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company shall hold his office at the pleasure of the board of directors, and be subject to removal by them. o 5. And be it enacted, That the board of directors for the directors time being, or a majority of them, shall have power to make and prescribe such by-laws, rules and regulations as to them shall appear needful and proper, touching the management and disposition of the stock, property, estate and effects of the said corporation, and touching all such other matters as appertain to the business, ends and purposes which the corporation by this act is entitled to, and they also shall have power annually to appoint a secretary, treasurer, and such other additional officers, agents, and clerks for carrying on the business of the said corporation with such salaProviso, ries and allowances as to them shall seem proper; provided, that such by-laws, rules, and regulations be not repugnant to the constitution and laws of the United States and this State. ** 6. And be it enacted, That the capital stock of said comstock. pany shall be twenty-five thousand dollars, divided into shares of one hundred dollars each, and which shall be held as a guarantee capital, with power to increase the same to one hundred thousand dollars, whenever the same shall be directed by a majority of the stockholders, and the persons named in the first section of this act are hereby appointed to receive subscriptions to said capital stock at such place in the Borough of Bordentown, as a majority of them may appoint, giving at least five days' notice in a newspaper published in said borough; that at the time of subscribing to said stock five dollars shall be paid upon each share subscribed for, to said persons or any of them, which money shall be paid over to the treasurer of said company, so soon as one shall be appointed, and that the residue of said stock shall be paid to the treasurer in such instalments and at such times and places as the board of directors of said company shall from time to time direct, and upon the failure of the payment thereof as so directed, the said board shall have power to forfeit the shares of each
and every person so failing to pay said instalments or any
Policies of insurance.
and shall be subscribed by the president and attested by .
the secretary thereof.
Sub-offices may be established.
Suits may be maintained against members.
When policies may be issued.
Surplus profits may be invested.
to said company by virtue of any judgment, execution or
decree at law or in equity, and to hold the same, until they can conveniently sell or convert the same into money and also to invest the capital stock, or so much of the surplus profits of said company as they may deem fit, and in such manner, and upon such securities as a majority of the board of directors may determine. Limitation. 13. And be it enacted, That this act shall continue in force twenty years. 14. And be it enacted, That this act shall take effect immediately.
AN Act to change the name of the First Colored Presbyterian
* 1. BE IT ENACTED by the Senate and General Assembly of changed the State of New Jersey, That the name of the First Colored Presbyterian Congregation of Newark, is hereby changed to the Plane Street Presbyterian Church in Newark. 2. And be it enacted, That this act shall take effect immediately. Approved March 1, 1859.
A FURTHER suppleMENT to an act entitled an act to incorporate “The Bordentown and Columbus Turnpike Company,” approved March fourteenth, eighteen hundred and fifty-six.
1. BE IT ENACTED by the Senate and General Assembly of Formor act the State of New Jersey, That the thirteenth section of said amended. act, be so amended, that it shall and may be lawful for the said company, to demand and receive the rates of toll prescribed in said section, for all fractions over seven sixteenths of a mile; also from any person or persons, going to or from other than their regular places of worship, on the sabbath day.
2. And be it enacted, That so much of said act, as is in-joo, consistent with this act, is hereby repealed. repealed.
Approved March 1, 1859.
AN ACT suppleMENTARY to the act, entitled “An act relating to the courts in the several counties of this state,” approved March thirteenth, eighteen hundred and fifty-seven.
Part of 1. BE IT ENACTED by the Senate and General Assembly of
repealed the State of New Jersey, That the act to which this is supplementary be, and the same is hereby repealed, as far as the said act relates to the counties of Passaic, Burlington and Morris. 2. And be it enacted, That this act shall take effect immediately. Approved March 1, 1859.
A FURTHER suppleMENT to the act entitled “An act respecting the
Application, 1. BE IT ENACTED by the Senate and General Assembly of
of sureties of
oxecutors... the State of New Jersey, When either, or all of the sureties
on of any executor or executors, administrator or administra
bility. tors, or guardian or guardians, shall desire to be released