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of the Iron Bank now located and doing business at Rockaway, in the county of Morris, be and they are hereby authorized to remove their place of business from Rockaway aforesaid, and to locate their banking house and transact their banking business at Morristown in said county of Morris, provided, that said directors shall first file with the Proviso. treasurer of this State a consent in writing to such removal and location, signed by two-thirds of the stockholders in value of said banking institution.

thorized to

business at

2. And be it enacted, That after such removal and location Bank anas aforesaid, said Iron Bank shall be authorized to transact transact the business of banking at Morristown aforesaid in the Morristowu. same manner, in all respects as they have heretofore done, and all bills or notes of said bank heretofore issued or hereafter to be issued, not previously presented for payment, shall be presented for payment and shall be due and payable at the banking house of said bank at Morristown aforesaid, on and after such removal, and all bills or notes of said bank to be issued after such removal shall be dated at Morristown aforesaid.

to be paid at

3. And be it enacted, That all bills of exchange, promissory Notes, &c.. notes, drafts or other instruments for the payment of money Morristown. which have heretofore been made or may hereafter be made by any person or persons, corporation or corporations, and payable at said Iron Bank at Rockaway, and which shall become due and payable after said bank shall be removed to Morristown aforesaid, shall be taken and deemed to be due and payable at the banking house of said Company at Morristown aforesaid, and shall be there presented for such payment.

4. And be it enacted, That this act shall take effect immediately.

Approved February 18, 1858.

Names of

corporators.

General

powers.

Proviso.

Persons in

suring to be

corporation.

CHAPTER XXXVII.

AN ACT to incorporate the Merchants' Mutual Fire and Marine Insurance
Company.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Thomas Kirkpatrick, Henry N. Parkhurst, John Morrison, Samuel Smith, Oscar L. Baldwin, John McChesney, Silas Merchant, Caleb S. Titsworth, James J. Terhune, David C. Dodd, Jun., William M. Little, James W. Grover, and George B. Guerin, and others, their associates and successors, are hereby constituted and declared to be a body corporate and politic, by the name of "The Merchants' Mutual Fire and Marine Insurance Company," to be located at the city of Newark, New Jersey; and by that name they and their successors shall and may have succession during the continuance of this act; and shall be capable of suing and being sued, pleading and being impleaded, answering and being answered unto, defending and being defended, in all manner of actions, suits, complaints, matters and causes whatever; and they and their successors may have a common seal, and may alter and change the same at pleasure; and also they and their successors, by the name of "the Merchants' Mutual Fire and Marine Insurance Company," shall be in law capable of purchasing, holding, and conveying any estate, real and personal, for the use of the said corporation; provided, the said estate which it shall be lawful for the said corporation to hold, be only such as is necessary for the corporation, in the transaction of the business thereof, or such as shall be taken as security for, or in payment of debts; nor shall the yearly income of such real estate exceed five thousand dollars.

2. And be it enacted, That all persons who shall insure in members of or with said company shall be members of said corporation; and the property and concerns of said corporation shall be conducted and managed by thirteen directors, a

majority of whom shall be citizens and residents of this State, and shall not hold a like office or agency in any other fire or marine insurance company; to be chosen by ballot, by and from among the members, and shall hold their office for one year, and until others are chosen.

directors.

3. And be it enacted, That an election for directors shall Election for be held on the first Monday in March, in every year, at the office of the company, or such other place as a majority of the directors may previously designate: a public notice of the election shall be given by the secretary, in one or more newspapers printed in the city of Newark, at least two weeks previous to the time of holding the election; and if any of the directors shall die, or refuse to serve, or neglect to act in their said office for the space of three months, successively, then and in every such case, the remaining directors shall have the power to fill such vacancy or vacancies, until the next election; and in case it should happen that an election for directors should not be held on the day when, pursuant to this act, it ought to have been held, the said corporation shall not, for that cause, be dissolved, but it shall and may be lawful on any other day to hold such election; provided, that the first election for directors Proviso. shall be held on the first Monday in March next, and until the said election, the persons named in the first section of this act shall be directors of said company.

