CHAPTER CCCLXXX. An Act supplementary to an act entitled "An Act to incorporate the City of Paterson," approved March fourteenth, eighteen hundred and sixty-one, and a supplement thereto approved March twenty-fourth, eighteen hundred and sixtyeight. ing election 1. BE IT ENACTED by the Senate and General Assembly of Place of holdthe State of New Jersey, That the twelfth section of the sup- changed. plementary act, approved March twenty-fourth, eighteen hundred and sixty-eight, last mentioned in the above title, be changed in so far as to ordain that the election in and for the Third ward of the city of Paterson, to elect city officers for the ensuing year, shall be held at the dining-saloon of Mr. Allee, in Fair street, between Main and Washington streets, instead of at the corner of Washington and Broadway streets. school com shall be 2. And be it enacted, That there shall be elected in and Election of for each of the Second, Fourth and Eighth wards of said city missioners. two persons as school commissioners, and one person as school commissioner in each of the First, Third, Fifth, Sixth and Seventh wards; and that where two are elected in any one ward there shall be chosen one for two years and one for one year. 3. And be it enacted, That the supplementary act to the Aldermen corporate act of the city of Paterson, approved on the twenty- chosen. fourth day of March, eighteen hundred and sixty-eight, is hereby further amended in so far as that two aldermen shall be chosen in each of the First, Third and Eighth wards at the ensuing charter election, one being elected in each of the other wards, each alderman holding over being allowed in every case to represent the ward in which, according to the new division of the city, he now resides. 4. And be it enacted, That all acts and parts of acts incon-Repeater. sistent herewith are by this act repealed, and that this act shall take effect immediately. Approved April 8, 1868. Name. Capital stock. Conducted by rectors. CHAPTER CCCLXXXI. An Act to incorporate the American Plate Glass and Fire 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey. That all such persons as shall become stockholders to the capital stock hereinafter mentioned, their successors and assigns, shall be and are hereby constituted and made a body politic and corporate, and have power to sue and be sued, by the name and style of "The American Plate Glass and Fire Insurance Company," and the principal office of said company shall be located in Jersey City, Hudson county, in this state; and the board of directors may establish agencies in such other places as they may deem expedient. 2. And be it enacted, That the capital stock of said company shall not exceed two hundred and fifty thousand dollars, and shall be divided into shares of one hundred dollars each, and there shall be paid into the treasury of the said corporation by each subscriber to the capital, at the time of subscription, an installment of ten per centum on the stock by him subscribed, and the remainder to be paid, or secured to be paid, by first mortgage on real estate worth double the amount of such mortgages, or such other securities as the commissioners hereinafter named shall deem sufficient; and when fifty thousand dollars of said stock is subscribed and paid, or secured to be paid as aforesaid, said corporation may commence business. 3. And be it enacted, That the stock, property and affairs of a board of di- the said corporation shall be managed and conducted by not less than three nor more than six directors, a majority of whom shall be residents of this state, which board of directors shall be elected and hold office as hereinafter provided. Officers. Proviso. 4. And be it enacted, That it shall be the duty of the directors on organizing the said company to elect a president and vice president from among their number, who shall hold their respective offices one year and until others shall be duly elected in their stead; provided nevertheless, they may resign their office, and a two thirds vote of the board of directors may remove the said president and vice president, in either of which cases the board of directors shall elect to fill the vacancy so occasioned; they shall also elect or appoint a treasurer and a secretary. ers to open scription. 5. And be it enacted, That Daniel Messmore, of Newark; CommissionJob H. Gaskill, of Pemberton; Thomas D. Armstrong and books of subCharles E. Hendrickson, of Mount Holly, shall be commissioners to receive subscriptions to the capital stock of said company; and when the said stock shall be subscribed and paid, or secured to be paid, as mentioned in the second section of this act, the said commissioners shall call a meeting of the stockholders by an advertisement published at least ten days previously in some newspaper published in the county of Hudson, stating the time and place at which said meeting of the stockholders shall be held, and they (the stockholders) shall elect the first board of directors of said company, who shall hold their offices for one year and until others are duly elected in their stead; but it is provided nevertheless, that if there Proviso. should be any deaths, resignations, or refusal to act of any of the said commissioners above appointed, or of the directors of the said company, then the remaining commissioners may appoint, and the remaining directors may elect to supply the vacancies so occasioned. effected. 