Capital stock.

Commission

ers to receive

rectors.

3. And be it enacted, That the capital stock of said corporation shall be fifty thousand dollars, with the privilege of increasing the same to any sum not exceeding two hundred thousand dollars, divided into shares of fifty dollars each, which shall be deemed personal property and transferable on the books of the said corporation, as the said company shall by their by-laws direct.

4. And be it enacted, That James H. Van Rensselaer, subscriptions. John Eastwood, Cornelius Van Houten, John Spear and Charles H. K. Smith, or a majority of them, may open books to receive subscriptions to the capital stock of said corpora tion, at such time or times, and at such place or places, in the said township of Belleville, as they, or a majority of them, may think proper, by giving notice of the same in a public paper published in the city of Newark, at least two weeks previous to the time appointed; 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 the said corporation to commence business; and the above named persons, or a majority of them, may then give notice Election of di of a meeting of the stockholders to choose five directors, who shall be stockholders in their own right and name, and all of whom shall be residents of this state; and such election shall be made, at the time and place appointed, by such of the stockholders as shall attend for that purpose either in person or by proxy, each share of the capital stock entitling the holder thereof to one vote, and the above named persons, or a majority of them, shall be inspectors of the first election. of directors for said corporation, and shall certify under their hands the names of the persons elected, and thereupon deliver the subscription books to the said directors; said directors shall hold their office for one year, and until others are elected in their stead, and shall fix the time and place of holding the annual meetings for the election of directors, notice of which shall be given in a public paper published in the city of Newark, at least one week before said election, and the directors chosen at any such meeting, shall as soon as may be thereafter, choose out of their own number a president, and in case of the death or resignation of the president, or of any director, such vacancy or vacancies may be filled for the remainder of the year, by a majority vote of said board, and in case of the absence of the president, the said board or a majority of them, may appoint a president pro tempore,

Vacancy, filled.

how

who shall have such powers and functions as the by-laws of said corporation shall provide.

elect not to

5. And be it enacted, That if at any time an election shall Failure to not be held on the day herein appointed, the corporation shall dissolve. not be dissolved for that cause, but an election shall be held in such manner as directed by the by-laws, at any time within

one year.

subscriptions

feiture.

6. And be it enacted, That a majority of the directors of Failure to pay said corporation shall be competent to transact all business, to work for and shall have power to call in the capital stock of said company in such installments, and at such times as they may direct, not exceeding ten per centum at any one time, and not less than thirty days after the previous installment, and in case of non-payment of any such installments, or any one of them, to forfeit the share or shares upon which such default shall arise; and also, to make and provide such bylaws, rules and regulations, as to them shall appear needful, touching the management of the stock, property, estate and effects of said corporation; and further, shall have power to elect or appoint as many officers, superintendents, agents, clerks and servants, as to them shall seem meet; and to establish and fix their salaries, and that of the president, and have full power and authority from time to time, to open the books for further subscriptions, until the whole capital stock is taken.

injuring works

7. And be it enacted, That if any person or persons shall Penalty for wilfully injure any conduit, pipes, gasometer, or other things appertaining to, the works of the company, or obstruct the same, the person so offending shall be deemed guilty of a misdemeanor, and upon conviction thereof, shall be punished by fine, not exceeding two hundred dollars, or imprisonment, not to exceed one year, or both; provided, no such criminal Proviso. prosecution shall impair the right of the company for damages by a civil suit.

contracts.

8. And be it enacted, That the said corporation are hereby May make authorized and empowered to enter into contract with any other company to furnish said corporation with gas for the purposes before mentioned on such terms as may mutually be agreed on.

money.

9. And be it enacted, That the said corporation shall have May borrow power to borrow such sum or sums of money, from time to time, as shall be necessary or expedient, and to mortgage their property and franchises, or otherwise to secure the pay

Books of account to be kept

ment thereof, and to execute all necessary securities therefor, with interest thereon not exceeding seven per centum per annum, and to sell and dispose of any bonds, obligations or assurances which they may issue, to secure the payment of the money so borrowed as aforesaid, at any rate of price they may be able to obtain for the same, without said obligations being in any way invalidated thereby.

