year, and until others are chosen and qualified in their stead; and shall have power to fill all vacancies occasioned by death, resignation or otherwise; and an election of directors shall be held yearly at such time and place, within this state, and upon such notice as the by-laws may or shall direct, at which election each stockholder shall be entitled to one vote, either in person or by proxy for every share of stock by him or her respectively owned. 3. And be it enacted, That the directors of said corpora- May make tion shall have power to make by-laws for the management by-laws,&c. and government of said corporation, and may appoint such subordinate officers as the business of the said corporation may require; provided, that the by-laws heretofore Proviso. adopted shall remain in force until others are adopted in their stead. chase and estate. 4. And be it enacted, That the said corporation may pur- May purchase, use, hold, develop, mortgage and convey such real and can personal property as may be necessary or expedient, and may receive and make all deeds, transfers, contracts and agreements whatsoever necessary or useful for the purpose aforesaid. 5. And be it enacted, That the capital stock of the said cor- Capital poration shall continue to be one hundred thousand dollars, stock with power to increase or decrease the same, at any time, to such an amount as two-thirds of the stockholders may deem advisable, (not to exceed the sum of five hundred thousand dollars), and a certificate of such increase or decrease shall, within thirty days thereafter, be filed in the office of the secretary of state of this state; the capital stock shall continue to be divided into shares of one hundred dollars each, which shall be deemed personal property, and shall be transferable in such manner as the by-laws may or shall direct; and that the stockholders of said corporation shall be exempt from individual liability; provided, that nothing herein contained shall be construed to release any stockholder or stockholders, director or directors of said company from any liability heretofore attaching to them. to assess 6. And be it enacted, That the directors of said corporation Directors may, from time to time, assess upon each share such sums of empowered money as two-thirds of the stockholders in interest shall di- certain rect, not exceeding in the whole the par value at which each mon sums each share. What to be done when share shall be originally limited; and such sums so assessed shall be paid to the treasurer, at such times and by such installments as the directors shall direct; said directors having given thirty days' notice of the time and place of such payment, in a newspaper circulating in the county where said corporation shall have its principal place of business. 7. And be it enacted, That if the owner or owners of any owner of share or shares shall neglect to pay any sum or sums duly lects to pay assesed thereon, for the space of thirty days after the time appointed for the payment thereof, the treasurer of the company may sell, at public auction, such number of the shares of such delinquent owner or owners as will pay all assessments then due from him or them, with interest, and all necessary incidental charges. share neg assessment Treasurer to give no 8. And be it enacted, That the treasurer shall give notice tice of sale. of the time and place appointed for such sale, and of the sum due on each share, by advertising the same in a newspaper circulating in the said county where such office is located, for such time as the by-laws of said company may di rect, and shall transfer such shares to the purchaser, who shall be entitled to a certificate therefor. Corpora tax on capital in. 9. And be it enacted, That the said corporation shall pay tion to pay tax upon the amount of capital stock actually paid in (and amount of accumulated surplus) at the place where its principal office stock paid is located, and that no other tax shall be imposed upon the property or stock of the said corporation, and that for this purpose the secretary of said corporation shall, when required, furnish to the assessor a certificate verified by oath of the amount of the capital stock of said company actually paid in, and accumulated surplus. Corporation to make divi of net profits. Proviso. 10. And be it enacted, That said corporation shall make such dividends to the stockholders out of the net profits of dends out the said business as to the said directors may seem expedient; and that the said corporation may be dissolved by a general meeting of the stockholders thereof, specially called for that purpose; provided, that at least three-fourths in interest of the stockholders shall concur in such dissolution, and thereupon the directors for the time being and the survivors of them or such persons as the stockholders shall appoint, shall be trustees for settling all the affairs of the said corporation and dividing the surplus amongst the stockholders in proportion to their respective interest in the stock thereof. be bound, or affected 1849. 