When o take effect. 6. And be it enacted, That this act shall take effect on the second Tuesday of April, eighteen hundred and sixty-eight. Approved April 9, 1868. Freeholders raise money by issuing bonds. CHAPTER CCCCVIII. An Act to authorize the Board of Chosen Freeholders of the county of Somerset to raise money, issue bonds and for other purposes. 1. BE IT ENACTED by the Senate and General Assembly of authorized to the State of New Jersey, That it shall be lawful for the board of chosen freeholders of the county of Somerset to provide for the indebtedness incurred or to be incurred by said board in raising money for the executing all the legal purposes, objects, business and affairs of said county, as they or a major part of them, shall deem adequate or proper, or which may have been heretofore raised for such purposes, by issuing bonds in the corporate name, and under the corporate seal of said county, to be signed by the director of said board of chosen freeholders and attested by the county collector of said county, for an amount not exceeding in the aggregate, such sum as the said board shall direct, or as said board shall have heretofore directed for the purposes aforesaid, and the said bonds to be for such sums and payable at such time or times as the said board shall deem proper, not exceeding ten years from the date of the approval of this act, and bearing interest not to exceeding seven per cent. per annum; and to pledge the property and credit of said county for the payment of the same; and the said board of chosen freeholders and their successors, shall have power to sell or assign said bonds for any sum not less than the par value thereof. Provision for bonds, &c. 2. And be it enacted, That the said board are hereby authpayment of orized and required to provide for the payment of the said bonds and the interest thereon, as the same shall from time to time become due and payable by taxation to be made, levied, assessed and collected, at the times and in the manner that other county taxes in said county are levied, assessed and collected. shall be ap 3. And be it enacted, That the proceeds of the bonds issued How proceeds under and by virtue of this act, shall be applied by said board plied. to the payment and satisfaction of the indebtedness aforesaid and in the legal purposes, objects and affairs of said county as the said board or a major part of them shall deem adequate or proper. 4. And be it enacted, That this act shall take effect immediately. Approved April 9, 1868. CHAPTER CCCCIX. A Further Supplement to an act entitled "An Act to authorize the inhabitants of Delanco, in the township of Beverly, in the county of Burlington, to improve and regulate their roads, crossings and sidewalks," approved April third, eighteen hundred and sixty-six. made. 1. BE IT ENACTED by the Senate and General Assembly of How assessthe State of New Jersey, That all sums of money ordered to be ment shall be raised by authority of section three of said act shall be assessed in proportion to the length of front of each and every lot in said district. 2. And be it enacted, That this act shall take effect immediately. Approved April 9, 1868. Limitation. CHAPTER CCCCX. An Act to limit an act of the Legislature entitled "An Act authorizing the Planting of Oysters in Barnegat Bay, in the county of Ocean, and protecting the same," approved March twenty-ninth, eighteen hundred and sixty-six. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the act of the legislature entitled "An Act authorizing the planting of oysters in Barnegat Bay, in the county of Ocean, and protecting the same,' approved March twenty-ninth, eighteen hundred and sixtysix, shall continue in force until May first, eighteen hundred and sixty-nine, and no longer. Approved April 9, 1868. Term time in Warren county. In Mercer county. Writs, &c., when consid. CHAPTER CCCCXI. A Further Supplement to an act entitled "An Act to reörganize the Courts of Law," approved February ninth, eighteen hundred and fifty-five. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That from and after the passage of this act the regular term of the court in and for the county of Warren shall commence on the fourth Tuesday in April, third Tuesday in September, and the first Tuesday after the fourth Tuesday in December, in each and every year. 2. And be it enacted, That the regular terms of the courts in and for the county of Mercer shall commence on the third Tuesday in January and the second Tuesday in May, and the first Tuesday in October, in each and every year. 3. And be it enacted, That all writs, process, recognizances, ered as return- and other proceedings returnable, made or given for the first day of any term of any court to be held in either of the said able. counties next after the passage of this act, shall be deemed, considered and taken as made returnable, made and given for the first day of the terms herein stated, fixed and appointed, occuring next after the passage of this act. 4. And be it enacted, That all acts and parts of acts incon- Repealer sistent with this act, be and the same are hereby repealed. 5. And be it enacted, That this act shall take effect immediately. Approved April 9, 1868. CHAPTER CCCCXII. A Supplement to the act entitled "An Act to incorporate the Clinton Mutual Insurance Company of Clinton, in the county of Essex," approved March seventh, eighteen hundred and forty-eight. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the said the Clinton Mutual Insurance Company of Clinton, in the county of Essex, shall hereafter be known and designated by the name of "The Corporate Mutual Safety Insurance Company," and by that name have name. and exercise all the powers and privileges conferred by the act to which this is a supplement, and that from that time all property, real and personal, of the said company shall vest in and be deemed and taken as belonging to the new company chartered by this act, their successors and assigns, and with the same remedies at law and in equity, in respect thereto, as if the original company had been incorporated under this act. converted divided into 2. And be it enacted, That the scrip heretofore issued by Scrip shall be said company shall be converted into stock, divided into into stock and shares of ten dollars each; and the owners of said scrip shall shares. have the right and be deemed and taken as subscribers to the stock of this company in proportion to the amount their scrip bears to the surplus held by the Clinton Mutual Insurance Company at the time of the passage of this act; and in case the owners of said scrip should not own even numbers of All persons who shall in ticipate the company. shares of said scrip, they shall be entitled to receive stock on their paying the difference in money, and on the surrender of said scrip to the company, stock as aforesaid shall be issued therefor. 3. And be it enacted, That all persons who shall insure sure may par with said company may participate in its profits during the profits of the period they remain insured by the same, upon such terms and conditions as the directors by their by-laws shall fix and determine; and it shall be the duty of the directors to declare yearly dividends in cash on the stock, and dividends in scrip to the policy holders, who may be entitled to receive the same out of the profits of the company at such per centum as shall to them appear desirable; and it shall be lawful for any policy holder receiving scrip to the value of ten dollars to convert the same into stock, and in case of a deficiency the holder may pay the difference in money; provided, the stock of said company shall not exceed one hundred thousand dollars; and further, when said stock shall amount to the sum of one hundred thousand dollars it shall and may be lawful for the directors of said company to purchase and redeem and cancel the scrip at their discretion, and that the directors may from time to time, at their discretion, receive subscriptions for the capital stock to such an amount as they may determine, not exceeding the amount aforesaid. Proviso. Directors'shall be divided 4. And be it enacted, That the stock, property and affairs into classes. of said company shall be managed and conducted by fifteen directors, nine of whom shall constitute a quorum to transact business, who shall at all times during their continuance in office be stockholders in said company, and shall, at an election to be held after the passage of this act, divide themselves into three classes, each class to consist of five directors; the term of the first class shall expire on the second Monday of January next succeeding their election, or as soon thereafter as others are elected in their stead; the term of the following classes shall expire successively on the second Monday of January of the following years, or as soon thereafter as others are elected in their stead. Directors, and how elected. 5. And be it enacted, That the annual election for directors shall be held on the second Monday of January in every year, at the office of the company; such elections shall be held under the direction of two inspectors, to be appointed by the directors, and such election shall be by ballot and by a plurality of the votes of the stockholders and their proxies, |