name. CHAPTER CLXXIX. An Act to incorporate the Rittenhouse Manufacturing Com pany. 1. BE IT ENACTED by the Senate and General Assembly of Corporate 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 hereby are created and made a corporation and body politic, in fact and in law, by the name of "The Rittenhouse Manufacturing Company.' Amount of 2. And be it enacted, That the capital stock of said corpocapital stock. ration shall consist of two thousand shares of the par value of one hundred dollars per share, with the privilege of increasing the same to five thousand shares, which shall be transferred in such manner as the said corporation shall direct. Commission ers to receive 3. And be it enacted, That Samuel W. Torrey and Bradsubscriptions. bury C. Chetwood shall be, and they hereby are 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 stocks 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 directors. 4. And be it enacted, That whenever the capital stock of said corporation to the amount of one hundred thousand dollars par value shall be subscribed, and twenty per centum thereof paid in, the said commissioners, or which ever 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 the county. of Passaic; 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 bylaws appoint, shall constitute all subsequent boards; and in case of a vacancy occurring in the board between the elec- Vacancies, tions, the remaining directors shall have power to fill the how filled. vacancy; the said directors so elected 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 directors 6. And be it enacted, That the said commissioners shall Failure to deliver to the said board of directors, when elected, the sub- not to 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 the said election shall be held on some subsequent day, and the directors in office shall continue until such election. subscriptions feiture. 7. And be it enacted, That the said board of directors shall Failure to pay have power to demand from the subscribers to the capital to work for stock of said corporation, the money for such subscriptions, or for any increase of its capital, or any assessment thereupon; and in case of the failure to pay such subscriptions, calls, or assessments, at such time as they may appoint, the said board may, after four 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 the said corporation. 8. And be it enacted, That this corporation may be dis- now 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 published 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, shall be trustees, and as such shall have full power to realize, sell and convey, and collect the assets of the said corporation, real and personal, and pay its debts and divide the surplus among its stockholders pro rata. 9. And be it enacted, That the said corporation shall have Business of power to carry on the business of manufacturing and dealing in cotton, woolen and silk fabrics, and other articles, and for such purpose may buy and hold, sell and convey, lease and mortgage, the necessary real and personal property, and the company. May make contracts of insurance. its business to committees of directors, or to officers or agents, as it shall deem proper; the president, vice-president, or other person appointed by the board of directors for that purpose, shall be authorized in the name and behalf of this company to make contracts of insurance with any person or persons, or body politic or corporate, against loss or damage upon any property on which this company may lawfully make insurance, for such term or terms of time and for such premium or consideration, and under such modifications or restrictions as may be lawfully agreed to by the parties; the policies issued pursuant to such contract of insurance, shall be signed by the president or vice-president, and countersigned by the secretary of said company, or the same may be signed and countersigned by such other person or persons as the directors may appoint and designate for that Policies blnd- purpose; such policies shall be binding and obligatory in like manner and force as if made under the seal of this company. ing. Suits at law. Dividends. 8. And be it enacted, That suits at law may be maintained by this corporation against any of its stockholders for any cause relating to its business, and may also, be maintained and prosecuted by any one or more of its stockholders against this company for any loss or losses which shall have accrued if payment be withheld more than sixty days, in all risks, after such losses shall have become due. 9. And be it enacted, That the board of directors, out of the funds of said company, shall defray its expenses, and pay its debts; and twice in each year may declare and pay out of the surplus net profits of its business, to its stockholders or their authorized attorneys, such dividends as they shall deem expedient, of which dividend, notice shall be given within ten days after declaring same, in two daily newspapers published in the city of Jersey City. 10. And be it enacted, That this act shall take effect immediately. Approved March 7, 1872. CHAPTER CLXX. An Act to set off from the township of Mansfield, in the county of Burlington, a new township, to be called the township of Florence. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That all that portion of the township Boundaries, of Mansfield, in the county of Burlington, lying within the following boundaries, to wit: beginning at the point where Kinkora creek empties into the Delaware river, and running from thence up the said creek, the several and many courses thereof, to the middle of the bridge on the Old York road, crossing said creek; thence on a southeasterly course to the middle of a bridge, commonly called Bunting's bridge, over the Assiscunk creek, on the road leading from Jacksonville to Bustleton; thence down the said creek the several and many courses thereof, to the corner of Burlington township; thence westwardly along the said line of Burlington township to the river Delaware; thence up the said river, the several and many courses thereof, to the place of beginning, shall be and hereby is set off from the township of Mansfield, in the county of Burlington, and made a separate township, to be known by the name of the township of Florence. name. 2. And be it enacted, That the inhabitants of the township Corporate of Florence shall be, and they are hereby, constituted a body politic and corporate in law, by the name of "The Inhabitants of the Township of Florence, in the County of Burlington," and shall be entitled to all the rights, powers, authority, privileges and advantages, and shall be subject to all regulations, government and liabilities that the inhabitants of the township of Mansfield, first aforesaid, are now entitled or subject to by the existing laws of this state. place of hold meeting. 3. And be it enacted, That the inhabitants of the township Time and of Florence, aforesaid, shall hold their first town meeting at ng first town Moore's hotel, in Florence, in said township, on the second Tuesday in March, anno domini one thousand eight hundred and seventy-two, at ten o'clock in the forenoon, and annually thereafter on the second Tuesday in March, at such place as the said inhabitants may determine. Committees meet to allot and divide 4. And be it enacted, That the township committees of the townships of Mansfield and of Florence shall meet at Atkinmoneys, &c. son's hotel, in the township of Mansfield, on the Monday next succeeding the annual town meetings in said townships of Mansfield and of Florence, at ten o'clock in the forenoon of said day, and then and there proceed, by writing signed by a majority of those members present, to allot and divide between the said townships, all properties and moneys on hand or due, in proportion to the taxable property and ratables, as taxed by the assessor of the township of Mansfield, within their respective limits, at the last assessment; and the inhabitants of the township of Mansfield, and the inhabitants of the township of Florence, shall be liable and required to pay their just proportion of the debts respectively; and if any of the persons comprising either of the township committees aforesaid should neglect or refuse to meet as aforesaid, those assembled may proceed to make the said division, and shall have full power to adjourn from time to time, and to such place as they think proper, and the decision of a majority of chose members present shall be final and conclusive.. Terms of office 5. And be it enacted, That of the township committee and commissioners of appeal chosen at the first town meeting of the inhabitants of the township of Florence, one member of the township committee and one commissioner of appeal shall serve for three years, one member of the township committee and one commissioner of appeal shall serve for two years, and one member of the township committee and one commissioner of appeal shall serve for one year, their terms of service to be determined by themselves by lot; and thereafter at each annual town meeting, one member of the township committee and one commissioner of appeal shall be elected for three years. Vacancies, how filled 6. And be it enacted, That in case at any town meeting of the inhabitants of the township of Florence, two or more candidates have an equal number of votes, or in case any person elected shall refuse to accept of the office to which he was elected, or in case of the removal of any officer from the township, or in case a vacancy occurs from any other cause, it shall be the duty of the township committee of said township, (unless they shall deem a special town meeting for the purpose advisable, and in that case they shall have power to direct the calling of a special town meeting as now provided by law,) to fill such vacancy without un |