ed.

Name chang Fund Fire Insurance Company, of the City of Hudson, New Jersey," be, and the same is hereby changed to that of "Palisade Fire Insurance Company, of Jersey City," and by the latter name shall have, hold and receive all real and personal property, and enjoy all rights, powers, privileges and immunities, as if this act had not been passed, except as hereinafter stated.

Directors to manage affairs.

First directors

2. And be it enacted, That the stock, property, affairs and concerns of said company shall, after the expiration of the term of the first board of directors, be managed and conducted by twenty directors, seven of whom shall constitute a quorum to transact business, who may respectively hold their office for one year, and until others shall be chosen, and shall at all times during their continuance in office be stockholders in the same company in their own right.

3. And be it enacted, That the first directors of the said corporation shall be Garret D. Van Reipen, Dennis Yoe, Charles Gobish, John M. Wilson, Thomas Aldridge, Charles J. Roe, John H. Platt, George Glaubrecht, John R. McPherson, Alexander Frank, Charles E. Newham, Christian Weber, Joseph E. Culver. William A. Weeks, Patrick McNulty, Alexander H. Laidlan, William H. Wood, Henry M. Rogers, Arend Steenken, Charles F. Staples, Henry Gaede, George Bruce, James Sillick, Otto Koller, John Dwyer, Ferdinand Hermann, Henry Rottmann, John Bernhardt, Anthony Ryder, Samuel Syms, William Sinclair, John Fiacre, William Brinkerhoff, Samuel C. Nelson, George W. Helme, Andrew J. C. Foye, Garret Vreeland, senior, Harry D. Van Nostrand, Matthew Armstrong, Peter Rowe, Frederick Thau, Edmund C. Bramhall, Hiram Van Buskirk, Charles W. Allen, Jasper Wandle, Stephen D. Harrison, Andrew B. Gayle, Jonathan Camp, junior, Christian Helme, Marcus Martens, Henry Bock, Charles L. Menke, Claus Myer, John Gardner, Nicholas Goeltz, Herman Bruggermann, John S. Edwards, George P. Howell, John D. Waugh, Clinton W. Conger, George A. Toffey, Jacob Newkirk, Charles Hespe, Herbert Stout, Ernst H. Kessler, John Noon and Charles Gregory, who shall respectively hold their offices until the second Monday in January next, succeeding the day of the actual organization of the company, on which said second Monday of January, and each succeeding January thereafter, the subscribers to the capital stock shall proceed to the election of a board of directors for said company; that the first board of directors may, and every

succeeding board of directors shall elect a president, a vice Directors, offlpresident, a treasurer and secretary, and appoint such other cers, &c. officers as may be necessary to manage the business of the company, and who shall respectively hold their office till their successors are elected or appointed; provided, that nothing Proviso. herein contained shall be understool to prohibit any director from holding his office as a director of said company till his successor is elected in his stead.

4. And be it enacted, That it shall be lawful for the direc tors of said corporation to make dividends of so much of the property of the company as shall be deemed advisable, and pay the same to the stockholders or to their legal representatives.

Dividends.

5. And be it enacted, That the ninth section of the act to Repealer. which this is a supplement, and all parts of said act as are inconsistent with this act, be, and the same are hereby repealed.

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

Approved March 8, 1872.

CHAPTER CLXXVI.

An Act to incorporate the Land and Town Improvement Company of New Jersey.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Cortlandt Parker, Alfred W. Jones, Corporators. Richard M. Cornell, William Bell and Branard T. Arnold, their associates, assigns and successors, are hereby declared and created a body politic and corporate, by the name, style and title of "The Land and Town Improvement Company Name. of New Jersey," with all the powers mentioned in the act entitled "An Act concerning corporations," and the several supplements thereto, approved February the fourteenth, one thousand eight hundred and forty-six.

2. And be it enacted, That said company, its affairs, stock,

tors.

Board of direc- property and franchises shall be managed by a board of directors consisting of not less than five nor more than eleven of the stockholders thereof, the number to be determined as hereinafter stated, to be chosen as hereinafter specified, who shall hold office for one year from the date of election, and until their successors are elected and installed, and who shall appoint from their own number a president, and may appoint other officers and agents, in their discretion, for the purposes of the company.

May hold real or personal estate, &c.

