of directors to appoint three discreet persons, not members 6. And be it enacted, That all policies or contracts founded thereon, which shall be made or entered into by the said company, may be made under the seal thereof, and shall be subscribed by the president and attested by the secretary, and being so subscribed and attested by the secretary, shall be binding and obligatory upon said company, and the company shall be liable for all loss or damage sustained, agreeable to and on such terms and conditions as shall be contained in the policy. Policies, how issued. 7. And be it enacted, That every person who shall become Regulations. insured in said company, shall, before he receives his or her policy, pay such sum of money and deposit their promissory note or notes for such sum or sums of money as shall be determined upon by the directors, such note or notes to be paid at such time and in such a manner as the by-laws may determine, and it shall be lawful for said company to loan or put out at interest their moneys, or any part thereof not immediately wanted for the purposes of said corporation, on bonds and mortgages, on real estate, government or other stocks, and may from time to time call in such money or change such investments. 8. And be it enacted, That when any property insured by Property sold. the said corporation shall be alienated by sale or otherwise, fect insurance the policy of such insurance may be surrendered to the directors of said company to be cancelled, and upon such sur Insurance a lien on prop erty. Estimate to be made. Certificates to issue. Excess, how applied. Suits at law. render the assured shall be entitled to receive his note or notes upon the payment of his proportion of all losses, risk and expenses that have accrued prior to such surrender, but the grantee or alienee having the policy assigned to him may have the same ratified and confirmed to him for his own proper use and benefit, upon application to the directors and with their consent, within thirty days next after such alienation, on giving proper security to the satisfaction of said directors, and by such ratification and confirmation, such grantees or alienees shall be entitled to all the rights and privileges and be subject to all liabilities to which the original party to whom the policy insured was entitled and subjected. 9. And be it enacted, That all buildings insured by said company, together with the right, title and interest of the assured to the lands on which they stand, shall be and are hereby pledged to said company, and the said company shall have a lien thereon, in the nature of a mortgage, to the amount of the deposit note or notes given for such insurance. 10. And be it enacted, That the officers of said company, at the expiration of one year from the time the first policy shall have been issued, or within one month thereafter, and 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 provided for. 11. And be it enacted, That each member entitled shall receive a certificate for his proportion of the profits, if any, of each year's business in proportion to the amount of premiums paid by him, but no person shall be entitled to a certificate for premiums paid on a policy that occasions loss, nor no certificate shall be issued for the fractional parts of sums between even tens of dollars, nor for any sum less than ten dollars, but all such fractional parts of sum or sums less than ten dollars shall be passed to the contingent account of said company, and applied to the payment of expenses and other charges of said company. 12. And be it enacted, That when the cash means on hand shall exceed twenty-five per cent. of the amount of risks the company is liable for at any annual meeting, the excess may be applied to the payment of the certificates in such manner as the directors may determine. 13. And be it enacted, That suits at law or in equity may be maintained by said corporation against any of its members for the collection of their deposit notes or any part 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 individuul 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. Especial insu 14. And be it enacted, That especial insurances may be taken without the parties thereto becoming members of said rances. corporation, if desired by the insured. to issue. 15. And be it enacted, That no policy shall be issued by when policies said company until application shall be made for insurances to the amount of fifty thousand dollars, at least. where carried on. 16. And be it enacted, That the operations and business Business, of the corporation shall be carried on and conducted at such place in the city of New Brunswick, in the county of Middlesex, as shall be designated by a majority of the directors at their first regular meeting in every year. 17. And be it enacted, That this act shall continue in force Limitation. perpetually, subject to be altered, amended, modified or repealed by the legislature at any time hereafter, when in their opinion the public good may require it. Approved March 6, 1863. CHAPTER CXII. An act to repeal an act of the legislature entitled "An act to regulate the grading of the streets and sidewalks, paving and curbing in Mount Holly," approved March twentythree, eighteen hundred and fifty-nine, and the supplement thereto, approved March twenty-second, eighteen hundred and sixty. mer act. 1. BE IT ENACTED by the Senate and General Assembly of Repealing forthe State of New Jersey, That the act of the legislature entitled "An act to regulate the grading of the streets and sidewalks, paving and curbing in Mount Holly, approved March twenty-third, eighteen hundred and fifty-nine, and the supplement thereto, approved March twenty-second, eighteen hundred and sixty, be and the same are hereby repealed. 