vice-president, and attested by the secretary; and being so signed, executed, and attested, shall be binding and obligatory upon the said corporation, according to the true intent and meaning of said policies and contracts; and all such policies and contracts may be so made, signed, executed, and attested, without the presence of the board of directors; and 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. hold real es 10. And be it enacted, That it shall be lawful for the said Company may company to purchase, hold, and convey any estate, real and tate. personal, for the use of the said corporation; provided, the Proviso. said real 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 the 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 shall decide. ferable. 11. And be it enacted, That the capital stock of said cor- Stock transporation shall be transferable, according to the rules and regulations prescribed by the directors, and every subsciber of any share or shares of said stock, who shall neglect to pay the instalments aforesaid, or to secure the residue of the share or shares by him subscribed for, shall forfeit the same to the said corporation, and all payments made thereon, and all profits that may have arisen thereon. 12. And be it enacted, That it shall be lawful for the di- Dividends. rectors of said company to make dividends of so much of the profits of the said company, as shall to them appear desirable; and the said dividends shall be paid to the stockholders, or their representatives, but the dividends shall not at any time exceed the amount of net profits made by the company -the capital stock shall be and remain unimpaired, and if the said directors shall at any time make a dividend of the capital as aforesaid, those directors consenting thereto, shall be individually liable for the proportion of the stock so Notice of as given. divided, and an action of debt may be brought against them, their heirs, executors or administrators, or any of them, in any court of record in this state, by any creditor of said company, and may be prosecuted therein to judgment and execution; and each director present when such dividend. shall be declared, shall be adjudged to be consenting thereto, unless he forthwith protest against such dividend, and request his protest to be entered on the minutes of the board of directors. 13. And be it enacted, That if any person insured by the signment to be 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 such policy after such assignment, until notice of such assignment be made, or the assignment shall have been recorded in the books of the corporation, and the same certified on such policy by the secretary. Persons insured may maintain acamount due. tion for Proviso. State tax. Limitation. 14. 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 to 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; and no stockholder of the corporation, not being in his individual capacity a party to such suit, shall be incompetent as a witness; provided, that if the directors agree to rebuild, or replace the property lost or damaged, in such case a reasonable time shall be allowed to them. 15. And be it enacted, That the said company shall pay into the treasury of this state, one quarter of one per centum per annum on the capital stock paid in, or secured to be paid, for the use of the school fund, to commence three years after the said company shall go into operation; which amount shall be paid in, under oath or affirmation of the president and secretary thereof. 16. And be it enacted, That this act shall continue in force for the term of twenty years, and no longer, unless the charter is renewed; and the said corporation shall possess the general powers and be subject to the restrictions and liabilities contained in the act entitled "an act concerning corporations," approved the fourteenth day of February, eighteen hundred and forty-six, so far as the same are applicable; provided, that no contract made by said corporation Proviso. before the repeal or expiration of this act, shall be affected thereby; and the said corporation shall have a reasonable time to bring its accounts to a final settlement. Approved March 5, 1857. CHAPTER XXXVII. AN ACT to authorize Samuel Acken and Julius Dudley, to build, maintain, and keep in repair a dock or wharf in front of their land in the township of Piscataway, county of Middlesex, adjoining the waters of the Raritan river. 8. Acken and J. Dudley au thorized to build dock, 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That it shall and may be lawful for Samuel Acken and Julius Dudley, their heirs and assigns, to build, maintain and keep in repair a dock or wharf upon and in front of their land, in the township of Piscataway, county of Middlesex, to extend into the waters of the Raritan river, a sufficient distance to acccmmodate such vessels as usually navigate the same; provided, the said wharf shall not obstruct Proviso. the navigation of the said river, and shall not extend more than fifteen (15) feet beyond low water mark; and provided Proviso. further, that this act shall not be construed to confer any ferry privileges or claim of right of ferry upon the owner or owners of said dock or wharf. injuring works 2. And be it enacted, That if any person shall wilfully de- Penalty for stroy, or in any way injure said wharf, such person or persons shall be responsible for, and shall make good all damages which the owner or owners shall sustain thereby. Proprietors authorized to 3. And be it enacted, That it shall and may be lawful for collect wharf- all vessels to touch, make fast, load and unload at such dock age. or wharf, with the permission of the owner or owners thereof, Names of corporators. Society may CHAPTER XXXVIII. AN ACT to incorporate the Monmouth County Agricultural Society. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Samuel W. Jones, Horatio Ely, John C. Smock, Andrew Simpson, James J. Conover, and Ezra A. Osborne, of the county of Monmouth, and their associates and successors shall be and they are hereby constituted a body politic and corporate, by the name of "The Monmouth County Agricultural Society." 2. And be it enacted, That the said society shall from time make by-laws. to time have power to make, ordain and establish such constitution, by-laws and regulations as they shall judge proper for the designation of the officers of said society, the election of the same, for prescribing their respective functions, and the mode of discharging the same, and for the transacting, managing and directing the affairs of the society; provided, such constitution, by-laws, and regulations shall not be repugnant to the constitution and laws of this state, or the United States. Proviso. Corporation 3. And be it enacted, That the said corporation may purmay purchase chase, use, hold, possess and enjoy such real estate as shall be necessary to promote the objects of the society; provided, land. Proviso, that such real estate shall at no time exceed in value the sum of ten thousand dollars; and whenever it shall see fit, the said corporation may sell, mortgage, lease, and otherwise dispose of the same at pleasure. not liable to 4. And be it enacted, That all land or other property Property which may hereafter be owned by said society, and used for taxation. the purpose of promoting the objects of said society, shall not be liable to have any taxes assessed and levied upon it for any purpose whatever; provided, that such personal Proviso. estate shall not exceed in value the sum of five thousand dollars. Approved March 5, 1857. CHAPTER XXXIX. AN ACT to authorize the Trustees of Palmyra Methodist thorized to WHEREAS, the trustees of Palmyra Methodist Episcopal Preamble. Church, in the county of Burlington, have set forth in their petition that there is a debt of about fifteen hundred dollars remaining on their house of worship, and that the parcel of land on which the said house is erected is much larger than is necessary for the use thereof-therefore, 1. BE IT ENACTED by the Senate and General Assembly of Trustees authe State of New Jersey, That Isaiah Toy, Richard Pike, sell land. George Smith, John Springer and Charles Lowden, trustees of Palmyra Methodist Episcopal Church aforesaid, or their successors in office, or a majority of them, be and they are hereby authorized to sell and convey so much of the land by them held as trustees, in trust, for the use of the Methodist Episcopal Church, as can be spared without inconvenience to the house of worship erected thereon, and apply the pro |