May erect buildings and

3. And be it enacted, That said company shall have the power and authority to buy, sell, convey, transfer, let and sub-let, lease and sub-lease, hold, possess and enjoy, any estate, real and personal, and to give and receive mortgages and guarantees thereon, and for the purpose of improving said real estate, shall have the power and authority to survey, lay off and map the same into town sites, villas, squares, parks, gardens and orchards; first, and shall have the power and authority to erect thereon, residences, stores, factories, improve pro- work shops, and other manner of buildings; second, and shall have the power and authority to survey, lay out and open streets, avenues and highways thereon; third, and shall have the power and authority to establish the grades of said streets, avenues and highways, and to pave, curb and gutter the same; and to construct sewers, lay water and gas pipes, and to erect water and gas works, and operate the same; and to make and enjoy all, and such other improvements on the said lands of the company that may be owned, leased and sub-leased by said company.

perty.

May assign

right-and privileges.

4. And be it enacted, That when five or more of the stockand transfer holders in this company shall associate themselves together for the purpose of buying or leasing any portions of this company's lands, to further improve and develop the same, this the said company is hereby empowered and authorized, in conjunction with said sale or lease, to transfer and assign unto said associated stockholders the right and privilege to exercise all the powers herein granted this company, so far as the same may be desirous and applicable for the improvement of the lands so sold or leased.

Objects.

5. And be it enacted, That the objects of this, the said company, are to improve real estate, to afford the members thereof, and others interested, the opportunity to procure cheap and desirable homes and suitable employment, and to further the general development of landed interests and the

money.

prosperity of the people suburban to New York; and for such purposes the said company shall have the power and authority from time to time to borrow any sum or sums of May borrow money as may be required, and to secure the payment thereof, may execute first and second mortgage bonds or otherwise; and the said bonds shall be a first and second lien on the real estate, rights and franchises of said company, to the extent as specified in the body of the bond; and said bonds shall bear an interest not exceeding seven per centum per

annum.

6. And be it enacted, That the capital stock of said com- Capital stock. pany shall be five hundred thousand dollars, with the privilege of increasing the same to two millions of dollars, and shall be divided into shares of fifty dollars each, which shall be deemed personal property, and the said named incorporators, or a majority thereof, shall constitute a commission to open books of subscription therefor, by first giving twenty days public notice previous thereto, and when the sum of ten thousand dollars shall have been subscribed, and ten per cent. paid thereon, the said company shall be authorized to begin business; and after the first payment of ten per cent. shall have been made on the capital stock, the remainder shall be paid in monthly installments of five per cent., and in case of non-payment of said installments for two consecu tive months, the board of directors may forfeit the share or shares on which default may arise, as well as all sums paid thereon, to the use and benefit of said company.

ers.

7. And be it enacted, That to further encourage and General powadvance the objects of this, the said company, all the powers, privileges and immunities heretofore granted by the legisla ture of the state of New Jersey, in an act entitled "An Act to encourage the establishment of mutual loan and building associations," approved February twenty-eighth, eighteen hundred and forty-nine, and the supplements thereto, approved March the second, eighteen hundred and fifty-four, and March twenty-ninth, eighteen hundred and fifty-five, and an act entitled "An Act to authorize and encourage the improvement of property in this state," approved April ninth, eighteen hundred and sixty-seven, be and the same are hereby incorporated into this charter, and granted unto this, the said company, so far as the said acts, and the powers therein granted, may be desirable and applicable, and of benefit to this company.

Principal of fice.

8. And be it enacted, That the principal office of said company shall be in the city of Perth Amboy, until the board of directors shall otherwise order; and that the first subscription books to the capital stock, shall be opened in said city, in manner, form, and at the time as may be selected by said commissioners, and that at any time after the necessary amount of stock has been subscribed for, and the said ten per cent. paid thereon, the stockholders, or a majority thereof, may proceed to the election of a board of Election of di- directors by ballot, and the five stockholders receiving the highest number of votes, shall be declared the first directors of said company; and that said five directors may at any time increase their board to eleven, and that all other elections shall be in the manner, form and at such times as the by-laws of said company may prescribe, and that at all elections, each share of stock shall be entitled to one vote, to be given in person or by proxy.

rectors.

Repealer. 9 And be it enacted, That this act shall take effect immediately, and any acts or parts of acts inconsistent with this, so far as the same applies to the lands of this company, be and the same are hereby repealed. Approved March 8, 1872.

CHAPTER CLXXVII.

An Act to incorporate the Carlstadt Fire Department of Bergen county.

1. BE IT ENACTED by the Senate and General Assembly of Corporators. the State of New Jersey, That Joseph Fortenbach, A. Jacob Bauer, Adam Ruttenger, Franz Fritsch, Peter Lochmann, Theodore Muehling, Julius Hermann, and all persons who are now or hereafter shall become associates of the Carlstadt Fire Department of Bergen county be, and they are hereby constituted and declared to be a body corporate and politic, in fact and in law, by the name of "The Carlstadt Fire Department of Bergen County," and by such name they shall

Name and powers.