corporators Corporate name. CHAPTER CCCXXXIX. An act to incorporate the Mechanics Mutual Fire Insurance 1. BE IT ENACTED by the Senate and General Assembly of the Names of State of New Jersey, That John Engel, Jacob Brucklacher, Joseph Schmieg, Francis Stein, Anthony Stein, Hermann Seamann, John N. Burger, Heinrich Asch, Peter P. Stephan, Gustav Bruggemann, Theodore Terlinde, and all other persons who may hereafter associate with them in the manner hereafter prescribed, shall be a corporation by the name of "Mechanics Mutual Fire Insurance Company of Elizabeth," for the purpose of insuring their respective vessels, buildings, merchandise and other property against loss or damage by sea or fire, and by that name they and their successors may have perpetual succession, and shall have power to sue and be sued, and defend and be defended in all courts, whether in law or equity, and by that name may also have, purchase, possess and enjoy to them and their successors, lands, tenements, hereditaments, goods, chattels and effects of what kind and nature soever necessary for the purpose of said corporation, and the same may grant, demise, alien and dispose of at pleasure for the benefit of said company, and may have a common seal and alter and renew the same at pleasure; also may make and establish such by-laws and regulations as to them shall seem necessary and expedient for the well ordering and government of the said company and to put the same into execution; provided, that they be not contrary to the laws of this state or of the United States. Proviso.' Parties insuring in company 2. And be it enacted, That all persons who shall insure with the said corporation, also their heirs, executors, adminto become istrators and assigns, continuing to be insured in the same as hereinafter provided for, shall thereby become members thereof during the period they may remain insured by said corporation, and no longer. members. concern by aged. 3. And be it enacted, That all the affairs, property and con- Affairs and cerns of said corporation shall be managed and conducted whom manby eleven directors, who shall continue in office one year, and until others shall be chosen in their place, all of whom shall take an oath or affirmation of office, and choose out of their number a president; all vacancies may be filled for the remainder of the year by such person or persons as a majority of the board of directors for the time being may ap point, and a majority of the whole shall constitute a quorum for the transaction of business. first direc 4. And be it enacted, That John Engel, Jacob Bruck- Names of lacher, Joseph Schmieg, Francis Stein, Anthony Stein, tors. Hermann Seamann, John N. Burger, Heinrich Asch, Peter P. Stephan, Gustav Bruggemann and Theodore Terlinde shall be the first directors of said corporation, and that annually hereafter a board of directors may be elected at such time and place in the city of Elizabeth, county of Union, state of New Jersey, as the association in their by-laws shall appoint; of each election due notice shall be given in at least one of the public papers in said city, for two weeks immediately preceding such election, and it shall be the duty of the board of directors to appoint a committee of three of their number to be inspectors of such election and to count the votes that may be given in, and declare the result of such election, which shall be by a plurality of the votes of the members or their proxies then present, allowing one vote to each member for every one hundred dollars insured in said company at the time of such election, and it shall be the duty of such inspectors or a majority of them, to make and sign a certificate of the result of such election, stating who are elected by the greatest number of votes, and deliver such a certificate to the secretary of the company for the time being, which certificate shall be filed and recorded by the secretary and be conclusive evidence of the result of such election until set aside by some court having competent authority to do so. officers. 5. And be it enacted, That the board of directors may Directors appoint a secretary and such other officers and agents as to appoint may be requisite for the effecting the business of said company and allow them such compensation as may be agreed upon, and also determine the rates of insurance, the sum to be insured and the sum to be deposited for any in surance. Contracts 6. And be it enacted, That all policies or contracts founding and ob- ed thereon, which shall be made under the seal of the said when bind ligatory. Amount to party be sured. corporation, and shall be subscribed by the president and attested by the secretary, shall be binding and obligatory upon said company, agreeable and on such terms and condi tions as shall be contained in the policy. 7. And be it enacted, That every person who shall become be paid by insured in said company shall before receiving the policy, coming in- pay such sum of money as shall be determined upon by the directors; such notes to be paid at such times and in such manner as the by-laws may determine; and it shall be law. ful for said company to loan or put out on interest their moneys or any part thereof, not immediately wanted for the purposes of said corporation, on bonds and mortgage on real estate in the county of Union, stocks of the state of New Jersey, and the city of Newark, New York, Trenton and Elizabeth, and may from time to time call in such money or change such investment. Amount of capital to be paid in. Estimate by whom and where 8. And be it enacted, That there shall be a cash capital of fifty thousand dollars paid in before commencing operations, upon other than a mutual plan as an additional security to members and others effecting insurance therein, which cash capital shall be left open for accumulation, and shall be loaned and invested, and the said company may allow an interest on said cash capital, and prescribe the liability of the owners thereof to share in the losses of the company, and such cash capital shall be liable in the payments of the debts of the company. 