General pow

ers.

property, and by water, steam and such other power as they may employ, may carry on manufacturing and milling operations.

10. And be it enacted, That the said corporation shall possess the general powers and be subject to the restrictions and liabilities contained in the act entitled "An Act concerning corporations," approved February fourteenth, eighteen hundred and forty six, so far as the same are applicable, and that this act shall take effect immediately,

Approved February 22, 1872.

Name.

Capital stock.

Commissioners to receive

CHAPTER LXXVI.

An Act to incorporate the Passaic Duck Mills.

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 Passaic Duck Mills."

2. And be it enacted, That the capital stock of said corporation shall consist of three thousand shares of the par value of 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.

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 directors.

4. And be it enacted, That whenever the capital stock of said corporation to the amount of one hundred thousand dol

L

lars 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 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.

5. And be it enacted, That the directors shall have power President.
to elect, out of their body, a president, for such time and in
such manner as they shall appoint.

elect not to

6. And be it enacted, That said commissioners shall Failure to
deliver 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
election shall be held on some subsequent day, and the direc-
tors 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 stock to work for
of said corporation the moneys 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 assess-
ments, 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 cor-
poration.

ed.

8. And be it enacted, That this corporation may be dis- How dissolv-
solved at any time, by a vote of three fourths of its stock-
holders in interest, at a meeting called for that express pur-

1

Power to carry on business

ers.

pose, 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.

9. And be it enacted, That the said corporation shall have power to carry on the business of manufacturing and selling duck, and fabrics of cotton linen, wool and other matters in the county of Passaic, in this state, and for such purpose may buy and hold, sell and convey, lease and mortgage the neces sary real and personal property, and by water, steam, and such other power as they may employ, may carry on manufacturing and milling operations.

General pow. 10. And be it enacted, That the said corporation shall possess the general powers, and be subject to the restrictions and liabilities contained in the act entitled "An Act concerning corporations," approved February fourteenth, eighteen hundred and forty-six, so far as the same are applicable; and that this act shall take effect immediately. Approved February 28, 1872.

CHAPTER LXXVII.

A Further Supplement to an act entitled "An Act to incorporate the Manchester and Camden Railway Company," approved March eighteenth, eighteen hundred and sixty-eight.

1. BE IT ENACTED by the Senate and General Assembly of May construct the State of New Jersey. That it shall and may be lawful for Connect and the said company to locate and construct the railroad authorized by the act to which this is a supplement, by the way of Buddtown, in Burlington county, and from thence to Medford in the same county, with the privilege of connecting

and consolidating, at that place, with the Medford and Camden railroad when built, and are hereby invested with, and may exercise the same rights, powers, privileges and franchises, for and in the construction, use and enjoyment of the same, and shall be subject to the same conditions, provisions, limitations and restrictions as are contained in the act to which this is a supplement, except as to the extent and terminus of said railroad.

2. And be it enacted, That the time for the completion of Limitation. the railroad authorized by the act to which this is a supplement is hereby extended six years. Approved February 28, 1872.

CHAPTER LXXIX.

An Act to incorporate the New Brunswick Carpet Company, to be located in the city of New Brunswick, in this State.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Christopher Meyer, Henry Corporators. Richmond, Greenleaf W. Appleton, Isaiah Rolfe, Charles T. Warner, John W. Newell, Samuel L. Johnson, Robert A. Woodworth, John H. Faxon, Isaac L. Martin, Peter A. Van Deventer, Lewis L. Hyatt and Peter G. Polhemus, and their associates, and such other persons as may hereafter become stockholders in the company hereinafter named, their successors and assigns, shall be and they are hereby constituted a body corporate and politic, by the name of "The New Name and Brunswick Carpet Company," for the purpose of manufacturing carpets and other textile fabrics, in the city of New Brunswick, and carrying on the business incident to such. manufacture.

powers.

rectors.

2. And be it enacted, That the said corporation shall be Election of diat liberty to purchase and hold such lands and other property as may be necessary for the purposes of their said business; that the stock, property and concerns of the said company shall be managed and conducted by thirteen directors, who

shall be stockholders, a majority of whom shall reside in this state, and who shall hold their offices for one year; that the said directors shall be chosen at an election to be held on the second Tuesday in February, anno domini one thousand eight hundred and seventy-three, and on said day in each year thereafter, at such place in the city of New Brunswick as shall be directed by the by-laws of the said corporation, and public notice of such election shall be given, not less than ten days previous, in the newspapers printed in the city of New Brunswick; and each stockholder shall be entitled, in person or by proxy, to as many votes as he or she shall hold shares of the capital stock of the said company; and the persons having the greatest number of votes, being stockholders, shall be directors; and the directors chosen at one election shall be capable of serving, by virtue thereof, until another election shall have been had; and if it shall, at any time, happen that any vacancy or vacancies occur, by death, resignation or otherwise, among the directors named in this act, or those hereafter to be elected, such vacancy or vacancies may be filled by such person or persons as the remainder of the directors for the time being, or a majority of them, shall appoint, until other directors are chosen by the stockholders; the first directors shall be Christopher Meyer, First directors Henry Richmond, Greenleaf W. Appleton, Isaiah Rolfe, Charles T. Warner, John W. Newell, Samuel L. Johnson, Robert A. Woodworth, John H. Faxon, Isaac L. Martin, Peter A. Van Deventer, Lewis L. Hyatt and Peter G. Polhemus, and the survivors or survivor of them, who shall hold their offices until the said second Tuesday in February, anno domini one thousand eight hundred and seventy-three, or until others are legally chosen.

Vacancies, how filled.

Officers.

Amount of capital stock.

3. And be it enacted, That the said directors shall appoint one of their own number to be president; and they may appoint such other officers as they may deem necessary for properly conducting the business of the said corporation.

4. And be it enacted, That the capital stock of the said company shall not exceed the sum of seven hundred thousand dollars, which shall be divided into shares of one hundred dollars each; but as soon as the sum of two hundred thousand dollars of the said capital stock shall have been subscribed and paid in, it shall and may be lawful for the said company to commence business, and with that capital conduct and carry it on until they shall deem it expedient