2. And be it enacted, That this act shall take effect immediately. Approved March 6, 1863. Names of corporators. Capital stock $100,000. Commissioners to receive CHAPTER CXIII. AN ACT to incorporate the West Jersey Marl and Transportation Company. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That David Potter, David E. Marshall, DeWitt Clinton Clement, John Johnson, Thomas Jones Yorke, G. W. Thomas, Richard Grier, and such others as may be associated with them, and their successors, are hereby declared to be a body politic and corporate, by the name of "The West Jersey Marl and Transportation Company. 2. And be it enacted, That the amount of the capital stock of said company shall be one hundred thousand dollars, to be divided into shares of fifty dollars each, to be deemed personal property, and which shall be transferable only on the books of this corporation. 3. And be it enacted, That the above named persons, or a subscriptions. majority of them, shall be commissioners to receive subscriptions to the capital stock aforesaid, at such time or times, place or places in this state, and upon such notice as they, or a majority of them, shall think proper; and at the time of subscribing for said stock, five dollars on each share shall be paid to said commissioners, or shall be satisfactorily secured, and the residue of the subscription shall be paid in such installments, and at such times and places, and to such person or persons as the directors of said company shall from time to time direct, by giving twenty days' notice in a newspaper printed and circulating in the counties of Camden, Gloucester, Salem, Cape May or Cumberland; and upon failure of payment thereof, the said directors shall have power to forfeit the shares of each and every person so failing to pay said. installments, or any of them, to and for the use of the said company; and whenever twenty thousand dollars of the capital stock aforesaid shall have been subscribed, such commissioners shall, as soon as they deem it expedient, give like notice of a meeting of the stockholders, at such time and place as they may designate, to choose seven directors, a majority of whom shall be residents of this state, who shall hold their office for one year, or until others are duly elected; and such election shall be made at the time and place appointed, by such of the stockholders as shall attend for that purpose, either in person or by proxy, each share of the capital stock entitling the holder thereof to one vote; and the directors chosen at such meeting, or at the annual elections of said corporation, shall, as soon as may be after every election, choose out of their own number a president, who shall be a resident of this state; and in case of the death, resignation or removal of the president or any director, such vacancy or vacancies may be filled for the remainder of the then current year, by the said board of directors. privileges. 4. And be it enacted, That the said company, when or- Powers and ganized as aforesaid, shall be and they are hereby authorized to purchase, take, have, hold, occupy and convey such and so many marl beds as they may deem proper, situate in the counties of Salem, Camden, Gloucester, Cumberland and Cape May, or in any or either of them, and to open and work the same, and to transport the marl taken therefrom, and lime and other fertilizers, from place to place, and to vend the same, and to purchase, hold and convey such other lands, and to erect such buildings thereon as may be necessary or convenient for said business, and to build, hold and use the railroads hereinafter mentioned, and the lands necessary therefor; and to lay, keep and maintain drains. through the contiguous and adjacent lands, for the benefit of their said marl beds, in the manner hereinafter mentioned. 5. And be it enacted, That the directors of said company May construct are invested with full powers to lay out and construct a railroad or railroads in the counties of Salem, Camden, Gloucester, Cape May and Cumberland, or in any or either of them, to run from the West Jersey Railroad, or from any of the railroads connecting therewith, to the marl beds or other lands of the said company, or to any other marl beds situate in said counties, or in any or either of them, and to construct said railroads with as many tracts as may be deemed proper, and to run engines and cars on said roads for the transportation of persons and of said marl and fertilizers, and of such other kind of property as they may deem expedient; railroad. |