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as fully and beneficially as if the said corporation had been so named originally in the act to which this is a supplement, and in the enactments and instruments to which said corporation has been and is a party.

number of

3. And be it enacted, That in every election of directors of Election of said company, each stockholder shall be entitled to cast, in directors, person or by proxy, one vote for each share of stock standing votes ach in his or her name upon the books of the company at the entitled to. time of such election, and that a plurality of the votes so cast shall elect.

stockholder

4. And be it enacted, That the twelfth section of the act Repealer. to which this is a supplement, be, and the same is hereby repealed.

5. And be it enacted, That so much of the act to which Repealer. this is a supplement, and of the former supplements to said act as are inconsistent herewith be and the same are hereby repealed, and that this act shall take effect immediately.

Approved February 16, 1874.

CHAPTER XXXI.

An act to change the name of Deborah W. Brant.

changed.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the name of Deborah W. Brant, Name of the township of New Providence, in the county of Union, be and the same is hereby changed to Deborah W. Marshall, and by that name she shall be known in all courts, places and proceedings, and shall possess all the rights, powers and privileges which she would have possessed under and by her previous name.

2. And be it enacted, That this act shall take effect immediately, and shall be taken in all courts and places as a public act.

Approved February 16, 1874.

Corporate

powers.

CHAPTER XXXII.

An act to incorporate the Union Mutual Fire Insurance
Company, of Elizabeth, New Jersey.

1. BE IT ENACTED by the Senate and General Assembly of name and the State of New Jersey, That all such persons as shall become stockholders to the capital stock hereinafter mentioned, their successors and assigns, are hereby constituted and made a body politic and corporate by the name of the Union Mutual Fire Insurance Company, and by that name shall be known in law, and have power to sue and be sued, and to defend and be defended, in all courts of law and equity, and by that name may have, purchase, possess, and enjoy, to them and their successors, lands, tenements and hereditaments, goods, chattels and effects, of what nature and kind soever necessary for the purpose of this corporation, and the same to grant, demise, alien and dispose of at pleasure for the benefit of the said company, and may also have a common seal and alter and renew the same at pleasure.

Capital stock.

Names of

commis

open books, &c.

2. And be it enacted, That the capital stock of the said company shall be one hundred thousand dollars, to be divided into shares of one hundred dollars each, with the privi lege of increasing the same to two hundred thousand dollars at any time during the continuance of this charter.

3. And be it enacted, That Walter H. Calhoun, Patrick sioners to Sheridan, Robert B. Thompson, John Macklin and C. J. Fisher, be and the same are hereby appointed commissioners to open the books of subscription to the capital stock of the said company, and that ten days' previous notice of the time and place of the opening of said books shall be given by the said commissioners, or a majority of them, by publication in a daily newspaper published in the city of Eliza beth, and that said book of subscription may be kept open as long as it shall seem best by the said commissioners or a majority of them to do.

Election of directors

4. And be it enacted, That when the said capital stock of one hundred thousand dollars shall be subscribed and fifty

held.

thousand dollars thereof paid in, that then the subscribers when to be to the said capital stock (upon ten days' previous notice in a newspaper published in the city of Elizabeth, given by the commissioners herein before named), shall proceed to the election of a board of directors, which said board of directors shall then proceed to the election of president and the appointment of such other officers as may be necessary to manage the business of the company, who shall hold their respective offices at the pleasure of the board of directors, and the whole of the said capital stock of one hundred thousand dollars shall be paid in within one year after the election of said board of directors as aforesaid, unless the board of directors otherwise order.

stock may

5. And be it enacted, That the said capital stock may be Capital increased at any time by the directors. to such an amount be increasas they may determine, not exceeding the amount provided ed. for in the second section; and they shall open books of subscription for said increased stock after giving twenty days' notice in a daily newspaper published in the city of Elizabeth, and the persons who shall then own the stock of the said company shall have the privilege for five days of subscribing for said increased stock, and after that time if not subscribed for by the stockholders, it may be subscribed for by others, and the terms of said subscription shall be fixed and determined by the said directors, and notice given as above directed, and the whole of the said increased capital stock shall be paid in within sixty days after the closing of the books of subscription for said increased capital stock.

