by failure to time, that an election should not be made on the day on which Not dissolved pursuant to this act, it ought to be made, the said corpora- elect directors tion shall not for this cause be deemed to be dissolved, but it shall and may be lawful to hold such election on such other day as shall be directed by the company. injuring 7. And be it enacted, That if any person or persons shall Penalty for wilfully or maliciously injure the buildings, bridges, or any works, &c. other works or property of the said corporation, such person or persons shall forfeit and pay therefor to the said corporation, three times the amount of damages sustained by the means thereof, to be recovered in the name of the said corporation, with costs of suit, in any cours having cognizance thereof. 8. And be it enacted, That this act shall take effect immediately. Approved February 23, 1870. CHAPTER CXXI. An Act to incorporate the New Jersey Warehouse and Guaranty 1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Robert F. Stockton, Benjamin porators. Buckley, E. Boudinot Colt, Daniel W. Talcott, Samuel Borrowe, George W. Campbell, junior, Lewis B. Brown, and their associates and successors be and hereby are constituted a body corporate, under the name of "The New Jersey Ware - Corporate house and Guaranty Company," and under that name may sue and be sued, plead and be impleaded, and by that name may exercise and enjoy all the rights and powers granted by this act. name. capital stock. 2. And be it enacted, That the capital stock of said com- Amount of pany shall be fifty thousand dollars, with power to increase the same to a sum not exceeding five hundred thousand dollars, by a vote of the board of trustees of said company; and as soon as ten thousand dollars of said stock shall have Trustees, and their powers. been subscribed and ten per centum of the same paid in cash, it shall be lawful for said company to organize and proceed to business, as provided for in the third section of this act; that the said capital stock shall be divided into shares of one hundred dollars each, which shall be deemed personal property and shall be transferable in such manner as shall be provided in the by-laws. 3. And be it enacted, That the stock, property and affairs their powers. of said company shall be managed by a board of trustees of seven persons, who shall all be stockholders, and a majority of whom shall be residents of this state; vacancies may be filled by the remaining trustees; a majority of the trustees for the time being shall constitute a quorum for the transaction of all business; the first board of trustees shall consist of the persons named in the first section of this act, who shall hold office until the first day of May, eighteen hundred and seventy, and until others are chosen in their places, and who shall have power to organize said company by the appointment of officers and the adoption of by-laws, and ced to business under this act, and may also fill any vacancies in their number arising from death or any other cause. President and 4. And be it enacted, That the board of trustees shall apother officers; point one of their number to be president, and they may at their pleasure appoint a vice president and an executive committee, who shall, when the board of trustees are not in session, have, possess and enjoy all the powers and duties conferred on said trustees by this act, and may appoint such other officers and agents as they may deem necessary for the transaction of the business of the company, and may at pleasure remove any officer or agent in such manner as the by laws shall provide, and they may from time to time make and establish such by-laws, rules and regulations as they shall deem expedient touching the government of said company, the management of its property and effects, the transfer of shares of its capital stock, the duties and conduct of its officers and agents, and their salaries and compensations, the manner and time of holding elections and meetings of its trustees or executive committee, and all matters which may appertain to the concerns, property, business and welfare of said company; provided, that the said by-laws shall not conflict with the constitution or with the laws of this state, or with the provisions of this act, and declare dividends from the profits of said company; and said trustees may receive sub Proviso. scriptions to the capital stock of said company, and may re- ers. 5. And be it enacted, That it shall be lawful for the cor- General pow. poration hereby created, to lease, purchase, hold and convey, all such real and personal estate as they may deem necessary and convenient for carrying on the business of storing, warehousing, and lighterage, and may erect warehouses, and other edifices, docks, elevators, and wharves thereon, and may rent, and hire out, such of their edifices, docks, wharves, lighters and other vessels as they see fit, and may receive on storage or deposit any goods, wares, merchandise, or other kinds of personal property for safe keeping or shipment, and to transact and carry on all kinds of business, usually transacted by warehousemen and lightermen, and to collect and receive compensation for storage, dockage, wharfage and lighterage, for the use of their warehouses, docks, wharves, quays, and the elevators and machinery connected therewith, or the lighters employed or owned by them, together with the charges and expenses for labor or otherwise, in the receipt, delivery or custody of goods, wares or merchandise, received by or stored with said company, at such rates, and on such terms as may be agreed upon in any contract, made between any owner, depositor, or shipper, and this corporation, and all said charges and expenses above specified, shall be a lien, and said lien may be enforced by