May borrow money on mortgage. judge in his said order of appointment, and upon such notice to the parties interested as said judge shall direct in said order, and proceed to view and examine the said land and materials as may be required for the purpose of this act, and to make a just and equitable appraisement or estimate of the value of the same; and an assessment of the damages which will be occasioned by laying and maintaining said railroad, or, as the case may be, to make an assessment of the damages which will be occasioned by the laying and maintaining said drains, or any of them, and which said assessment shall be paid by the said company, and which said report shall be in writing, under the hands and seals of the said commissioners, or a majority of them, and filed with the aforesaid description of the land or materials, and the appraisement and oaths or affirmations aforesaid in the clerk's office aforesaid, to remain of record therein, which report, or a copy of the same, duly certified by said clerk, shall (the appraisement and damages being first paid, or deposited in said clerk's office,) at all times be considered as plenary evidence of the right of said company to hold, use, occupy, possess and enjoy the said land or materials, or to make, maintain and repair the said drains. 8. And be it enacted, That it shall be lawful for the directors of said company, from time to time, to borrow such sums of money as may seem to them advisable for the purposes of their said business, and to secure the same by a mortgage or mortgages on the lands, railroad and other property of said company. 9. And be it enacted, That this act shall go into effect immediately. Approved February 18, 1868. Corporators. CHAPTER XXVII. An Act to incorporate the Lake View Hotel Company of 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That F. C. Beckwith, James Crooks, Adam Carr, George Christie and John W. Miller and their associates and all other persons who shall become subscribers 2. And be it enacted, That the capital stock of said cor- Capital stock. poration shall be one hundred thousand dollars, with the privilege of increasing the same at any time by the vote of a majority of the board of directors to any sum not exceeding two hundred thousand dollars; said stock shall be deemed personal property, and shall be divided into shares of one hundred dollars each, to be transferable only on the books of the corporation, and in such manner as shall be prescribed by the by-laws of the said corporation; each share of stock shall entitle the bona fide holder thereof to one vote, to be given either in person or by proxy, at all meetings of the stockholders. ers to open scription. 3. And be it enacted, That the said F. C. Beckwith, James CommissionCrook, Adam Carr, George Christie and John W. Miller, or books of subthe majority of them, are hereby constituted commissioners to open books of subscription to the said capital stock, at such time and place in sail county of Passaic as they shall designate by notice to be published for at least one week in/ some newspaper printed and circulating in said county, and that when twenty-five thousand dollars of the said capital stock shall have been subscribed, and ten per centum thereon paid in cash, the said commissioners or a majority of them, shall call a meeting of the subscribers, giving at least ten days' notice of the time and place of such meeting in manner aforesaid; and when so met, the said subscribers shall have power to choose from their own number, by ballot and elected. Directors, how by a majority of votes, a board of not less than five nor more than nine directors, to continue in office until the second Monday in April then next ensuing, and until others shall be chosen in their stead. Powers of directors. Annual elec tion. Capital stock shall not be withdrawn. Debts not to exceed capital stock. Annual state ment. 4. And be it enacted, That a majority of the board of directors shall constitute a quorum for the transaction of business, and that the said board of directors shall choose from their own number a president, and shall have full power and authority to make, alter and repeal all necessary by-laws, rules and regulations for the transaction of their business and the business of the said corporation, and to prescribe the way in which the subscriptions to the said capital stock shall be paid, and to impose penalties, including forfeiture of stock for non-payment of any installment, for neglect to make such payment in the way so prescribed, and to choose and appoint such officers and agents as may be requisite for the proper management of the affairs of the said corporation, and such officers and agents at pleasure to remove. 5. And be it enacted, That the annual election of directors of the said corporation shall be held on the second Monday in April in each year, at such time and place in the said county of Passaic, as the directors shall appoint, by notice given at least ten days previously, in some newspaper printed and circulating in said county; in case of a vacancy or vacancies in the board by death or otherwise, the remaining directors shall have power to fill the same until the next annual election. 