CHAPTER CCXXX. An act to incorporate "The Jersey Blue Blue-Stone Com pany." Names of 1. BE IT ENACTED by the Senate and General Assembly of the corporators State of New Jersey, That Philip A. Dunn, Thomas A. Bell, name William B. Bell, Jackson Lantz, Henry M. Dalrymple, and such other persons as may hereafter be associated with them, be and they are hereby created a body politic and corporate, in fact and in law, by the name of "The Jersey Blue BlueCorporate Stone Company," for the purpose of excavating, quarrying, and carrying on the flagging and blue-stone business, and doing and performing all such other things as may be incident thereto; and for such purpose the said company shall or may raise by subscription, by opening the books therefor or otherwise, a capital stock of fifty thousand dollars, to be divided into shares of one hundred dollars each, with the privilege of increasing the same from time to time to an amount not exceeding one hundred thousand dollars, and it shall be lawful for said company to issue certificates of stock, in whole or in part, in payment for any real or personal property purchased or leased by said company for the purposes of their business aforesaid, and may commence business when twenty-five per centum of the capital stock is subscribed and paid in. May purchase and estate. 2. And be it enacted, That the said corporation may purhold real chase, use, hold, possess and enjoy such real estate in the city of Trenton, New Jersey, and in the county of Munroe, in the state of Pennsylvania, as may be necessary or expedient for the purposes of said corporation and may sell, mortgage, lease, or otherwise dispose of the same at pleasure, and may sue and be sued in all courts of law aud equity, and may have and use a common seal, and may change and alter the same at pleasure, and may make such by-laws for their regulations and government as they may Proviso. deem proper; provided, the same are not inconsistent with the constitution and laws of the United States or of this state. by whom 3. And be it enacted, That the affairs of the said corpor- Affairs of ' ation shall be managed by not less than five nor more than corporation seven directors, who shall elect one of their number presi- managed. dent, and said directors shall be stockholders in said corporation, and shall hold their office for one year, and until others shall be chosen to fill their places; said directors shall be elected at the annual meeting of the stockholders, to be held on such day, at such hour of the day, and at such place as the by-laws of said corporation shall direct, and until such election shall take place, the corporators named in the first section of this act, shall manage the affairs of said company, and a majority of the directors shall, on all occasions, when assembled at such time and place as the by-laws shalĺ prescribe, constitute a body competent to transact business, and all business matters before them shall be decided by a majority of votes; and in case a vacancy shall occur in the board of directors by death, resignation or failure of the stockholders to elect the full number authorized by this act, the remaining directors for the time being, or a majority of them, shall have power to fill such vacancy by the appointment of any stockholders. held. if 4. And be it enacted, That in case it shall happen that an corporaelection of directors shall not be made upon the day desig-tion not disnated for that purpose, the said corporation shall not be election not deemed to be dissolved, but the stockholders may proceed to hold an election for directors on any other day, such notice having been given of the time and place of such election as the by-laws shall prescribe. 5. And be it enacted, That the said corporation shall be Powers, &c and is hereby empowered to purchase, use, possess and enjoy, and hold in fee simple, or any less estate, any lands or real estate, or to mortgage, sell, lease, convey or dispose of the same or any parts thereof; also to purchase or lease any machinery necessary to their business, and to do such other acts and things, and make and construct such buildings, erections and improvements as a successful prosecution of the business of the company may require. to submit 6. And be it enacted, That the said directors shall sub- Directors mit to the stockholders at their annual meeting, a written to stockstatement of the affairs of the said corporation, setting nual state 69 holder's an ment. Location of office. forth the amount of the capital stock paid in, the amount of the money due to and from the said corporation, and the amounts of all assets and property belonging to said corporation, as nearly as the same can be ascertained. 7. And be it enacted, That the principal office of the principal said company shall be in the city of Trenton, and the regular books of accounts shall be kept in said office, to which books of accounts any stockholder may have free access at all reasonable times for the purpose of inspection. Corpora tion how dissolved. Proviso. 8. And be it enacted, That the said corporation may be dissolved by a general meeting of the stockholders of the same, specially called for that purpose; provided, that at least two-thirds in value of the stockholders shall concur therein; and upon such dissolution the directors for the time being and the survivors of them or such persons as the stockholders shall appoint, shall be trustees for the settling all the affairs of the company, collecting and disposing of all its property and assets, paying its debts and divid ing its surplus among the stockholders in proportion to their respective interests in the stock. 