Corporation how notice in a newspaper published in the county of Passaic, declare the said stock and all previous payments thereupon forfeited to the corporation, and such stock and all previous payments thereon and all right to the same shall be forfeited and belong to the said corporation. 8. And be it enacted, That this corporation may be dissolvdissolved. ed at any time by a vote of three-fourths of its stockholders in interest, at a meeting called for that express purpose, by a notice printed once a week, for four successive weeks, in a newspaper published in the county of Passaic, and upon such dissolution the directors, or such persons as the stockholders shall appoint, and their successors, shall be trustees, and as such shall have full power to realize, sell and convey and collect the assets of said corporation, real and personal, and pay its debts, and divide the surplus among its stockholders pro rata. Corporation em powered to carry on certain 9. And be it enacted, That the said corporation shall have power to carry on the business of manufacturing and dealing in cotton, wool, silk, flax, and any other fibrous matebusiness. rial, and iron and machinery, in the city of Passaic, in the county of Passaic, in this state, and for such purpose may buy and hold, sell and convey, lease and mortgage the necessary real and personal property, and by water, steam and such other power as they may employ, may carry on manu. facturing and milling operations. Capital stock may ed. 10. And be it enacted, That the capital stock of said corbe increas- poration may at any time hereafter be increased to the extent of sixty thousand shares of one hundred dollars each, but such increase shall first be authorized by the majority of its stockholders at a meeting or meetings called for that purpose; notice of such meeting or meetings shall be advertised in a newspaper published in the county of Passaic at least two weeks before such meeting or meetings are held. Corpora sess cer 11. And be it enacted, That the said corporation shall pos tion to possess the general powers and be subject to the restrictions tain powers and liabilities contained in the act entitled "An act concerning corporations," approved February fourteenth, one thousand eight hundred and forty-six, so far as the same are applicable, and that this act shall take effect immediately. Approved February 17, 1874. CHAPTER XLV. An act to incorporate the Millville Stock Building Association. corporators 1. BE IT ENACTED, by the Senate and General Assembly of the State of New Jersey, That John D. Hampton, Joseph Mc Names of Chesney, James McLaughlin, N. B. Crenshaw, R. L. Howell, George P. Langley, George Wood, John W. Newlin, Walter Wood, William D. Kemble, and their associates, successors, and assigns, be and they are hereby declared to be a body politic and corporate by the name of "The Millville Stock Corporate Building Association," and by that name and style are here- powers. by invested with all the rights, powers and privileges conferred and made subject to all the rules and regulations imposed by the statute laws of New Jersey, and all general laws applicable to such institutions that are not inconsistent with the provisions of this act. name and stock. 2. And be it enacted, That the capital stock of this corpor capital ation shall not be less than twenty-five thousand dollars nor more than five hundred thousand dollars, divided into shares of fifty dollars, and ten dollars per share shall be paid in on each share subscribed before the association shall commence business. The remainder of the subscriptions may be called in from time to time in installments of such amounts as may be required by the board of directors, and the capital stock may be increased from time to time until the maximum amount is reached on such terms as the stockholders may decide. association. 3. And be it enacted, That the objects of this association Objects of are: First, to purchase or sell vacant or unimproved lots and lands in the city of Millville and vicinity, and to build houses on and improve the same, and rent them or sell them on such terms as may be agreed upon; second, to furnish a means to laboring men and others of investing their savings safely and profitably, either in fixed periodical amounts, or in such amounts and at such times as may be convenient to them; third, to loan money for long or short periods upon. Ascociation may loan the security of land, dwelling-houses, business premises, farms, and public buildings or other sufficient security, accepting repayment of the same in fixed periodical installments, and generally to accomplish the same objects as ordinary building associations in a manner more consistent with the true interests of those benefited by such organiza. tions. 