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7. And be it enacted, That this act shall take effect immedi

ately.

Approved February 9, 1848.

Names of

AN ACT to incorporate the Odd Fellows Hall Association of
Paterson.

1. BE IT ENACTED by the Senate and General Assembly of corporators. the State of New Jersey, That John Keenan, Walter E. Stephens, Benjamin White, Andrew Derrom, William Wait, William Bradley, Thomas McNab, Cornelius D. Vreeland, John S. Fayerweather, David J. Board, Cornelius W. Campbell, Josiah P. Huntoon, and their associates and successors, be, and they are hereby incorporated and made a body corStyle of in porate and politic, in fact and in law, by the name of "the corporation. Odd Fellows Hall Association of Paterson," for the purpose of

When to cominence

erecting and building a hall in the town of Paterson, and for the transaction of all such business as may be necessarily connected with the erecting, building, conducting, leasing, or otherwise disposing of such hall; and they shall have power to raise, by subscription, a capital not exceeding twenty thousand dollars, in shares of ten dollars each; and, by the same name, shall have power to purchase, have, take, receive, possess, and enjoy all such lands, tenements, property, goods, chattels, and effects, as may be required for the purposes of the said corporation, and the same to grant, bargain, sell, alien, convey, demise, mortgage, charge, encumber, and dispose of at their will and pleasure.

2. And be it enacted, That the said corporation shall not operations. go into operation until five thousand dollars of the capital stock of said corporation shall be subscribed and paid in, and an oath or affirmation thereof shall be made by some one of the associates named in the first section of this act, and filed in the office of the clerk of the county of Passaic.

Stock transferable.

3. And be it enacted, That the capital stock of said corporation shall be deemed personal estate, and shall be transfer able upon the books of said corporation; and no part of said stock shall be, at any time or under any pretence, withdrawn or refunded to the stockholders until all debts and liabilities of the corporation are fully paid; and each stockholder, at all elections for managers or directors, shall be entitled to one vote

for each share of capital stock held by such stockholder, which vote may be given in person or by proxy.

ers to

4. And be it enacted, That John Keenan, Walter E. Ste- Commissionphens, Benjamin White, Andrew Derrom, William Wait, Wil- books of subliam Bradley, Thomas McNab, Cornelius D. Vreeland, John scription. S. Fayerweather, David J. Board, Cornelius W. Campbell, and Josiah P. Huntoon, or a majority of them, may open books and take subscriptions for the capital stock, in such manner as they may deem expedient; and whenever such subscriptions amount to five thousand dollars, the stockholders having had two weeks' notice in writing, or in a newspaper published in the town of Paterson, in which said notice shall be specified the time, place, and object of the meeting, shall proceed to elect such directors and officers, and make such by-laws, as they may deem necessary for conducting the affairs of the said corporation; provided, such by-laws shall not conflict with the Proviso. laws of this state or of the United States; and such directors shall hold office until their successors shall be elected; and the remainder of the stock, if any, shall be dipsosed of by the directors of said corporation, as shall be provided for by the by-laws of said corporation.

ment to be

5. And be it enacted, That in the month of May annually, Annual state. the directors shall submit to the stockholders of said corpora- made." tion a written statement, under the oaths or affirmations of said directors, of the amount of capital stock paid in, the amount of all existing debts against the corporation, as well as the receipts and credits of said corporation; and no dividend shall be declared or paid to the stockholders, except from the net profits of the said corporation.

6. And be it enacted, That this act shall continue in force Limitation. thirty years, unless sooner altered, amended, or repealed by the legislature of this state.

Approved February 9, 1848.

A further supplement to the act entitled, "An act to incorporate the Hackensack and Fort Lee Turnpike Company, in the county of Bergen," passed the twenty-third day of January, eighteen hundred and twenty-eight.

Time for

1. BE IT ENACTED by the Senate and General Assembly of completion the State of New Jersey, That the time in which the president tended.

of road ex.

and directors of the Hackensack and Fort Lee Turnpike Company, in the county of Bergen, are required to complete the whole of their road, by the act to which this is a supplement, and by the former supplements thereto, be extended to ten years from and after the passage of this act; and that all requirements and provisos in said act and supplements, whereby said company are required to complete said road before said time herein extended, be, and the same are hereby repealed.

2. And be it enacted, That this act shall take effect immediately after the passage thereof.

Approved February 9, 1848.

Number of directors.

Married wo

men may ensure.

In case of

death, ensur

ance payable to heirs.

A supplement to an act entitled, "An act to incorporate the
Eagle Life and Health Insurance Company, in the county of
Hudson."

1. BE IT ENACTED, by the Senate and General Assembly of the State of New Jersey, That the stock, property, and affairs of the Eagle Life and Health Insurance Company shall be managed and conducted by seventeen directors, a majority of whom shall be residents of this state.