9. And be it enacted, That this act shall take effect immediately. Approved March 17, 1874. CHAPTER CCXXXI. An act to incorporate the Oriental Insurance Company, of 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That all such persons as shall become stockholders in the capital stock hereinafter mentioned, their successors and assigns are hereby constituted and made a body politic and corporate, by the name and style of Corporate the "Oriental Insurance Company of Jersey City," and by that name shall be known in law, and have power to sue and be sued, to defend and be defended, in all courts, whether in law or equity, and by that name may have, purchase, pos name. sess hereditaments, goods, chattels, and effects of what nature or kind soever necessary for the purpose of this corporation, and the same to grant, devise, alien and dispose of at pleasure for the benefit of said company; and may also have a common seal, and the same to alter and renew at pleasure; and also to have perpetual succession; and also to create such officers and committees, and to delegate to them such powers as they shall deem necessary and expedient for the government of the said corporation, and to put the same in execution; provided, the same be not contrary Proviso. to the laws of this state. 2. And be it enacted, That the capital stock of said com- Capital pany shall be two hundred thousand dollars, and shall be di- stock. vided into shares of one hundred dollars each, with the privilege to increase the said capital stock to five hundred thousand dollars; and the said company shall not commence business until fifty thousand dollars of said stock shall have been paid in, in cash. of com managed. 3. And be it enacted, That the stock, property, affairs and Affairs, &c., concerns of said company shall be managed and conducted pany by by a board of fifteen directors, eight of whom shall consti- whom tute a quorum to transact business, who may respectively hold their office for one year, and until others may be chosen, and shall at all times during their continuance in office, be stockholders in the said company; the annual election for directors shall be held at the office of the company, public notice of which shall be given for ten days, in one or more newspapers published in Jersey City; and each share of stock shall entitle its owner to one vote at each election, which may be given in person or by proxy. to appoint 4. And be it enacted, That the board of directors shall have Directors power to appoint a president, vice-president, treasurer and empowered secretary, and such other officers and agents as they officers. may deem necessary for carrying on the business of the company, and to allow them such compensation for their services as may in their judgment be deemed reasonable. Names of sioners to 5. And be it enacted, That Robert Wilson, A. H. Laidlaw, E. S. Cowles, Thomas Gafney, James Montgomery, Richard commisH. H. Steel, and John H. Platt, are hereby appointed com- open books, missioners to receive subscriptions to the capital stock of &c. said company; and that as soon as five hundred shares are subscribed, the said commissioners, or a majority of them, Corpora tion to in sure we lings, &c. Contracts may be with or without seal. shall by public notice published in one or more of the newspapers published in Jersey City, for one week, call a meeting of the stockholders for the purpose of choosing the first board of directors. 6. And be it enacted, That it shall and may be lawful for the said company to insure dwelling houses, and all kinds of buildings and household furniture, and all other kinds of property of every name and description against loss or damage by fire, upon such terms and conditions as shall be contained in the policy of insurance; and may also insure ships and other vessels, their cargoes, rights, interests, and all other property against every description of casualty incident to marine and inland transportation. 7. And be it enacted, That all policies or contracts founded made either thereon, which shall be made and entered into by said company, may be made under or without the seal thereof, and shall be subscribed by the president or vice-president, or by such other officer or officers as may be designated for that purpose by the said company, and attested by the secretary; and being so subscribed and attested, shall be obligatory upon the said company, according to the tenor, intent, and nieaning thereof, and of such like policies or contracts. May purchase and hold real estate. Stock deemed personal property. 8. And be it enacted, That it shall and may be lawful for said company to purchase and hold such and so much real estate as may be necessary for their convenient accommodation in the transaction of their business, and also to take and hold any real estate or securities, bona fide mortgaged or pledged to said company, to secure the payment of any debt which may be contracted with them, and also to proceed on said mortgage or other securities for the recovery of moneys thereby secured, either at law or in equity. and to purchase on sales made under such proceedings or otherwise; to take and receive any real estate, in payment or towards satisfaction of any debt or obligation previously contracted with or due to said company, and the said real estate to mortgage, sell or exchange, or otherwise dispose of; and said company may invest their capital and accumulating premiums, from time to time, in public stocks, bonds, mortgages, and such other securities as the directors may approve. 9. And be it enacted, That the stock of said company shall be deemed to be personal property, and shall be assignable |