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Assets liable for redemption of bills.

Liability of directors.

Proviso.

the time of such demand until the same shall be paid as
aforesaid or otherwise satisfied.
13. And be it enacted, That if the said corporation shall,
at any time hereafter, become insolvent, the whole assets
of said corporation at the time of its becoming insolvent
shall be first liable for its bills or notes then in circulation,
and shall be first applied to the payment thereof; and in
case of a distribution of the assets of said corporation
among the creditors, under the order ör decree of the court
of chancery or other court, the holders of such bills or notes
shall be equal in priority, and shall have a preference over
all the other creditors. -
14. And be it enacted, That all the directors of said cor-
poration shall be residents of this state, and shall be jointly
and severally liable for the payment of all the bills or
notes of said corporation which may be in circulation at
the time of its becoming insolvent, and may be jointly or
severally prosecuted at law or in equity, by any receiver
or receivers that shall or may be appointed, for the pay-
ment of any such bills or notes, as if the same were their
joint and several bills or notes, executed by them in their
individual capacity; and it shall not be lawful for any
director of said corporation to resign his office to avoid
such liability; and if any director shall so attempt to re-
sign his office, he shall be and continue liable the same as
if no such resignation had been attempted; and such
liability of directors shall continue after they have ceased
to be directors, either by resignation or otherwise, if said
corporation was insolvent when they ceased to be directors;
and it shall not be lawful for any director to assign or
transfer his stock or other property to avoid such liability;
and in case of the payment of any such bills or notes by
any of said directors, the other directors who may be liable
shall account in the same way as other joint debtors are
accountable to each other; provided, that no property that
shall or may be levied on or taken in execution, under or
by virtue of any judgment or decree in favor of any re-
ceiver or receivers under the provisions of this act, shall

be sold until after the expiration of four months from the date of said judgment or decree. 15. And be it enacted, That if the assets of said corpora. Amount of

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tion and the property of said directors shall prove insuffi. Þorro cient to redeem the whole of the said bills and notes, then the amount that shall or may be realized from said assets and property shall be distributed ratably among the holders of the said bills and notes.

16. And be it enacted, That the stockholders of said cor- o poration at the time of its becoming insolvent, other than ers. said directors, shall be jointly and severally liable to any receiver or receivers that shall or may be appointed as aforesaid, to an amount sufficient to redeem the said bills and notes after the assets of said corporation and the property of said directors shall have been distributed as aforesaid; provided, that no stockholder, other than said directors, Proviso. shall be made liable to an amount exceeding the par value of the stock held by him at the time said corporation be. comes insolvent; and that if that amount shall not be required for the full redemption of said bills and notes, then the said stockholders shall be liable in the ratio of the said stock so held by them, and it shall not be lawful for any such stockholder to assign or otherwise transfer his stock or other property to avoid such liability.

17. And be it enacted, That in case of an action or suit at Actions

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law against any director or directors, stockholder or stock- soil. holders, under any of the preceding sections of this act, the ers. receiver or receivers may declare generally for money had and received; provided, that a schedule shall be annexed to Proviso. the said declaration, setting forth that the said action or suit is under and by virtue of the provisions of this act, specifying the aggregate amount claimed, the names of the president and cashier subscribed to the bills or notes declared on, and the numbers and denominations thereof.

18. And be it enacted, That the bills or notes issued by Amonto said corporation shall not at any time exceed double the amount of its capital stock actually paid in ; and if the

president or cashier thereof shall knowingly or wilfully

Quarterly staternents to be made.

Stockholders to be residents of state. Former association merged in present.

Proviso.

