Deposits.

Limitation as

of money.

after such vacancies shall occur, by ballot, and the persons having the majority of the whole number present and voting, shall be considered as duly elected, and not otherwise.

5. And be it enacted, That the managers shall not, directly or indirectly, borrow money from said corporation, or use the same, except to pay necessary expenses.

6. And be it enacted, That the said corporation shall receive as deposits all sums of money which may be offered for that purpose in such sums, and on such terms, as the by-laws shall prescribe, and the said corporation may accept and execute all such trusts of every description as may be committed to them by any person or persons, or transferred to them by order of any court.

7. And be it enacted, That the said corporation shall not to investment invest money in any public stocks other than such as are created under the laws of the United States, or of this state, or the states of New York or Pennsylvania, or of the stocks or bonds of the city of New York, Jersey City, and the city of Hudson, nor on bond and mortgage, except on unincumbered real estate worth double the amount of the sum invested, nor in stock or loans of any incorporated company whatever.

Minors may deposit and draw out moneys.

Proviso.

8. And be it enacted, That it shall be lawful for the said corporation, at their discretion, to pay to any depositor being a minor, such sums as may be due to such depositor, not exceeding five hundred dollars, in cases where no proof is furnished of the existence of a guardian of such minor, and the receipt and acquittance of such minor shall be as valid as if the same were executed by a guardian of such minor duly appointed; provided, deposits shall have been made personally by such minor, and not by any other person for his or her benefit; and when any deposit shall be made by any female, being or becoming thereafter a married woman, the said corporation shall pay to such last-mentioned depositor such sums as shall be due to her, and her check, receipt or acquittance shall be a sufficient discharge to said corporation.

9. And be it enacted, That the misnomer of said corporation in any instrument shall not vitiate the same, if it be sufficiently described to ascertain the intention of the parties. 10. And be it enacted, That it shall be the duty of the said to the legisla- corporation to make an annual report to the legislature of this state, under the oath or affirmation of the treasurer, and a committee appointed for that purpose by the managers, of

Must make annual report

ture.

three or more of their number, of the state of its funds, and such statement shall be published in a newspaper published in Hudson City.

ness.

11. And be it enacted, That the office or place of business Place of busi of said corporation shall be in Hudson City, and the books of said corporation shall at all times, during its business hours, be open to the inspection and examination of such person or persons as the legislature shall designate.

12. And be it enacted, That this act shall be construed in all courts favorably and benignly for every beneficial purpose therein intended, also that this act may be altered or amended at any time hereafter.

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

Approved March 27, 1868.

CHAPTER CCXXXVIII.

A Supplement to an act entitled "An Act to incorporate the Newton Library Association," approved April second, eighteen hundred and sixty-seven.

1. BE IT ENACTED by the Senate and General Assembly of Time extendthe State of New Jersey, That the time mentioned in the third ed. section of the act to which this is a supplement for the first meeting of the stockholders of the said association, and the first election of directors thereof, be extended to the first day of June next, and that the meeting of the said stockholders, and the election of such directors, and the transaction of any other business on or before the said first day of June next, which is authorized by the act to which this is a supplement, shall be as valid and effectual in law as if the said meeting had been held at the time and in the manner mentioned and directed by the said act.

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

Approved March 27, 1868.

Board of trus

partment fund.

CHAPTER CCXXXIX.

A Supplement to an act passed February sixteenth, eighteen hundred and sixty-seven, entitled "An Act to incorporate "The City of Hudson Fire Department Fund for the benefit of all Indigent and Infirm Firemen of the city of Hudson, and also their widows and orphans."

1. BE IT ENACTED by the Senate and General Assembly of tees of fre de- the State of New Jersey, That the board of trustees shall consist of two persons from each engine, hose and hook and ladder and exempt company of the city of Hudson, together with the chief and assistant engineers of the fire department of the city of Hudson.

How and

when elected.

Vacancies, how filled

Repealer.