2. And be it enacted, That it shall and may be lawful for any married woman, by herself, and in her name, or in the name of any third person, with his assent, as her trustee, and with the consent of her husband, to cause to be ensured, for her sole use, the life of her husband, for any definite period or for the term of his natural life; and in case of her surviving her husband, the sum or net amount of the ensurance becoming due and payable by the terms of this ensurance shall be payable to her, to and for her own use, free from the claims of the representatives of her husband, or of any of his creditors; but such exemption shall not apply when the amount of premium annually paid shall exceed three hundred dollars.

3. And be it enacted, That in case of the death of the wife before the decease of the husband, the amount of the ensurance may be made payable, after death, to her children, for their use, and to their guardians, if under age.

Approved February 9, 1848.

AN ACT to incorporate the Burlington and Mount Holly Railroad and Transportation Company.

.

corporators.

corporation

1. BE IT ENACTED by the Senate and General Assembly of Names of the State of New Jersey, That William R. Allen, Samuel W. Earl, George Gaskill, Thomas Milnor, Thomas Dugdale, Matthew McHenry, John C. Ten Eyck, Thomas R. Lacy, Robert D. Spencer, Daniel Deacon, and Benjamin Ridgeway, and such other persons as may hereafter be associated with them, shall be, and are hereby ordained, constituted, and declared to be a body corporate and politic, in fact and in name, by the name of "the Burlington and Mount Holly Railroad Station and Transportation Company; and, by that name, they and and general their successors shall and may have continued succession, and shall be persons in law capable of suing and being sued, pleading and being impleaded, answering and being answered unto, defending and being defended, in all courts and places whatsoever, and shall have power to make and use a common seal, and the same at pleasure to alter; and they and their successors, by the same name and style, shall be capable of purchasing, holding, and conveying any real or personal estate necessary or expedient to the objects of this incorporation.

powers.

2. And be it enacted, That the capital stock of said compa- Amount of ny shall be one hundred thousand dollars, with liberty to in- capital stock. crease it to one hundred and fifty thousand dollars, which shall be divided into shares of twenty-five dollars each, which shall be deemed personal property, and transferable in such manner as the said corporation shall by their by-laws direct.

ers to open

capital stock.

3. And be it enacted, That the above named persons, or a Commission. majority of them, shall be commissioners to open books to re- books of subceive subscriptions to the capital stock of said corporation, at scription to such time or times and place or places, within the county of Burlington, as they or a majority of them may think proper, giving twenty-days' notice of the same in two of the newspapers published in the county of Burlington; and that, at the time of subscribing, ten per cent. shall be paid upon each share subscribed for, to the commissioners, or some one of them; and as soon as one half of the capital stock shall be subscribed, such commissioners shall give like publication for a meeting of Election of the stockholders to choose nine directors, a majority of whom directors. shall be residents of this state; and such election shall be made at the time and place appointed, by such of the stockholders as shall attend for that purpose, either in person or by lawful proxy, each share of the capital stock entitling the holder thereof to one vote; and the said above named persons, or any three of them, shall be inspectors of the first election of direc

Corporation

for failure to

prescribed.

tors of the said incorporation, and shall certify, under their hands, the names of those persons duly elected, and deliver over the subscriptions, books, and money paid in, deducting a reasonable compensation for their own services, to the said directors; and the time and place of holding the first meeting of said directors shall be fixed by the said persons named in the first section of this act, or a majority of them; and the directors chosen at such meeting, or at the annual election of said corporation, shall, as soon as may be after every election, choose, out of their own number, a president, who shall be a resident of this state; and in case of the death, resignation, or removal of the president or any director, such vacancy or vacancies may be filled for the remainder of the year in which they may happen by the said board of directors, or a majority of them; and in case of the absence of the president, the said board of directors, or a majority of them, may appoint a president pro tempore, who shall have such power and functions as the by-laws of the said corporation shall provide.

4. And be it enacted, That in case it should happen that an not dissolved election of directors should not be made during the day when elect on day pursuant to this act it ought to have been made, the said corporation shall not for that cause be deemed to be dissolved, but such election may be held at any other time, on notice as aforesaid; and the directors for the time being shall continue to hold their office until new ones shall have been chosen in their places.

Duties and powers of directors.

5. And be it enacted, That five directors of said corporation shall be competent to transact all business of the said corporation; and they shall have power to call in the remaining capital stock of said company, by such instalments and at such times as they may direct, by giving thirty days' previous notice in two of the newspapers of the county of Burlington; provided, that no such instalment shall exceed five dollars upon each share, and that no two instalments shall be required within thirty days of each other; and in case of the non-payment of said instalments, or any one of them, they shall have power to forfeit such share or shares upon which such defaults shall arise to and for the use of the said company, and to make and prescribe such by-laws, rules, and regulations, not inconsistent with the constitution or laws of this state or of the United States, as to them shall appear needful and proper for the management and regulation of the affairs, stock, property, estate, and effects of the said corporation, and also shall have power to appoint a secretary, a treasurer, and so many clerks, agents, superintendents, and workmen, as to them shall seem meet, and the same at pleasure to remove, and to establish and

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