extended five years from the fourth day of July, eighteen hundred and sixty-eight, and that the time at which said railroad company shall be required to complete said railroad be and the same is hereby extended ten years from the fourth day of July, eighteen hundred and sixty-eight. 2. And be it enacted, That this act shall take effect immediately. Approved March 27, 1868. CHAPTER CCXLIII. An Act to incorporate the Fireman's Fund Fire Insurance Company of the city of Hudson, county of Hudson, state of New Jersey. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That all such persons as shall become stockholders to the capital stock hereinafter mentioned, their successors and assigns, are hereby constituted and made a body politic and corporate by the name of "The Fireman's Name. Fund Fire Insurance Company of the city of Hudson, New Jersey," and by that name shall be known in law, and have power to sue and be sued, and to defend and be defended, in all courts of law or equity, and by that name may have, purchase, possess and enjoy to them and their successors, lands, tenements and hereditaments, goods, chattels and effects of what nature and kind soever necessary for the purpose of this corporation, and the same to grant, demise, alien and dispose of at pleasure for the benefit of the said company, and may also have a common seal, and alter and renew the same at their pleasure. 2. And be it enacted, That the capital stock of the said Capital stock company shall be fifty thousand dollars, to be divided into. shares of fifty dollars each, with the privilege of increasing the said capital stock to five hundred thousand dollars at any time during the continuance of this charter; and when the said capital stock of fifty thousand dollars shall be subscribed and ten per centum of the said sum paid in cash, that then the subscribers to said capital stock, upon ten days' previous notice in the newspapers published in the county of Hudson, given by the commissioners hereinafter named, shall proceed to the election of the board of directors, which said board of directors shall then proceed to the election of a president, a vice-president, a treasurer and secretary, and the appointment of such other officers as may be necessary to manage the business of the company, and the office of secretary and treasurer may be filled by the same person; and C. W. Conger, John M. Wilson, G. D. Van Reipen, John Platt, Charles Luxton, Thomas Aldridge and W. A. Weeks, be and the same are hereby appointed commissioners to open the books for subscriptions to the capital stock of said company, and that ten days' previous notice of the time and place of the opening of said books shall be given by the said commissioners, or a majority of them, the said notice to be published in the newspapers in the county of Hudson during said space of ten days, and that said books of subscription may be kept open as long as it shall seem best by the said commissioners, or a majority of them, so to do. 3. And be it enacted, That the capital stock may be increased at any time by the directors to such amount as they may determine not exceeding the amoun. provided for in the second section, and they shall open books of subscription for said increased capital stock after giving ten days' previous notice in the newspapers published in the county of Hudson; and the persons who shall then own the stock of said company shall have the privilege, for five days, of subscribing for said increased stock, and after that time, if not subscribed for by the said stockholders, it may be subscribed for by others, and the terms of said subscription, as well as the balance of first subscription, shall be fixed and determined by the said direc tors. 4. And be it enacted, That the stock, property, affairs and concerns of said company shall be managed and conducted by thirty one directors, seven of whom shall constitute 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 in their own right, and the said directors shall hereafter be elected on the second Monday in January, in each and every year, at such hour of the day and at such place in the city of Hudson, as the board of directors for the time being shall appoint, of which election public notice shall be given in the newspapers published in the county of Hudson, at least ten days' previous to such election; and every such election shall be by ballot and by a plurality of the votes cast in person or by proxy; and at every such election each stockholder shall be entitled to one vote for every share of stock he may have standing in his own name on the books of the company, and the first directors shall be Garret D. Van Reipen, Dennis Yoe, Clinton W. Conger, John D. Waugh, Charles Gobish, Charles Luxton, Benjamin F. Sawyer, John M. Wilson, Thomas Aldridge, Charles J. Roe, John H. Platt, George Glaubrecht, John R. McPherson, Alexander Frank, Thomas E Bray, Edgar M. Eoff, Charles E. Newham, Christian Weber, Joseph E. Culver, William A. Weeks, Jacob J. Newkirk, Francis Mitchell, Willard E. Dudley, Richard D. McClelland, John B. Stanton, John Rommelt, William Coughlin, Patrick McNulty, Alexander H. Laidlaw, Andrew McLean, and James Montgomery, junior, who shall respectively hold their office until other directors are elected in their stead; and any vacancy in the office of president or directors may be filled by a majority of the remaining directors, and in the absence of the president the directors may appoint a president pro tempore, who shall have authority to exercise the power of the president; and the board of directors shall have power to allow such compensation to the officers of, and others in the employ of the company for their services as they may in their judgment deem reasonable and right; and the said directors or a majority of them, shall have authority to make all necessary rules, regulations and by-laws as may be necessary and expedient for the management and conducting of the business of the company; provided, the same do not conflict Proviso. with the laws of this state or of the United States. sure against 5. And be it enacted, That it shall and may be lawful for Power to inthe said company to insure houses and other buildings, and are. personal property of all kinds against loss or damage by fire, upon such rates and conditions as shall be contained and stated in the policy of insurance. surance. 