4. And be it enacted, That said association may loan its surcertain plus funds on real or personal security, or invest it in the purchase of real estate, bonds or other obligations. funds. Association vested with 5. And be it enacted, That the said association shall have certain the privilege of selling their unimproved lots or lands, or privileges. to sell the lots and the lands with the buildings and improvements thereon erected, on such terms as may be agreed upon for the payment of said purchase money by monthly, quarterly, semi-annual, or annual payments extending over any length of time not exceeding ten years that may be agreed upon, and to secure such payments may give leases providing for the acquisition in fee of the property by the tenant when the specified amount of rent shall have been paid, but such leases shall vest in the tenant or lessee, no right in or claim at law to the property until the full amount of rent necessary to constitute a purchase shall have been made; provided, that nothing herein contained shall be construed to prevent the heirs, executors or representatives of such tenant or lessee from fulfilling the unexpired contract of the tenant or lessee, and thereby acquiring all the rights that would have inured to the tenant or lessee himself. Proviso. May fix a scale of in lieu of selling Proviso. 6. And be it enacted, That the association may in lieu of periodical selling its loans to the highest bidder as the general law payments regulating such association allows, fix a scale of periodical payments for the satisfaction of any loans made by it, and loans. no such installments shall be deemed usurious; provided, that the total amount of such installments shall not exceed the loan originally made and legal interest thereon from the time of making the same until the date of the final payment; and provided, also, that no distinction shall be made among the borrowers as to the amount of the periodical payments. Proviso. Association may fix 7. And be it enacted, That the association may fix a monthpayments, ly, quarterly, semi-annual, or annual payment extending fines, &c. through any number of years, not exceeding ten, by making which any person may become entitled to a share of the stock of the association, participating in all the profits of the same after it shall become realized; and it may also fix a fine to be imposed upon a subscriber who fails to pay his installment at the specified time. what to 8. And be it enacted, That the officers of this association omcers of shall consist of a president and nine directors, a treasurer consist. and secretary, and such other officers and agents as the board of directors by authority of the stockholders may appoint. 9. And be it enacted, That this act shall be in force from its passage. Approved February 18, 1874. CHAPTER XLVI. A supplement to the act entitled "An act to incorporate the Palisade Hotel Company," approved March twenty-ninth, eighteen hundred and seventy-one. Section one of certain acts how construed. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That section one of the act entitled "An act to incorporate the Palisade Hotel Company," approved March twenty-ninth, eighteen hundred and seventyone, shall be so construed as to give said company power to have, hold, lease, purchase, sell and convey any real estate in the township of Englewood, in the county of Bergen; provided, such company shall not hold more than fifty acres Proviso. of land at any one time. 2. And be it enacted, That all conveyances heretofore certain made to said company, not exceeding fifty acres in the ag-ances congregate, are hereby confirmed. firmed. and how 3. And be it enacted, That the directors of said company Directors shall have power by vote to reduce the number of directors, by whom to be elected at the next meeting of stockholders to be held reduced in for that purpose, to five, and in that case only that number number. shall be elected, and three shall constitute a quorum for the transaction of business. May hold meetings in 4. And be it enacted, That it shall be lawful for the presNew York. ent and any future board of directors of said company to hold its meetings, or any of them, in the state of New York. 5. And be it enacted, That this act shall take effect immediately. Approved February 18, 1874. Corporate name changed. Directors by whom and how increased. Proviso. Amendment. CHAPTER XLVII. A further supplement to an act entitled "An act to incorporate the Home Mutual Fire Insurance Company of Newark, New Jersey," approved March twenty-fourth, eighteen hundred and sixty-nine. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the corporate name of the company created by the act to which this is a further supplement, be from and after the passage of this act, changed from the Home Mutual Fire Insurance Company of Newark, New Jersey, to the Home Insurance Company of Newark, New Jersey. 2. And be it enacted, That the number of directors of the said company may be increased by a vote of not less than two-thirds of the existing board of directors, to any number not exceeding twenty-five; provided, however, that no increase in the number of directors shall be made within sixty days next before the annual election of directors. 3. And be it enacted, That section eleven of the original act be amended as to read as follows: "That it shall and may be lawful for the said company to purchase and hold such and so much real estate as shall be necessary for their convenient accommodation in the transaction of their business; and also to take and hold any real estate or securities, mortgaged or pledged to the said company, or to secure the payment of any debt which may be contracted with the said company, and to recover the moneys so pledged or secured, either at law or equity; and also to purchase on sales made |