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of full

and for company, and duly proved according to the laws of the state of New Jersey, shall have full force and effect to bind said company to all the covenants and conditions therein contained and such instrument or instruments so executed, shall be recognized as valid instruments and received in evidence as such in all the courts of law and equity of this state.

What shall constitute a quorum.

Directors to submit an

ment.

10. And be it enacted, That a majority of the directors of said company shall be a quorum for the transaction of all business, and in case it should happen that an election of directors should not be made during the day appointed for the same, the said company shall not for that cause be deemed dissolved, but such election may be held at any other time on notice as aforesaid.

11. And be it enacted, That the directors of the said comnual state- pany shall submit to the stockholders thereof at their annual meeting, a statement in writing, of the condition and affairs of said company, and said directors shall divide the net prof its of the business of the said company among the stockholders, in proportion to the amount of stock held by them respectively, at such time and in such manner, as said directors may determine.

Company may sub

scribe and

take cer

12. And be it enacted, That the said company shall be at liberty to subscribe for and take stock in any canal or railtain stocks. way company, whose lines shall come to or pass through any of its lands, or any other incorporated company for manu. facturing purposes, which may be located or established upon any lands of said company, and to take stock in a ferry or ferries from its lands to the city of Philadelphia, without prejudice to, and with compensation to the state.

Powers of company.

13. And be it enacted, That the company hereby created shall possess the general powers, and be subject to the restrictions and liabilities set forth in an act entitled "An act concerning corporations," approved February fourteenth, eighteen hundred and forty-six, and the several supplements thereto, as far as the same are applicable.

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

Approved March 24, 1874.

CHAPTER CCCLXXXIII.

An act to incorporate "The Mutual Loan and Guarantee
Association."

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That L. M. Lawson, George E. Simp- Names of son, Joseph S. Chick, A. V. Schenck, Alfred W. Jones, and corporators such other persons as may be hereafter associated with them and their successors, are hereby constituted a body corporate, in fact and in law, under the name of "The Mutual Loan and Guarantee Association," and by that name shall have nam3. perpetual succession, and may sue and be sued in any court whatever, with powers and privileges as are hereinafter provided.

Corporate

2. And be it enacted, That the capital stock of said com- Capital pany shall be five hundred thousand dollars, in shares of one stock. hundred dollars each; but when one hundred thousand dollars shall have been actually subscribed, and ten per cent. thereon paid in, in cash, the said company may organize and proceed to business under this act.

3. And be it enacted, That the said company shall have pow- Powers of er to guarantee the payment, punctual performance and col- company. lection of promissory notes, bills of exchange, contracts, accounts, bonds, claims, rents, annuities, mortgages, choses in action on evidence of debt, and certificates of property of value, and the titles to property, real or personal, upon such terms as may be established by the board of directors of said company; to receive upon storage, deposit, or otherwise, merchandise, bullion, specie, plate, stocks, bonds, promissory notes, certificates and evidences of debt, contracts or other property, and to take the management, custody and charge of real or personal estate or property, and to advance money, securities and credits upon evidence of debt, or any property, real or personal, on such terins as may be established by the directors of said company; but no rate of interest to exceed seven per centum per annum shall be charged or received by said company upon any transaction.

company

by whom

Business of 4. And be it enacted, That the business and the corporate powers of said company shall be exercised by a board of five conducted. directors, with the privilege of increasing the same to nine, who shall elect from their number a president, a majority of which directors shall constitute a quorum for the transac tion of business, and the principal office of said company shall be located in the county of Hudson, in this state, with the privilege of establishing a branch office in the city of New York for the transaction of business.

Commis

open books,

&c.

5. And be it enacted, That the persons named in the first stoners to section of this act shall be, and they are hereby appointed commissioners to open books for subscriptions to the capital stock of said company, at such time and place as they, or a majority of them shall deem proper, and for such amounts as in their judgment the business of the company may require, but for no less amount of subscription than one hundred thousand dollars, as herein before provided; the persons named in the first section of this act shall be directors of said company for one year after the passage of this act, and until others are elected in their stead.

May pur

chase and

personal property.

