land, Andrew Fleming and James Ten Eyck, of the county of Somerset, be and are hereby appointed directors, to hold their offices until the fourth Tuesday in January next; and that the directors hereinbefore 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 the township of Readington, in the county of Hunterdon, 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 bylaws of said company may provide; provided that the president Proviso. of the said company shall hold his office at the pleasure of the board of directors, and be subject to removal by them. powers of di 5. And be it enacted, That the board of directors for the Duties and time being, or a majority of them, shall have power to make rectors. or 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 to alter and amend the same; and touching all such other matters as appertain to the business, ends and purposes which the corporation by this act is entitled to; and also shall have power to appoint a secretary, who shall be a resident of the aforesaid townships of Readington or Branchburgh, surveyors, and such additional officers, clerks and servants for carrying on the business of the said corporation, with such allowances as to them shall seem meet and proper; provided that such by-laws, rules and regulations Proviso. be not repugnant to the constitution of the United States or this state; and provided also that any one or more of such offi- Proviso. cers, clerks and servants may at any time be removed by a majority of said directors for misconduct. Officers of panies not to 6. And be it enacted, That it shall not be lawful for the pres- other comident or any other officer of any other insurance company en. hold office in this. Policies how made. Proviso. Officers to give bond and take oath. Duties of secretary. When pol cies may be issued. Assessment to be made in gaged in insuring buildings or personal property against loss, or damage by fire, to be an officer or agent of the company incorporated by this act. 7. And be it enacted, That all policies of insurance 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 place as shall be from time to time ordained and prescribed by the by-laws rules and regulations of the said corporation; provided, that no policy of assurance shall be issued for more than ten years, and that no transfer of any policy of insurance of the said company shall be valid for more than thirty days after such transfer until it be entered in the books of said company and certified by the secretary. 8. And be it enacted, That the directors shall take bond of the treasurer and collectors for such sums as they shall think proper for the faithful performance of their duty; and that each director, surveyor, treasurer or secretary, shall before he enters on the duties of his office, take the following oath or affirmation (as the case may be): I, do swear (or affirm) that I will honestly and faithfully execute the duties of of this association agreeably to the provisions of this act and the trust reposed in me, to the best of my skill, knowledge and judgment; which oath or affirmation the president or secretary is hereby authorized to administer. 9. And be it enacted, That it shall be the duty of the secretary to give notice of all meetings of the corporation, to attend the same, to keep a faithful record of their proceedings, fill up all policies of insurance, countersign and seal the same with the seal of the corporation, certify all drafts or orders of the president for the payment of moneys, and such other duties. as the board of directors from time to time by their by-laws may direct. 10. And be it enacted, That no policy shall be issued by the said company until applications shall have been made for insurance to the amount of one hundred thousand dollars. 11. And be it enacted, That in case of loss or damage by fire, case of losses it shall be the duty of one or more of the directors to ex sustained. amine the same and ascertain the liabilities of the association, which liabilities shall be paid in sixty days; and if at any time it shall so happen that there shall be just claims on the corporation for losses sustained or other liabilities to a greater amount than they have funds to discharge, in such cases the directors for the time being shall with all convenient expedition proceed to assess such deficiency, in a rateable proportion, on the members of the association or their representatives, according to the amount of each member's insurance, which rates of assessment shall be approved by a majority of the whole number of directors, and notice in writing shall be given to each member or his representative, or be posted against the building insured, of the assessment and amount by him, her or them to be paid, and each and every member, or his representative, so notified, shall pay the same to the collector or treasurer for the time being within forty days after. such notification, and default thereof shall forfeit double said rates and all their rights and claims to any policy that they may have obtained, and be no longer members of the association until they shall have paid said double rates, but shall be liable to a recovery of double the amount of such rates or assessment by action of debt, with costs of suit, before any court of competent jurisdiction; and no person on account of his being a member of this corporation shall be incompetent to be a witness for or against said association. 12. And be it enacted, That any five of said directors when Quorum. met agreeably to public notice shall be a quorum to transact business, and when any less number shall do business as a committee, such business when approved by a majority of the board shall be taken as the action of the board, and be entered on the books of the association, which books shall always be open at suitable times for the inspection of the di rectors. ings. 13. And be it enacted, That the president or secretary shall Special meethave power to call a special meeting of the board when he shall deem the interest of said association demands the same, and the board shall cause a statement of their doings to be made at the annual meeting; any twenty members calling for a special meeting of the board in writing, the president shall convene said board within thirty days. Money how drawn from treasury. Corporation may borrow money. Act may be repealed. Proviso. 14. And be it enacted, That no money shall be drawn from the treasurer of the association except for the purpose of paying damages in case of loss by fire or damage by lightning and incidental expenses, without the consent of all the directors of said association. 15. And be it enacted, That the president and treasurer may by the direction of a majority of the board of directors borrow in the name of the association, for the purpose of paying losses, any sum or sums of money not exceeding five thousand dollars, and the officers of the association shall always stand and be indemnified and saved harmless by the association in and for giving and signing policies and all other lawful acts, deeds and transactions done, performed and executed in pursuance of and by virtue of this act and the by-laws of the association. 16. And be it enacted, That the chartered privileges hereby granted do not include banking privileges, nor the right to insure property in any other state but the state of New Jersey; and if the privileges granted shall at any time prove injurious to the public welfare or need alteration it shall be lawful for the legislature to amend, modify or repeal the same; provided, that no contract made by said corporation before such repeal shall be affected thereby, and that the said corporation shall have a reasonable time to bring their accounts to a final settlement. Approved March 3, 1856. CHAPTER LIV. AE ACT to incorporate the Bordentown and Crosswicks Turnpike Company. ers to receive tions. 1. BE IT ENACTED by the Senate and General Assembly of the CommissionState of New Jersey, That the subscription books of the capital subscripstock of the Bordentown and Crosswicks Turnpike Company shall be opened by Robert E. Peterson, Jacob M. Bunting, Stewart Cook, Aaron Bunting, William A. Newbold, Charles Mickle, Josiah Buzby, Daniel S. Mershon, junior, Samuel Bunting, Samuel Taylor and Whitall Stokes, or a majority of them, who are hereby appointed to receive subscriptions to said stock at such times and places as they, or a majority of them, may direct, giving notice thereof at least twenty days. prior to the opening of said books, by publishing the same in at least one of the newspapers published in the county of Burlington. 2. And be it enacted, That the capital stock of said company shall be fifteen thousand dollars, with liberty to increase the same to thirty-five thousand dollars, and shall be divided into shares of twenty-five dollars each; and that when two hundred shares shall be subscribed for and taken the persons holding the same shall be and they are hereby incorporated into a company, by the name and style of "the Bordentown and Crosswick's Turnpike Company," and by that name and style shall have, enjoy and exercise all the rights, powers and privileges appertaining to corporate bodies and necessary to carry the objects of this act into effect. Amount of capital stock. instalments. 3. And be it enacted, That at the time of subscribing for Payment of said stock one dollar shall be paid upon each share subscribed for to the said commissioners, or any of them, which money shall be paid over to the treasurer of the company as soon as one shall be appointed; and the residue of the subscriptions shall be paid in instalments, at such times and places, and to such persons as the president and directors of the company shall from time to time direct and give public notice thereof in manner aforesaid; and upon failure of the payment thereof, |