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damage by fire, and such incidental expenses as shall be
necessary for transacting the business of said company;
but no member shall be held liable beyond the amount of
his, her, or their promissory note; and at the expiration of
the term of insurance, the said note, or such part of the
same as shall remain unpaid after deducting a just and fair
proportion of all losses and expenses occurring during said
term, shall be relinquished and given up to the maker
thereof; and it shall be lawful for said corporation to loan
such portion of their money in hand as may not be imme-
diately wanted for the purposes of said corporation, to be
secured by mortgage on unincumbered real estate in the
state of New Jersey, worth at least double the amount
loaned, or invest the same in stocks of the United States.
8. And be it enacted, That from and after the passage of
this act, no person shall be admitted as a member and en-
titled to all the benefits and privileges of the said corpora-
tion, unless he or she shall first pay, or cause to be paid
to the secretary thereof, the same amount of premium,
with the interest accrued thereon, as is already paid to the
said corporation by the first insured members thereof;
provided, that after the term of ten years, and if so ordered
by the members of the corporation, the directors may make
such by-laws as will confine the benefits of the mutual
principle of insurance to those who are thus insured in said
company, and that others may effect insurance in said com-
pany on paying such premium or premiums as shall be
agreed on between the company and the insured.
9. And be it enacted, That suits in law or in equity may
be maintained by said corporation against any of its mem-
bers, for the collection of said deposit notes, or any assess-
ment thereon, or for any other cause relating to the business
of said corporation; also suits at law or in equity may be
prosecuted and maintained by any member against said
corporation, for losses or damage by fire, if payment is
withheld more than three months after the company is duly
notified of such losses; and no member of the company,
not being in his individual capacity a party to such suit,

Amount to be paid by }. ereafter insured.

Proviso.

Suits may be maintained against members or corporation. Duties of secretary.

Policies of insurance.

Policy may be surrendered when property is alienated.

Transfers of policy to be recorded.

shall be deemed incompetent as a witness in any such
cause, on account of his being a member of such company.
10. And be it enacted, That it shall be the duty of the
secretary to give notice of all meetings of the corporation,
to attend the same, to keep a faithful record of their pro-
ceedings, also an account of profit and loss, fill up all poli-
cies of insurance, countersign and seal the same with the
seal of said corporation, certify all drafts or orders of the
president for the payment of money, and such other duties
as the company or board, from time to time, by their by-
laws, may direct.
11. And be it enacted, That all policies of insurance which
shall be made by the said corporation in pursuance of this
act shall be made upon such terms and conditions, and for
such periods of time, and confined to such places as shall
be from time to time ordained and prescribed by the by-
laws, rules, and regulations of said corporation.
12. And be it enacted, That when any property insured
by the said corporation shall be alienated by sale or other-
wise, the policy of such insurance may be surrendered to
the directors of said company, to be cancelled; and upon
such surrender the assured shall be entitled to receive his
deposit note or notes, upon the payment of his proportion
of all losses and expenses that have accrued prior to such
surrender; but the grantee or alienee having the policy
assigned to him may have the same ratified and confirmed
to him for his own use and benefit, upon application to the
directors, and with their consent, within thirty days next
after such alienation, on giving proper security, to the
satisfaction of said directors, for such portion of the de-
posit or premium note or notes as shall remain unpaid;
and by such ratification and confirmation such grantees or
alienees shall be entitled to all the rights and privileges,

and be subject to all the liabilities to which the original

party to whom the policy issued was entitled and subjected.