6. And be it enacted, That all policies or contracts founded Policies of th thereon, which shall be made or entered into by the said company, may be made either under or without the seal thereof, and shall be subscribed by the president, or by such other officer as may be designated for that purpose by the by-laws of said company, and attested by the secretary, and when so Stock person. subscribed and attested, the same shall be binding upon the company according to the tenor, intent and meaning of this act, and of such policies and contracts; and all such policies and contracts may be made, subscribed, attested and executed, and the business of the said company may be otherwise conducted and carried on without the presence of a board of directors, by committee or otherwise, and the same shall be binding and obligatory on the said company. 7. And be it enacted, That the stock of said company shall al property. be deemed personal property, and as such assigned and transferred on the books of the company. May purchase and hold real estate. Dividends. Limitation. 8. And be it enacted, That it shall and may be lawful for said company to purchase and held such and so much real estate as shall or may be necessary for their convenient accommodation in the transaction of their business; and also to take and hold any real estate or securities, mortgaged or pledged to the said company, or to secure the payment of any debt which may be contracted with the said company, and to redeem the money so pledged or secured either at law or equity; and also to purchase on sales made under judgments at law or done in equity, or on any other legal proceedings, or otherwise, to receive and take any real estate in payment or towards satisfaction of any debt previously contracted and due to the said company, and to hold the same until they can conveniently sell or convert the same into money or other personal estate, and for the purpose of investing any part of their capital stock, funds or money, may purchase and hold any public stocks created by the incorporated cities and of the townships and counties of this state or of the United States, or the states of New York, Ohio, Pennsylvania, Massachusetts and Connecticut, as also of the stocks or other securities created by said states, or either of them, or of the United States, or in bonds secured by mortgages on unencumbered real estate within this state worth double the amount of money invested or loaned. 9. And be it enacted, That it shall be lawful for the directors of said company to make dividends of so much of the profits of the company as shall be deemed advisable, and that ten per centum of the said dividends shall be paid over to the treasurer of the fire department fund of the city of Hudson, and the balance shall be paid to the stockholders or to their legal representatives. 10. And be it enacted, That this act shall be and remain in force for the term of fifty (50) years; but the legislature CHAPTER CCXLIV. An Act to incorporate the American Roofing, Paving and 1. BE IT ENACTED by the Senate and General Assembly of Corpontors. the State of New Jersey, That Charles B. Van Syckel, Thomas C. Hill, Abiezer Jameson, George A. Anderson and M. H. Tomlinson, and their associates, shall be and they hereby are declared to be a body corporate and politic, in fact and in law, by the name of "The American Roofing, Paving and Name. Manufacturing Company," for the purpose of carrying on the business of roofing, paving and manufacturing; and for that purpose may hold such real estate, water privileges, machinery and effects as may be needful to carry on the said business or may accrue to them in the course thereof, and may sell, mortgage, lease, or otherwise dispose of the same. 2. And be it enacted, That the capital stock of the company Capital, stock. shall be two hundred thousand dollars, divided into shares of one hundred dollars each; and the persons named in the first section of this act are hereby appointed commissioners to receive subscriptions to said capital stock at such place in the city of Trenton as a majority of them may appoint, giving at least five days' notice in the newspapers published in said city; and as soon as twenty-five thousand dollars of said stock is subscribed the said commissioners shall by a like notice call the first meeting of the stockholders for the purpose of organizing said company. how elected. 3. And be it enacted, That the business of the said corpora- Directors, and tion shall be managed by not less than three directors, all of whom shall be stockholders, and one of whom shall be president, who shall hold their offices for one year and until others shall be elected in their stead; and every year thereafter at such time and place and upon such notice as the by-laws may |