Failure to elect directors first Monday in May next, and until others are legally chosen. 4. And be it enacted, That in case an election for directors not to dissolve shall not be made on the day specified in this act, the said corporation shall not for that cause be deemed to be dissolved but it shall be lawful to hold such election on such other day as may be provided by the by-laws of said corporation or by resolution of the board of directors. May make bylaws. Proviso. 5. And be it enacted, That a majority of the directors for the time being shall form a board for the transaction of the business of the said corporation, and shall have power to make such by-laws, ordinances and regulations as shall seem necessary and convenient for the management and disposition of the stock, effects and concerns of the said corporation; provided, that the same are not contrary to the laws or constitution of the United States or of this state. 6. And be it enacted, That this act shall take effect immediately. Approved March 5, 1872. Corporators. Name and powers. Power to chase and pur CHAPTER CXLIV. An Act to incorporate the Central Land Improvement and 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That John Dunlop, William Graham and Catholina Lambert, and all such persons as may hereafter be associated with them, their successors and assigns, shall be and they are hereby constituted a body corporate and politic, in fact and in law, by the name of "The Central Land Improvement and Building Company," and as such shall possess and may exercise all the powers common to all corporate bodies, subject to the limitations prescribed by the laws of this state and this act. 2. And be it enacted, That the said corporation may purhold real es- chase, use, hold, lease, rent, sell and convey, mortgage and tate. dispose of such real and personal estate in this state as may be necessary or expedient to the objects of this incorporation, and may receive and make all deeds, transfers, covenants, conveyances, grants, contracts, agreements and bargains whatsoever necessary or useful for the purposes aforesaid; and may lay out such land and real estate as they may from time to time have and hold in lots, plots or parcels, and may erect, or cause to be erected thereon, buildings of every name, kind and description, and for all proper and legitimate uses and purposes, and may open roads, streets and highways, and otherwise develop and improve the same. rectors. 3. And be it enacted, That the stock, property and con- Election of dicerns of the said corporation shall be managed and conducted by a board of not less than three nor more than five directors, a majority of whom shall be residents of this state, all of whom shall be stockholders, who shall hold their offices respectively for one year and until others are elected; and that the said directors shall be chosen on the first Monday in April, in every year, at such time and place, and upon such notice, as the by-laws of said corporation shall provide, by such of the stockholders as shall attend for that purpose, either in person or by proxy, and each stockholder shall be entitled to one vote for each share which he or she may hold in said corporation; and the persons having the greatest number of votes shall be directors, and shall choose from among their own number one to be president and one treasurer, and may appoint such other officers and agents as they may deem necessary or expedient, upon such compensation as they may think proper; and if at any time it shall happen that any va- Vacancy, how cancy occurs, from any cause whatever, among the directors of said company, such vacancy may be filled by such person as the remainder of the directors for the time being, or a majority of them, shall appoint; and until other directors are chosen from the stockholders, the first directors shall be the said John Dunlop, William Graham and Catholina Lambert. 4. And be it enacted, That the capital stock of the said cor- Amount of poration shall be seventy-five thousand dollars, with the privilege from time to time of increasing the same to any sum not exceeding one hundred and fifty thousand dollars, which shall be divided into shares of one hundred dollars each; and that as soon as two hundred and fifty shares of the capital stock shall have been subscribed and paid in, it shall and may be filled. First directors capital stock. Failure to pay subscriptions to work lor. feiture. May make bylaws. Proviso. Failure to elect directors lawful for said corporation to proceed to carry into effect the objects of said corporation; and it shall be lawful for the directors of said corporation to call for and demand from the stockholders thereof respectively such installments, and at such times and in such proportions, and upon such notice, as they shall deem proper; and in case of failure by any stockholder to pay his or her installment or installments, as the case may be, at the time and place appointed for the payment thereof, or within thirty days thereafter, such stockholder shall, if the company shall so direct, incur a forfeiture of his or her share or shares, and all previous payments made thereon, for the use of the company; and books of subscription for the stock of said corporation shall be opened at such time and place, and remain open such time as the directors shall appoint; and the shares of the said capital stock shall be deemed personal property, and transferable only on the books of the company, in such manner as the board of directors by their by-laws may direct. 5. And be it enacted, That a majority of the directors for the time being shall form a board for the transaction of the business of the said corporation, and shall have power to make such by-laws, ordinances and regulations as shall seem necessary and convenient for the management or disposition of the stock, effects and concerns of the said corporation; provided, the same are not contrary to the laws of the United States or of this state. 6. And be it enacted, That in case it shall at any time not to dissolve happen that an election of directors shall not be made on the day when, pursuant to this act, it ought to have been made, the said corporation shall not for that cause be deemed to be dissolved, but it shall and may be lawful to hold such election on such other day as the directors of said corporation shall direct. 7. And be it enacted, That this act shall take effect immediately. Approved March 5, 1872. CHAPTER CXLVI. An Act enabling the Trustees of the Second Presbyterian WHEREAS, Joseph T. Baldwin and Lydia, his wife, by their Preamble. certain deed, bearing date the fourth day of December, in the year one thousand eight hundred and sixteen, and recorded in the clerk's office of the county of Essex, in Book C, two of deeds, on pages one hundred and seventyone and one hundred and seventy two, did, for a good and valuable consideration, convey unto "The Trustees of the Second Presbyterian Church in Newark," and to their successors forever, a certain tract or parcel of land in the township (now city) of Newark, and in the said deed particularly described and set forth; and whereas, the said tract of land has been used and occupied by the said church as a burial ground, and burial lots have been sold from the same to various persons, but the same has for a long time ceased to be used or opened for the purpose of burial, and is now neglected and unused by the owners of the said lots; therefore, lands for buri 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey. That it shall and may be lawful May purchase for the said the trustees of the second Presbyterian Church al purposes. in Newark, to purchase other lands in some suitable location for burial purposes, or sufficient burial lots in some cemetery already laid out and established in the vicinity of the city of Newark, and at their own proper costs and charges remove and re-inter the remains of the bodies now interred and buried in the above mentioned land, heretofore used as a burying ground as aforesaid, and also to remove all tombstones and monuments erected over the graves of remains in said burying ground, and set the same up in a substantial and proper manner over the graves of the bodies so removed and re-interred. sell lands. 2. And be it enacted, That upon the removal of the bodies, Authorized to tombstones and monuments from the said land, by the said trustees, as above provided, it shall be lawful for the said the pay and re to purchasers of lots. trustees of the Second Presbyterian Church in Newark, and they are hereby authorized and empowered to sell and convey the whole or any part of the said tract of land and premises in fee simple or otherwise as may to them seem proper and desirable, free and clear and absolutely discharged of and from all trusts whatsoever, and to execute and deliver to the purchaser or purchasers thereof good and sufficient deed or deeds therefor, to be executed and proved in the manner that deeds of corporations are now made and proved by law, which deeds shall convey to and vest in the purchaser or purchasers a good and valid title to and for the said land so conveyed. Corporation to 3. And be it enacted, That the said, the trustees of the fund money Second Presbyterian Church in Newark, shall pay and refund to such person or persons as may have purchased lots in the said tract of land heretofore used as a burial ground, and that have or shall remove the bodies buried therein at their own individual costs and charges, or that may have purchased lots and not used the same for burial purposes, the amount of the purchase money paid for said lots, without interest; provided, the same be demanded within five years from the passage of this act; and the remainder of the purchase money received for the land so sold shall and may be applied to and for such purpose as the said, the trustees o the Second Presbyterian Church in Newark may direct. Proviso. 4. And be it enacted, That this act shall take effect immediately. Approved March 5, 1872. |