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surance.

mon seal for the corporation, and all other acts necessary for
the transacting, managing and conducting of the affairs of
the said corporation; provided, such rules and by-laws be not proviso.
contrary to the constitution or laws of this state, or of the
United States.

7. And be it enacted, That in case of the absence, death, Policies of inor inability to act of the president or secretary of suid company, all policies of insurance, and other contracts made by the company, and signed, executed and attested by the vice president or secretary pro tempore, shall be valid and as binding upon the company as if signed and attested by the president and secretary,

8. And be it enacted, That William H. Potts, Charles CommissionCarr, Charles Swan, Henry Speeler, Watson F. Van Camp, subscriptions. Peter C. Onderdonk, Charles B. Van Syckel, John L. Murphy, Thomas J. Corson, Theodore W. Hill, Jonathan Cook, Baltes Pickel, and Jacop R. Freese, shall be commissioners to receive subscriptions to the capital stock of said company; and when the said stock shall be subscribed for and paid in, as mentioned in the second section of this act, the commissioners shall call a meeting of the stockholders by an adver. tisement, published at least ten days previously, in the newspapers published and circulated in the city of Trenton, stating the time and place at which such meeting of the stockholders shall be held, and they shall by ballot elect the first directors of said company; said commissioners shall appoint three inspectors, being stockholders, of said election; and should there be any deaths or resignations among the commissioners above appointed, then the remainder shall elect others to supply the vacancy or vacancies so occasioned.

9. And be it enacted, That the said company shall have Upon what in power, first, to make insurance upon dwelling houses, stores, be effected. and all kind 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 losses pertaining to fire risks; second, to cause themselves to be reinsured when deemed expedient.

10. And be it enacted, That all policies of insurance, or other contracts authorized by this act, may be made 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

May hold real estate.

Proviso.

Assignment of policy.

made, signed, executed and attested without the presence of the board of directors.

11. And be it enacted, That it shall and may be lawful for the said company to purchase, hold and convey any estate, real and personal, for the use of said corporation; provided, that such estate be only such as is necessary for the 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 may decide; but no money shall be loaned on real estate unless the same be situated in this state.

12. And be it enacted, That if any person insured by the 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 or by authorized agents of the company.

13. And be it enacted, That any person or persons insured by said corporation may maintain an action at law against the same for losses or damages due him, her or them from said corporation, if payment is withheld more than ninety 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.

14. And be it enacted, That this act shall continue in force until it shall be altered, amended, modified or repealed by the legislature at any time hereafter, when in their opinion the public good may require it.

Approved February 26, 1868.

Payment of losses.

Proviso.

CHAPTER LXIII.

An Act to change the name of the Bergen Neck Methodist

Episcopal Church of Bayonne. 1. BE IT ENACTED by the Senate and General Assembly of Change of the State of New Jersey, That the name of the Bergen Neck name. Episcopal Church of Bayonne, be and the same is hereby changed to the Mattison Methodist Episcopal Church of Bayonne.

2. And be it enacted, That all the legal rights and liabilities of said corporation shall remain the same as if this act had not been passed, and that this act shall be deemed a public act and shall take effect immediately.

Approved February 26, 1868.

CHAPTER LXIV.

An Act to incorporate the Hudson City Stock Yard and

Market Company. 1. BE IT ENACTED by the Senate and General Assembly of corporators. the State of New Jersey, That Garret D. Van Reipen, John Hedden, Marcus Beach, Thomas E. Bray, C. W. Congor, Sylvanus Judd, Elam Hurd, Daniel Toffy, John R. McPherson, and their associates, and all persons who are or may be holders of the stock hereafter mentioned, are constituted a body corporate by the name and style of “The Hudson City Stock Yard and Market Company,” and by that name and style may contract and be contracted with, sue and be sued, have a common seal, and may have and exercise all the rights, privileges and immunities which are or may be necessary to carry into effect the purposes of this act.