perty may

4. And be it enacted, That it shall and may be lawful for What prothe said corporation to insure their respective dwelling. be insured. houses, stores, shops, or other buildings, together with household furniture, merchandise, and all other personal property, against loss or damage by fire; and also to take marine risks, and insure against loss or damage at sea, and generally to insure against all losses pertaining to fire and marine risks.

powers of

5. And be it enacted, That the directors for the time being, Duties and or a majority of them, shall have the power to make and directors. prescribe such by-laws and regulations as to them shall appear needful and proper for the management and disposition of the property, estate, and effects of the corporation,

Proviso.

Notes may be taken for

insurance.

for the regulation of the mode of effecting insurance in said corporation and of valuation of property insured or to be insured thereby, and to fix rates of insurance and fees of officers, and for such other matters as appertain to the business of the said corporation, and shall have power to appoint a secretary, surveyor or surveyors, appraiser or appraisers, and such additional officers and servants as to them shall be deemed proper, to which offices the directors shall be eligible; provided, such by-laws, rules, and regulations shall not be repugnant to this charter, the constitution or laws of the United States or of this State.

6. And be it enacted, That it shall and may be lawful for amount of the officers of said corporation to take notes and obligations of the members for the amount, either in part or in the whole of the premium of the insurance, in proportion to the amount insured; which notes or obligations may be taken, subject to such rules and regulations as the board of directors by their by-laws may direct; provided, that such notes and obligations shall in all cases be guaranteed by some responsible person.

Proviso.

Officers of corporation.

Policies of insurance.

7. And be it enacted, That at the first meeting of the directors, held after their election in each year, the directors shall choose from among themselves, one person for president, who shall continue in office until the next annual meeting, and until another shall be chosen in his place; they shall also elect a treasurer, and require him to give such bonds to the corporation for the faithful performance of his duty for such sum as to them shall appear sufficient. 8. And be it enacted, That all policies of insurance which shall be made by the corporation, in pursuance of this act, shall be made on such terms and conditions, and for such periods of time, and confined to such places as shall be from time to time ordered and prescribed by the by-laws, rules, and regulations of said corporation; and if at any time it shall so happen that there shall be just claims on the corporation for losses or other liabilities, to a greater amount than they have funds to discharge, in such case the directors for the time being shall, with all convenient expedition,

proceed to assess such deficiency in a ratable proportion on the members of the corporation, or their representatives, according to the amount of each member's insurance, which rates or assessments shall be approved by a majority of the whole number of directors; provided, that such assessment Proviso. shall not exceed the amount of the note or obligation given by each member; and notice in writing shall be given by the secretary to each member, or his representative, of his assessment, and the amount by him, her, or them to be paid; and each and every member, or their representative, so notified, shall pay the same to the treasurer for the time being, within sixty days after such notification, and in default thereof shall forfeit all right and claim to any policy that they may have obtained, and be no longer a member of the association, and shall also be liable for the amount of such assessment, with the interest, to be recovered by action of debt, with costs of suit, before any court of competent jurisdiction.

to be drawn

ry except for

9. And be it enacted, That no money shall be drawn from Money not the treasury of the corporation, except for the purpose of from treasupaying damages in cases of loss by fire or sea, or for other damages by purposes to be provided by the by-laws, rules, and regulations of the company.

fire, &c.

of policy.

10. And be it enacted, That if any person insured by the Assignments said corporation shall convey or assign the property insured, it shall be lawful for such person to assign to the purchaser the policy of insurance; but the corporation shall not be bound by such policy, after such assignment, until the consent of said company shall have been endorsed and certified on such policy by the secretary.

be maintain

payment of

&c.

11. And be it enacted, That any person or persons, in- Actions may sured by said corporation, may maintain an action at law ed for nonagainst the same for losses or damages due to them from damages, said corporation, if payment is withheld for more than ninety days after the amount of such losses shall have been ascertained, and the said corporation notified thereof; no member of the corporation, not being in his own individual capacity a party to such suit, shall be incompetent as a

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