Page images
PDF
EPUB
[ocr errors]

AN Act to incorporate the Union Fire Company of Crosswicks.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Stacy Taylor, Simeon Hanold, Benjamin Davis, Josiah Buzby, Reuben Maps, Jr., Nathan F. Hendrickson, Barton Thorn, B. Rush. Duer, William DeCou, John Lucas, and all persons, not exceeding one hundred in number, as now are, or hereafter shall become associates of the Union Fire Company of Crosswicks, be, and they are hereby constituted and declared to be a body corporate and politic, in fact and in law, by the name of “the Union Fire Company of Crosswicks,” and that they and their successors may make, enter into, and execute any lawful contracts or agreements touching or concerning the objects of said incorporation.

2. And be it enacted, That the capital stock of the said company shall not exceed the sum of four thousand dollars, which shall be applied to the purchase and holding of real estate; to the procuring, maintaining and repairing such fire engines, hose carriages, hose, ladders, buckets, fire hooks, engine houses, or other property, and such implements and machines, and to such other incidental expenses as shall to the said company appear best calculated to secure the property of their fellow citizens from injury or destruction by fire.

8. And be it enacted, That the said company shall have power to elect annually, or oftener if necessary, a president out of their own body, and such other officers and assistants as they shall deem necessary for conducting their affairs according to their constitution and by-laws; and that he shall keep in his custody the common seal of the said company, and at the expiration of his term of office, shall deliver it over to his successor.

Names of corporators.

Amount of capital stock.

Annual election of offlcers.

.# 4. And be it enacted, That the first forty acting members jo" enrolled in this company, shall be exempt from serving as jurors in any of the courts of this state. 5. And be it enacted, That this act shall take effect immediately.

[merged small][ocr errors]

AN ACT to incorporate the Standard Mutual Life Insurance Company.

... 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That William Pennington, Thomas H. Herring, Joseph N. Tuttle, Daniel C. Whitman, Daniel Haines, Gabriel Grant, Richard Hall, James Tucker, Charles L. C. Gifford, Caleb S. Titsworth, Adolphus W. Waldron, Charles T. Gray, William Dunn, E. Newton Miller, David C. Dodd, Jr., Edgar G. Smith, and others, their associates, successors, and assigns, shall be and are hereby ordained, constituted, and declared to be a body politic and corporate, for the purpose of life insurance, and by the name of “The Standard Mutual Life Insurance Company,” to be located in Newark, in this state, and by that name to sue and be sued, to plead and be impleaded, in all courts of justice, and to have and to use a common seal, and the same to alter and change at pleasure; and also by that name shall be and hereby are empowered to purchase, hold, possess,

and enjoy to themselves and their successors, any estate,
real or personal, for the use of the said corporation; pro-
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 accom-
modation 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
time hereafter, insure in or with the said corporation, shall,
while 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 con-
ducted 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
for directors shall be held on the first Monday in April in
every year, at the office of the company, or such other

Proviso,

Persons insuring to beconne ineralbers.

Election of 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, pro-
ceed to assess such deficiency in a ratable proportion on
the members of the corporation, or their lawful representa-
tives, 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,

[ocr errors]

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. 4. And be it enacted, That it shall be lawful for any married woman, in her own name, or in the name of any third 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 insurance' where the annual premium shall exceed the sum of one hundred and fifty dollars, unless paid from the private property of the wife. 5. And be it enacted, That the directors for the time being, or a majority of them, shall have power to make and prescribe 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 satisfac. tory; provided, that such by-laws, rules, and regulations shall not be repugnant to the constitution or laws of this state or of the United States.

Married women may insure life of husband.

Proviso.

Duties and powers of directors.

Proviso.

« PreviousContinue »