by whom

and con

6. And be it enacted, That the stock, property, affairs and Company concerns of said company shall be managed and conducted managed by twelve directors, seven of whom shall constitute a quo- ducted. rum to transact business, who shall respectively hold their offices until the next annual election, or until others are chosen, and shall at all times during their continuance in office be stockholders in the said company in their own right; the annual election for directors shall hereafter be held on the second Monday of May in each and every year, at su ch hour of the day and at such place in the city of Elizabeth as the board of directors for the time being shall appot, of which election public notice shall be given in a daily newspaper published in the city of Elizabeth at least ten days previous to such election, and such election shall be by ballot and a plurality of the stockholders in person or

May enact by-laws.

May insure houses, &c.

Policies

may be

under or without.

seal.

by proxy; at their first meeting the said directors shall by lot or otherwise, divide themselves into four classes of three each; the term of the first class shall expire at the first annual election to be held in May, anno domini one thousand eight hundred and seventy-four, the term of the second shall expire at the second annual election, the term of the third class shall expire at the third annual election, and the term of the fourth class shall expire at the fourth annual election, so that at each annual election, three directors shall be elected whose term of service shall be four years.

7. And be it enacted, That the said directors shall have power to make and prescribe all such by-laws, rules and regulations as to them shall appear needful and proper for the management of the business and property of the said company, to fill any vacancy that may occur in their own body, at a meeting to be called as the by-laws may provide, and from time to time to appoint and change such officers as may be necessary to manage the business of the company and to allow them respectively such compensation for their services as in their judgment may be reasonable.

8. And be it enacted, That it shall and may be lawful for said company to insure houses and other buildings, and personal property of all kinds against loss or damage by fire, upon such rates and conditions as shall be contained and stated in the policy of insurance.

9. And be it enacted, That all policies or contracts founded made either thereon, which shall be made or entered into by the said company may be made either under or without the seal thereof, and shall be subscribed by the president or by such other officers as may be designated for that purpose by the by-laws of said company, and attested by the secretary and when so subscribed and attested the same shall be binding upon the company, according to the tenor, intent and meaning of this act and of such policies or contracts, and all such policies and contracts may be made, subscribed, attested and executed, and the business of the said company may be otherwise conducted and carried on without the presence of a board of directors, by a committee or otherwise as provided by the by-laws, and the same shall be binding and obliga tory on the said company.

10. And be it enacted, That the stock of the said company

shall be deemed personal property, and as such assigned and Stock transferred on the books of the said company.

deemed personal

property

May pur

estate.

11. And be it enacted, That it shall and may be lawful for and may be the said company to purchase and hold such and so much transferred real estate as shall or may be necessary for their convenient chase and accommodation in the transaction of their business, and also hold real to take and hold any real estate or securities mortgaged or pledged to the said company, or to secure the payment of any debt which may be contracted with the said company, and to redeem the money so pledged or secured either at law or in equity, and also to purchase in sales made under judgment at law or done in equity or any other legal proceedings, or otherwise to receive and take any real estate in payment or toward satisfaction of any debt previously contracted and due to the said company, and to hold the same until they can conveniently sell or convert the same into money or other personal estate and for the purpose of investing any part of their capital stock or funds may purchase and hold any public stock created by the incorporated cities, and the townships and counties of this state or the states of New York, Ohio, Pennsylvania, Massachusetts and Connecticut, and also the stock and other securities created by the said states or the United States, or may loan on bond secured by mortgages on real estate within this state worth double the amount of the money loaned thereon and not otherwise.

dividends,

12. And be it enacted, That it shall be lawful for the direc- May make tors of the said company to make dividends of so much of &c. the profits of the company as shall be deemed advisable, and the said dividend shall be paid to the shareholders or to their legal representatives.

cipate in

13. And be it enacted, That all persons who shall insure Insurers with the said corporation, may participate in its profits dur- may parti ing the period they remain insured by the same, upon such profits. terms and conditions as the directors by their by-laws may fix and determine; and the power conferred in this section shall not prevent the company from issuing policies of insurance without participation in the profits of the said company if desired by the insured.

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

Approved February 16, 1874.

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