2. And be it enacted, That a majority of the trustees shall constitute a quorum for the transaction of business.

3. And be it enacted, That the said trustees shall be elected by their several companies, at the same time and places that the chief and assistant engineers are elected each and every year hereafter.

4. And be it enacted, That the secretary of each company shall notify the secretary of the trustees of the name, age, residence and occupation, and term of service of any member elected to the board of trustees by his company, within ten days after such election, under a penalty of five dollars to be sued for and collected by said trustees in an action of debt.

5. And be it enacted, That in case of a vacancy by death or resignation of any trustee, the secretary of the company by whom he was elected shall notify the secretary of the trustees of the person elected to fill such vacancy, in the same way and manner as at a regular annual election, under the same penalty as in the preceding section to be recovered in like manner.

6. And be it enacted, That any company having a representative in the board of trustees, shall upon a vacancy becoming known, either by death or resignation, immediately cause an election to be held for the purpose of filling said vacancy.

7. And be it enacted, That all acts and parts of acts inconsistent with the provisions of this act, be, and is hereby repealed.

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

An Act to incorporate the Jersey City Workingmen's Cooperative Association.

1. Be it enacted by the Senate and General Assembly of Corporators. the State of New Jersey, That James Nichols, Martin Lewis, Luke Brennan, Henry Watson, Isaac Cazar, John Schaffell, C. Vandemark, John Gowans, Bernard Kane, shall be and they are hereby declared to be a body politic and corporate, in fact and in law, by the name of "The Jersey City Co-Name and oboperative Association," for the purpose of dealing in dry Ject. goods, clothing, groceries, provisions, and all articles that

may

be classed under the head of the necessaries of life, and for that purpose may hold such real estate as may be needful to carry on said business, or that may accrue to them in the course thereof, and may sell, mortgage, lease or otherwise dispose of the same.

2. And be it enacted, That the capital stock of the company Capital stock. shall be two thousand dollars, with the privilege of extending the same to twenty thousand dollars, divided into shares of twenty-five dollars each.

3. And be it enacted, That the business of the said company Business, how shall be carried on in the county of Hudson, and managed by carried on. the president, vice president, secretary and treasurer of the said corporation, and five directors who shall constitute a board of managers, all of whom shall be stockholders and residents of this state, who shall hold their offices for one year, and until others are elected in their stead, and every year thereafter at such time and place, and upon such notice as the bylaws may appoint, an election shall be held, at which election every stockholder shall be entitled to one vote.

gers.

4. And be it enacted, That the persons herein named shall First manabe the first board of managers of said association, and shall

By-laws, rules, &c

Day dends.

Bocks of account to be kept

hold their offices until the second Monday of January, or until others are legally chosen and elected.

5. And be it enacted, That the stockholders of said company shall have the power to make by-laws for its government, not inconsistent with the laws of this state, or of the United States, and may appoint such subordinate officers as the business of the company may require.

6. And be it enacted, That the stock of said corporation shall be deemed personal property, and shall be transferred in such manner as the by-laws may prescribe, but no dividend shall at any time be made to the stockholders except from the profits of the company.

7. And be it enacted, That regular books of account shall be kept in the office of said company, in the city of Jersey City, to which books every stockholder shall have free access at all reasonable times for the purpose of inspection.

8. And be it enacted, That no stockholder shall be liable for debts incurred by the association for more than twenty-five dollars on each share.

9. And be it enacted, That the corporation hereby created shall possess general powers, and be subject to the general restrictions and liabilities set forth in "An Act concerning corporations," approved on the fourteenth day of February, eighteen hundred and forty-six, as far as the same are applicable, and the legislature may at any time hereafter modify or repeal the same.

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

Approved March 27, 1868.

Corporaters.

CHAPTER CCXLI.

An Act to incorporate the Cumberland Lumber and Manufacturing Company.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Isaac W. Mulford, William G. Brooks, Jacob Bechner, Timothy Woodruff and George Wil