BY-LAWS
or THE
MORRIS CANAL AND BANKING
COMPANY,
OF
JERSEY CITY;
PRESS OF THE ADVERTISER.
1846.
DIRECTORS, 1846.
Class Jl*o. 2, 1847.
B. WILLIAMSON, H. McFARLAN,
J. J. SCOFIELD, JACOB LE ROY,
OLIVER S. STRONG.
Class JYo. 3, 1848.
GEORGE GRISWOLD, HENRY SOUTHMAYD,
david henshaw, f. t. frelinghuysen,
ELIJAH SCOTT.
Class JYo. 4, 1849.
J. J. CODDINGTON, S. R. BROOKS,
J. C. GREEN, DANIEL TYLER,
E. R. BIDDLE.
Class Jl*o. 5, 1850.
J. T. SOUTTER, J. J. BRYANT,
THEODORE DEHON, PETER McMARTIN.
Class JYo. 1, 1851.
ZEBEDEE COOK, J. W. ALSOP,
J. B. VARNUM.
LIBRARY
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BY-LAWS.
RULE I.
ELECTION OF DIRECTORS.
The election of Directors of this Company, shall take
place (in accordance with the 3d section of the act passed
31st December, 1824,) the first Monday in April of each
year, at the office of the Company in Jersey City; the
polls to be opened at 12, at noon, and to continue open
until 3 P. M.
RULE II.
No transfer of stock shall be made for ten days next
previous to the annual election of Directors; nor shall
any transfer be made for ten days previous to the time
appointed for the payment of any dividend to be declared
on said stock. Nor shall any person be allowed to vote
on stock which he has not held for sixty days next previ¬
ous to the day of election.
RULE III.
BOARD OF DIRECTORS.
The presence of twelve of the Directors, at the time
and place appointed for meeting, (notice of such time and
place having been given to all the Directors,) shall be
necessary to constitute a quorum, or Board, for the trans¬
action of business; but a less number of Directors may
adjourn, from time to time, until a quorum shall be pre¬
sent.
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There shall be a stated monthly meeting of the Board
of Directors on the first Tuesday of each month, in each
year, at 12 o'clock, noon, at the office of the Company, at
jersey City.
RULE IV.
OFFICERS OF THE COMPANY.
The officers of the Company shall consist of a Presi¬
dent, Cashier, Superintendent and Engineer, and such
agents as shall from time to time be employed or appointed
by the Board of Directors, by whom their salaries are to
be fixed.
RULE V.
STANDING COMMITTEES, AS FOLLOWS.
The Finance Committee—Shall consist of five members,
who shall have special supervision of the monied opera¬
tions of the Corporation, and whose sanction shall be re¬
quisite, whenever it shall be expedient and necessary to
come under any obligation for the payment of money, at
any period within twelve months, unless the money be on
hand and specially reserved to meet such obligation so
entered into ; a minute of proceedings to be kept and re¬
ported to the Board of Directors at their meetings.
Canal Improvements and Repairs—To consist of three
members, who shall have special charge of the improve¬
ments and repairs on the Canal, as also its police, and
whose approval must be given to the expenditure of all
moneys for these objects, and of which committee the
President shall be a member and Chairman. This com¬
mittee shall appoint the Supervisors, Lock and Plane
Tenders, and this committee shall recommend their sala¬
ries to the Board ;—a minute of proceedings to be kept
and reported to the Board of Directors at their meetings. •
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Business over Canal—Shall consist of three members,
charged with fixing the rate of tolls, and suggesting such
arrangements as shall promote the business of the Canal
and thereby increase its revenue.
Committee on unsettled Claims—Shall consist of three
members, whose-duty it shall be to attend to the adjust¬
ment of all disputed accounts, and inform themselves as
to any litigation in which the Company may be involved,
and the President shall be Chairman thereof.
Committee on Accounts.—This committee is to consist
of two members, and are to examine the monthly accounts
and vouchers submitted by the Cashier at the stated meet¬
ings of the Board, and to affix their signatures to the exa¬
mination of the Cash Book, where all cash transactions
are registered ; which examination is to be made on the
Monday preceding the stated meeting of the Board.
