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damage by fire, and such incidental expenses as shall be
Amount to be paid by }. ereafter insured.
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
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.
Amount of capital stock.
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.