one year, or until their successors are elected; and said directors shall be elected at the annual meeting of the stockholders, to be held at such time and place as the by-laws of the company shall direct, and each share of stock shall entitle the holder to one vote; and a majority of the directors, when assembled at such time and place as the by-laws of the company prescribe, shall constitute a body competent to transact business. keep proper &c. 7. And be it enacted, That the directors of said company Directors to shall cause to be kept at all times proper books of account books off and record, in which shall be entered in a plain manner all account, the transactions of the company; which books shall at all times be kept open to the inspection of the stockholders of the company, and no transfer of stock shall be valid until such transfer shall be regularly entered in the books of the company kept for that purpose; and said directors shall submit to the stockholders at their annual meeting a written statement of the affairs of the company, setting forth the amount of capital stock paid in, and the amount of all the assets and liabilities of the company as nearly as the same may be ascertained. 8. And be it enacted, That this act shall take effect immediately. Approved March 27, 1874. CHAPTER DXXXI. A fur ther supplement to the act entitled, “An act to incorporate The Somerville Dime Savings Bank." WHEREAS, by an act of the legislature of the state of New Preamble. Jersey, approved March twenty-seventh, one thousand eight hundred and seventy-one, a corporation was created, known and designated by said act as "The Somerville Dime Savings Bank;" and whereas, subsequently a supplement was passed intended to be a supplement to said act entitled, "A further supplement to the act entitled, 'An act to incorporate the Dime Savings Bank of Som Certain loans de valid. erville, New Jersey," which supplement was approved April fourth, one thousand eight hundred and seventytwo; and whereas, since said supplement was passed loans have been made upon bonds and mortgages, and bonds and mortgages have been purchased and loans thereon made, with assignments of such bonds and mortgages to the said corporation, in some instances designating it as "The Somerville Dime Savings Bank," and sometimes as "The Dime Savings Bank, of Somerville," now therefore, 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That all loans heretofore made upon clared to be bonds and mortgages made payable to "The Dime Savings Bank of Somerville," as well as all assignments of any bonds and mortgages heretofore assigned to the Dime Savings Bank of Somerville, shall be in all respects as good, valid, and effectual in the courts of law and equity in the state of New Jersey, as if the same had been made to the Somerville Dime Savings Bank; and that the said the Somerville Dime Savings Bank, shall in all things be as fully authorized and empowered to collect the same as if in the first instance such obligations and securities had been made to the Somerville Dime Savings Bank. Repealer. Amendment. Repealer. 2. And be it enacted, That the words "at least double the amount loaned," in the first proviso to the second section, and the whole of the second proviso of said second section of said supplement, approved April fourth, one thousand eight hundred and seventy-two, be and the same are hereby repealed. 3. And be it enacted, That the said supplement approved April fourth, one thousand eight hundred and seventy-two, be and the same hereby is so amended that it shall be a supplement to the act entitled, "An act to incorporate the Somerville Dime Savings Bank," instead of a supplement to the act entitled, "An act to incorporate the Dime Savings Bank of Somerville." 4. And be it enacted, That all acts and parts of acts which conflict with this act, be and the same are hereby repealed. 5. And be it enacted, That this act shall take effect immediately. Approved March 27, 1874. CHAPTER DXXXII. An act to incorporate the East New Jersey Mining and 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That John Opie, junior, Simeon O. Names of Daggett, Abraham H. Harris, John Peters, and Joseph Ander- corporators son and their associates and successors, be and they are hereby created a body politic and corporate, in fact and in law, by the name and style of "The East New Jersey Mining and corporate Manufacturing Company," with perpetual succession, for name. the purpose of mining and prospecting for iron and other ores, metals and minerals, and smelting, manufacturing and selling the same, and quarrying marbles, slate, or any other kind of stone, and manufacturing and selling the same in the state of New Jersey or elsewhere; and by that name and style shall have power to contract and be contracted with, to sue and be sued, plead and be impleaded, appear, prosecute and defend, in any and all courts of law and equity, in all suits and actions; purchase or sell mines or quarries, either before or after development, have and use a common seal, with the privilege of altering the same at pleasure; establish, alter or change any by-laws for the government of the company; and may borrow money, lease, purchase, hold, sell, mortgage, transfer or convey, any real or personal estate or property; may make, erect, or construct any mills, furnaces, buildings, shafts, tunnels, races, aqueducts, pipes, reservoirs, roads, forges, dike3, and all other works necessary for carrying on their operations in the state of New Jersey or elsewhere; hold and enjoy mining and quarrying rights and property; mine and work for iron and other ores, metals and minerals; and quarry marble, slate, or any other kind of stone, in the state of New Jersey, or elsewhere; and transport the products of their said mining, quarrying, and manufacturing. 