6. And be it enacted, That the said capital stock shall not, nor shall any part of the same, be at any time, in any manner, withdrawn from the legitimate business of said corporation or refunded to the stockholders, or any of them, until all the debts and liabilities of the corporation shall have been paid and discharged. 7. And be it enacted, That the whole amount of the debts which said corporation shall owe at any one time, shall not exceed the amount of the capital stock subscribed for, and that the said corporation shall not be permitted to issue any bonds, mortgages or other obligations, exceeding in amount two-thirds of the actual paid in capital stock of said corporation or the actual value or consideration of any property owned by said corporation. 8. And be it enacted, That annually at the meeting of the stockholders to be held as aforesaid on the second Monday in April in each year, the board of directors of said corporation, for the time being, shall submit to the stockholders a written statement of the condition of the affairs of said corporation, including the amount of capital stock paid in, the amount of debts existing against said corporation, specifying to whom such debts are due, the receipts and credits of the corporation, which statement shall be verified by the affidavit. of the treasurer, and the same shall be filed in the office of the secretary of said corporation. 9. And be it enacted, That no dividend shall be paid to the Dividends. stockholders except only from and out of the surplus profits arising from the business of said corporation. 10. And be it enacted, That the said corporation shall possess the several powers, and be subject to the restrictions and liabilities contained in the act entitled "An Act concerning corporations," and the acts supplementary thereto and amendatory thereof, so far as the same are applicable. 11. And be it enacted, That this act shall take effect immediately. Approved February 19, 1868. CHAPTER XXVIII. An Act amendatory to the act entitled "An Act revising and amending the act to incorporate the city of Paterson," approved March fourteenth, eighteen hundred and sixty-one. 1. BE IT ENACTED by the Senate and General Assembly Amendment. of the State of New Jersey, That the word "one" next preceding the word "chosen" in the fourth section of the act to which this is an amendment, be stricken out, and the word "two" be inserted in the place thereof, and that the said section and the said act shall be construed and given effect to, as if the said word "two" had been therein originally inserted. 2. And be it enacted, That all acts and parts of acts, gen- Repealer. eral or special, inconsistent herewith, be and they are hereby repealed, and this act shall take effect immediately. Approved February 20, 1868. Corporators. Name. Oects. powers of cororation. CHAPTER XXIX. An Act to incorporate the New Jersey Medical Electrical 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Charles J. Bernard, Samuel W. Carey, Charles Willin, John M. Beearman, senior, George Springsteen, Charles S. B. Beearman, Charles H. Long, and such other persons as may become associated as members of the corporation hereby created, are constituted and hereby created and declared to be a body politic and corporate, by the name and style of "The New Jersey Medical Electrical Institute," and by that name they and their successors shall have perpetual succession, and be capable of suing and being sued, pleading and being impleaded, answering and being answered unto, de ending and being defended, in all courts and places whatsoever, and may have a common seal, and change and alter the same at pleasure, and that they and their successors, by said name, shall be capable in law to purchase, take, receive and hold any estate, real or personal, either by devise. or otherwise, to the use of them and their successors, and to lease, sell and convey, or otherwise dispose of the same, as to them shall appear most advantageous for promoting the purposes of their incorporation, the yearly income of such estate not to exceed ten thousand dollars. 2. And be it enacted, That the said incorporation is hereby incorporated for the purpose of practicing, and of instructing members thereof scientifically in the art of curing diseases by the use of medical electricity, and for the purpose of advancing the science of electrical therapeutics, also for the encouragement of improvements in the construction of electrodes and other appliances to be used in the electropathic mode of treating disease, by giving lectures, bestowing rewards, and other benefits on those who shall make such advancement and improvements as aforesaid. 3. And be it enacted, That the said corporation shall have power from time to time to make and establish such by-laws, rules and regulations as they shall judge proper for the election of their officers, for prescribing their respective functions and the mode of discharging the same; for the admission of |