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Insurance,

how made.

and may regulate the premiums to be paid for insurance, and the mode and manner of paying the same; provided, that Proviso. such by-laws, rules and regulations shall not be repugnant to the constitution or laws of the United States, or of this state. 7. And be it enacted, That all policies of insurance which re shall be made by the said corporation, in pursuance of this act, shall be made on such terms and conditions, and for such periods of time, and be confined to such persons as from time to time shall be ordered and prescribed by the by-laws, rules and regulations of said corporation, and if, at any time, it, shall so happen that there shall be just claims against the corporation, for losses sustained, to an amount greater than they have funds on hand to discharge, and greater than the amount of the scrip issued by the company to policy holders as hereafter provided, the directors for the time being shall, without unnecessary delay, proceed to assess such deficiency over and above the amount of such scrip, in a ratable proportion, on the notes or other obligations of stockholders which may have been given as a guaranteed capital, and shall collect such assessments from such stockholders, or their lawful representatives; provided, that no such assessment shall exceed the amount of the note or obligation upon which it is made, and that notice shall be given, in writing, to each shareholder, or his lawful representatives, of the paid assessment, and of the amount required to be paid by him, her, or them; and each and every stockholder, or his or her lawful representatives, so notified, shall pay the amount of the said assessment, so made upon him or them, to the company, within sixty days after such notification; and shall also be liable for the amount of such assessment, with interest, to be recovered by action of debt, with costs of suit, before any court of competent jurisdiction.

Proviso.

capital stock.

8. And be it enacted, That there shall be an original capi- Amount of tal stock of at least twenty-five thousand dollars, with the privilege of increasing the same to any amount not exceeding one hundred thousand dollars, the said stock to be divided into shares of one hundred dollars each, which shall be personal property, and transferable only on the books of the company, in conformity with its by-laws; and the subscriptions to the said stock shall be paid in cash, or in the notes or other obligations of the shareholders, and the said shareholders shall be entitled to an annual interest of seven per cent. on their stock, to be credited on their respective notes or obligations until the same shall be fully paid, and, after

Forfeiture on failure to pay

wards, to be paid to them in cash; and, after the current expenses, losses and interest on the said capital stock are ascertained for each year, and an adequate provision is made for outstanding policies, one-fourth of the profits of the business of said company shall be credited on the said notes or obligations until they are fully paid, and, afterwards, shall be issued annually to the shareholders in the form of scrip; and the remaining three-quarters of the profits shall be issued annually, in the form of scrip, to the holders of the policies which shall have been in existence for five years previous to such issue, and which shall not have expired; and, in the event of the death of an insured party, the scrip for his proportion of the profits which may have accrued previous to his decease, shall, at the next regular issue of scrip, be issued to his legal representatives or assigns, and, in making such issue of scrip, no fractions of a year shall be allowed; and the scrip so issued to policy-holders, or their representatives or assigns, shall be exhausted in the payment of the losses or other liabilities of the company, before the capital stock shall be in any way impaired, and all scrip for profits shall contain a provision to this effect; and in case the losses of any one year shall exceed the profits of that year, the excess shall be assessed on such outstanding scrip, and shall be charged to the holders thereof respectively, and interest shall be paid on the amounts registered by said scrip, at a rate not exceeding six per cent. per annum, until such scrip shall either be exhausted by losses or redeemed by profits; and that, after the said capital stock of one hundred thousand dollars shall be fully made up and maintained out of the profits of the business, the one-fourth of the annual profits shall be set aside for a surplus fund for the payment of losses on policies and otherwise.

9. And be it enacted, That any person insuring in the premium. company, who shall omit to pay any premium or any periodical payment, due from him to the company, shall thereby forfeit to the company all claims under his policy, and all previous payments made by him; except that, in any case where scrip shall have been issued, the right thereto shall not be affected by any such default.

Policies may

10. And be it enacted, That the board of directors may, be purchased. for the benefit of the company, purchase all policies of insurance, and other obligations issued by the company, and may also extinguish, by purchase, all claims and demands of policy-holders for profits declared or accumulating.

ings.

11. And be it enacted, That the president may call a Special meetspecial meeting of the board, whenever, in his opinion, the interest of the company requires it; and it shall be his duty to call similar meetings on the written request of five or more directors.

12. And be it enacted, That it shall be lawful for the legislature, at any time hereafter, to alter, amend, modify or repeal this act.

13. And be it enacted, That this act shall take effect immediately.

Approved March 14, 1863.