At the expiration of two months one of said committee
shall retire, when a new member shall be appointed in
his stead ; and no member shall serve more than once in
four months in one year on said committee, except one
of the committee first appointed, who shall serve for six
months, and not longer.
POWERS AND DUTIES OF THE OFFICERS.
RULE VI.
THE PRESIDENT.
The President shall have power to call meetings of the
Board of Directors, and in his absence the Cashier, at such
times and places as he shall think proper to appoint; and
it shall be his duty to call such meetings when requested
so to do by any two of the Directors.
It shall be his duty to preside at all meetings of the
6
Board, to preserve order, and to promote the regular and
speedy transaction of business ; and he shall possess the
same supervising power over all the departments that is
commonly exercised by the presiding officer of incorpo¬
rated companies. He shall he a member ex officio of all
committees. No President pro tern shall acton the Com¬
mittee of Accounts.
All letters, reports and papers of every description, re¬
ceived by, or in possession of, the Cashier and Secretary,
or any other agent of the Company, shall be submitted to
the President, and all instructions emanating from these
officers shall be first approved by him, except in cases
ratified by the Board of Directors.
RULE VII.
THE CASHIER.
The Cashier shall be a member of the Board of Direct¬
ors. It shall be his duty to receive and disburse, under
the direction of the Board, all moneys belonging to the
Company, and to keep regular and systematic accounts
of all such receipts and disbursements; to take and pre¬
serve all vouchers on which payments are made; and to
make detailed reports of such receipts and disbursements
to the Directors, at each stated meeting of the Board, and
to present a balance sheet exhibiting a statement of the
Company's affairs.
He shall cause to be deposited all moneys received by
or for him, on account of the Company, in such bank or
banks as he shall select, either in New York or New Jer¬
sey, reporting the same to the Board for their approval;
and all such deposites shall be entered in a book in the
usual way, to the credit of the Company. All payments
shall be made by the check or draft of the Cashier and
President, on the bank or banks where the funds of the
Company are deposited, drawn payable to the order of the
party entitled to the payment, or some one duly authorized
to receive the money. All moneys received by this cor¬
poration, and all moneys paid out by it, must be through
the hands of the Cashier. The Cashier shall require such
security from Collectors, or other agents employed in col¬
lecting tolls, as in his judgment shall seem prudent, and
report the same to the Directors, and he shall appoint the
Collectors of tolls, subject to the approval of the Board.
The Cashier shall give Bonds, with security, to be ap¬
proved by the Board, in the sum of thirty thousand dol¬
lars, for the faithful discharge of his duties.
RULE VIII.
THE SECRETARY.
The Cashier shall be ex officio Secretary of the Board,
whose duty it shall be to be present at the regular sessions
of the Board—to officiate as Clerk thereof, and record the
minutes of all its proceedings in a book to be provided for
that purpose.
When officers are to be elected or appointed, notifica¬
tion thereof shall be made on the notices of meeting. The
Cashier shall be the register of transfers of stock, and
certificates thereof shall be signed by the President and
Cashier; and for this purpose he shall keep the accounts
of the stock, registered and transferred in such form and
manner, and under such regulations as the Board of Di¬
rectors shall from time to time prescribe.
RULE IX.
THE SUPERINTENDENT
Shall have special charge of business to be done over
the Canal—shall see that it is expedited, and shall also
attend to the management of the boats and the letting of
8
the same. He shall keep accurate and minute statistics
of the business done, tolls charged, &c., and report to the
Committee on Business of Canal.
RULE X.
THE ENGINEER
Shall superintend all improvements and repairs of Ca¬
nal. Under his control the police of the Canal is placed,
except as herein before provided for, and he is generally
charged with keeping the Canal in an effective state.
RULE XI.
PAYMENT OF TOLLS.
All lolls of the Company shall be collected in cash prior
to the delivery of goods freighted over the Canal.
RULE XII.
ALTERATION OF BY-LAWS.
The By-Laws shall not be altered, except by a vote of
thirteen members of the Board.
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