6. And be it enacted, That it shall be lawful for said company to lease, purchase, hold and convey all such real or perhold real or sonal estate as may be necessary to carry on their business, as well as such real or personal estate as they may deem it necessary to acquire in the enforcement or settlement of any claim or demand arising out of their business transactions, and to sell and exchange the same for other property as they may determine that the interests of the company may require; and the said company are hereby authorized to make, execute and issue, in the transaction of their business, all necessary receipts, certificates and contracts which shall bear the impress or stamp of the seal of the company, and shall be signed by the president and countersigned by the secretary or treasurer thereof.

Capital

be increased.

7. And be it enacted, That it shall be lawful for said com. stock may pany to increase the amount of its capital stock, in the manner provided in and by an act entitled "An act to authorize the establishment, and to prescribe the duties of companies for manufacturing purposes," approved March second, eighteen hundred and forty-nine, and by the fourteenth section thereof, and by the supplement or supplements of said act.

Stock how transferable.

8. And be it enacted, That the stock of said company shall be transferable only on the books of the company.

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

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An act, amendatory to an act, entitled "An act to incorporate certain persons, as trustees in every religious society or congregation in this state, for transacting the temporal concerns thereof," passed March sixth, anno domini, seventeen hundred and eighty-six, and the supplement thereto, passed November twenty-fifth, anno domini seventeen hundred and eighty-nine.

WHEREAS, it appears to the legislature from the printed pro- Preamble. ceedings of conventions of the Protestant Episcopal Church in the state and diocese of New Jersey, held therein in the years seventeen hundred and ninety-eight to eighteen hundred and four, both inclusive, that an ecclesiastical corporation, called "Christ Church, Pompton," was represented in the said conventions, and that the delegates thereof were recognized by the said conventions, and voted and took part in the proceedings thereof, in the same manner as were and did those of other churches therein, who had charters of incorporation, granted either by letters patent of the sovereigns of Great Britain, or by the government thereof, or by special or general laws of this state; and whereas, by the rules of the said conventions no church, or its delegates, would have been permitted to be represented in said conventions, and vote and take part in the proceedings therein, unless the same had been duly incorporated, and placed on an equal basis with the other churches represented in the same; and whereas, careful and diligent searches have been made in the offices of the clerks of the counties of Bergen and Morris, and of the secretary of state, for the purpose of finding any record relating to, or in any wise concerning the incorporation of

Certain proceedings revived.

corporators

the said church; and whereas, no act, law or proceedings of any kind whatever, can now be found respecting the incorporation of the same; and whereas, the said church has been, for many years past, suspended, by reason of the death, removal or resignation of its members, but has been revived, and has constructed a church, or chapel, and is in a flourishing condition, and it is meet and right that the ancient corporation should be restored; therefore,

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the original grant, act, law or proceedings, incorporating the said church, are hereby revived, established and made operative and valid, as if the same had not been suspended; and that Abraham S. JackNames of son, Frederick Petit, Richard Wright, Joseph W. McElroy, Harry Birch, Jacob Wenagel, Henry S. Nourse, James Ludlum, John D. Russ, William W. Colfax, John Black, Henry F. Miller, and John V. Beam, thirteen of the persons now composing the congregation of the said church, or a majority of them, shall be and they are hereby constituted the corporation, under the name of "Christ Church, Pompton."

Corporators when to meet.

Powers of

2. And be it enacted, That the said thirteen persons, or a majority of them, and the other members of the said congregation, shall meet in their church or chapel at Pompton, between the hours of six and nine, on the evening of the first Monday after Easter next, or the Easter thereafter, ten days' notice of which shall be given by affixing the same to the door of the said church or chapel, and then and there choose two wardens and not more than ten nor less than five vestrymen; and the wardens and vestrymen so chosen, and their successors, together with the rector or rectors who may thereafter be instituted in said church, shall forever thereafter constitute the said corporation, by the name aforesaid.

3. And be it enacted, That the said corporation shall have corporation all the rights, powers and privileges contained in the act entitled "An act to incorporate religious societies, worshiping according to the customs and usages of the Protestant Episcopal church," passed February seventeenth, eighteen hundred and twenty-nine, and in the supplements or amendments thereto.

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