Act amended

or repealed.

CHAPTER CXLII.

AN ACT to grant to Margaret Grant, formerly Margaret Cumming, the right and title of the state of New Jersey to certain lands whereof John Cumming, her husband, died seized.

WHEREAS, it is made known to the legislature of the state of Preamble. New Jersey that one John Cumming, late of the city of New York, confectioner, departed this life on the twentyfirst day of August, Anno Domini eighteen hundred and fifty-six, intestate, and seized in fee simple of certain lands and premises situated at Bergen Point, in the county of Hudson, and state of New Jersey, consisting of about twenty city lots as the same are there laid out, which are particularly described in two certain deeds of conveyance made to the said John Cumming by Rosewell Graves and his wife, bearing date, respectively, May twenty-fourth, eighteen hundred and fifty-three, and June ninth, eighteen hundred and fifty-three, and duly recorded in the clerk's office of the said county, in book thirty of deeds, pages six hundred and thirty-one to six hundred and thirty-six, both included; that the said John Cumming left no issue nor any other heirs-at-law, so far as can be ascertained, and left the said Margaret his widow him surviving; that the greater portion of the purchase money paid for said land consisting of money given by a relative to the said Margaret as her own property, and the balance consisted of earnings of the

Estate vested

joint industry of her said husband and herself; that it was the desire of her said husband, expressed on his death bed, that all his effects should go to his said wife, and that the said lands, and a small amount of personal property in his business, was all the estate left by him, the widow's dower in which would be of trifling and inadequate value for her support-therefore,

1. BE IT ENACTED by the Senate and General Assembly of in Margaret, the State of New Jersey, That all the title, estate and interest, claim and demand of the state of New Jersey in and to the said lands, by escheat or otherwise, shall be and hereby are vested in the said Margaret, now the wife of William Grant, her heirs and assigns.

2. And be it enacted, That this act shall take effect immediately.

Approved March 14, 1863.

Act to extend

to Washing

county.

CHAPTER CXLIII.

A further supplement to the act entitled "An act for the preservation of sheep," approved April fourteenth, one thousand eight hundred and forty-six.

66

1. BE IT ENACTED by the Senate and General Assembly of ton, Warren the State of New Jersey, That the provisions of an act entitled "A supplement to an act for the preservation of sheep," approved April fourteenth, one thousand eight hundred and forty-six, which supplement was passed March twenty-fourth, one thousand eight hundred and fifty-two, be and the same are hereby extended to and shall be in force and effect within the township of Washington, in the county of Mercer, and the township of Lebanon, in the county of Hunterdon.

Repealer.

2. And be it enacted, That all acts and parts of acts heretofore passed, so far as they are repugnant to the provisions of this act, be and the same are hereby repealed.

3. And be it enacted, That this act shall take effect immediately.

Approved March 14, 1863.

CHAPTER CXLIV.

A supplement to the act entitled "An act to secure to mechanics and others payment for their labor and materials in erecting any building," approved March eleventh, eighteen hundred and fifty-three.

1. BE IT ENACTED by the Senate and General Assembly of Effect of sale. the State of New Jersey, That the sale under a special scire facias, authorized by the eleventh section of the act to which this is a supplement, shall convey the estate of the owner in the lands and in the buildings, subject to all mortgages and other incumbrances created and recorded or registered prior to the commencement of the building; and in case of gearing or machinery, the bringing the same upon the premises, shall be such commencement; and such prior incumbrances shall have priority to all subsequent builders' liens upon said lands and upon all erections thereon, except such as by law may be removable as between landlord and tenant, which may be sold and removed by virtue of any building lien for the construction of the same free from such prior incumbrances.

2. And be it enacted, That the third section of the act to Lien formatewhich this is a supplement, be amended by authorizing and rials furnished empowering any person who may have furnished materials used in the erection of any such house or building, to give the notice to the owner or owners of such building authorized by said section and the material man shall have all the rights and remedies conferred by said section upon the journeyman. or laborers.

curtilage.

3. And be it enacted, That when the curtilage or lot on Boundary of which the building is erected shall not be surrounded by an enclosure separating it from adjoining lands of the same owner, then the lot on which the building lien shall extend, shall be such tract as in the place of its location is usually known and designated as a building lot, and bounded by the lines laid down for its boundaries on any map made for the sale of it or on file in any public office, to lay out in lots the tract including it, and in cases where no such map exists, such lot may be designated by the claimant in the lien claim, but in no such case shall the same exceed half an acre, or

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