and enjoy to themselves and their successors, any estate, real or personal, for the use of the said corporation; pro- Proviso. vided, the lands, tenements, and hereditaments which it shall be lawful for the said corporation to hold be only such as shall be requisite for its immediate accommodation in the convenient transaction of its business, or such as shall have been mortgaged to it in good faith by way of security for loans, or such as shall have been conveyed in satisfaction of debts previously contracted in the course of its business, or such as shall have been purchased at sales upon judgments or decrees obtained for such debts; and all such real estate as shall not be necessary for the accommodation of said corporation in the convenient transaction of its business, except lands mortgaged as aforesaid, shall be sold and disposed of within five years after the said corporation shall have acquired title to the same; and it shall not be lawful for the said corporation to hold such real estate for a longer period.

2. And be it enacted, That all persons who shall, at any Persons intime hereafter, insure in or with the said corporation, shall, come memwhile they continue so insured, be deemed and taken as members of said corporation; and that the property and concerns of said corporation shall be managed and conducted by sixteen directors, a majority of whom shall be citizens and residents of this state, to be chosen by ballot, by and from among the members; and the said board of directors shall, at their first meeting, divide themselves, by lot, into four classes, of four each; the term of the first class shall expire at the end of one year, the term of the second class shall expire at the end of two years, the term of the third class shall expire at the end of three years, the term of the fourth class shall expire at the end of four years, and so on successively each and every year: and an insurance of at least one thousand dollars in amount shall be necessary to entitle any member to a vote, and a plurality of votes shall constitute a choice; and that the election Election of for directors shall be held on the first Monday in April in every year, at the office of the company, or such other

directors.

Corporation may insure lives.

Proviso.

place as a majority of the directors may previously desig nate, public notice of which shall be given in one or more newspapers published in the city of Newark, at least two weeks previous to the time of holding such election; and if any of the said directors shall die, refuse, or neglect to act in their said office for the space of two months, then and in every such case the remaining directors shall have power to fill such 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, in pursuance of 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 pursuant to law; and until an election for directors shall be held according to the provisions of this act, the persons named in the first section of this act shall have the direction and management of the said corpora tion.

3. And be it enacted, That it shall and may be lawful for said corporation to make insurances predicated upon the lives of persons, on such terms and conditions as shall be from time to time ordered and provided for by the by-laws of said corporation, and to make contracts upon any and all conditions appertaining to or connected with life risks, of whatever kind or nature; and if at any time it shall so happen that there shall be just claims on the corporation for losses sustained to a greater amount than they have funds on hand to discharge, in such cases the directors for the time being shall, with all convenient expedition, proceed to assess such deficiency in a ratable proportion on the members of the corporation, or their lawful representatives, according to the amount of each member's insurance; provided, that such assessment shall not exceed the amount of the note or obligation given by each member; which rates or assessments shall be approved of by a majority of the directors, and notice, in writing, shall be given to each member, or his lawful representative, of the assessment and amount by him or them required to be paid; and each and every member, or his lawful representative, so notified,

shall pay the same to the treasurer for the time being within sixty days after such notification; and in default thereof shall forfeit all right or claim to any policy or privilege that he may have obtained, and be no longer a member of the corporation, and shall be liable for the amount of such assessment, with interest, to be recovered by action of debt, with costs of suit, before any court of competent jurisdiction.

women may

husband.

4. And be it enacted, That it shall be lawful for any mar- Married ried woman, in her own name, or in the name of any third insure life of person as trustee, to cause to be insured the life of her husband for any given period, or for the term.of his natural life, and in case of her surviving her husband, the sum or net amount of insurance shall be payable to her for her sole use and benefit, free from any claims of either or any of the creditors or representatives of her husband; 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 her death, to her child or children, for his, her, or their benefit, or their guardian or guardians, if under age; provided, that this section shall not apply to Proviso. insurance where the annual premium shall exceed the sum of one hundred and fifty dollars, unless paid from the private property of the wife.

powers of

5. And be it enacted, That the directors for the time being, Duties and or a majority of them, shall have power to make and pre- directors. scribe such by-laws, rules, and regulations as to them shall appear needful and proper for the management and disposition of the stock, property, estate, and effects of the corporation, and in all such matters as appertain to the government of said corporation and the transaction of its business; and shall have power to appoint an actuary and such other additional clerks and servants for carrying on the business of said corporation as they may select, with such allowance as to them shall appear just and satisfactory; provided, that such by-laws, rules, and regulations Proviso. shall not be repugnant to the constitution or laws of this state or of the United States.

Annual election of president.

Directors to call meetings.

Investment of funds.

Act may be amended.

6. And be it enacted, That at the first meeting of the directors held after the organization of this company, and subsequent to every annual meeting of the members in each year after, the directors shall choose from among themselves one person for president, who shall continue in office until the next annual meeting and until another shall be appointed in his place.

7. And be it enacted, That three or more of the directors shall have power to call a meeting of the directors, by giving notice in one or more newspapers published in the county of Essex, at least ten days before said meeting.

8. And be it enacted, That no part of the funds of the said corporation shall be used for the purpose of banking, and no investments shall be made except either in loans. upon bonds and mortgages upon real estate of double the value of the debt secured thereon, or in United States stocks, or stocks created by any state in the Union, or in bonds of the city of Newark, or in bonds of such other cities of the United States as may be approved by the board of directors,

9. And be it enacted, That it shall be lawful for the legis lature, at any time hereafter, to alter, amend, or modify this act.

Approved March 9, 1859.

CHAPTER XC.

A SUPPLEMENT to the act entitled "An act to prevent the destruction of small and harmless birds," approved March sixth, eighteen hundred and fifty.

offending

visions of

1. BE IT ENACTED by the Senate and General Assembly of Penalty for the State of New Jersey, That every person offending against against proany of the provisions of the act to which this act is a sup- act. plement shall upon conviction be fined in any sum not less than three nor more than ten dollars, in the discretion of the court before whom such conviction shall be had.

act.

2. And be it enacted, That it shall be lawful for any per- Proceedings son to make complaint, upon oath, before any justice of violation of the peace, of any violation of any provision of the act to which this is a supplement, and upon every such affidavit it shall be the duty of such justice to forthwith issue, under his hand and seal, a warrant against the person or persons so offending, and all subsequent proceedings before the justice shall be regulated according to the provisions of the act entitled "An act constituting courts for the trial of small causes;" provided, however, that it shall not be ne- Proviso. cessary to file any state of demand.

former act

3. And be it enacted, That all acts and parts of acts in- Part of consistent with the provisions of this act be and the same repealed. are hereby repealed.

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

Approved March 9, 1859.