ties, of the time and place where they will be heard in relation to the matter, proceed, without delay, to make their report thereon, and deliver the same to the court at the next session thereof, which shall be held in the said county of Monmouth; and whenever such report shall be confirmed by the court aforesaid, the said company shall, within two months thereafter, pay to the said owner or owners, or such person or persons as the court may direct, the sum mentioned in said report, in full compensation for the damages sustained; and thereupon the said company shall be discharged from all such claim by reason of such damage, but no claim shall be made or allowed after the expiration of three years from the time the lands are taken or the damages sustained. capital stock. 3. And be it enacted, That the capital stock of said com- Amount of pany shall be fifty thousand dollars, with the liberty to increase the same to one hundred thousand dollars, which shall be divided into shares of one hundred dollars each, and that subscriptions to the capital stock may be paid in real and personal estate, in a valuation to be agreed upon by a majority of the directors; and the said corporation may issue stock in payment therefor, and the books of subscription for stock shall be opened in the town of Freehold, in the county of Monmouth, at such time and place as the directors may designate, under their directions, or that of such person or persons as a majority of them may select. 4. And be it enacted, That the affairs of said corporation Board of direcshall be managed by a board of five directors, one of whom tors. shall be president, and a majority of whom shall have all the power of the board, and they shall hold their office for one year, and until others shall be elected in their places, and shall have power to make by-laws for the government and management of said corporation, and shall hold their meetings at such time and places, in this state, or elsewhere, as the by-laws may provide; and that until an election for directors shall be held, the persons named in the first section of this act shall be directors. money. 5. And be it enacted, That the said corporation shall have May borrow power to borrow such sum or sums of money, from time to time, as shall be necessary to carry out the purposes of this act, and to secure the payment thereof, with interest, by bond and mortgage, or otherwise, on the property, franchises and privileges belonging to the said corporation. 6. And be it enacted, That the said corporation may be How dissolved Proviso. Stock, how dissolved by a general meeting of the stockholders especially called for that purpose; provided, that at least three-fourths in value of the holders of the capital stock shall concur therein; and upon such dissolution, the directors for the time being, and the survivor or survivors of them, or such person or persons as the said stockholders shall appoint, shall be trustees for settling all the affairs of the company, collecting and disposing of its property and assets, paying its debts, and dividing the surplus among the stockholders, in proportion to their respective interest in the stock. 7. And be it enacted, That the stock of the said corporatransferable. tion shall be deemed personal estate, and shall be transferable in such manner as the by-laws may prescribe. 8. And be it enacted, That this act shall take effect immediately. Approved February 29, 1872. Preamble. CHAPTER CIII. An Act to confirm a deed of conveyance made by George B. Stothoff, Charles Bartles, Thomas C. Haward, Peter W. Burk, Peter I. Nevius, and Richard Emmons, trustees of the First Presbyterian Church at Flemington, to William P. Emery. WHEREAS, George B. Stothoff, Charles Bartles, Thomas C. Haward, Peter W. Burk, Peter I. Nevius and Richard Emmons, trustees of the First Presbyterian Church at Flemington, did, by their certain deed of conveyance, duly executed under their hands and seals, bearing date the eleventh day of October, in the year of our Lord, one thousand eight hundred and seventy-one, grant, bargain, sell, alien, release, convey and confirm to the said William P. Emery, his heirs and assigns forever, all that certain session room, lot or parcel of land and premises, situate in the village of Flemington, in the county of Hunterdon, and state of New Jersey, on the southerly side of Union street, and in the said deed of conveyance, particularly described by metes and bounds, which said deed of conveyance is recorded in the clerk's office of the county of Hunterdon, in volume one hundred and forty-nine of the record of deeds for the said county, page four hundred and ninety-eight, and so forth; and whereas, there are doubts as to the validity of said deed, and the right and power of the above named trustees of the First Presbyterian Church at Flemington, so to make conveyance of, and sell the said lot of land and premises; for remedy whereof, valid. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the said deed of conveyance Deed declared be, and the same is hereby in all things confirmed as valid and effectual in law, and shall be deemed and taken to convey to, and vest in the said William P. Emery, his heirs and assigns, an estate of inheritance, in fee simple, of, in and to the said lot of land and premises forever; and that the said deed of conveyance, or the record thereof, shall be received in all courts of law and equity, as full and complete evidence thereof. 2. And be it enacted, That this act shall take effect immediately. Approved February 29, 1872. CHAPTER CIV. An Act to incorporate the New Jersey Chemical Company. 