use, operate, or control said corporation or body politic, or suffer the same to be used for the furtherance or promotion of any object fraudulent or unlawful under the laws of this State, or who shall use the same directly or indirectly in restraint of trade or in acquiring a monopoly, when such corporation or body politic engages in interstate or intrastate commerce, shall be guilty of a misdemeanor.

3. If any part or parts of this act shall be declared to be invalid or unconstitutional, the other parts hereof shall not thereby be affected or impaired.

4. This act shall take effect immediately. Approved, February 19, 1913.

[Chapter 17, Laws of 1913.]

AN ACT To amend section one hundred and nine of an act entitled "An act concerning corporations (Revision of 1896)," approved April twentyfirst, one thousand eight hundred and ninety-six.

1. Section one hundred and nine of the act entitled "An act concerning corporations (Revision of 1896)," be and the same is hereby amended so as to read as follows:

109. When two or more corporations are merged or consolidated the consolidated corporation shall have power and authority to issue bonds or other obligations, negotiable or otherwise, and with or without coupons or interest certificates thereto attached, to an amount sufficient with its capital stock to provide for all the payments it will be required to make or obligations it will be required to assume, in order to effect such merger or consolidation; to secure the payment of which bonds or obligations it shall be lawful to mortgage its corporate franchises, rights, privileges, and property, real, personal and mixed; provided, such bonds shall not bear a greater rate of interest than six per centum per annum; the consolidated corporation may issue capital stock, either common or preferred, or both, to such an amount as may be necessary, to the stockholders of such merging or consolidating corporation in exchange or payment for their original shares, in the manner and on the terms speci

fied in the agreement of merger, or consolidation, which may fix the amount and provide for the issue of preferred stock based on the property or stock of the merging or consolidating corporation conveyed to the consolidated corporations as well as upon money capital paid in.

2. This act shall take effect immediately. Approved, February 19, 1913.

[Chapter 18, Laws 1913.]

1. Section fifty-one of the act referred to in the title of this act is hereby amended to read as follows:

51. No corporation heretofore organized or hereafter to be organized under the provisions of this act to which this is an amendment, or the amendments thereof or supplements thereto, except as otherwise provided therein or thereby, shall hereafter purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of the shares of the corporate stock of any other corporation or corporations of this or any other State, or of any bonds, securities, or other evidences of indebtedness created by any other corporation or corporations of this or any other State, nor as owner of such stock exercise any of the rights, powers, and privileges of ownership, including the right to vote thereon. Provided, that nothing herein contained shall operate to prevent any corporation or corporations from acquiring the bonds, securities, or other evidences of indebtedness created by any non-competing corporation in payment of any debt or debts due from any such non-competing corporation; nor to prevent any corporation or corporations created under the laws of this State from purchasing as a temporary investment out of its surplus earnings, reserved under the provisions of this act, as a working capital, bonds, securities, or evidences of indebtedness created by any non-competing corporation or corporations of this or any other State, or from investing in like securities any funds held by it for the benefit of its employees or any funds held for insurance, any such non-competing corporation; nor to prevent any corporation or corporations created

under the laws of this State from purchasing the bonds, securities, or other evidences of indebtedness created by any corporation the stock of which may lawfully be purchased under the authority given by Section forty-nine of the act entitled "An act concerning corporations (Revision of 1896)" provided, also, that nothing herein contained shall be held to affect or impair any right heretofore acquired in pursuance of the section hereby amended, by any corporation created under the laws of this State.

2. All acts and parts of acts inconsistent herewith are hereby repealed, and this act shall take effect immediately. Approved, February 19, 1913.

[Chapter 19, Laws 1913.]

A FURTHER SUPPLEMENT To an act entitled "An act concerning corporations (Revision of 1896)," approved April twenty-first, one thousand eight hundred and ninety-six.

1. A merger of corporations made under the provisions of the act to which this act is a supplement, shall not in any manner impair the rights of any creditor of either of the merged corporations.

2. Before any merger of corporations can be made, the approval thereof in writing by the Board of Public Utility Commissioners of this State shall be obtained by said corporations and filed in the office of the Secretary of State, with the names of the directors of each of said corporations which assent to the merger.

3. Every corporation, and the directors thereof, procuring or assenting to such merger without complying with the provisions hereinbefore contained, shall be guilty of a misdemeanor and punishable accordingly.

4. This act shall take effect immediately. Approved, February 19, 1913.

LAWS OF NEW JERSEY, 1917 pp. 565-568

CHAPTER 194.

An Act to amend an act entitled "A further supplement to the act entitled 'An act for punishment of crimes (Revision of 1898),"" approved February nineteenth, nineteen hundred and thirteen.

BE IT ENACTED by the Senate and General Assembly of the State of New Jersey:

1. The act entitled "A further supplement to the act entitled 'An act for the punishment of crimes (Revision of 1898),"" is hereby amended to read as follows:

It shall be unlawful for any person, firm, corporation or association engaged in commerce or trade, in the course of such commerce or trade, either directly or indirectly, to discriminate in price between different purchasers of commodities, which commodities are sold for use, consumption or resale within this State, where the effect of such discrimination is to substantially lessen competition or tend to create a monopoly in any line of commerce or trade; provided, that nothing herein contained shall prevent discrimination in price between purchasers of commodities on account of differences in the grade, quality or quantity of the commodities sold, or that makes only due allowance for difference in the cost of selling or transportation, or discrimination in price in the same or different communities made in good faith to meet competition; and provided, further, that nothing herein contained shall prevent persons engaged in selling goods, wares or merchandise in commerce or trade from selecting their own customers in bona fide transactions and not in restraint of trade.

2. Any person, firm, or corporation or association violat

ing this act shall be guilty of a misdemeanor, and on conviction thereof shall be punished accordingly,

3. All acts and parts of acts inconsistent herewith are hereby repealed.

4. This act shall take effect immediately. Approved March 28, 1917.

CHAPTER 195.

An Act concerning the corporations of this State.

BE IT ENACTED by the Senate and General Assembly of the State of New Jersey:

1. Any corporation formed under any law of this State may purchase property, real and personal, and, except as hereinafter is prohibited, the stock of any other corporation necessary or desirable for its business, and pay therefor in cash or its equivalent, or in the capital stock of the purchasing corporation to the amount of the value thereof, and the stock so issued shall be full paid stock and not liable to any further call; and any such corporation may also issue stock for the amount it actually pays for labor performed; provided, that when property or stock is purchased the purchasing corporation shall receive in property or stock what the same is reasonably worth in money at a fair bona fide valuation; and provided, further, that no fictitious stock shall be issued.

2. No such corporation engaged in trade or commerce shall acquire, directly or indirectly, the whole or any part of the stock or other share capital of another corporation also engaged in trade or commerce, where the effect of such acquisition may be to substantially lessen competition between the corporation whose stock is so acquired and the corporation making the acquisition, or to restrain such trade or commerce in any section or community, or tend to create a monopoly of any line of trade or commerce.