Powers of directors. Real estate taxation. as a cemetery, or for a place for the burial of the dead; but all moneys received for or on account of the said capital stock shall be first applied by the said corporation to the payment of the purchase money of the land acquired by the said corporation. 4. And be it enacted, That after such corporation shall have acquired the said tract of land, and caused the same to be properly mapped into lots, plots and avenues, the directors shall from time to time affix to the several plots and lots such price as they shall deem reasonable, having a view to the future maintenance of such cemetery, and any stockholder shall have the right, at any time, to surrender his stock and take in lieu thereof a plot or plots for burial purposes, and pay the balance of the purchase money, if any, in cash, to create a fund out of which said cemetery shall be improved and embellished. 5. And be it enacted, That the real estate of said company not subject to and the said lots and parcels, when conveyed by the said corporation, upon the surrender of the stock, or when sold to individual proprietors, shall be exempt from all taxation or assessment whatsoever, and shall not be liable to be sold on execution, or subject to attachment, or applied to the payment of debts by assignment under any insolvent or bankrupt laws, but may be conveyed under such regulations as the said directors may adopt. Commissioners named. 6. And be it enacted, That John Griffith, Peter Bentley, Hartman Van Wagenen, J. M. Cornelison, Augustus A. Hardenberg, Hozea F. Clark and Jacob Van Winkle shall be commissioners to receive subscriptions to the said capital stock, at such times and places as they or a majority of them may determine, and ten per cent. upon the amount of the subscription shall be paid to them at the time of subscribing, for which they shall give a certificate; and when twenty thousand dollars shall be subscribed, and ten per cent. paid to the said commissioners, the said commissioners shall give How corpora personal notice to said stockholders, of the time and place of a meeting at which an election shall be held for seven directors, being stockholders, and such election shall then and there be made, by such of the stockholders as shall attend, either in person or by proxy, each share of the capital stock entitling a stockholder to one vote; and the said commissioners or any three of them, shall be inspectors of the first election of directors, and shall certify, under their hands, the names of those duly elected, and deliver over the subscription books, moneys and property of said corporation to the said directors; the directors first chosen shall fix upon the time and place of holding the first meeting of directors; a new election of directors, being stockholders or holders of a lot or plot in said cemetery, of the value of one hundred dollars, shall be had annually, on the second Tuesday of April in Annual elec each year, at which election any person holding a lot or plot tors. in said cemetery of the value of one hundred dollars, or stock to that amount, shall be entitled to one vote, either in person or by proxy, and a majority of the votes cast shall be necessary to a choice. tion of direc other officers. 7. And be it enacted, That the directors of said company President and shall appoint from their number a president and such other officers and agents (not being directors) as they may deem necessary for the purposes of the company, and shall fix the compensation to be paid them, and shall make and establish Duties. all needful rules and regulations in relation to the cemetery and its affairs, and shall make up and declare annually to the stockholders or lot owners a statement of the receipts and expenditures of the year preceding, and the general condition and prospects of the company. how called in. 8. And be it enacted, That said directors may call in the subscriptions, subscriptions to the capital stock at such times, and in such sums, and upon such notice, as they may deem reasonable; and a failure to comply with such notice on the part of any stockholder, shall, at the option of the directors, or a majority of them, cause a forfeiture of all moneys thereon and all rights by virtue of his subscription to said stock. not taxed. 9. And be it enacted, That the said company shall have, Capital stock use and exercise all the rights and privileges incident to a corporation, for the purposes herein stated, and shall be exempt from all taxes, assessments and charges upon their capital stock and the property which they may acquire, take hot. made and filed 10. And be it enacted, That the directors of the said com- Map to be pany shall cause a map to be made of any land they may acquire, showing the external boundaries thereof, and file the same in the clerk's office of said county; and it shall not be lawful for any municipal authority, or for any surveyors of highways, or any other person, to lay out or project any street, road or avenue upon or over such tract of land. redeemed. 11. And be it enacted, That said company shall have the Stock may be right at any time to redeem the stock issued to the stockholders, by giving ninety days” notice and paying the money How funds appropriated. advanced and interest thereon at the rate of seven per cent. per annum, during the time the same shall be held; and all moneys received from the sale of the company's property shall be used exclusively in paying for the same and in beautifying and improving the roads and avenues, and making such other improvements as the directors shall from time to time order and direct to be made. 12. And be it enacted, That this act shall take effect immediately. Approved February 5, 1863. Preamble. Committee may issue bonds. CHAPTER XIV. AN ACT to authorize the inhabitants of the township of Acquackanonk, in the county of Passaic, to raise money by issuing bonds, and for other purposes. WHEREAS, the