Name.

CHAPTER CLXXXVI.

An Act to incorporate the Masonic Hall Association of the village of Somerville.

1. BE IT ENACTED by the Senate and General Assembly of Corporators, the State of New Jersey, That John V. Voorhees, Henry G. Wagoner, Bernard M. Polhemus, Nicholas L. Rouser, Nathan B. Richardson, George S. Jones, Job C. Kinyon, John Ringlemann, Frederick Van Liew and Robert L. Day, and their associates, free and accepted masons of the state of New Jersey, and their successors, be, and the same are hereby declared to be a body politic and corporate, in fact and in law, by the name, style and title of "The Masonic Hall Association of Somerville," and by that name shall be capable of purchasing and holding, mortgaging and conveying any lands, tenements, goods and chattels; said real and personal estate not to exceed in value the sum of fifty thousand dollars, and have power to sue and be sued, plead and be impleaded, in all courts and places, to make and use a common seal, and alter the same at pleasure, and to make by laws, not inconsistent with the constitution or laws of the United States, or of this state, for the management of the property, the regulation of the affairs, and for the transfer of the stock of said corporation.

Object and powers

Amount of capital stock.

2. And be it enacted, That the general object of the said corporation is declared to be the purchase of real estate in the village of Somerville, and the improvement thereof, for the purpose of a masonic hall, and for other purposes; and they shall have power to purchase, take, receive, have, possess, and enjoy all such lands, tenements, property, goods, chattels and effects, as may be required for the purpose of said corporation, and the same to grant, bargain, sell, alien, convey, lease, demise, mortgage, encumber and dispose of at their will and pleasure.

3. And be it enacted, That the capital stock of the said corporation shall be twenty thousand dollars, divided into shares of fifty dollars each, which shall be subscribed and paid at such times, in such manner, in such installements, and

upon such notice as the directors of said corporation by their by-laws may direct and appoint; and in case of failure by any stockholder to pay his or her installments at the time and place appointed by the said by-laws for the payment thereof, such stockholder shall, at the option of the directors of the said corporation, incur a forfeiture of his or her share or shares, and of all previous payments thereon for the use of said corporation.

transferred.

4. And be it enacted, That the capital stock of the said Stock, how corporation shall be deemed personal property, and the said shares shall be transferable only on the books of the said corporation, in such manner as the board of directors may by their said by-laws direct, and every share of said stock shall entitle the holder thereof to one vote either in person or by proxy.

5. And be it enacted, That the management and disposi- Directors. tion of the affairs and property of the said corporation, shall be vested in seven directors, who shall be stockholders of the said corporation, and residents of the county of Somerset, who shall be elected by the stockholders of the said corporation yearly, at such time and in such manner as the said corporation shall by the by-laws thereof provide, and who shall serve for one year, and until others are elected in their stead; that the first election of directors shall be held on the first Monday in April next, at twelve o'clock at noon, at the lodge room of Solomon's Lodge, Number Forty-six, in the village of Somerville, and continue open for one hour, and thereafter as shall be provided in the said by-laws; that the directors when elected shall choose from their own num- President. ber a president and vice-president, which said president, vice-president and directors, for the time being, shall constitute the board of directors of the said corporation, and that a majority of the said board shall be a quorum for the transaction of business.

6. And be it enacted, That the said directors may make Penalties. penalties for any breach of the by-laws of the said corporation, not exceeding one dollar.

rectors.

7. And be it enacted, That when at least one hundred Election of dishares of stock of the said corporation shall be subscribed, the same may be organized and proceed to the first election of directors thereof, at the time and place herein above mentioned.

8. And be it enacted, That the said corporation may be

ed. Proviso.

How dissolv. dissolved at a general meeting of the stockholders specially called for that purpose; provided, that at least three fourths in value of the stockholders shall concur therein, and upon such dissolution the directors for the time being, and the the survivor or survivors of them, or such persons as the said stockholders shall appoint, shall be trustees for settling all the affairs of the said corporation, collecting and disposing of its property and assets, paying its debts, and dividing the surplus among the stockholders in proportion to their respective interests in the stock.

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

Approved March 8, 1872.

CHAPTER CLXXXVII.

An Act to incorporate the West Cape May Land Association.

