Quarterly statements 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 to be made. corporation, on the first Monday of April next, and on the first Monday of July, October, January and April, thereafter, 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. Stockholders to be resideuts of state. Former association merged in present. Proviso. Limitation. 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 passage 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 immediately 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. CHAPTER LXXIV. AN 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. authorized 1. BE IT ENACTED by the Senate and General Assembly of Trustees the State of New Jersey, That the trustees for the time being to sell laud. 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. to be record 2. And be it enacted, That the said trustees shall cause to Proceedings 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. of proceeds 3. And be it enacted, That all moneys, profits or incomes Disposition 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 Names of corporators. Persons insuring to be members. Number of directors. First directors. CHAPTER LXXV. AN ACT to incorporate "The Equitable Mutual Life Insurance Company of New Jersey." 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Beach Vanderpool, 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 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. 3. 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. 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 directors. term of the fourth class, three years thereafter, and so on successively, each and every year; the seats of these classes shall be supplied by the members of this corporation, a plurality of votes constituting a choice, but an insurance of one thousand dollars shall be necessary to entitle a member to a vote; the first election of directors shall be Election of held on the second Wednesday of May, eighteen hundred and sixty, and on the same day each year thereafter, at such time and place in the city of Newark, as the directors may designate; if any director of the said corporation shall die, refuse to serve or neglect to act in his said office, for the space of four months, then, and in every such case, the remaining directors shall have power to fill such vacancy or vacancies, until the next annual election; and in case it should happen that an election for directors should not be held on the day, when pursuant to this act it ought to be held, the said corporation shall not be dissolved for that cause, but it shall and may be lawful to hold an election for directors pursuant to law; this section shall not be construed to prevent a director going out from being eligible to a re-election. may insure 5. And be it enacted, That it shall be lawful for the said Corporation corporation to insure their respective lives, and to make lives. all and every insurance appertaining to, or connected with life-risks, and to grant and purchase annuities; and it shall be lawful for the officers of said corporation to take the notes or obligations of the members for the amount, either in part or the whole of the premium of insurance, in proportion to the amount insured. ment of 6. And be it enacted, That at the first meeting of the Appointdirectors, held after the organization of this company, and president. at the first meeting of the directors after each annual election, the directors shall choose from among themselves, one person for president, who shall continue in office for one year, and until another shall be appointed in his place. 7. And be it enacted, That it shall be lawful for any married woman by herself and in her name, or in the name of any third person with her assent, as her trustee, to cause to be Married woman may insure life of husband. i Restrictions insured for her sole use, the life of her husband for any definite period, or for the term of his natural life; and in case of her surviving her husband, the sum or net amount of the insurance becoming due and payable by the terms of the insurance, shall be payable to her and for her own use, free from the claims of the representatives of her hus band or of any of his creditors, but such exemption shall not apply when the amount of premium annually paid shall exceed one hundred and fifty dollars; and in case of the death of the wife before the decease of her husband, the amount of the insurance may be made payable after death to her children for their use, and to their guardian if under age. 8. And be it enacted, That the said corporation shall pos sess the several powers and be subject to the restrictions and liabilities contained in the act entitled "An act concerning Corporations," approved the fourteenth day of February, one thousand eight hundred and forty-six, and the acts supplementary thereto and amendatory thereof, so far as the same are applicable. 9. And be it enacted, That this act shall go into effect immediately. Approved March 9, 1859. |