The Penn's Grove record., 1891-05-22
tnr A~uruonrrY.I
OF NEW JERSEY.


rhfIb Abti.
A Supplement to an act entitled "An act con-
corning corporations [Rcvisionl, approved
April seventh, one thousand eight hundred
and seventy 1--we.
Assembly Of thu State Of New Jersey, That
when any corporation created by the act to
which this is q supplement shall have or has
by the terms OF its certificate of organization
limited or restricted the free sale or transfer
of its stock. by requiring such company at q
corPoratc meeting To- nx upon the value q
company or its board OF directors q pre-pnnp-
ton upon or right to purchase stitch stock be-
third person, or hy requiring any empioye
who shall be a stakeholder thereof TO hold His
stock subject TO such pre-cmptive right In said
company, or to sell the same 10 said company
upon his or her ceasing 10 be a stockholder
therein; such corporation shall have the power
by a two,thirds vote of its board of directors
at a regular or special meeting called for that
purpose. TO change. alter or repeal any or all
of such restrictions or limitations, and any or
all provisions inserted in suid certificate OF or
ganization for the purpose OF securing the
same: provided all the stockholders of such
company shall surrender their stock issued
in lieu thereof new stock to be issued In pur-
suance OF such resolution: and II any stock
holder shall refuse to convert HIS stock as
tice to him or her of tho adoption OF such res
olution, the said corporation may apply by
petition TO the court OF ommon pleas of the
said company may be kept, or to a judge of
said court in vacation. IL no court Is sitting,on
two days notice to such dissenting stockhold-
estimate the damage, IT any, to such dissent
ing stakeholder by said resolution, whose
award, or that of a majority of them, shall be
final and conclusive, and the persons so APP
pointed shall also appraise said stock of such
dissenting stakeholder ut the full market value
thereof, without regard to any depreciation or
appreciation in consequence of the said
changes and the said company on payment or
tendon to said stockholder of the value of his
1u(h ofDrt- aud Tho aNaN ~ a nax ~ Che IaCr
agc so us aforesaid asccrtaincd, shall he en-
titled to u trtlicl of such stock and to enforce
tho same by M action for specific performance;
and upon the transfer thereof such stock shall
be held or disposed of by the company at the
discretion of the directors; and provided said
corporation cause to be made, recorded and
filed a certificate in writing which shall set
forth;
i. The clauses or provisions in its original
certificate of organization which are proposed
TO be altered, amended or repealed:
III. The disposition to he made of such pro-
visions, whether by alteration. amendment or
repeal; and u altered or amended, the Ian
guage ofssuch provision after such alteration
or amendment shall be made:
Which certificate shall be signed by a ma
Jority of the board of directors of such corpo-
ration, the corporate seal shall be thereto
afhxed, and attached thereto shall be an afh-
davit Of the secretary or ~treasur- 4 of said com
,p2ny, that all of the stock has been surren-
~dafcanithcr voluntarily or involuntarily, as
hereinaboYe provided for; and the said certifi-
cate having been first recorded In the Office of
the county clerk where the original certificate
of organization Is recorded, shall be filed In
the office of the se~cretary of state.
2. And be IL enacted, That upon the filing of
such amended certificate in the office of the
secretary of state. the restrictions and limita-
lions upon the transfer OF the stock of such
corporation named in the original certificate
OF organization shall be altered, amended or
repealed accordingly as such amended certif-
cate shall provide,
0. And lie IL enacted, That all acts and parts
of acts Inconsistent with this act be and they
are hereby repealed. and this act shall take
effect Immediately.
Approved March Q, 1891.
CHAPTER XLvIII.
An Act to provide for a commission to revise
state relating to villages, towns and town
ships.
L. be it enacted by the Senate and General
Assembly of the State of New Jersey, That
the governor shall appoint three competent
persons commissioner to revise, simplify, ar
range and consolidate all the general statutes
of this state applying and relating to villages,
towns and townships, which shall be In force
at the time such commissioners shall make
their final report.
2. And be 1t enacted. That the said commits
sioners shall lay Il printed copy of the said gen.
erai statutes, so revised and consolidated by
them, before the legislature at its next session
that the same may be re enacted, If the lcgis-
lature shall so determine; and at the same time
they shall suggest TO the legislature such con-
tradictions, omissions and imperfections as
may appear in the original text of the said acts,
and the mode in which they shall have recon-
ciled, supplied and amendcd the same; and
they may also designate such acts or parts of
acts as, in their Judgment, ought to be re-
pealcd, with their reasons for advising such
repeal; and may also the passage
of such new acts or parts of acts as, in their
Judgment, may appear necessary or expcdient,
either in lieu of or in addition to any Of the
acts so revised and consolidated.
5. And be it enacted, That the said COM
missioners shall have authority to employ such
legal aud clerical assistance as thcymay deem
necessary in the prosecution of their work,
and on the completion of their labors they
shall receive such compensation as the govern
OF. comptroller and treasurer of the state shall
deem Just and proper, which shall be paid by
the treasurer On the warrant of the comptrol-
Ter, together with such necessary expenses as
they may hayc incurred in carrying out the
provisions Of this act.
4. And be IL enacted, That in any case of the
said commissioners so appointed shall refuse
10 act, or shall die, resign or remove from the
state before the completion of the duties as
signed to the said commissioners, IL shall be the
duty of the governor, or person administering
government. to appoint a suitable person or
persons of this state to fill the vacancy thereby
accustomed.
5. And be it enacted, That the commission
crs appointed under this act shall rave no
power TO revise, consolidate or simplify any
acts or parts of ucts In terms applying only to
particular villages, towns or townships.
.. And be il enacted, That this act shall take
effect Immediately.
Approved March ., 1s9