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May hold real estate.

Books of subscription to be opened.

Payment of installments.

Proviso.

Directors, and how elected.

aforesaid; and for such purpose the said company shall or may raise by subscription a capital stock of three hundred thousand dollars, to be divided into shares of fifty dollars each, with the privilege of increasing the capital to five hundred thousand dollars whenever the company may find it necessary to do so in the course of their business.

2. And be it enacted, That the said corporation may purchase, possess and enjoy any such real estate, improvements, machinery, goods and effects whatsover as shall be deemed necessary and advantageous to the said corporation to carry on its business; and it shall be lawful for the said corporation to sell, mortgage, lease, and otherwise dispose thereof at pleasure.

3. And be it enacted, That it shall be lawful for the aforesaid corporators, or their successors, to receive subscriptions to the capital stock by opening books, or otherwise; and as soon as one hundred thousand dollars shall have been subscribed, and ten per centum of that amount paid in, it shall be lawful for said corporators to organize said corporation, and forthwith commence and carry on its business as contemplated under this act.

4. And be it enacted, That it shall be lawful for the directors of said corporation to call for, collect and demand of the stockholders respectively, all such installments due on such stock subscribed for as may have been agreed upon previous to subscribing, under penalty of forfeiture of the shares so subscribed and all previous payments thereon; provided, however, that said stockholders be notified, personally or by advertising, at least thirty days previous to such installments becoming due; said stock to be transferable on the books of said company, and only in the presence of the proper officers.

5. And be it enacted, That the stock, property and affairs of the said corporation shall be managed by not less than five directors, a majority of whom shall be residents of this state, one of whom shall be appointed president; said directors shall have power to appoint such other officers, agents and employees as the by-laws may from time to time designate; said directors shall always be stockholders in said company, and shall hold office until the next annual meeting or election, and until others shall have been duly elected in their places; annual meetings shall be held on the second Tuesday in January of each year, at such places and hour as the bylaws may direct; a majority of the existing number of di

rectors shall constitute a quorum, and when assembled at such places as the by-laws may designate, shall constitute a board competent to transact business, and all questions before said. board shall be decided by a majority of votes present; in case any vacancy may occur by death, resignation or otherwise, the remaining directors shall have the power to fill such vacancy by the appointment of any stockholder.

general pow.

6. And be it enacted, That the corporation hereby author- shall possess, ized or created shall possess such general powers usually pos-ers. sessed by corporations for their general government and the management of their affairs, and make all by-laws for the government of the same, not inconsistent with the purpose of this act or the laws of the United States or of this state. Approved April 16, 1868.

CHAPTER CCCCLXV.

An Act relative to the Board of Assessors in the County of

Union.

act extended

county.

1. BE IT ENACTED by the Senate and General Assembly of Provisions of the State of New Jersey, That the provisions of the thirteenth to Union section of an act entitled "An Act relating to the assessment and revision of taxes in the city of Newark," approved March fifteenth, eighteen hundred and sixty-six, be and the same hereby are extended to all the cities and townships of the said county of Union.

2. And be it enacted, That this act shall take effect immediately.

Approved April 16, 1868.

Council em

powered to make contracts for lay.

or other im

meut.

CHAPTER CCCCLXVI.

A Further Supplement to "An Act to incorporate Jersey City," approved March eighteenth, eighteen hundred and fifty-one.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That in case application shall be ing Nicholson made to the common council of Jersey City for the improveproved pave- ment of any street or avenue, or portion of any street or avenue within the limits of said city, by the work necessary for preparing the same, for the laying of the Nicholson or other improved pavement, and the laying of the same, when the right or patent for the said pavement shall be held by any person or persons, corporation or company solely empowered to lay, or cause the same to be laid, it shall not be necessary that the contract for said work or improvement, or materials for the same shall be given to the lowest bidder, and that the said common council are hereby authorized and empowered to make contracts for the execution of said work and the furnishing of said materials, by a majority of the votes of said council concurring in the same, without regard for the provisions of the sixty-second section of the act to which this is a supplement.

Proceedings

when petition is made for improved pavement.

