ble for damages. times liable to the captain or owners of vessels and cargoes company liarespectively, for all damage occasioned by the negligence of. said company, or that of its agent or agents in the unnecessary detention of any vessel or cargo at said bridge. 18. And be it enacted, That if the channel in said river Draw, when should so change at said bridge that the passage of vessels to be changed. through the draw should be seriously obstructed, the said company shall so change the locality of the draw as to accommodate the same to the channel so changed. not to be used ing or main 19. And be it enacted, That the board of chosen free- Public money holders of the county of Monmouth are hereby prohibited for construct from allowing any of the public moneys being at any time, taining bridge. either directly or indirectly used for or towards the construction or maintenance of said bridge or draw, or the expenses incident to the same. 20. And be it enacted, That this act shall take effect immediately. Approved February 21, 1872. CHAPTER LXXIV. An Act to incorporate the New York Steam Engine Company. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That all persons who shall become Corporate subscribers to the capital stock hereinafter mentioned, their name successors and assigns, shall be and they are hereby created and made a corporation and body politic, in fact and in law, by the name of "The New York Steam Engine Company." 2. And be it enacted, That the capital stock of said corpora- Amount of tion shall consist of four thousand shares of the par value of capital stock. one hundred dollars per share, with the privilege of increasing the same to six thousand shares, which shall be transferred in such manner as the said corporation shall direct. ers to receive 3. And be it enacted, That Samuel W. Torrey and Brad Commissionbury C. Chetwood be and they are hereby appointed com- subscriptions. missioners to receive subscriptions to the capital stock of rectors such corporation, and they, or either of them, shall open books of subscription to such stock, at the village of Passaic, in the county of Passaic, at such time and place as they, or either of them, shall appoint, and shall attend and receive subscriptions. Election of di 4. And be it enacted, That whenever the capital stock of said corporation to the amount of one hundred thousand dollars shall be subscribed, and twenty per centum thereof paid in, the said commissioners, or whichever opens the books, shall close the same and hold an election for directors of said corporation, first giving notice one week previously, and in a newspaper published in Passaic county, that three directors shall be elected by ballot at such election by the stockholders, each of whom shall have at such election, and all subsequent elections, one vote for every share of stock owned by him; that said three directors shall constitute the first board of directors, and the same number or such number as the corporation may by its by laws appoint, shall constitute all subsequent boards, and in case of a vacancy occurring in the board between the elections, the remaining directors shall have power to fill the vacancy; that said directors shall hold their office for one year, and until their successors shall be elected. President. 5. And be it enacted, That the directors shall have power to elect out of their body a president, for such term and in such manner as they shall appoint. 6. And be it enacted, That said commissioners shall deliver to the said board of directors, when elected, the subscription books of said corporation and all moneys received by them for such subscriptions; and said directors shall by their bylaws appoint an annual election for directors, but in case of failure to hold such election upon the appointed day, said not to dissolve Corporation shall not thereby be dissolved, but said election shall be held on some subsequent day, and the directors in office shall continue until such election. Failure to elect directors subscriptions feiture. Failure to pay 7. And be it enacted, That the said board of directors to work for shall have power to demand from the subscribers to the capital stock of said corporation the money for such subscriptions, and for any increase of its capital, or any assessment thereupon, and in case of the failure to pay subscriptions, calls or assessments at such time as they may appoint, the said board may, after two weeks' notice in a newpaper published in the county of Passaic, declare the said stock and all previous payments thereupon forfeited to the corporation, and such stock, and all previous payments thereon, and all right to the same shall be forfeited and belong to said corporation. 8. And be it enacted, That this said corporation may be dissolved at any time by a vote of three-fourths of its stockholders in interest, at a meeting called for that express purpose, by a notice printed once a week for four successive weeks in a newspaper published in the county of Passaic, and upon such dissolution the directors, or such persons as the stockholders shall appoint, and their successors, shall be trustees, and as such shall have full power to realize, sell and convey and collect the assets of said corporation, real and personal, and pay its debts and divide the surplus among its stockholders pro rata. How dissolved corporation. 