« PreviousContinue »
Assets liable for redemption of bills.
Liability of directors.
the time of such demand until the same shall be paid as
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
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
- - - against di
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.
issue, or cause or suffer to be issued, bills or notes of said
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.
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