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directors.

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.

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 va-
cancies, until the next election; and in case it should hap-
pen 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.

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.

5. And be it enacted, That thodirectors 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 amount of insurance.

Proviso.

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 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.

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,

Officers of corporation.

Policies of insurance.

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.

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 daanges by

fire, &c. purposes to be provided by the by-laws, rules, and regulations of the company.

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.

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

&c.

Proviso.

Limitation.

Proviso.

witness; provided, that if the directors agree to rebuild or replace the property lost or damaged, in such case a reasonable time shall be allowed them.

12. And be it enacted, That this act shall continue in force twenty years and no longer, unless the charter is renewed; and it shall be lawful for the legislature, at any time, to amend, alter, modify or repeal the same; provided, that no contract made by said corporation, before such repeal, shall be affected thereby; and the said corporation shall have a reasonable time to bring their accounts to a final settlement.

13. And be it enacted, That no part of the funds of said corporation shall be used for banking purposes.

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

Approved February 18, 1858.

Funds not to be used for banking.

CHAPTER XXXVIII.

An act to incorporate the South Amboy and Cheesequake Bridge

Company.

Names of corporators.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That James R. Morgan, Abraham Everitt, Charles Fish, William Ross, William W. Seward, Timothy Wood, and Charles S. Clark, and their associates and successors, are hereby constituted a body corporate, by the name of “The South Amboy and Cheesequake Bridge Company,” for the purpose of building a draw or

capital

swing bridge over and across Cheesequake Creek, at or near its mouth.

2. And be it enacted, That the stock, property, and con- First direccerns of said corporation shall be managed by seven directors, being stockholders (one of whom shall be president), who shall hold their offices for one year, and until others are appointed; and a majority of the directors shall be a quorum for transacting the business of the company; and that the said James R. Morgan, Abraham Everitt, Charles Fish, William Ross, William W. Seward, Timothy Wood, and Charles S. Clark, shall be the first directors of the said corporation, and shall hold their offices for one year, and until others are legally chosen; and that the time and manner of electing future directors, and of filling vacancies, and all other matters appertaining to the concerns of the said corporations, shall be managed, governed, and regulated by the by-laws of the said corporation.

3. And be it enacted, That the capital stock of said corpo. Amount of ration shall be two thousand dollars, in shares of ten dollars stock. each, with the privilege of increasing the said capital stock to three thousand dollars.

4. And be it enacted, That the books of subscription to Payment of the said capital stock shall be opened under the direction of the board of directors, and subject to such rules and regulations as they may prescribe; and it shall be lawful for the directors, or a majority of them, from time to time to call for and demand from the stockholders, respectively, all such sums of money by them subscribed, at such times and in such proportions as they shall deem proper, under the penalty of forfeiting the shares and all previous pay. ments thereon, if such payment shall not be made within thirty days after the day fixed for that purpose, by a notice in writing previously served on each stockholder or their representatives, or left at their usual place of abode, designating the proportion or amount of such payment, and the time when, and the place where, and to whom the same shall be made; and that the stock of the said corporation shall be deemed personal property, and transferable on the

.

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