The Penn's Grove record., 1891-05-15

3. And be it enacted, That the capital stock
Of any company to be organized under this act
shall be and hereby is fixed and limited as fol-
lows: where the street railway, turnpike, fran
chise and property of any company organized
under the act to which this is "a supplement
nave been sold as aforesaid free and clear of
all membranes, the capital stock of any
company to be organized under this act shall
not exceed the sum for which such street rail
sold and may be issued as full paid; where
such street railway, turnpike, franchises and
property have been sold as aforesaid subject to
a mortgage Indebtedness thereon. the capital
stock of any company to be organized under
| this act shall not exceed the sum for which
such street railway, turnpike, franchises and
| property were sold and the sun of such mort
gage Indebtedness, and may be issued as full
| paid 20 the extent of the sum for which such
| street railway, turnpike, franchises and prop
| erty were sold, and upon the payment or salts
faction of such mortgage indebtedness. or any
| part thereof, the residue of such capital stock
| may be issued as full paid or retained as treas
| ury stock and sold for the benefit of the COM
| pany provided, however, that of said residue
| of said capital stock none shall be at any time
/ issued or sold in excess of the amount which
| said mortgage Indebtedness has been reduced
| by payment or satisfaction.
T.. And be it enacted, That the said articles
| of association shall also state the amount of
| the capital stock of the company, and shall
be signed by the persons associating them
| selves together for the purpose of forming said
/ company, and the signing thereof acknowl-
edged as required In the case OF deeds for real
estate.
S. And be it enacted, That there shall not be
| less than three directors of said company, a
1 majority of whom shall be inhabitants of this
state: the first board of directors shall be
| chosen by the persons associating themselves
/ together to form the company, and shall be
named in the article of associations; successors
to the first board of directors shall be elected
by the stockholders OF the company at the first
annual meeting of the company and annually
thereafter; directors shall hold Office until the
annual meeting next after their appointment
or election and until others are chosen and
qualified in their stead.
@. And be IL enacted, That the said articles
CT association, when signed and acknowledged
as aforesaid, shall be filed in the office of the
secretary of state, and thereupon the persons
who shall have subscribed the same, and all
persons who may become stockholders of said
company, shall be and remain a CORPORATION by
the name specified in such articles of associa
ton, and shall be vested with all the rights
powers, immnnities, privileges, and franchises
of corporations organized under the act &c
which this is a supplement, and subject to all
the restrictions and conditions imposed upon
any corporation organized under said act, eX-
cept so far as the provisions of said act are
modified or changed hereby.
Z. And be it enacted. That all acts and part;
of acts inconsistent with this act shall be and
hereby are repealed, and that this act shall
take effect Immediately.
Passed March 9, 1891.