9. And be it enacted, That this act shall take effect immediately. Approved March 8, 1872. Increase of capital stock. May borrow money. Proviso. CHAPTER CLXXIII. Supplement to an act entitled "An Act to incorporate the Middletown Point and Keyport Gas Light Company," approved March thirteenth, one thousand eight hundred and sixty-two. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the directors of the said company may increase its capital stock to any sum not exceeding one hundred thousand dollars. 2. And be it enacted, That the said company shall have power to borrow such sum or sums of money from time to time as they shall deem necessary for the use of the company, and to secure the payment thereof by bonds and mortgage, or otherwise, on the property of the company, at a rate of interest not exceeding seven per centum per annum; provided, that the amount of such bonds shall not at any time exceed the sum of ten thousand dollars. 3. And be it enacted, That this act shall take effect immediately. Approved March 8, 1872. CHAPTER CLXXIV. A Supplement to an act entitled "An Act to incorporate the Union Car Spring Company," approved March seventeenth, eighteen hundred and sixty five. WHEREAS, the said company have absorbed five thousand Preamble. shares of its capital stock in the sale of certain patent rights owned by said company therefor, and it has become desirable and expedient in the estimation of the directors of said company to reduce its present capital stock to five thousand shares; therefore, capital stock. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That it shall be lawful for the directors May reduce of said Union Car Spring Company to reduce the present capital stock of said company to five thousand shares, so that the capital stock of said company shall thereafter consist of and be divided into five thousand shares of one hundred dollars each; provided however, that nothing in this act contained Proviso. shall impair or be construed to impair the rights or property of any existing stockholder of said company. Approved March 8, 1872. CHAPTER CLXXV. Supplement to an act entitled "An Act to incorporate the Fireman's Fund Fire Insurance Company, of the City of Hudson, County of Hudson, State of New Jersey," approved March twenty-seventh, eighteen hundred and sixtyeight. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the name of "The Fireman's 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 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. or personal estate, &c. May erect May hold real 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 rights 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 |