be void. be commenced within five years, and be completed at the ex- Act, when to piration of ten years from the fourth day of July next ensuing, that then and in that case this act shall be void. 19. And be it enacted, That this act shall take effect immediately. Approved March 29, 1872. CHAPTER CCCCXXV. An Act to incorporate the Crooks Land Improvement and powers. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That James Crooks, Charles Hem- Corporato ingway, Shem Phillips, George H Albutt and Robert A. Slater, 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 Crooks Land Improvement and Name and Building Association of New Jersey ;" and by that name shall be capable in law of purchasing, using, holding, letting, improving, disposing of, and conveying any lands, tenements, hereditaments and appurtenances thereto belonging, goods and chattels, and of performing all other acts necessary or proper for accomplishing the objects and purposes of the corporation hereby created, and may receive and make all deeds, transfers, conveyances, covenants, grants, contracts, agreements and bargains whatsoever, necessary or useful for the purposes aforesaid; and may improve any such lands and real estate of which they may become possessed, by laying out the same in lots, plots, or parcels, by erecting buildings of every kind and description thereon, and by opening, laying out and grading roads, streets and alleys therein, and may otherwise improve and beautify the same. 2. And be it enacted, That the capital stock of the said Capital stock. corporation shall be one hundred thousand dollars, with the rectors. power to increase the same to five hundred thousand dollars, which shall be divided into shares of one hundred dollars each; and the persons before named, or a majority of them, may open books of subscription for the said capital stock, at such times and places as they may think proper; and as soon as one hundred shares of the said capital stock shall have been subscribed and paid in, it shall be lawful for the said corporation to proceed to carry into effect the objects of said corporation. Election of di 3. And be it enacted, That the stock, property and concerns 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, and one of whom shall be president, who shall hold their offices, respectively, for one year and until others are elected; that the said directors shall be chosen on the first Monday in January of each year, except that the first election for directors may be held on the first Monday in May after the passage of this act, at such time and place as shall be provided for by the by-laws of said corporation, by such of the stockholders as shall attend for that purpose, either in person or by proxy; each share of the capital stock entitling the holder thereof to one vote; and notice of the time and place of such elections shall be published not less than two weeks previous thereto, in at least one newspaper published in the county where such election is to be held, and the persons having the greatest number of votes shall be directors. Powers of directors. 4. And be it enacted, That the said directors, or a majority of them, shall be competent to transact all business of the said corporation, and may appoint such agents, officers and superintendents, and make such compensation and assign such duties to said agents, officers and superintendents, as they shall think fit; and shall have power to call in and demand from the stockholders thereof, respectively, the capital stock of said corporation, by such installments, not exceeding ten dollars on each share at any one time, and at such times as they shall deem proper; and in case of failure by Failure to pay any stockholder to pay his or her installment or installstock may be ments, 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 installments, forfeited. laws. previous payments made thereon for the use of the company; and the said directors may make and prescribe such by-laws, rules and regulations as to them shall appear May make byneedful or proper for the maragement and disposition of the property, stock, effects and concerns of the said corporation; provided, that the same are not contrary to the laws or con- Proviso. stitution of the United States or of this state; and if at any time it shall happen that any vacancy or vacancies occur from any cause whatever among the directors of said association, such vacancy or vacancies shall be filled by such Vacancies, person or persons as the remainder of the directors or a majority of them shall appoint; and until other directors are chosen from the stockholders, the persons named in the first section of this act shall be the first directors, and shall hold their office until the first Monday in May next, or until others are legally chosen. how filled. capital and 5. And be it enacted, That it shall be lawful for the said May invest association to invest their capital and accumulating funds funds from time to time in public stocks, bonds and mortgages, notes and other securities; and that the capital stock of the said association shall be deemed personal property, and the shares thereof shall be transferable only on the books of the association in such manner as the directors by their by-laws shall direct. not to dissolve 6. And be it enacted, That in case it shall at any time Failure to happen that an election of directors shall not be made on the hold election 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 for the time being shall direct. 7. And be it enacted, That the said corporation may be How dissolved dissolved by a general meeting of the stockholders, for that purpose especially called; provided, that at least three- Proviso. fourths in value of the stockholders shall concur therein; and upon such dissolution the directors for the time being shall be trustees for settling all the affairs of the said corporation, collecting and dispoing of its property and assets, paying its debts, and dividing the surplus among the stockholders, in proportion to their respective interest in the stock. 8. And be it enacted, That this act shall take effect immediately. Approved March 29, 1872. Citizenship restored. CHAPTER CCCCXXVI. An Act for the relief of James H. Butler, Adolphus Wanamaker and Conrad Wanamaker. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That James H. Butler, Adolphus Wanamaker and Conrad Wanamaker, of Bergen county, be and they are hereby restored to all their rights and privileges as citizens of New Jersey. 2. And be it enacted, That this act shall take effect immediately. Approved March 29, 1872. and extended.. CHAPTER CCCCXXVII. Supplement to an act entitled "An Act to incorporate the 1. BE IT ENACTED by the Senate and General Assembly of Act renewed the State of New Jersey, That the act entitled "An Act to incorporate the Shamrock Benevolent Society of the City of Newark," approved March first, in the year eighteen hundred and fifty one, be and the same is hereby renewed and extended to the first day of March, in the year eighteen hundred and ninety-three. Powers continued. Officers. 2. And be it enacted, That all the powers and privileges conferred by the act to which this act is a supplement, and all by-laws adopted under the same, shall be and continue in full force and effect, except such of said by-laws as shall be duly repealed and rescinded. 3. And be it enacted, That all officers of said society shall continue to hold their respective offices until the term for which they shall have been elected shall expire, and a successor or successors to such office or offices respectively shall have been duly elected. construed. 4. And be it enacted, That this act shall be a public act, Act. how and that the same be in all courts construed favorably to the beneficial purposes of the act to which this is a supplement, and shall take effect immediately. Approved March 29, 1872. CHAPTER CCCCXXVIII. A Further Supplement to an act entitled "An Act to incorporate the Dime Savings Institution, of Newark, New Jersey," approved March tenth, eighteen hundred and sixty-four. powers. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That "The Dime Savings Institu- Additional tion," in addition to the power and authority already conferred upon them, may receive, for safe keeping, upon such terms and conditions, and for such consideration as they from time to time determine, specie or bullion, gold or silver plate, treasury notes, bonds, mortgages and coupons, paper money, bills receivable, title deeds, and all personal securities, and property of every kind whatever. 2. And be it enacted, That so much of the sixth section of Repeater. said act as prohibits compensation for actual services performed for said corporation, is hereby repealed, and all compensation to be allowed shall be first determined upon by the board of managers at their meetings, 3. And be it enacted, That this act shall take effect immediately. Approved March 29, 1872. |