a sale thereof, in the same manner hereinafter specified for the collection and reimbursement to this company of advances, interest, commissions and expenses made by them on the pledge of any real or personal property. of notes, 6. And be it enacted, That it shall be lawful for said com- May guaranpany to guarantee the payment, punctual performance and tee payment collection of promissory notes, bills of exchange, contracts, bonds, &c. bonds, accounts, claims, rents, annuities, mortgages, choses in action, evidences of debt, and certificates of value upon such terms and commissions as may be established by said company, and the said company may receive upon storage, deposit, pledge or otherwise, merchandize, money, bullion, specie, plate, stocks, bonds, mortgages, promissory notes, bills of exchange, certificates and evidences of debt, warehouse receipts, bills of lading, policies of insurance, con moneys. tracts or any other property, and to take the management, custody and charge of the same and of all May advance other real or personal property and estate and to advance moneys, securities and credits upon the same at such rates of interest not exceeding the legal rates and upon such terms and commissions as may be contracted for and established by said company and said company may make, issue, and execute in the transaction of their business all necessary receipts, certificates and instruments either with or without their corporate seal, and the same shall be signed by such officer or officers of the company as shall be prescribed by the by-laws. and personal estate. May hold real 7. And be it enacted, That it shall be lawful for the said to lease, purchase, hold, mortgage or convey all company such real or personal 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 or exchange the same for other property as they may determine that the interest of the company may require. May sell property if ad paid. 8. And be it enacted, That it shall be lawful for said comFances are not pany to sell at public auction, or at private sale as may be specified in any contract between the parties, all property of what kind soever mentioned in or affected by such contracts after one month shall have elapsed from the time of the maturity of any obligations under such contract (or immediately, upon the discovery of any fraud, misrepresentation or concealment in regard to the ownership or character of property mentioned in or affected by such contract) and reimburse themselves out of the proceeds of such sale, for the moneys due them with the interest, costs and charges; provided, however, that nothing in this section contained shall be construed to prevent the said company from making any such sale at such earlier time and in such manner as may be provided for in any contract or agreement made by any person or persons with said company. Proviso. Proceedings when property value. 9. And be it enacted, That it shall be lawful for said comdecreases in pany in case any property deposited with them upon which any advance shall have been made by them, shall before maturity of the contract, from any cause decrease in value from the price originally fixed, to give notice in writing to the depositor of said property or his agent to perform the condi tions of the contract, or make good the deficiency caused by such decrease in value within thirty days, and in default thereof may sell and dispose of such property at public or private sale, and out of the proceeds thereof may retain the amount due them under the contract, together with the costs, interest and charges; but nothing in this act shall be held or construed to limit or affect the liability or obligations of the corporation hereby created as the same is fixed by common. law or by statute any further than the same is limited or affected by the express terms of the contract in this section mentioned, or to prevent said company from selling such property in such manner and on such notice as may be agreed upon in such contract, and that said notice may be given personally or by mailing the same prepaid, directed to the depositor or his agent at his usual or last known residence or place of business. gage real and cure bonds. 10. And be it enacted, That it shall be lawful for said com- May mortpany, from time to time, to borrow such sums of money as personal promay be necessary to carry out the purposes of this act, and perty to semay issue and dispose of their promissory notes or bonds for the amount so borrowed, and they may mortgage any part of their corporate property or franchises to secure the payment of such bonds, and that it shall be lawful for any fire or life insurance company to purchase and hold such bonds; pro- Proviso. vided, that no defence of usury shall at any time be interposed by the corporation hereby created. 11. And be it enacted, That it shall be lawful for said May receive company to receive moneys on deposit and allow such interest moneys on thereon as may be agreed upon with the depositors. deposit. moneys, &c., 12. And be it enacted, That it shall be lawful for said May receive company to receive moneys, securities, evidences of debt, and in trust. all other property, real or personal, in trust, and to accumulate the same at such rates of interest as may be obtained or agreed upon or to allow such interest thereon as may be agreed upon, not exceeding in either case the legal rate." and exec te 13. And be it enacted, That it shall be lawful for said com- May accept pany to accept and execute all trusts of every description as trusts. may be committed to them by any person or persons whatsoever, or by any corporation, or may be committed or transferred to them by order of any court of record or any office of this or any other state. 14. And be it enacted, That nothing in this act shall be |