shall continue in office until the first Tuesday in October, eighteen hundred and fifty-two, and until others are elected or appointed in their stead; and the above named persons are hereby authorized to open books of subscription to the capital stock of said company, at such time and place as they may think proper, by giving, at least, two weeks' notice thereof in two newspapers published in the county of Hudson, in the State of New Jersey, or in one newspaper in said county, and one newspaper published in the city of New York; and when one hundred thousand dollars shall have been subscribed, it shall be lawful for said company to commence their operations, as authorized by this act.
5. And be it enacted, That the property and affairs of this company shall be managed and conducted by nine directors, being shareholders, a majority of whom, together with the secretary, shall be residents of this state; and the secretary shall keep an office in the county of Hudson; the president shall be appointed from the directors; and the directors shall have power to make all needful by-laws, not inconsistent with the laws of this state or of the United States.
6. And be it enacted, That the annual election of directors shall take place on the first Tuesday in October, eighteen hundred and fifty-two, at some convenient place in the county of Hudson, between the hours of twelve o'clock at noon, and three o'clock in the afternoon of that day; all elections shall be by ballot, and each share entitled to one vote; and the vote may be by person or proxy; two weeks' previous notice shall be given in a newspaper published in the county of Hudson; and if, from any cause, an election for directors shall not take place at the appointed time, it shall not therefore work a forfeiture of the charter, but a new election shall be ordered, in conformity to the by-laws of said corporation,
7. And be it enacted, That no transfer of stock of said corporation shall be valid or effectual until such transfer shall he entered or registered in the book or books to be kept by the president or directors for that purpose; which said book or books shall be closed for the purposes of transfer of stock fifteen days before each election for directors; and no person shall be allowed to vote upon any stock, unless the same has been transferred to him or her and registered in the said transfer books, more than fifteen days prior to the election at which he or she claim to vote; and all the books of said corporation shall be open to the inspection of the stockholders, except the said transfer books.
8. And be it enacted, That it shall not be lawful, at any time hereafter, for any owner, captain, or other person having control of any steamboat, or other boat or vessel, to touch or to land at said docks, wharves, piers, or bulkheads of said corporation, or to receive or to land or discharge any passengers or freight at said docks, wharves, piers, or bulkheads, or such other improvements as may be made thereon by said corporation, unless in case where any boat or other vessel shall be in distress, without sent first had and obtained from said corporation.
9. And be it enacted, That this act shall continue in force thirty years; and that unless said company, within five years from the passage of this act, shall have established a ferry, and have the same in operation, so as to accomodate the inhabitants, this act shall be void.