9. And be it enacted, That the officers of said company at the expiration of one year from the time the first policy to be made. shall have been issued, or within one month thereafter, and ber to re ficates. within one month of every subsequent year, shall cause an estimate to be made of the profits or losses, and true state of the affairs of said company, to be made as near as may be for the preceding year, and so on for each successive year, which estimate shall be conclusive upon all persons entitled to receive certificates of profits as hereinafter mentioned. Each mem- 10. And be it enacted, That each member entitled shall ceive certi- receive a certificate for his proportion to the amount of premiums paid by him; but no person shall be entitled to a certificate for premiums paid that occasions loss, and no certificate shall be issued for the fractional parts of sums be tween even tens of dollars, but all such fractional parts shall be passed to the contingent account of said company and applied to the payments of said company. be applied of certifi 11. And be it enacted, That when the cash earnings on Excess to hand shall exceed twenty-five per centum of the amount to payment of the risks the company is liable for, at any annual meet- cates. ing, the excess may be applied to the payment of the certificates in such manner as the directors may determine. powered to suits. 12. And be it enacted, That suits at law or in equity may corporabe maintained by said corporation, against any of its mem- tionem. bers for the collection of their deposit notes or any part maintain thereof, or for any other cause relating to the business of said company; also suits at law or in equity may be prosecuted and maintained by any member against said corporation for losses, if payment be withheld more than four months after the company are duly notified of such loss or damage; and no member of the corporation, not being in his individual capacity a party to such suit, shall be incompetent as a witness in any case on account of his being a member of said corporation. 13. And be it enacted, That special insurances may be Special taken without the parties thereto becoming members of said corporation, if desired by the insured. insurance may be taken without parties members. made. 14. And be it enacted, That no policy shall be issued becoming by the said company until application shall be made for Policy insurances to the amount of fifty thousand dollars at least. when to be 15. And be it enacted, That the operations and business of Location of the corporation shall be carried on and conducted at such omce. place in the city of Elizabeth as shall be designated by a majority of the directors at their first regular meeting in every year. 16. And be it enacted, That this act shall take effect immediately. Approved March 21, 1874. Names of CHAPTER CCCXL. An act to incorporate the Dime Savings Bank of Long 1. BE IT ENACTED by the Senate and General Assembly of the corporators State of New Jersey, That William R. Maps, Samuel N. Janes, John A. Morford, Thomas G. Chattel, George W. Brown, James E. Lippincott, William H. Bennett, Francis Corlies, Samuel C. Morris, Cornelius Van Derveer, Abner Allen, David F. Wolcott, William Henderson, Charles Lewis and Thomas W. Cooper, and their successors, shall be and are hereby constituted a body corporate and politic, by the Corporate name of the Dime Savings Bank of Long Branch, and by that name shall be capable of purchasing, taking, holding and enjoying real or personal estate of any kind or description whatever, and in fee, simple or otherwise, and of selling, conveying, leasing or otherwise disposing of the same, or any part or parts, at their will and pleasure; provided always, that no purchase or sale of real estate shall be made without the consent of a majority of all the managers. name. Proviso. Institution by whom 2. And be it enacted, That the said institution shall be conConducted, ducted by a board of fifteen managers, the first of whom shall be the corporators above named, seven of whom shall be a quorum to transact business; and the seat of any manager who shall have neglected to attend four consecutive meetings, may be declared vacant by the board, and they also may appoint another in his stead. Managers meet. 3. And be it enacted, That the managers shall meet annuwhen to ally, on the second Tuesday in December, between the hours of ten o'clock in the morning and three o'clock in the afternoon, at such place as the board may direct, and shall proceed to elect a board of managers for the ensuing year, all of whom shall be depositors in the bank and shall reside in Long Branch; immediately after such election, the board shall convene, and elect one of their number as president, and shall have power to elect a treasurer and secretary and |