2. And be it enacted, That said company shall have one Location of general office, which may be located at such place as the general office. Officers by whom appointed. Capital stock. May borrow money. Business by aged. board of directors shall designate; and said board may remove the same from time to time, as the interest of the company may demand; but they shall immediately give notice of such removal, by mailing to each stockholder a written or printed notice, stating to what place said general office has been removed. 3. And be it enacted, That the persons named in this act, their successors or assigns, shall have power to organize by the selection and appointment of such officers managers as they may deem necessary, who shall have power, subject to the control and direction of the company and its by-laws, to make, from time to time, regulations for the management of the business of the company, not inconsistent with the provisions of this act, or the laws of the state, where the business is being transacted. 4. And be it enacted, That the capital stock of said company shall not be less than fifty thousand dollars, and may be increased to any sum not exceeding two million dollars; said capital stock to be divided into shares of one hundred dollars each; and it shall be lawful for said company to issue certificates of stock, in whole or in part payment for any real estate, or personal property, purchased or leased by said company for the purpose of their business aforesaid; and said capital stock may be raised by subscription, by opening books therefor, or otherwise; and said corporation may commence business as soon as ten thousand dollars of the capital stock is subscribed. 5. And be it enacted, That said company may borrow money and issue bonds therefor, with interest at the rate of seven per cent. to the amount of the capital stock paid in. 6. And be it enacted, That the business of said company whom man- shall be managed by not less than five directors, who shall elect one of their number president; and said directors shall be elected from the stockholders of said company, and the president and directors of the company shall hold office for one year, or until their successors are elected; and said directors shall be elected at the annual meeting of the stockholders, to be held at such time and place as the by-laws of the company shall direct; and each share of stock shall entitle the holder to one vote; and a majority of the directors, when assembled at such time and place as the by-laws of the company prescribe, shall constitute a body competent to transact business. keep proper 7. And be it enacted, That the directors of said company Directors to shall cause to be kept at all times proper books of account books of and record, entered in a plain manner all the trans- account. actions of the company; which books shall at all times be kept open to the inspection of the stockholders of the company, and no transfer of stock shall be valid until such transfer shall be regularly entered in the books of the company for that purpose; and said directors shall submit to the stockholders at their annual meeting a written statement of the affairs of the company, setting forth the amount of capital stock paid in, and the amount of all the assets and liabilities of the company, as nearly as the same may be ascertained. 8. And be it enacted, That this act shall take effect immediately. Approved March 27, 1874. CHAPTER DXXXIII. An act to incorporate the East Newark Land Company. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Lewis B. Brown, Edmund W. Mc Clave, Henry W. Miller, Robert J. Castle and Charles Smith, Names of and all such persons as may be hereafter associated with corporators them, their successors and assigns, shall be and they are hereby constituted a body politic and corporate by the name of "The East Newark Land Company," and by that name shall be capable of purchasing, using, holding, letting, im- Corporate proving and disposing of such real and personal estate in the name. county of Hudson as may be necessary or expedient for the purposes of this incorporation, and may receive and make all deeds, transfers, conveyances, covenants and contracts whatsoever necessary and useful for said purposes. by whom 2. And be it enacted, That the stock, property and concerns of the said company shall be managed and conducted company by five directors, all of whom shall be stockholders, and one managed. of whom shall be president, who shall hold their offices for |