inhabitants of the township of Acquackanonk being desirous that the call of the government for troops to be supplied by said township, to aid in suppressing the present rebellion, should be filled by volunteers rather than by drafted men, and, by resolutions adopted at public meetings of said inhabitants, recommend and request the township committee of said township to offer and pay bounties for that purpose; and whereas, the said township committee, pursuant to said recommendation and request, has paid the sum of thirteen thousand dollars; and whereas, it is desirable that such sum shall be paid off gradually-therefore, 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That it shall be lawful for the township committee of the township of Acquackanonk, in the county of Passaic, to provide for the payment of the said indebtedness, by issuing bonds in the name of "The inhabitants of the township of Acquackanonk, in the county of Passaic," under the respective hands and seals of the said township committee, or any three of them, for an amount of money not Not to exceed exceeding thirteen thousand dollars, in such sums and payable at such time or times as the said township committee shall $13,000. deem proper, bearing interest at a rate not exceeding seven per cent. per annum, payable annually, and to pledge the property and credit of the said township for the payment of the same, which bonds it shall be lawful for the said township committee, and their successors, to sell and assign; provided, that no bond shall be sold by the said township committee for less than its par value; and provided further, that the bonds so to be issued, shall be redeemable at a period of time not to exceed five years from the passage hereof. taxation. 2. And be it enacted, That the said township committee Payment by shall have power and authority to provide by taxation for the payment of said bonds and the interest thereon; and the said township committee shall yearly and every year, until the bonds to be issued by authority hereof shall be redeemed and paid off, order and cause to be assessed and collected by tax, at the time and in the manner as other taxes in the said township are assessed and collected, a sum of money sufficient to pay the interest on the said bonds as the same shall become due, and to pay and discharge the principal at the several times it shall become due and payable; and that the township collector of said township, or other person for that purpose appointed, shall, when such tax or any part thereof, shall be collected, pay the same to the township committee of said township, and that all such moneys so to be raised by virtue Money so of this act, shall be inviolably applied by said township com- applied to pay mittee, to pay the interest and principal of said bonds, as the terest. same shall become due and payable; provided, that not less Proviso. than one thousand dollars nor more than five thousand dollars of the principal of said bonds, to be issued as aforesaid, shall be made redeemable in any one year. raised to be bonds and in raised to be quidate llabili 3. And be it enacted, That it shall be the duty of the said Money so township committee to apply the net proceeds of the bonds applied to 11that may be issued by virtue of this act, to the payment and es. satisfaction of the debt and liabilities incurred in the said township of Acquackanonk, by the said township committee paying bounties to volunteers as aforesaid, and to no other purpose. 4. And be it enacted, That the debt and liabilities incurred Acts ratified. in the said township of Acquackanonk, in consequence of the payment of bounties to volunteers by the township committee thereof, as mentioned in the preamble to this act, and all proceedings of the said township committee thereon, be and the same are hereby legalized, ratified and confirmed; and that said sum so assessed shall be collected in the same man 1 ner as other taxes in said township are collected, and paid in the manner prescribed in the second section of this act. 5. And be it enacted, That this act shall take effect immediately. Approved February 5, 1863. Corporators named. Capital stock, $50,000. CHAPTER XV. AN ACT to incorporate the Eagle Glass Manufacturing Company at Port Elizabeth, in the county of Cumberland. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Samuel Townsend, Nathaniel Stratton, Benjamin F. Lee, Joseph E. Oliver, and George B. Cooper, and such other persons as may be associated with them, shall be, and they are hereby constituted and declared a body corporate and politic in fact and law, by the name of "The Eagle Glass Manufacturing Company," and by that name shall have continued succession, and shall be capable of purchasing, holding, leasing, mortgaging, and conveying any lands, tenements, goods and chattels necessary or proper for the objects of the said corporation hereby created. 2. And be it enacted, That the capital stock of said company shall be fifty thousand dollars, with the privilege from time to time of increasing the same to any sum not exceeding one hundred thousand dollars, divided into shares of one hunShares, $100. dred dollars each, each stockholder being entitled, in person or by proxy, to as many votes as he holds shares of stock, which shares shall be deemed personal property, and transferable in such manner as the said company by its by-laws How install may direct; that ten dollars on each share of stock shall be ments paid. paid at the time of subscribing; said stock to be subscribed for and further paid in, at such times and in such installments as the directors may from time to time appoint and direct; provided, that no installment shall be for more than ten dollars on each share, or called in at intervals of less than one month, and that notice shall be given thereof in one newspaper published in said county at least three weeks, once in each next preceding the time of payment. Proviso. |