Limitation.

issue, or cause or suffer to be issued, bills or notes of said
corporation exceeding double the amount of its capital
stock actually paid in, such president or cashier shall be
deemed guilty of a misdemeanor, and on conviction thereof
shall be punished by imprisonment not less than one year
nor more than five years, in the discretion of the court.
19. And be it enacted, That it shall be the duty of said
corporation, on the first Monday of April next, and on the
first Monday of July, October, January and April, there-
after, to publish in at least one newspaper published in the
county where the banking house of said corporation shall
be located, a statement, under oath or affirmation, of the
actual condition of said corporation, conforming, as nearly
as may be, with the annual statements now required by
law, and shall, within ten days after making such statement,
forward a duplicate thereof to the secretary of state, to be
by him filed in his office; and if any president, cashier, or
director shall knowingly and wilfully falsely swear or
affirm to any such statement, he shall be deemed guilty of
perjury, and be liable to the pains and penalties thereof.
20. And be it enacted, That a majority of the stockholders
shall be residents of this state.
21. And be it enacted, That the association aforesaid under
the name of the “Essex County Bank,” shall, on the pas-
sage of this act, and the acceptance of the same by the
directors, signified by a certificate of such acceptance, signed
by the president and cashier, under the seal of the said
association, and filed in the office of the treasurer of this
state, be deemed and taken as merged in the corporation
created by this act; provided, that the new corporation
shall be liable to all the responsibilities and obligations of
the said association.
22. And be it enacted, That this act shall take effect im-
mediately on its passage, and shall continue in force for the
term of twenty years from the date thereof; and further,
that it shall and may be lawful for the legislature of this
state, at any time hereafter, to alter, modify, or repeal this
act whenever the public good requires it.
Approved March 9, 1859. .

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As Act entitled an Act to authorize the trustees of the Methodist Episcopal Church in the village of Crosswicks, county of Burlington, to sell and convey land. r

1. BE IT ENACTED by the Senate and General Assembly of Trustees the State of New Jersey, That the trustees for the time being ol. of the Methodist Episcopal Church in the village of Crosswicks, in the county of Burlington, are hereby authorized and empowered at any time hereafter, to sell the burying ground attached to the above named church, in lots for burial purposes, and no other; and to execute and deliver to the purchaser or purchasers thereof a good and sufficient deed or deeds for the same, under the hand of the president of the board of trustees, and place the seal of the church thereon.

2. And be it enacted, That the said trustees shall cause to I. be entered in their book of records a correct statement of ed. all the moneys received, arising from the sale of said lots, and the expense attending the same, with their general proceedings under this act.

3. And be it enacted, That all moneys, profits or incomes o arising therefrom, shall be held or disbursed by them, for of sale. the use and benefit of the said church.

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

Approved March 9, 1859.

13

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AN Act to incorporate “The Equitable Mutual Life Insurance Company of New Jersey.”

No. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Beach Wanderpool, William S. Faitout, Peter S. Duryea, Jacob D. Vermilyea, Ira M. Harrison, Daniel Dodd, Horace J. Poineer, David A. Hayes, John Morrison, James H. Clark, John H. Kase, Theodore P. Howell, Cornelius Walsh, Daniel Price, Roswell Van Buskirk, Edward P. Clark, David Price, Samuel W. Bond, Daniel Pierson, Charles Heath, John Hartshorn, and Alfred L. Dennis, and others, their associates, successors and assigns, shall be and are hereby ordained, constituted, and appointed a body politic and corporate by the name of “The Equitable Mutual Life Insurance Company of New Jersey.”

*:::::". 2. And be it enacted, That all persons who shall at any

members time hereafter insure with the said corporation, and continue to insure as hereinafter provided, shall thereby become members thereof during the period they shall remain insured by said corporation, and no longer.

** 8. And be it enacted, That all the corporate powers, and the property and concerns of the said corporation shall be exercised, conducted and managed by twelve directors, a majority of whom shall be citizens of this state.

door. 4. And be it enacted, That Beach Vanderpool, William S. Faitout, Peter S. Duryea, Jacob D. Vermilyea, Ira M. Harrison, Daniel Dodd, David A. Hayes, James H. Clark, John Morrison, Theodore P. Howell, Daniel Price, and John H. Kase, shall constitute the first board of directors, who shall, at their first meeting, divide themselves by lot into four classes, of three each; the term of the first class shall expire on the second Wednesday of May, eighteen hundred and sixty; the term of the second class, one year thereafter; the term of the third class, two years thereafter, and the

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