rectors. 6. And be it enacted, That the directors for the time being Powers of di shall form a board, and they, or a majority of them, shall be a quorum for transacting business, and have power to make by-laws, rules and regulations not repugnant to the constitution or laws of the United States or of this state, or the provisions of this act, for the government of the said corporation, the management and disposition of the stock and the property thereof, and the duty of the officers, clerks and persons employed therein, the election of directors and all other matters appertainin to their business or concerns, and may appoint as many officers, clerks and servants, and with such salaries and allowances as shall to them seem necessary; and the said board of directors shall have power to make and declare from the profits and earnings of the company such dividend and dividends among the stockholders from time to time, and make the same payable in such manner as to them may seem expedient. iu 7. And be it enacted, That the capital stock of said cor- Capital stock poration may be increased upon the consent of the stockhold-creased;" ers representing a majority of the stock to any amount not exceeding five hundred thousand dollars; and all the stock of said corporation shall be transferable according to the bylaws and regulations of the company, and shall be considered personal property, and the stock and transfer books shall be open at all times to the inspection of the stockholders. their pipes in of Essex 8. And be it enacted, That the said corporation shall be May lay down empowered to lay down their gas pipes, and to erect gas posts, the townships burners and reflectors in the streets, alleys, lanes, roads, ave-county. nues, or public grounds of any of the townships of the county of Essex, adjoining the said city of Newark, excepting the township of East Orange, and with the same privileges, and upon the same conditions, and with the same limitations, as by the provisions of this act they can lay them in the said city of Newark. injury to 9. And be it enacted, That if any person or persons shall Penalty for wilfully do or cause to be done any act or acts whatsoever, works. thereby to injure any conduit, pipe, cock, metre, machine or structure whatsoever, or anything appertaining to the works of the said corporation, or whereby the same may be stopped, obstructed or injured, the person or persons so offending shall be considered guilty of a misdemeanor, and being thereof convicted, shall be punished by fine not exceeding three hundred dollars, and imprisonment at hard labor not exceeding two Proviso. Books of account to be kept. May divide profits with consumers years, or both; provided, that such criminal prosecution shall not in any wise impair the right of action for damages by a civil suit hereby authorized to be brought for any such injury as aforesaid, by and in the name of the said corporation in any court of this state having cognizance of the same. 10. And be it enacted, That the said company shall cause to be kept at their office proper books of accounts, in which shall be fairly and truly entered all the transactions of the company, which books shall be at all times open for the inspection of the stockholders. 11. And be it enacted, That any portion of the profits of this company may be divided to the consumers of gas supplied by this company at any time upon the written consent or vote of those persons holding two-thirds of the stock of said company, in such manner as may be provided in the by-laws, and in such case said company shall thereafter be known as "The Citizens' Mutual Gas Light Company," and under such name be entitled to all the privileges and subject to all the restrictions of this act. 12. And be it enacted, That this act shall take effect immediately. Approved March 18, 1868. Corporators. Name. CHAPTER CLXXV. An Act to incorporate the National Lock Company of New 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Sherman Gould, A. M. Bradshaw and Henry C. Williams, and such other persons as may be hereafter associated with them, and their successors and assigns, be and are hereby made a body politic and corporate in law, by the name of "The National Lock Company of New Jersey," to be located at Farmingdale, in the county of Monmouth, for the purpose of manufacturing locks and all other kinds of building hardware of whatever description, of which iron, copper and other metals form the material part, and of buying, selling and dealing in the same, and for that purpose may purchase, sell and convey, mortgage, lease, or otherwise dispose of such real and personal property as may be needful and proper for use in carrying on said business, or may accrue to them in consequence thereof. 2. And be it enacted, That the capital stock of said com- Capital stock. pany shall be fifty thousand dollars, divided into shares of one hundred dollars each, and that the said company may increase their capital stock from time to time, and may issue shares accordingly; but said stock shall at no time exceed in amount the sum of one hundred thousand dollars. scription to be 3. And be it enacted, That it shall and may be lawful for Books of subthe persons named in the first section of this act, or a majority opened. of them, at such time and place as they may select, to open books of subscription to the capital stock of said company; and whenever the sum of twenty-five thousand dollars shall have been subscribed, and the sum of ten thousand dollars. actually paid in, it shall and may be lawful for the said corporation to commence and carry on its said business under the provision of this act. Real estate, received in stock. 