1. BE IT ENACTED by the Senate and General Asssembly of the State of New Jersey, That William E. Lafferty, Henry Corporators. C. Gibson, Thomas B. Watson, Peter L. Voorhees, their associates and successors be, and they are hereby created and declared to be a body corporate and politic in law and in fact, by the name of "The New Jersey Chemical Com- Name. pany," and as such shall have perpetual succession, and all Amount of capital stock. Commission ers to receive the franchises, and privileges belonging to or incident to a corporation. 2. And be it enacted, That the capital stock of the said corporation shall be one hundred thousand dollars, divided into shares of one hundred dollars each, which said capital stock shall be personal property, and be transferable on the books of the corporation. 3. And be it enacted, That the above named corporators Subscriptions. Or a majority of them shall be commissioners to receive subscriptions to the capital stock of the said corporation, at such time and place as they may direct; and at the time of subscribing for said stock such amount on each share subscribed for shall be paid, satisfied, or satisfactorily secured to said commissioners as they or a majority of them may direct, and the residue of the subscription shall be paid, satisfied or secured as the directors of the said corporation when elected shail from time to time direct, giving notice of such time and place in a newspaper printed and published at the city of Camden, for two weeks, at least once in each week; and upon the failure of any person or persons to pay, satisfy or secure the payment of such installment or installments or any of them, the directors shall be empowered, to forfeit the share or shares of each and every person so failing, or any of them, to and for the use and benefit of said corporation; and any share or shares of stock forfeited as aforesaid, may be held by the said corporation or any person or persons for its benefit, and may at any time be sold and disposed of for the benefit of the corporation, as said directors may determine, or may be divided proportionally among the remaining stockholders, to be by them held and enjoyed, or sold and transferred, with all the rights and benefits incident thereto, the same in all respects as if they were original shares by them subscribed. rectors. Election of di- 4. And be it enacted, That whenever fifty thousand dollars. of the capital stock aforesaid, shall have been subscribed, said commissioners or a majority of them shall, as soon as they deem expedient, give notice in such manner as they may determine, of a meeting of the stockholders, at such time and place in the state of New Jersey as said commissioners may designate, to choose not less than three nor more than five directors, who shall hold their office for one year, and until others are duly elected, and at such meeting of stockholders convened as aforesaid, said stockholders shall prescribe the time and place for holding the annual election, and the number of directors of said corporation, which time and place and number of directors of said corporation, shall not be changed except at an annual election of said corporation; and the directors chosen at such meeting, or at the annual election of said corporation shall, as soon as may be after their election, choose from their number a president of said corporation, who shall hold his office for one year, and until his successor is duly appointed; and in case of the Vacancy, how death, resignation, or other incapacity of the president or any director, the vacancy thereby created in the board of directors may be filled by the stockholders, at a meeting properly convened for the remainder of the then current year. alled. entitled to 5. And be it enacted, That at all elections by stockholders Stockholders for directors of said corporation, and at all meetings of stock- vote. holders, and upon all questions submitted to them, each stockholder shall cast one vote for each and every share of stock standing upon the books of said corporation, in his or her name, which vote may be cast either by said stockholder in person or by proxy. money and bonds. 6. And be it enacted, That the board of directors of said May borrow corporation shall have power to make and adopt a common issue notes or seal for said corporation, and the same to alter at pleasure; to appoint a treasurer, secretary and such other officers, agents, clerks, servants and employees of said corporation as they may deem necessary, and to prescribe and regulate their duties, salaries and compensation; to prescribe the form of and to issue or authorize to be issued such promissory notes, bills of exchange and business paper of said corporation as they may determine, to borrow such sums of money as they may from time to time deem advisable, for the purpose of said corporation, and to pledge the property, franchises and credit of said corporation for the payment thereof, or to issue the promissory notes or bonds of said corporation therefor, and to secure the payment of said promissory notes or bonds, either by mortgages on the franchises and real or personal property of the said corporation, wheresoever situate, or in such other way as the said directors may see fit; to make such by-laws, rules and regulations for the issuing and transfer of the stock, and for the government of the said corporation, its officers, clerks, agents and employees, as said directors may determine, and generally to direct, control and |