Page images
PDF
EPUB

CHAPTER XXXII.

AN ACT to change the time of holding the annual meeting of Mannington Marsh Company, from the first Monday in April to the first Tuesday in March.

WHEREAS, by an act, passed November twenty-nine, seven- Preamble. teen hundred and eighty-eight, entitled "An act to enable the owners of the tide swamps and marshes to improve the same, and the owners of meadows already banked in, and held by different persons, to keep the same in good repair," is provided that the annual meetings of all such companies shall be held on the first Monday in April; AND WHEREAS, the owners of land in the Mannington Marsh Company, of Salem County, are also owners of land in other companies, and are thereby prevented from attending the annual meeting of but one of them; therefore,

meeting

1. BE IT ENACTED by the Senate and General Assembly of Time of the State of New Jersey, That it shall and may be lawful, changed. from the passage of this act, for the Mannington Marsh Company, to change the time of holding their annual meeting, from the first Monday in April to the first Tuesday in March.

Approved March 1, 1859.

Names of

corporators.

What pro

perty may

CHAPTER XXXIII.

AN ACT to incorporate the Delaware, Raritan and Schuylkill Live Stock
Insurance Company.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That George B. Raymond, George M. Wright, P. D. Thomas, T. C. Zulick, and Lucius B. Blydenburgh and others, their associates, successors and assigns, who may hereafter become associated with them in the manner hereafter prescribed, shall be and are hereby ordained, constituted and declared to be a body corporate, in fact and in law, by the name of "The Delaware, Raritan and Schuylkill Live Stock Insurance Company," the principal office thereof to be located in the borough of Bordentown, in the county of Burlington, and by that name they and their successors, by the name of "The Delaware, Raritan and Schuylkill Live Stock Insurance Company," shall be in law capable of purchasing, possessing, taking, holding, and enjoying, to them and their successors, lands, tenements, hereditaments, goods, chattels, and effects, of what nature and kind soever, necessary for the purpose of this corporation, and the same may grant, devise, alien, and dispose of at pleasure for the benefit of said Company.

2. And be it enacted, That it shall and may be lawful for be insured. the said corporation to insure horses, cattle, and all kinds of live stock, against loss or damage, either by death, accident, diseases, or natural causes, and generally to insure against all losses pertaining thereto.

Election of directors.

3. And be it enacted, That the property and concerns of the said corporation shall be managed and conducted by five directors, a majority of whom shall be citizens of this state, to be chosen by ballot by and from among the stockholders, to hold their office for one year and until others. are chosen to fill their places, and the election for directors shall be held on the first Monday in December in every

year, between the hours of ten in the forenoon and three in the afternoon, in Bordentown, aforesaid, at the office of the company, or at such other places therein as a majority of the directors for the time being shall appoint, of which election the secretary shall give public notice in one or more of the newspapers printed in the borough of Bordentown, at least two weeks immediately preceding said election, and each stockholder shall be entitled to one vote for each share of stock by him or her held; and if any of the said directors shall die or refuse to serve, or neglect to act in said office for the space of six months, successively, then and in every such case the remaining directors shall have power to fill such vacancy or vacancies until the time of the next annual election; and in case it shall happen that an election of directors should not be held on the day when, pursuant to this act, it ought to have been, the said corporation, for that cause, shall not be deemed to be dissolved, but it shall and may be lawful on any other day to hold an election for directors; and until an election for directors shall be held according to the provisions of this section, the following persons shall be directors, namely: George B. Raymond, George M. Wright, P. D. Thomas, First directT. C. Zulick, and Lucius B. Blydenburgh.

ors.

President.

4. And be it enacted, That the directors herein before Election of mentioned shall, as soon as convenient after the passing of this act, and the directors annually chosen agreeably to the provisions of this act, shall, as soon as convenient after their election, proceed to choose out of their body one person to be a president, who shall be an inhabitant of Bordentown, aforesaid, and shall preside until the next annual election thereafter; and in case of the death, resignation, or inability to serve of the president, such vacancy may be filled for the remainder of the term by such person as the board of directors may appoint; and in case of the absence of the president, the board of directors shall have power to appoint a president pro tempore, who shall exercise all such powers and duties as the by-laws of said com. pany may provide; provided, that the president of the Proviso.

Duties and powers of directors.

Proviso.

Amount of capital stock.

company shall hold his office at the pleasure of the board of directors, and be subject to removal by them.

5. And be it enacted, That the board of 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, touching the management and disposition of the stock, property, estate and effects of the said corporation, and touching all such other matters as appertain to the business, ends and purposes which the corporation by this act is entitled to, and they also shall have power annually to appoint a secretary, treasurer, and such other additional officers, agents, and clerks for carrying on the business of the said corporation with such salaries and allowances as to them shall seem proper; provided, that such by-laws, rules, and regulations be not repugnant to the constitution and laws of the United States and this state.

6. And be it enacted, That the capital stock of said company shall be twenty-five thousand dollars, divided into shares of one hundred dollars each, and which shall be held as a guarantee capital, with power to increase the same to one hundred thousand dollars, whenever the same shall be directed by a majority of the stockholders, and the persons named in the first section of this act are hereby appointed to receive subscriptions to said capital stock at such place in the Borough of Bordentown, as a majority of them may appoint, giving at least five days' notice in a newspaper published in said borough; that at the time of subscribing to said stock five dollars shall be paid upon each share subscribed for, to said persons or any of them, which money shall be paid over to the treasurer of said company, so soon as one shall be appointed, and that the residue of said stock shall be paid to the treasurer in such instalments and at such times and places as the board of directors of said company shall from time to time direct, and upon the failure of the payment thereof as so directed, the said board shall have power to forfeit the shares of each

and every person so failing to pay said instalments or any of them to and for the use of said company.

insurance.

7. And be it enacted, That all policies of insurance, notes, Policies of or other contracts which shall be made by the said corporation in pursuance of this act shall be made upon such terms and conditions, and for such periods of time, and confined to such places as shall be from time to time. ordained and prescribed by the by-laws, rules and regulations of said corporation, and all policies of insurance, notes and contracts made or entered into by the said corporation, shall be sealed with the corporate seal thereof and shall be subscribed by the president and attested by the secretary thereof.

may be

8. And be it enacted, That the board of directors of said Sub-off ses company, or a majority of them, shall have power to esta- established. blish sub-offices, in such other places as a majority of the said directors may deem necessary or expedient.

maintained

members.

9. And be it enacted, That suits in law or in equity, may Suits may be be maintained by said corporation, against any of its mem- against bers, for any cause relating to the business of said corporation; also suits at law or in equity, may be prosecuted and maintained, by any person, against said corporation, for losses, or damages, if payment is withheld more than three months after the company is duly notified of such losses.

policies may

10. And be it enacted, That no policy shall be issued by When the said company, until two hundred shares of its capital be issued.

stock shall be subscribed for.

ferable.

11. And be it enacted, That the capital stock of said com- Stock transpany shall be transferable on the books of said company, in the presence of the president or secretary thereof, which transfers of stock shall be kept in a suitable book to be provided for that purpose.

fits may be

12. And be it enacted, That it shall and may be lawful Surplus profor said company to take securities, mortgaged or pledged invested. to said company, to secure the payment of any debt, which may be contracted with said company, or which may come to said company by virtue of any judgment, execution or

« PreviousContinue »