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

diately.

Approved March 17, 1874.

CHAPTER CCXXVII.

An act for the incorporation of an Association of the Alumni of Rutgers College.

name.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the Association of the Alumni of Rutgers College, instituted anno domini one thousand eight hundred and thirty-three, and the members of the same shall be and they are hereby created a body corporate and politic in fact and in name, under and by the name, style, and title of "The Association of the Alumni of Corporate Rutgers College," and by the same name and title they and their associates and successors are hereby constituted and confirmed one body corporate and politic in law, to have perpetual succession, and be able and capable to sue and be sued, plead and be impleaded in all and any courts of justice and other places, in all manner of suits, pleas, causes, and matters of what nature or kind soever at law or in equity, and to have and use a common seal, and the same to break, change, alter, and renew at pleasure, and to take, have, hold and enjoy all manner of property, real, personal and mixed, or of what kind soever, and the same to grant, let, alien, and assign at pleasure; provided, that the clear Proviso. yearly value of the real estate of the said corporation shall not exceed twenty thousand dollars, lawful money of the United States of America.

consist.

2. And be it enacted, That the said association shall consist Association of all alumni of Rutgers College, who shall have hitherto of what to been or who shall hereafter be passed to a bachelor's degree in the arts or in the sciences at said college, and who shall unite themselves with the association by signing this act, and complying with the requirements of the by-laws of the association, and the alumni graduates of Queen's College

Object of corporation

corporation

conducted.

Proviso.

shall be ex-officio members for life, entitled by courtesy to all the privileges of membership.

3. And be it enacted, That the objects of the corporation hereby created shall be the promotion and perpetuation of amity among its members, the cultivation of literature, science, an art, taste, and the promotion of the interests, and the extension of the influence of its alma mater-Rutgers College.

Business of 4. And be it enacted, That the business of said corporaby whom tion shall be transacted, the authorities and duties, and the number and titles of its officers determined and fixed, and the objects of its institution advanced in such manner as shall be prescribed by the by-laws and special orders as it may adopt for those purposes; and a signature to this act shall be considered a signature to the by-laws for the time being of the corporation; provided, that nothing therein contained shall be contrary to the constitution and laws of this state; and provided, that no by-law shall hereafter be valid. and binding unless it shall be proposed and passed at one annual session of the corporation, and be enacted and received at another annual session, and be sustained by the votes of two-thirds of the members present at each reading; and provided, that no alienation or lease for a longer term than one year of any real estate of the corporation shall be valid, except the same be proposed at one annual session of the corporation, and be enacted and received at another.

Proviso.

Proviso.

5. And be it enacted, That this act shall be considered a public act, and shall take effect immediately. Approved March 17, 1874.

CHAPTER CCXXVIII.

An act to incorporate the Grand Hotel Company of Atlantic

City.

1. BE IT ENACTED by the Senate and General Assembly of Names of the State of New Jersey, That Andrew K. Hay, Anthony J. Antelo, Thomas H. Dudley, Thomas C. Hand, William Mas.

corporators

name.

sey, George T. Lewis, William C. Houston, James B. Dayton, Charles D. Freeman, John Lucas, Benjamin F. Archer, Charles A. Sparks, H. W. Catherwood, John S. Bispham, Geo. W. Fairman, and all such persons as may be hereafter associated with them, their successors and assigns, shall be and they are hereby constituted a body corporate and politic, in fact and in law, by the name of the Grand Hotel Company, and Corporate by that name shall have power to lease, purchase, hold, sell, let or dispose of as they may see fit, any real estate in the county of Atlantic, and to erect thereon, or on any part thereof, hotels and other buildings and improvements, and to mortgage said real estate with the appurtenances or any part thereof, and upon selling the same to take mortgages upon all or any part of said real estate, to secure part of the purchase money therefor, and to transact all such business as may be incident or appertaining to the managing, erecting, furnishing, conducting, leasing, acquiring, holding, selling or mortgaging of said premises, real estate, hotels, buildings and improvements, or any part thereof, or otherwise controlling or disposing of the same.

stock.