4. And be it enacted, That any buildings, lands, materials or machinery, which may be purchased or leased by said cor- &c. may be poration, may be received in payment for subscription to capi- payment of tal stock, at a valuation approved by a majority of the board of directors; and any such payments shall be deemed and taken to be part of the sum to be actually paid in as required by the third section of this act. rectors. 5. And be it enacted, That the stock, property and affairs Election of diof the said corporation shall be managed by not less than three nor more than ten directors, to be chosen by the stockholders of said company annually, at such times and in such places as the by-laws of said company shall direct; and said directors shall also be stockholders in said company, and shall serve for the term of one year and until others shall be chosen in their stead, and notice of said election shall be previously given for three weeks at least in the newspapers published in the county where the election is to be held; that a majority of said board of directors shall constitute a quorum for the transaction of business; that the said directors shall from time to time elect a president out of their body, and shall also elect and employ such other officers as may be convenient and necessary; that said directors may fill vacancies in their own board until the next annual election, or until others shall be property. chosen in their stead: and that Sherman Gould, A. M. Bradshaw and Henry C. Williams shall be the first directors of said company, who, or a majority of them, shall, as soon as convenient after the passage of this act, assemble and organize said company, and shall continue in office until others as hereinbefore directed shall be chosen in their stead. Stock personal 6. And be it enacted, That all shares of the capital stock of said company shall be deemed personal property, and shall be transferable in such manner as shall be prescribed by the bylaws of said corporation; but no trans:er of stock shall be valid unless it be entered and registered in the book or books to be kept by the directors for that purpose. Stock forfelted if install paid. 7. And be it enacted, That it shall be lawful for the ments are an- directors of said company to call for and demand from the said stockholders of said company all such sums of money by them subscribed, and in such proportions as they shall deem proper, under the penalty of forfeiting the shares by them respectively held, and all previous payments made thereon if such payments be not made in sixty days after notice in writing shall have been given to the person subscribing for such stock, or notice thereof shall have been published for the same length of time in the newspapers printed and published in the county of Monmouth. By-laws, rules, &c. 8. And be it enacted, That the directors of said company may make such by-laws and regulations as they deem expedient for the government, management and disposition of the stock, effects, profits and concerns of the said company, not contrary to the constitution and laws of this state or of the United States. 9. And be it enacted, That said corporation shall possess the general powers, and be subject to the restrictions and liabilities contained in the act entitled "An Act concerning Corporations," approved the fourteenth day of February, anno domini eighteen hundred and forty-six, and the supplements thereto, as far as the same are applicable. 10. And be it enacted, That this act shall take effect immediately. Approved March 18, 1868. CHAPTER CLXXVI. An Act to incorporate the Rahway Co-operative Building Name. 1. BE IT ENACTED by the Senate and General Assembly of Corporators. the State of New Jersey, That Peter P. McIntyre, Horace H. Roberts, John C. Coddington, William M. Esler, Augustus T. Jennings, John D. Belmer, Edward Hulse, and their associates, shall be and they are hereby declared to be a body corporate and politic, in fact and in law, by the name of "The Rahway Co-operative Building Association," for the purpose of purchasing real estate and erecting buildings, and for that purpose shall be capable of purchasing, holding, leasing, mortgaging and conveying any lands, tenements, privileges, rights, goods and chattels as may be useful cr necessary for the purpose aforesaid. 2. And be it enacted, That the capital stock of the said cor- Capital stock poration shall be one hundred thousand dollars, with the privilege of increasing to two hundred and fifty thousand dollars, divided into shares of five hundred dollars each, and the persons named in the first section of this act shall be commissioners to receive subscriptions to said capital stock, at such place in the city of Rahway, and county of Union, as a majority of them may appoint, giving at least one week's notice thereof in two newspapers published in the city of Rahway; and as soon as twenty-five thousand dollars of said capital stock is subscribed, and five per centum thereof paid in cash, shall give thirty days public notice in the newspapers published in the city of Rahway of a meeting of the stockholders for the purpose of choosing directors, a treasurer, and complet- Completing ing the organization of said association; each stockholder shall be entitled to one vote, and only one, without regard to the number of shares of stock held by him; each stockholder shall vote in person and not by proxy; provided, that duly Proviso authorized agents may vote in the place and stead of their principals, but in no case shall any such agent be entitled to more than one vote, notwithstanding he may be agent for and acting on behalf of more than one stockholder. organization. how elected. 3. And be it enacted, That the affairs of said association Directors, and shall be managed by not less than five and no more than |