Preamble. May assess and raise money. CHAPTER CCXVIII. AN ACT to authorize the inhabitants of the township of Mansfield, in the county of Warren, to raise by tax an amount sufficient to pay the bounties to the nine months' volunteers of said township. WHEREAS, the inhabitants of the township of Mansfield, in the county of Warren, being desirous that the call of the government for troops to be supplied by said township, to aid in suppressing the rebellion, should be filled by volunteers rather than by draft, thereby relieving themselves from the odium of a draft, did, at a public meeting, recommend and request the township committee of said township to call a special town meeting for the purpose of taking a vote whether said bounties should be raised by tax or otherwise, whereupon said town committee, pursuant to said request, did call a special town meeting, which resulted in a unanimous vote in favor of raising said bounties by tax; and whereas, the collector of said township did borrow the sum of two thousand two hundred dollars and paid said bounties; and whereas, doubts are raised by some persons of said township of the legality of those proceedings therefore, 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the acts and doings of the township committee and the inhabitants of the township of Mansfield, in the county of Warren, mentioned in the preamble to this act, to raise money by assessment and collection, a sum sufficient to pay the said sum of two thousand two hundred dollars, are hereby declared to be valid in all respects, and made binding upon the inhabitants and taxable property in said township. 2. And be it enacted, That this act shall take effect immediately. Approved March 21, 1863. CHAPTER CCXIX. AN ACT to incorporate the Ottawa Manufacturing Company, in the county of Passaic. porators. 1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Charles Moore, Charles L. Pearson, John C. Pennington, Henry A. Stimson, Charles H. Higginson, and the survivors of them, and all such persons as may be associated with them, or the said survivors, their successors and assigns, be and they are hereby appointed a body corporate and politic, in name, by the name and style of "The Ottawa Manufacturing Company," for the purpose of manufacturing woollen, cotton, silk or flax goods and the business incident thereto. rectors. 2. And be it enacted, That the stock, property and con- Election of di cerns of said corporation shall be managed and conducted by five directors, a majority of whom shall be residents of the state of New Jersey, and being stockholders, one of whom shall be president, who shall hold their office for one year, or until other directors shall be chosen; and the directors shall be chosen on the first Monday in May in each year, at such place and time as shall be directed by the by-laws of said corporation, and public notice thereof shall be given, not less than ten days previously, in some newspaper published in the county of Passaic, and each stockholder shall be entitled at such election, either in person or by proxy, to as many votes as he or she shall hold shares of the capital stock of the said corporation, and the persons having or receiving in such elections the greatest number of votes, being stockholders, shall be directors, and the persons chosen at one election shall be capable of serving, by virtue thereof, until another election shall have been held; and the directors so chosen may appoint such officers and superintendents, and assign such compensation, as they shall think fit, not less than a majority of the whole number of directors being present when the same shall be done; and all vacancies occurring by death, resignation or otherwise, among the directors named in this act, or those hereafter to be chosen, shall be filled by such person or persons as the remainder of the directors for the time being, or a majority of them, shall appoint for that purpose; and Amount of capital stock. Subscription books to be opened. Stock transferable. Proviso. Quorum. that the said persons named in the first section of this act, and the survivors of them, shall be the first directors of the said corporation, and shall hold their offices until the first Monday in May, Anno Domini eighteen hundred and sixtyfour, or until others are chosen. 3. And be it enacted, That the capital stock of said corporation shall not exceed the sum of two hundred thousand dollars, which shall be divided into shares of one hundred dollars each; but as soon as fifteen thousand dollars shall have been subscribed and paid, or satisfactorily secured to be paid, it shall be lawful for said corporation to commence their said business, or any part of it, and with that capital to conduct and carry it on until they shall deem it expedient to extend the same; and it shall be lawful for the directors of said corporation, or a majority of them, from time to time, to call for and demand from the stockholders all such sums of money by them subscribed, at such times and for such sums as they shall deem proper, under pain of forfeiting the shares of said stockholders and all previous payments thereon, if such payments shall not be made within thirty days after the day fixed for that purpose, by notice previously published for thirty days in one or more newspapers published in said county of Passaic, designating the amount of such payment per share, at the time and place when and where, and the person to whom the same shall be required to be made. 4. And be it enacted, That the subscription books to the said stock shall be opened until a sum required by law in this incorporation to commence its business shall have been subscribed, under the direction of the board of directors, or some one or more of them, as may be designated by said board for that purpose, and at such time and place as said board may designate. 5. And be it enacted, That the stock property of said corporation, of whatsoever kind, shall be deemed personal estate, and transferable in such manner as shall be prescribed by the by-laws of said corporation; provided, that no dividend shall be made to and among the stockholders of said corporation except from out of the net actual profits of said corporation. 6. And be it enacted, That a majority of the directors for the time being shall form a board for the transacting the business of said corporation, and shall have power to make such laws and regulations as they shall deem expedient for the government, management and disposition of the stock, effects, profits and concerns of said corporation; provided, Provisothat the same are not contrary to the constitution and laws of the United States or of this state. kept. 7. And be it enacted, That the directors shall at all times Books to be keep or cause to be kept proper books of account, in which shall be regularly entered all the transactions and business of said corporation; and further, that no transfer of stock shall be valid and effectual, until such transfer be entered in the book or books kept by the president and directors of said corporation for that purpose. solved. 8. And be it enacted, That said corporation may be dis- May be dissolved at any time by any general meeting of the stockholders specially summoned for that purpose by the president of said corporation, by the direction of the board of directors, or a majority of them; provided, at least three-fourths in value of the stockholders shall be present or represented therein, and upon such dissolution the directors for the time being, or the survivor or survivors of them, shall be the trustees for settling all the affairs of said corporation, and dividing the surplus among the stockholders, in proportion to their respective interest therein, unless the stockholders, at such meeting, shall appoint one or more persons for such purpose, in which case the person so appointed shall be trustee for the purpose aforesaid. 9. And be it enacted, That this act, unless the corporation Limitation. shall be dissolved as above provided for, shall continue in force for the space of thirty years; provided, that the legislature reserves the right to alter or amend this act whenever the public good may require it. 10. And be it enacted, That this act shall take effect immediately. Approved March 21, 1863. CHAPTER CCXX. AN ACT to change the name of the Plumsted Institute to that of the New Egypt Seminary and Female College, and to authorize the conferring of degrees. 1. BE IT ENACTED by the Senate and General Assembly of ged. Name chan the State of New Jersey, That the corporate name of the "Trustees of Plumsted Institute," at New Egypt, in the county of Ocean, be and the same is hereby changed, and shall hereafter be known and distinguished in law by the name of "The New Egypt Seminary and Female College. May confer degrees. 2. And be it enacted, That the said the New Egypt Seminary and Female College is hereby authorized to confer degrees and grant diplomas in the female department thereof, upon such conditions and under such rules and regulations as the said institution may adopt. 3. And be it enacted, That this act shall be considered a public act, and shall take effect immediately. Approved March 21, 1863. Acts of deputy CHAPTER CCXXI. AN ACT relative to clerks of counties and of county courts. 1. BE IT ENACTED by the Senate and General Assembly of clerk legalized the State of New Jersey, That where any of said clerks shall have heretofore appointed a deputy, and such deputy shall have authenticated acts or signed certificates in his own name as deputy clerk, instead of the name of his principal, all such authentications heretofore made and all certificates heretofore so signed by any acting deputy clerk, shall be taken and deemed as valid and effectual in law as if the same had been done in the name of the clerk and under his own hand. 2. And be it enacted, That this act shall take effect immediately. Approved March 21, 1863. |