10. And be it enacted, That the said company shall cause to be kept at their office, in the said township of Belleville, proper books of accounts, in which shall be fairly and truly entered all the transactions of the company, which books shall be open at all reasonable times to the inspection of the stockholders.

Limitation. 11. And be it enacted, That this act shall take effect immediately.

Approved April 3, 1872.

Township committee may borrow money and

CHAPTER CCCCLXXII.

A Further Supplement to the act entitled "An Act to create from parts of the town of Orange and the townships of Caldwell and Livingston, in the county of Essex, a new township to be called the township of Fairmount,' approved March, eleventh, anno domini eighteen hundred and sixty-two.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That for the purpose of improving the streets, public roads and highways of the township by maissue bonds cadamizing, grading and paving the same or otherwise, under the direction and control of the township committee, and also for the purpose of improving the sidewalks in said township, under the like direction and control, by curbing the same or otherwise, the township committee are hereby authorized to borrow any sum or sums of money not exceeding in the aggregate the sum of seventy-five thousand dollars, and to secure the repayment of the same, with interest at the rate of

seven per centum per annum, at such time or times, and in such manner, as to said township committee may seem proper, by the bonds of the township, to be signed by the chairman of the township committee and township clerk, and to be sealed with the common seal, and it shall be the duty of said township committee to determine on or before the first Monday in June in each year what sum will be necessary to be raised in that year for the purpose of paying said interest, and any of said bonds that may become due in said year, or Payment of of creating or making payments into a sinking fund for the payment and extinguishment of said bonds at maturity; which sum when so determined shall be assessed and collected in the same manner, but without any additional compensation, as any other road taxes are or shall be; provided, that in no Proviso. case shall the principal of said bonds, or any part thereof, so issued by the township committee, become due and payable before the first day of June, in the year of our Lord one thousand nine hundred and two.

bonds.

of streets, &c.

2. And be it enacted, That the township committee shall, Improvement from time to time, determine in what manner any street, road or highway, or any part or parts thereof, shall be so improved, and shall by ordinance, order and direct the same to be done.

sell bonds.

3. And be it enacted, That it shall and may be lawful for Committee to the township committee, aforesaid, from time to time, to sell and dispose of their coupon bonds issued, or to be issued by them, by virtue of the first section of this act, at such market rates as can be obtained for the same, not less than ninety-five per centum of the par value of the same.

4. And be it enacted, That this act shall be deemed and taken to be a public act, and shall take effect immediately. Approved April 3, 1872.

out and con

struct ave. nues, &c.

CHAPTER CCCCLXXIII.

A Further Supplement to the act entitled "An Act constituting a public road board for the laying out, constructing, appropriating, improving and maintaining public carriage roads in the county of Essex," approved March thirty-first, one thousand eight hundred and sixty-nine.

1. BE IT ENACTED by the Senate and General Assembly of Board may lay the State of New Jersey, That it shall be lawful for "The Essex Public Road Board" to lay out and construct the avenues named in and authorized by the act supplemental to the act to which this is a further supplement, which said supplemental act was approved March twenty eighth, eighteen hundred and seventy-one, or any or either of them, in sections of so much of said avenues, or any of them, as the said board

Proviso.

Repealer.

may determine upon; and any of said sections may, in the discretion of the said board, be first surveyed, laid out, constructed, appropriated and improved; and the damages for the land and property taken therefor may be appraised, and the benefits assessed and collected as provided by law in respect to the whole of said avenues, before the residue or remaining part or parts cf any or either of them shall be so surveyed, laid out, constructed, appropriated or improved; provided, that it shall not be lawful for said board to lay out or construct any or either of the avenues in said supplement authorized or any part or parts thereof within the limits of the town of Orange, or township of South Orange, nor to assess any property in said town or township, for laying out, constructing, appropriating improving or maintaining thereof.

2. And be it enacted, That all acts and parts of acts so far as they conflict with the provisions of this act, be and the same are hereby repealed, and that this act shall be deemed and taken to be a public act, and shall take effect immediately.

Approved April 3, 1872.