New Jersey Acts Saved from Repeal ACTS SAVED 46 § 7-9(3)

3. The capital stock of every such company shall be paid in at such times, upon such notice, and in such manner and installments as the directors of said company by their by-laws or otherwise may direct, and such payment shall be made either in money or in land, situated in places named in the said certificate, the land to be appraised by the board of directors, and taken at such value by said company on such terms as may be agreed upon, and in case of the failure of any stockholder to pay his or her installment at the place and within thirty days of the time appointed for the payment thereof, such stockholder shall incur a forfeiture of his or her share or shares, and of all previous payments thereon, for the use of said company.