6. And be it enacted, That the said company shall have insurance power, first, to insure plate glass, window glass, mirrors, show which may be cases, glass ware, statuary, ornaments, vases, china and crockery ware of every kind and description whatsoever, and in every condition whatsoever, either stationary, in use or in transportation, against loss or damage by any accident or casualty whatever; and that it shall and may be lawful for the company to insure houses, and other buildings and property against loss or damage by fire upon such terms and conditions as shall be contained in the policy of insurance; and they may also insure ships and other vessels, rights, interests and property, against every description of casualty incident to marine and inland transportation; second, to insure property of every kind and nature whatsoever against loss or damage from any cause whatever; third, to cause themselves to be reinsured when deemed expedient. executed. 7. And be it enacted, That all policies of insurance or Policies, how other contracts authorized by this act which shall be made and entered into by said corporation, and shall be subscribed by the president or vice president and attested by the secretary, and being so signed, executed and attested, shall be binding and obligatory upon the said corporation ac May hold Beal estat.. Certificates of may be issued Proviso. cording to the true intent and meaning of said policies and contracts. 8. And be it enacted, That it shall be lawful for the said company to take and hold any real estate, mortgages, stock, bonds or other securities bone fide pledged to the said company, or to secure the payment of any debt which may be contracted and due to the said company, and to foreclose or sell the same, and also to purchase on sales made by virtue of any judgment at law, or any order or decree of any court of equity, or any other legal proceedings, or otherwise to receive and take any real estate, mortgages, stocks, bonds or other securities in payment or towards the satisfaction of any debt contracted and due to the said company, and to hold the same until they can conveniently sell and convert the same into money or other personal property, and also to invest the capital stock and so much of the surplus profits of the said corporation as they may see fit, in such manner as the board of directors shall decide. 9. And be it enacted, That no certificate or share of the capital stock capital stock of the said company, shall be issued until the full amount of its par value has been paid into the treasury of the said company, as prescribed in section second of this act, provided however, that at the first election of directors, each subscriber to the capital stock of the said corporation, having made the first payment of ten per cent. as provided in section second of this act, shall be entitled to one vote on each share of stock so subscribed, either in person or by proxy, and at all subsequent elections of directors, each stockholder of record shall be entitled to one vote for each share of stock standing in his name on the books of the said company at the date of such election, either in person or by proxy. Dwidends. Proviso. 10. And be it enacted, That it shall and may be lawful for the directors of the said company, to make dividends of so much of the profits of the said company as shall to them appear advisable, and said dividends shall be paid to the stockholders or their legal representatives, but such dividends shall not at any time exceed the net profits made by the said company, and if the said directors shall at any time knowingly make a dividend from the capital of the said company, they shall be individually liable for the proportion of the capital so divided; provided, however, any director who shall record his name on the minutes of the said company, protesting against the declaring and payment of such dividend, or shall be absent from such meeting when such dividend shall be declared, then and in that case, such absentee and protesting director shall not be held individually responsible or liable as aforesaid. rectors. 11. And be it enacted, That it shall be lawful for the di- Powers of directors of the said company, to make such by-laws for the government and prosecution of the business and affairs of the said company, naming and defining the duties of the officers, agents and employees of the same, as they may deem proper, not inconsistent with this act, the laws of this state or of the United States. 12. And be it enacted, That this act shall take effect immediately. Approved April 8, 1868. CHAPTER CCCLXXXII. An Act relative to Taxes in certain Counties of this State. mortgages empt from tax 1. BE IT ENACTED by the Senate and General Assembly of Counties, &c., the State of New Jersey, That all taxes hereafter to bela which assessed and raised in the counties of Passaic, Morris, Hud- shall be exson, Union, the city of New Brunswick, in the county of Middlesex, and Essex, for state, county, township and city purposes, over and above the amount to be raised by a poll tax, shall be assessed and raised by such a per centum upon all real estate and chattels situate in said counties, both of residents and non-residents, by valuing the same at the true, full and fair value thereof, as shall be necessary to make the amount required for such taxes, and not otherwise; and the assessors shall designate in their assessments the numbers or general description of lots or parcels of land, and the value of chattels which they assess to each person or party; and all mortgages upon real or personal property within said counties shall be exempt from taxation in the hands of any inhabitant of this state; and no act shall be deemed to repeal or modify this act unless so expressed therein. |