2. And be it enacted, That said company shall have power Location of to locate, contract and maintain upon any land which they general pour may purchase or lease for such purposes within the limits of ers. the city of Hudson, at some point between Tonnele avenue

Name.

and the Hackensack river, all the necessary yards, inclosures, buildings, structures, aqueducts and railway tracks, switches and turnouts for the reception, safe keeping, feeding, watering, marketing, killing and packing, and for the weighing, delivery and transfer of cattle and live stock of every description, and also dead and undressed animals that may be at or passing through the county of Hudson, and for the accommodation and transaction of the business of a general stock yard and market establishment for cattle and live stock, including the erection and establishment of one or more hotel buildings, and the right to use, keep, manage or lease the same for the accommodation of the public doing business at the said yards and otherwise, and shall have power to enlarge, re-locate within the limits aforesaid, sell or lease the said yards, structures and buildings, or any of them as shall become necessary or expedient from time to time, subject, nevertheless, to the restrictions above mentioned as to the location of the same, and shall have the right and power to purchase and sell and make advances of money upon such cattle and live stock for freight and other purposes, and for the care, subsistence and handling and for advances made upon stock, and for killing, packing and rendering the same, the said company may require to be paid compensation therefor; the said company shall also have power to manipulate and dispose of the offal or manufactured products therefrom.

3. And be it enacted, That the said company shall have vey real estate power and authority for carrying out the purposes of said in

corporation, to procure, hold, and use such personal property, and also to purchase, lease, hold, sell and convey so much real estate as may be necessary for the proper transactions of their business.

4. And be it enacted, That the capital stock of said company shall be three hundred thousand dollars, with the privilege of increasing the same to five hundred thousand dollars, which stock shall be divided into shares of one hundred dollars each, which shall be deemed personal property, and transferable on the books of the said corporation; the said company may commence operations when fifty thousand dollars shall have been paid in, in cash; the board of directors shall have power to require the payment for the stock sub. scribed, in the manner, at the time, and in such sums as they may direct, and to declare dividends upon profits earned by the said company; on the refusal or neglect of any stock

May purchase, tu lind CD

Capital stock.

holder to make payment of any installment on the requisition of the board of directors, the share or shares of such delinquent, with all installments paid, may be forfeited, or may, after thirty days' public notice in the newspapers of Hudson county, be sold at public auction under such rules as the directors may adopt; or said company may issue and use their stock as full paid, in the purchase of real estate or other property, or for other purposes, on such terms as the respective parties may agree upon.

5. And be it enacted, That the said corporate powers of said company shall be vested in and exercised by a board of directors, to consist of seven in number, who shall be stock. holders, holding not less than fifty shares of stock, and such other officers, agents, and servants as they shall appoint; the first board of directors shall consist of John Hedden, Marcus First directors Beach, Thomas E. Bray, Sylvanus Judd, Daniel Toffey, Elam Hurd and John R. McPherson, who shall hold their office until the first Tuesday of January, anno domini eighteen bundred and soventy, and until their successors are elected and qualified; vacancies in said board may be filled by a vote of two-thirds of the directors remaining; an annual election for directors shall be held on the first Tuesday in January of each year, at such place and in such manner as may be provided by the by-laws of said company.

6. And be it enacted, That at any election of directors, Directors, and each share of stock shall be entitled to one vote, to be given either in person or by proxy, and the seven persons receiving the largest number of votes shall be elected, and hold their office until the next annual election, and until their successors shall be duly qualified; and if, for any cause, the annual election shall fail, the company shall not be dissolved, but the directors in office shall continue to hold their places as directors until an election shall be had and their successors duly elected and qualified.

7. And be it enacted, That the directors herein named officers. shall organize by electing one of their number president, and by appointing a secretary and treasurer; the said company shall have power to make, ordain and establish by-laws, rules, and regulations necessary to fulfil the purposes and carry into effect the provisions of this act, and for the well ordering and securing the affairs, business, and interest of the company.

8. And be it enacted, That the said company is hereby May borrow authorized, from time to time, to borrow such sums of money issue onids.

how elected.

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