2. And be it enacted, That if a majority of the owners of property on the line of said streets or avenues proposed to be improved, shall petition for such improvement, specifying the kind of improvement and pavement desired by said property owners, it shall be necessary for said council to advertise for objections or remonstrances to said improvement; but it shall be competent for said council to enter at once into contract or contracts for said work by a vote of a majority of the members of said council; but in case said petition for said work shall not be signed by a majority of the owners of property on the line of said improvements, then and in that case the course of proceeding shall be the same as heretofore, except so far as the same may be modified by the first section of this supplement.

3. And be it enacted, That this act shall take effect imme diately.

Approved April 16, 1868.

CHAPTER CCCCLXVII.

A Further Supplement to the act entitled "An Act concerning Taxes," approved April fourteenth, eighteen hundred and forty-six.

state tax to be

how appropri

ated.

1. BE IT ENACTED by the Senate and General Assembly of Amount of the State of New Jersey, That there shall be assessed and raised, and levied and collected on the inhabitants of this state, and upon their taxable real and personal property, and upon the other objects liable to taxation, a state tax of three hundred and fifty thousand dollars, which is hereby appropriated and shall be applied as follows: two hundred and ninety thousand dollars, or so much thereof as may be needful for the payment of such interest as shall have accrued on the first day of January next, and on the first day of July next thereafter, on loan authorized by an act entitled "An Act authorizing a loan for the purposes of war, to repel invasion and suppress insurrection, and appropriating the same, and providing for the payment thereof," approved May tenth, eighteen hundred and sixty-one, and the several supplements thereto, and the residue thereof above what may be necessary to pay the said interest, shall be applied and added to the sinking fund provided for by the fifth section of said act towards the payment of the principal of said loan; and sixty thousand dollars of the said tax shall be applied, or so much thereof as may be needful to the payment of any other indebtedness of the state, and the residue thereof to any other uses of the state, which said state tax shall be and the same is hereby apportioned to and among the several counties of this state as follows, that is to say:

To the county of Atlantic the sum of three thousand two hundred and seventy-four dollars and eighty-nine cents; To the county of Bergen the sum of fourteen thousand six hundred and thirty-nine dollars and sixty-four cents;

To the county of Burlington the sum of eighteen thousand five hundred and seventeen dollars and fifty-eight cents; To the county of Camden the sum of eleven thousand seven hundred and sixty-nine dollars and four cents;

To the county of Cape May the sum of one thousand six hundred and twenty-four dollars and eighty-eight cents;

Mode of assessment and collection.

To the county of Cumberland the sum of eight thousand and seventy-nine dollars and forty-five cents;

To the county of Essex the sum of fifty-five thousand one hundred and eight dollars and forty-nine cents;

To the county of Gloucester the sum of nine thousand nine hundred and thirty dollars and thirteen cents;

To the county of Hudson the sum of fifty-three thousand two hundred and twenty-five dollars and fifty-eight cents;

To the county of Hunterdon the sum of nineteen thousand two hundred and seventy eight dollars and seventy-nine cents;

To the county of Mercer the sum of nineteen thousand nine hundred and fifty-six dollars and fifty-nine cents;

To the county of Middlesex the sum of sixteen thousand and twenty-two dollars and eighty cents;

To the county of Monmouth the sum of nineteen thousand four hundred and sixty-eight dollars and fifty-eight cents; To the county of Morris the sum of sixteen thousand one hundred and eighty-two dollars and forty-two cents;

To the county of Ocean the sum of three thousand three hundred and fifty-seven dollars and fifty-four cents;

To the county of Passaic the sum of thirteen thousand nine hundred and fifteen dollars and ninety cents;

To the county of Salem the sum of twelve thousand and eighty dollars and ninety-four cents;

To the county of Somerset the sum of eleven thousand and eighty-four dollars and eight cents;

To the county of Sussex the sum of twelve thousand two hundred and sixty-one dollars and seventy-eight cents; To the county of Union the sum of thirteen thousand nine hundred and nineteen dollars and eighty-three cents;

To the county of Warren the sum of sixteen thousand three hundred and one dollars and seven cents;

Which tax and the sums required to be raised for county, city, township and other public taxes, shall be levied, assessed and collected on the persons and property, and in the manner directed by the above recited act entitled, "An Act concerning taxes," and the several supplements thereto, and the laws of this state which shall be in force at the time the said taxes shall be assessed, regulating the assessment and collection of taxes, except as in and by this act is otherwise ordered and directed.

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