transportation and inland navigation; second, to make insurance upon dwelling-houses, stores and all kinds of buildings, and upon household furniture, merchandise, and all personal and other property, against loss or damage by fire, and generally to insure against all loses pertaining to fire and marine risks; third, to cause themselves to be re-insured, when deemed expedient. insurance. 7. And be it enacted, That all policies of insurance, or Policies of other contracts authorized by this act, may be with or without the seal of said company, and shall be subscribed by the president and attested by the secretary, and being so signed, executed and attested, shall be binding upon the said corporation; and all such policies and contracts may be so made, signed, executed and attested, without the presence of the board of directors. estate may 8. And be it enacted, That it shall and may be lawful for What real the said company to purchase, hold and convey any estate, be held. real and personal, for the use of the said corporation; provided, that such estate be only such as is necessary for the Proviso. corporation in the transaction of the business thereof, or such as shall be taken as security for or in payment of debts; and also to invest the capital stock, or so much of the surplus profits of the said company as they may deem. fit, in such manner as the directors shall decide; but no money shall be loaned on real estate, unless the same be situated in this state. be assigned. 9. And be it enacted, That if any person insured by the Policies may said corporation shall convey or assign the property insured, it shall be lawful for such person to assign to the purchaser the policy of insurance; but this corporation shall not be bound by any policy after assignment, unless the assignment shall have been recorded in the books of the corporation, and the same certified on such policy by the secretary. be maintain &c. 10. And be it enacted, That any person or persons insured Actions may by said corporation may maintain an action at law against ed for losses, the same for losses or damages due him, her or them from said corporation, if payment is withheld more than ninety Proviso. Tax to be paid to state. days after the amount and due proofs of such losses shall have been ascertained and made, and the said corporation notified thereof; provided, that if the directors agree to rebuild or replace the property lost or damaged, in such case a reasonable time shall be allowed them. 11. And be it enacted, That the said company shall pay into the treasury of this state one-quarter of one per centum per annum on the capital stock paid in, or secured to be paid as aforesaid, to commence three years after the said company shall go into operation; which amount shall be paid in under oath or affirmation of the president and secretary thereof. Limitation. 12. And be it enacted, That this act shall continue in force thirty years, but it shall and may be lawful for the legis lature at any time to alter and repeal the same. 13. And be it enacted, That this act shall take effect immediately. Approved March 23, 1859. Former act extended. CHAPTER CXC. AN ACT to extend the charter of the "General Association of the upper townships in the county of Cape May." 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the act entitled "An act to incorporate the owners of certain fisheries in the Upper, Dennis, Middle and Lower townships, in the county of CHAPTER CXCI. AN ACT to grant the privilege of building a dock on Newark bay. A. P. Salter to build 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Anthony P. Salter be and is authorized hereby authorized to build docks, wharves and piers in dock, front of his property on Newark bay, in the county of Hudson, providing he does not interfere with navigation. 2. And be it enacted, That this act shall take effect immediately. Approved March 23, 1859. Treasurer authorized to pay expenses. CHAPTER CXCII. AN ACT for the relief of Cyrus Horne, for expenses incurred in the burial of the late Captain James Reynolds, of the New Jersey battalion of volunteers. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the treasurer of this state be and he is hereby authorized and directed to pay out of any moneys in his hands not otherwise appropriated, to Cyrus Horne, of the city of Philadelphia, the sum of two hundred dollars, in consideration of services rendered and expenses incurred in the burial of the late Captain James Reynolds, of the New Jersey battalion of volunteers. 2. And be it enacted, That this act shall take effect immediately. Approved March 23, 1859. Names of corporators. CHAPTER CXCIII. AN ACT to incorporate the Jersey City and Hoboken Horse Railroad Company. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Samuel Westcott, Cornelius V. Clickener, Cornelius V. Traphagen, Edwin A. Stevens, William W. Shippen, Chauncy Rawson, and such other persons as may be hereafter associated with them, their successors and assigns, be and are hereby created a body corporate and politic, in fact and in name, by the name of "The Jersey City and Hoboken Horse Railroad Company," and shall be capable of purchasing, holding, and conveying any lands, tenements, goods, and chattels whatsoever necessary or expedient for the object of this incorporation. capital 2. And be it enacted, That the amount of the capital stock Amount of of said company shall be one hundred and fifty thousand stock. dollars, and shall be divided into shares of one hundred dollars each, which shall be deemed personal property, and transferable in such manner as the said corporation shall by their by-laws direct. sioners to scriptions. 3. And be it enacted, That the above named persons, or a Commis majority of them, shall be commissioners to open books to receive subreceive subscriptions to the capital stock of said corporation, at such time or times, and place or places, as they, or a majority of them, may think proper, giving at least twenty days' notice of the same in some newspaper published in Jersey City; and at the time of subscribing ten per centum shall be paid for each share subscribed for, to the commissioners, or some one of them; and as soon as twenty-five thousand dollars of the capital stock shall be subscribed, such commissioners shall give like notice of a meeting of the stockholders to choose five directors, a majority of whom shall be residents of this state; and such election shall be made at the time and place appointed by such of the stockholders as shall attend for that purpose, either in person or by proxy, each share of stock entitling the holder thereof to one vote; and the above named persons, or a majority of them, shall be inspectors of the first election of directors of the said corporation, and shall certify under their hands the names of those persons duly elected, and deliver over the subscription books to the said directors; and the time and place of holding the first meeting of the directors shall be fixed by the said persons |