and public notice shall be given of the time and place of holding such election for ten days in a newspaper printed in Freehold; and any vacancy in said board of directors may be supplied by appointments to be made by the board of directors until the next election; and all elections shall be by ballot of the stockholders or their proxies, allowing one vote for each share which they shall have held in his, her or their name or names at least one month before the time of voting. not dissolved elect on day 5. And be it enacted, That if at any time an election shall Corporation not be held on the day herein appointed, the corporation for failure to shall not for that reason be dissolved, but the directors for prescribed. the time being shall remain in office until others are duly elected, which may be at any time designated by the board of directors, on public notice as aforesaid for ten days. 6. And be it enacted, That the directors for the time being Quorum. shall form a board, and they, or a majority of them, shall be a quorum for transacting business. ferable. 7. And be it enacted, That the stock of the corporation Stock transshall be transferable, according to the regulations of the directors, and shall be considered personal property, and the stock and transfer books, and all proper books of account in which shall be fairly and truly entered all the transactions of the company, shall be kept at some suitable place in Freehold, and shall be at all times open for the inspection of the stockholders. injuring 8. And be it enacted, That if any person or persons shall Penalty for wilfully do or cause to be done any act or acts whatsoever, works. with intent thereby to injure any conduit, pipe, cock, machine, post or structure whatsoever, or anything appertain ing to the works of the said corporation, or whereby the same may be stopped, obstructed or injured, the person or persons so offending shall be considered guilty of a misdemeanor, and being thereof convicted, shall be punished by fine not exceeding three hundred dollars, or imprisonment at hard labor not exceeding two years, or both; provided, Proviso. such criminal conviction shall not in any way impair the. right of action for damages by a civil suit, which said civil suit is hereby authorized to be brought for any such injury as aforesaid, by and in the name of the said corportion, in any court of this state having cognizance of the same. Company may borrow money 9. And be it enacted, That the said company shall have power to borrow money at any time or times not exceeding two-thirds of their capital paid in, and to secure any money so borrowed, to give bond or bonds or other evidences of debt, and mortgage or mortgages upon their property, franchises and privileges, and by such other assurance or assurances as they may deem expedient. 10. And be it enacted, That this act shall take effect immediately. Approved March 20, 1857. Names of corporators. Amount of capital stock. CHAPTER CCIV. AN ACT to incorporate the Salem Reservoir and Water Com pany. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That R. M. Acton, Thomas Sinnickson, Jr., B. Acton, J. Tyler, Jos. Petit, J. N. Cooper, S. C. Harbert, and their associates, and all other persons who shall become subscribers to the capital stock hereby created, and their successors shall be and they are hereby incorporated and made a body politic and corporate, in fact and in law, by the name of The Salem Water Company. 2. And be it enacted, That the capital stock of said company shall be thirty thousand dollars with liberty to increase the same to fifty thousand dollars, which shall be divided into shares of twenty-five dollars each, and paid in by the stockholders, at such times, in such manner, in such installments, and upon such notice, as the directors of said com |