9. And be it enacted, That the said corporation shall have Business of power to carry on the business of manufacturing and selling tools, engines, machinery and other articles, in wood, composition and metals, in the county of Passaic, in this state, and for such purpose may buy and hold, sell and convey, lease and mortgage the necessary real and personal property, and by water, steam and such other power as they may employ, may carry on manufacturing and milling operations. ers. 10. And be it enacted, That the said corporation shall General powpossess the general powers and be subject to the restrictions and liabilities contained in the act entitled "An Act concerning corporations," approved February fourteenth, one thousand eight hundred and forty-six, so far as the same are applicable; and that this act shall take effect immediately. Approved February 22, 1872. Name. CHAPTER LXXV. An Act to incorporate the New York Belting and Packing 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That all persons who shall become subscribers to the capital stock hereinafter mentioned, their successors and assigns, shall be and they are hereby created and made a corporation and body politic, in fact and in law, by the name of "The New York Belting and Packing Company.' Capital stock. 2. And be it enacted, That the capital stock of said corporation shall consist of twenty thousand shares of the par value of one hundred dollars per share, which shall be transferred in such manner as the said corporation shall direct. Commissioners to receive 3. And be it enacted, That Samuel W. Torrey and Bradsubscriptions. bury C. Chetwood be and they are hereby appointed commissioners to receive subscriptions to the capital stock of such corporation, and they, or either of them, shall open books of subscription to such stock, at the village of Passaic, in the county of Passaic, at such time and place as they or either of them shall appoint, and shall attend and receive subscriptions. Election of dlrectors. 4. And be it enacted, That whenever the capital stock of said corporation to the amount of two hundred and fifty thousand dollars shall be subscribed, and twenty per centum thereof paid in, the said commissioners, or whichever opens the books, shall close the same, and hold an election for directors of said corporation, first giving notice thereof one week previously, and in a newspaper published in Passaic county, that three directors shall be elected by ballot at such election by the stockholders, each of whom shall have at such election and all subsequent elections, one vote for every share of stock owned by him; that said three directors shall constitute the first board of directors, and the same number, or such number as the corporation may by its by-laws appoint, shall constitute all subsequent boards, and in case of a vacancy occurring in the board, between the elections, the remain ing directors shall have power to fill the vacancy; that said directors shall hold their office for one year, and until their successors shall be elected. 5. And be it enacted, That the directors shall have power President. to elect out of their body a president for such term, and in such manner as they shall appoint. elect not to 6. And be it enacted, That said commissioners shall de- Failure to liver to the said board of directors when elected, the sub- dissolve. scription books of said corporation, and all moneys received by them for such subscriptions; and said directors shall by their by-laws appoint an annual election for directors; but in case of failure to hold such election upon the appointed day, said corporation shall not thereby be dissolved, but said elec tion shall be held on some subsequent day, and the directors in office shall continue until such election. subscriptions to work for. feiture. 7. And be it enacted, That the said board of directors Failure to pay shall have power to demand from the subscribers to the capital stock of said corporation, the money for such subscriptions, and for any increase of its capital, or any assessment thereupon; and in case of the failure to pay subscriptions, calls, or assessments at such time as they may appoint, the said board may, after two weeks notice in a newspaper published in the county of Passaic, declare the said stock, and all previous payments thereupon forfeited to the corporation, and such stock, and all previous payments thereon, and all right to the same, shall be forfeited and belong to said corporation. 8. And be it enacted, That this corporation may be dis. How dissolved solved at any time by a vote of three-fourths of its stockholders in interest, at a meeting called for that express purpose, by a notice printed once a week, for four successive weeks, in a newspaper published in the county of Passaic, and upon such dissolution, the directors, or such persons as the stockholders shall appoint, and their successors shall be trustees, and as such, shall have full power to realize, sell, and convey and collect the assets of said corporation, real and personal, and pay its debts, and divide the surplus among its stockholders pro rata. chase and 9. And be it enacted, That the said corporation shall have Power to purpower to carry on the business of manufacturing and dealing id real es in india rubber and other articles, in the county of Passaic, tate. in this state, and for such purpose may buy and hold, sell and convey, lease and mortgage the necessary real and personal |