appointed.

8. And be it enacted, That there shall be a cashier of said Cashier to be bank appointed annually, liable however to be removed and another appointed in his stead, at the pleasure of the said board of directors, such appointment or removal only to be made by a majority of the directors, and every cashier, upon such appointment, and before he enters upon the duties of his office, shall be required to give bonds, with good and sufficient security, to be approved by the board of directors, in a sum not less than twenty thousand dollars, with conditions for the faithful performance of his duties as cashier of said bank.

9. And be it enacted, That it shall be the duty of the Dividends. board of directors of the said corporation to make semiannual dividends of so much of the profits of the business of said corporation as the said board shall deem advisable, but no dividend shall be made of any part of the capital stock.

count.

10. And be it enacted, That the rate of discount at which Rates of disloans may be made by said corporation shall not exceed the legal rate of interest in this state for the time being; provided, that nothing herein contained shall be construed Proviso. to prohibit the said company from dealing in bills of exchange, and the purchase and sale thereof.

11. And be it enacted, That if at any time the said corporation shall neglect or refuse, on demand being made at their banking house during the regular hours of business, to redeem in lawful money any of the bills or notes issued by said corporation, and which may then be due and payable, the said corporation shall thereupon, under the pain of forfeiting its charter, wholly discontinue and cease from banking operations until such bills or notes shall be fully paid, and shall, until such bills or notes shall be fully paid, be deemed and considered insolvent.

Charter void not redeem

if bills are

ed.

for payment

12. And be it enacted, That if the said corporation shall Assets liable at any time hereafter become insolvent, the whole assets of notes. of the 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;

Liability of directors.

Proviso.

Amount of assets to be

pro rata.

and in case of a distribution of the assets of said corporation among the creditors thereof, under the order or 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.

13. And be it enacted, That all the directors of said corporation 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 payment 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 resign 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 cease 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 if in the case of 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 receiver under the provisions of this act, shall be sold until after the expiration of four months from the date of said judgment or decree.

14. And be it enacted, That if the assets of said corporadistributed tion, and the property of said directors shall prove insufficient 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.

stockhold

15. And be it enacted, That the stockholders of said cor- Liability of 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 any amount sufficient to redeem the said bills or 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 Proviso. directors shall be made liable to an amount exceeding the par value of the stock held by him at the time said corporation becomes insolvent, and 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.

against di

stockhold.

16. And be it enacted, That in case of an action or suit Actions at law against any director or directors, stockholder or rectors or stockholders, under any of the preceding sections of this ers. act, the receiver or receivers may declare generally for money had and received; provided, that a schedule shall Proviso, be annexed to 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.

statements

17. And be it enacted, That it shall be the duty of said Quarterly corporation, on the first Monday in the months of January, to be made. April, July, and October, in every year, to make the statements required to be made by the other banks of this state by the act entitled "A supplement to an act entitled 'An act to punish frauds committed on the incorporated banks of this state, and for the better regulation of said banks,' approved April fifteenth, eighteen hundred and forty-six."

Limitation.

Treasurer to deliver plates, &c.

18. And be it enacted, That a majority of stockholders shall be residents of this state, and that this act shall continue in force for twenty years, but it shall be lawful for the legislature, at any time hereafter, to alter, modify, or repeal the same, whenever in their opinion the public good shall require it.

19. And be it enacted, That the treasurer of this state be and he is hereby authorized and required to deliver to the order of the president of the said bank, on the acceptance of this charter, the plates, dies and materials connected with and belonging to the said Clinton Bank of New Jersey, held by him.

Approved March 1, 1859.

Officers to be elected by ballot.

'CHAPTER XIV.

AN ACT to authorize the inhabitants of the township of Galloway, in the county of Atlantic, to vote by ballot at their town meetings.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the inhabitants of the township of Galloway, in the county of Atlantic, authorized by law to vote at town meetings, are hereby authorized and required to elect by ballot, and not otherwise, at their annual town meetings, the following officers, until otherwise required by law, whose qualifications shall be the same as are or may be fixed by law, that is, a township clerk, a

judge of election, an assessor, a collector, two chosen freeholders, two surveyors of the highway, three commissioners of appeal, one or more overseers of the poor, one or more pound keepers, a township committee, consisting of five persons, a town superintendent of public schools, as many justices of the peace as the inhabitants of said township may be constitutionally entitled to elect, and one or more constables, and shall also, upon the same ballot, vote for the amount of money to be raised for the support of the poor, for school purposes, for the repair of roads, the amount of dog tax, and all other money necessary for township purposes, and for the places of holding the next annual town meetings, and the election of state and county officers.

Overseers of

way.

2. And be it enacted, That the overseers of the highways Election of of the several road districts in the township of Galloway, the highin the county of Atlantic, shall be elected by the legal voters of the several road districts, as they may be arranged from time to time by the township committee, and for the purpose of carrying this provision into effect, it shall be the duty of the township committee to give public notice, as shall hereafter be directed in the third section. of this act, which shall be within six days after the next annual town meeting, and of the place, which shall be some convenient place in the district, when and where the legal voters in the township residing in such district, shall assemble for the purpose of such election, and at which time and place such legal voters assembled, having been called to order by any legal voter of the district, shall proceed viva voce, by the holding up of hands, or by count, to elect a moderator of such meeting by plurality of votes, and being so organized, the meeting shall proceed as in the election of moderator, to elect an overseer of the highway for the district; the moderator of each district meeting shall, at their first meeting after such election, notify the township committee in writing, of the election of such overseer: in case of the failure of any district to elect an overseer, or of the person so elected to accept of the ap