2. And be it enacted, That the said corporation shall have Capital power to raise by subscription a capital stock of one hundred and twenty-five thousand dollars, which capital stock shall be divided into shares of fifty dollars each, and said stock may be paid for in money or by the conveyance to the company of real and personal property as may be agreed between the corporation and the subscribing stockholders, which capital stock shall be personal property, and shall be transferable in such manner as the by laws of said corporation shall direct; and each share of the capital stock shall entitle the bona fide owner thereof to one vote at all meetings of the stockholders, which vote may be given in person or by proxy.

sioners to

open

subscrip

3. And be it enacted, That the persons named in the first commissection of this act are hereby appointed commissioners to books receive subscriptions to said capital stock at such places and and receive time, in the city of Philadelphia or in the state of New Jer- tions. sey, as a majority of them may appoint, giving previons notice thereof in a newspaper published in said county for at least two weeks, and as soon as fifty thousand dollars of said capital is subscribed, the commissioners, or a majority of them, shall call a meeting of the stockholders for the purpose of organizing said corporation and electing directors,

Directors

by whom elected.

Property

by whom

giving notice thereof in a newspaper of said county of Atlantic, and in the city of Philadelphia, as said commissioners, or a majority of them, shall deem expedient, and the remainder of the stock shall be disposed of under the direction of the directors of the corporation, or a majority of them.

4. And be it enacted, That the directors shall be elected from among the stockholders, and shall be seven in number, who shall hold their offices until others are duly elected and qualified in their stead; and in case of a vacancy in the board of directors by death, resignation or otherwise, a majority of the remaining directors shall have the power to fill such vacancy; and any election or elections of directors after the first election aforesaid, shall be held at such time and manner as the by-laws of said corporation shall provide; the president of said corporation shall be elected by the directors of said corporation, and shall hold his office for such time as the by-laws prescribe, and until a successor is appointed in his place.

5. And be it enacted, That the property and affairs of said and affairs corporation shall be managed by the board of directors, a managed. majority of whom shall be a quorum for the transaction of business; in addition to the powers conferred upon corporations by "An act concerning corporations," said board shall prescribe the time and mode of payment of subscriptions to the capital stock, and to forfeit the stock of any stockholder for neglect to make such payment in the mode prescribed; to remove any of their officers or agents at pleasure; to increase by resolution (passed at any meeting called for that purpose) the capital stock of said corporation to any amount they may deem expedient, the entire stock, not, however, to exceed the sum of four hundred thousand dollars, with pow er to dispose of the same as they or a majority of them may determine; said board of directors to exercise all the pow. ers conferred upon said corporation by this act.

May bor

row money, &c.

6. And be it enacted, That the said corporation by the action of its board of directors when they deem it necessary for the purposes of the company, shall have power to borrow money from time to time, and to make and deliver the bonds of the company, executed as the directors may direct, bearing interest as therein or in coupons shall be expressed not exceeding seven per centum per annum, the principal and interest payable at such times and places in or out of this

state, and in such manner as they may direct, the total amount of the bonds not to exceed three hundred thousand dollars, and they may secure the same by a mortgage or mortgages of the company which shall be and remain a lien for the amount secured thereby, on any property real or personal, and upon the chartered or other rights of the company therein and thereby mortgaged, until the same be paid, and the registry thereof in the county of Atlantic shall be notice to all parties interested, and the same shall be recorded by said clerk in the record of mortgages in his office; and it shall be lawful for said directors and they are hereby authorized to negotiate, sell or dispose of any of the bonds or obligations of the company at public or private sale, at a rate to be fixed by the said board of directors at a meeting called for that purpose.

when to be

7. And be it enacted, That meetings of stockholders and Meetings of the board of directors shall be held at such times and wee places in the state of New Jersey, or in the city of Philadelphia, as the board of directors may designate, notices of such meetings to be published in a newspaper published in the city of Philadelphia, and in the said county of Atlantic. 8. And be it enacted, That this act shall take effect immediately.

Approved March 17, 1874.

CHAPTER CCXXIX.

An act to restore and make valid an act to incorporate the
Newton Gas Light Company.

Act ap

1860, de

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the act entitled "An act to incorporate the Newton Gas Light Company," approved March proved twenty-first, eighteen hundred and sixty, which act had be- March 21st, come invalid by reason of the non-payment of fees, shall be clared to be hereby reinstated to its full force and condition on the pay- and effect. ment of the legal assessment with the additional sum of twenty-five dollars.

Approved March 17, 1874.

of full force

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