13. And be it enacted, That no transfer of any policy of insurance of the said company shall be valid usaless entered in the books of the said company, and certified on such policy by the secretary; and every assignee of any policy may sue on such policy in the name of such assignee. 14. And be it enacted. That no policy shall be issued by Mio the said company until application shall have been made ...” for insurance to the amount of fifty thousand dollars. 15. And be it enacted, That no part of the funds of the or company shall be used for banking or for any other pur. ** pose not indicated by this act. 16. And be it enacted, That each director and secretary of onshall, before he enters on the duties of his office, take the following oath or affirmation (as the case may be): I, y do swear (or affirm) that I will faithfully execute the duties of , agreeably to the provisions of this act and the trust reposed in me, to the best of my skill and understanding. 17. And be it enacted, That if the privileges granted by jo. this charter shall at any time prove injurious to the public welfare, or need alteration, it shall be lawful for the legislature to amend, modify, or repeal the same; provided, that Provis". no contract made by said corporation before such repeal shall be affected thereby, and that the said corporation shall have a reasonable time to bring their accounts to a final settlement. 18. And be it enacted, That this act shall take effect immediately. Approved February 18, 1858.

Names of corporators.

General powers.

Amount of capital stock.

8hares transferable.

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AN ACT to incorporate the Democratic Association of the City of Newark.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That John S. Darcy, Charles T. Gray, Thomas B. Pierson, William W. Pollard, Edward H. Wright, James F. Bond, James Courter, Herman Ise, David McCurdy, James Smith, and Theodore Runyon, and their associates, and all other persons who shall become subscribers to and owners of the capital stock by this act created, shall be, and they and their successors are hereby made and declared to be a body corporate and politic, in fact and in law, by the name of “The Democratic Association of the City of Newark,” and by that name they shall have power to lease, purchase, and hold real estate in the city of Newark, in this state, and to erect thereon a hall or building, in whole or in part for the accommodation of said association and its business, and to make such improvements thereon as they may see fit, and generally to transact all such business and do all such acts as may properly or necessarily appertain to the erecting, constructing, furnishing, leasing, selling, or otherwise disposing of and conveying such buildings, furniture, improvements, and real estate, or any part of the same.

2. And be it enacted, That the said corporation shall have power to raise by subscription a capital stock of one hundred thousand dollars.

3. And be it enacted, That the capital stock of said corporation shall be divided into shares of twenty dollars each, and shall be transferable in such manner as the by-laws of said corporation shall direct; and each of said shares shall entitle the owner thereof, or his lawfully constituted proxy in his stead, to one vote at all elections for officers of said association, and in all stockholders' meetings for business or making by-laws for said corporation.

4. And be it enacted, That said corporation shall not go into operation until the commissioners in this act named shall receive subscriptions to said capital stock to the amount of twenty thousand dollars, and money on account of such subscriptions to the amount of ten thousand dollars, and an affidavit thereof, made by one of the said commissioners, shall have been filed in the office of the clerk of the county of Essex, and said subscriptions and money transferred to said corporation, as hereinafter is directed.

5. And be it enacted, That the persons named in the first section of this act be and they are hereby appointed commissioners to receive subscriptions (and money on account thereof) to the said capital stock, and said commissioners, or a majority of them, may, immediately after the passage of this act, open books and take subscriptions, and receive moneys for or on account of said capital stock, in such manner as they may deem expedient; and whenever the subscriptions so received by them shall amount to the sum of twenty thousand dollars, and the moneys received by them on account thereof to ten thousand dollars, the said commissioners, or a majority of them, shall convene the stockholders of the corporation, by giving two weeks' notice in a newspaper published in said city of Newark, stating the time, place, and object of the meeting; and the said stockholders, or a majority of them, who shall meet pursuant to such notice, shall proceed then and there to make such by-laws as they may deem expedient; provided, the same shall not be contrary to the laws of this state or the United States, and to elect from among the stockholders of said corporation a president, vice-president, secretary, and treasurer, and as many managers as there may at the time be wards in the said city of Newark, who, together, shall constitute the board of directors of said corporation, and shall hold offices for one year and until other persons shall be elected in their stead, a meeting of the stockholders for which election shall annually thereafter be held at such time and place in the said city of Newark as by the by-laws of said corporation may be designated for the purpose; and

When corporation shall go into operation.

Commissioners to receive subscriptions.

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