1. BE IT ENACTED by the Senate and General Assembly of Corporators. the State of New Jersey, That Alexander Whillden, James Pollock, A. G. Cattell, George H. Stuart, Thomas Beesley, H. R. Wilson, S. A. Mutchinare, Downs Edmunds, V. M. D. Marcy, Nicholas Murray, James H. Stevens, Return B. Swain, George W. Hill, G. H. Huddel, J. P. Reznoo, Franklin Hand, John Wanamaker, Robert J. Mercer, M. Hall Stanton, Joseph Freas, Richard S. Leaming, and such other persons as they may hereafter associate with them, be and they are hereby constituted and declared a body corporate and politic, with perpetual succession in fact and in law, by the name of "The West Cape May Land Association," to have a corporate seal, to sue and be sued by their corporate name, to purchase and hold real and personal property, and to acquire such lands in the county of Cape May, state of New Jersey, in fee simple or otherwise, and on such terms as they may deem desirable and necessary for the purposes and objects of the aforesaid association.

Name and powers.

Capital stock.

2. And be it enacted, That the capital stock of said com

pany shall consist of one thousand shares of one hundred dollars each, with the liberty to increase the same from time to time, not exceeding five thousand shares, which shall be deemed personal property and transferable in such manner as the company may by their by-laws direct.

3. And be it enacted, That the property and affairs of the Managed by said company shall be managed and conducted by a board of directors. thirteen directers, shareholders in said company, who shall be chosen annually and at such place, and at such times, and in such manner, and upon such notice, as the by-laws of said company shall direct, each share of the capital stock entitling the holder to one vote either in person or by proxy.

how filled.

4. And be it enacted, That the directors shall hold office vacances, for one year, and until others are elected or appointed in their stead, and they shall have power to fill any vacancy which at any time may exist in the board by death or otherwise, until the next succeeding annual election; a majority of them shall constitute a quorum competent to transact all business, and shall choose one of their number to be president and one to be vice president, and may appoint such other officers and agents as they deem expedient.

works.

5. And be it enacted, That it shall be lawful for said asso- May construct ciation to construct and provide all necessary works to supply water, and artificial light and all other improvements which they may deem necessary for the comfort and convenience of the inhabitants that may reside upon the premises owned by them.

strets and

ings, &c.

6. And be it enacted, That said association shall have May lay out power to improve and develope their lands by sub-dividing erec: builtand laying out the same in lots, streets, avenues, alleys and parks, and erecting buildings for private and public use, selling and leasing their lots and grounds, and doing all things that are judicious and necessary to encourage a vigorous growth of their enterprise.

on company.

7. And be it enacted, That any conveyance, deed, lease, Acts binding agreement or other instruments, signed by the president and secretary of said company, and duly acknowledged according to the laws of the state of New Jersey, shall have full force and effect to bind said company to all the covenants and conditions therein contained.

clauses m

8. And be it enacted, That for the purpose of restricting May insert nuisances and of compelling a uniform system of improve- deeds, &c. merts, the said company are hereby authorized and invested

Penalty for non-fulfillment.

Dividends

May borrow money, &c.

with full power to incorporate into any deed of conveyance made by them, whether fee simple or otherwise, a clause or condition for holding the sale upon the premises so conveyed by said company, of any spirituous or intoxicating liquors, and forbidding any nuisance which the said company may deem detrimental to the interests and prosperity of said settlement, and to require any guarantee of said company to make and maintain such style and character of improvements ⚫ on said lots so conveyed, or on the streets fronting thereon, as to the said company may seem most expedient for securing a uniform system of development and improvements through the said settlement.

Books of subscription.

9. And be it enacted, That for the purpose of enforcing the provisions of the last section, the said company are hereby authorized and invested with power to attach to said clause to restrict nuisances and regulate improvements a penal sum which said grantee shall forfeit upon any non-fulfillment or non-compliance therewith, and said sum the said company may recover in any court of record having competent jurisdiction in actions of debt.

10. And be it enacted. That the president and directors of said company shall declare and make such dividends as they may deem prudent and proper, from time to time, out of the profits of said company.

11. And be it enacted, That the said company shall have power to borrow such sum or sums of money, from time to time, as shall be necessary to carry out the objects of said company, and to secure the repayment thereof by the execution and negotiation of any bond or bonds, and secured by mortgage on the said lands, privileges, franchises and appurtenances of and belonging to said company.

12. And be it enacted, That after the passage of this act, any three of the aforesaid corporators may give ten days' notice of the time and place for opening books, for the space of ten days, to receive subscriptions to the capital stock of said association, and as soon as two hundred and fifty shares have been subscribed, twenty per cent. of the par of the shares, paid in, or secured to be paid, under direction and to satisfaction of the parties having in charge the books aforesaid, they shall give ten days' notice in two newspapers, one of the papers to be printed in Cape May county, and one in the city of Philadelphia, for the election of directors, to be chosen by ballot; that each share of stock upon which the twenty per