11. And be it enacted, That the said the Celluloid Har-corporaness Trimming Company, its successors or assigns, shall not tion not to from the date of the approval of this act be bound, con- controlled trolled or in any wise affected by the said act entitled "An by act of act to authorize the establishment and prescribe the duties of companies for manufacturing purposes," approved March second, one thousand eight hundred and forty-nine, or any of its provisions or of any supplement thereto, except as is in this act prescribed. Approved March 17, 1874. CHAPTER CCXXI. An act to incorporate "The Ocean Paper Manufacturing corporators 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That John Aumack, John H. Gu- Names of lick, Amos Falkinburgh, Britton C. Cook and Clayton Robbins, and their successors and assigns, be and they are hereby created a body politic and corporate in law, by the name of "The Ocean Paper Manufacturing Company," for the Corporate purpose of manufacturing and dealing in paper and paper bags, in all their branches, in the county of Ocean, and carrying on the business incident to such manufacture and dealings, and may hold and erect such mills, buildings and other works, as may be required to carry on such business. name. chase and 2. And be it enacted, That the said corporation may pur- May purchase, use, hold and enjoy such real estate in the county of hold real Ocean, as the board of directors may deem requisite for the estate. purpose of said corporation, to erect buildings thereon for the use and occupancy of the operatives in said works, and from time to time may lease, mortgage, sell, or otherwise dispose of the same at pleasure. 3. And be it enacted, That the capital stock of said cor- Capital poration shall be twenty-five thousand dollars, with power to stock. increase the same to any amount not exceeding one hundred thousand dollars, and shall be divided into shares of one Who to open books hundred dollars each, which shall be deemed personal property, and transferable in such manner as shall be prescribed by the by-laws of said corporation. 4. And be it enacted, That it shall and may be lawful and receive for the persons named in the first section of this act, or a subscrip- majority of them, at such time and place as they may select, to open books of subscription to the capital stock of said corporation, and whenever the sum of five thousand dollars shall have been subscribed and actually paid in. it shall and may be lawful for the said corporation to organize and conduct its business under the provisions of this Business by whom managed. May in ital stock. act. 5. And be it enacted, That the business of said corporation shall be managed by not less than five nor more than nine directors, who shall be stockholders, one of whom shall be president; such directors shall hold their office for one year and until others are elected in their stead; an election of directors shall be held yearly, at such time and place, and upon such notice and in such manner as the by-laws may direct; at which election each stockholder shall be entitled to one vote, either in person or by proxy, for each share of stock by them respectively owned. 6. And be it enacted, That the said corporation may, from crease cap time to time, increase the capital stock to any amount not exceeding the amount authorized in the third section of this act; and it shall be lawful for the directors of the said corporation to call for and demand of the stockholders respectively, all such sums of money as are by them subscribed; at such time and in such proportion as the said directors shall determine; and in case any stockholder shall neglect or refuse to pay in the amount so called for and demanded, after being notified at least thirty days previous to the time of payment, such shares, and all previous payments made thereon, shall be forfeited to the said corpora What may be received in payment of subscrip tions to capital stock. Majority of board to constitute quorum. tion. 7. And be it enacted, That any buildings, land, machinery or other property used in manufacturing and carrying on said business, may be received in payment of subscriptions to the capital stock, at a valuation agreed upon by a majority of the stockholders. 8. 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 ordain, establish and put in execution such bylaws and regulations as shall seem necessary and convenient for the government, management and disposition of the stock, effects, profits and concerns of the said corpora tion. 9. And be it enacted, That the corporation hereby created Powers, &c. shall possess the general powers, and be subject to the restrictions and liabilities set forth in an act entitled "An act concerning corporations," approved February fourteenth, one thousand eight hundred and forty-six, so far as the same are applicable. 10. And it enacted, That this act shall take effect immediately. Approved March 17, 1874. CHAPTER CCXXII. An act to incorporate Witherspoon Circle Number One, Brotherhood of the Union of the State of New Jersey, located in the City of Camden. 1. BE IT ENACTED by the Senate and General Assembly of the CorporaState of New Jersey, That all such persons as now are or tors. hereafter may become members of Witherspoon Circle Number One, Brotherhood of the Union of the State of New Jersey, shall be and they are hereby constituted and declared a body politic and corporate in law, by the name and title of "Witherspoon Circle Number One, Brotherhood of the Corporate Union of the State of New Jersey." name. tion to tain of 2. And be it enacted, That the said corporation shall have Corporaa chief Washington, chief Jefferson, Chief Franklin, treas- have cerurer, scroll-keeper, three trustees, and such other officers ficers. as may be deemed necessary, who shall be elected at such time and in such manner as the by-laws may prescribe. chase and 3. And be it enacted, That the said corporation shall have May purpower to hold, take, possess, enjoy, purchase, sell, or dispose hold real or of any real or personal estate for the benefit of the said cor- personal poration; provided, that the income of said real and personal Proviso. property. |