bridge and ferry, or any part thereof, shall be in operation, the said corporation shall be regularly assessed and pay tax for the value of its real estate, including improvements thereon, and personal property as now taxed in the city or cities, township or townships wherein it lies, at the same time and rate, and in the same manner, for the same purpose, and by the same person or persons, as other taxes are assessed in said city or cities, township or townships; provided, that no Proviso. other tax or impost shall be levied or assessed upon said company. fice. 14. And be it enacted, That said corporation shall possess Principal ofthe general powers and be subject to the restrictions of the act entitled "An Act concerning corporations," approved February fourteenth, eighteen hundred and forty-six, and the amendments thereto, so far as applicable and not inconsistent with this act; and shall hold its principal office in the county of Camden. injuries. 15. And be it enacted, That if any person shall wilfully Penalty for and maliciously do, or cause to done, any injury to the property or works of said company, or wilfully and maliciously impair, injure, destroy or obstruct this company in the use of the same, or of their boats, cars, machines and the like, the person so offending shall forfeit and pay to the said company three times the damage sustained by such offence, to be recovered by suit in the name of this corporation, with costs; and if any person shall force, or attempt to force, or otherwise to evade, in passing any gate, enclosure, or on any boat, carriage or car of the company, the established and lawful toll, such person or persons shall forfeit and pay Penalties for to the corporation five times the amount of legal toll, to be recovered in manner aforesaid, and nothing in this section shall prevent any person or persons offending under this section from being otherwise liable and punishable according to law. avoidance of toll. take effect. 16. And be it enacted, That this act shall take effect and when act to go into operation as soon as one thousand shares of said capital stock shall have been subscribed for, and a first installment of ten per centum paid thereon; and further, that if the said bridge and ferry and the said railroad, or some part thereof, be not commenced within three years and completed. within six years, then and in such case the franchises hereby given shall be annulled and become void. 17. And be it enacted, That this act shall take effect im- Limitation. mediately, and that the legislature may at any time alter, Commission. ers to open books of sub. scription. Election of directors. CHAPTER CCCLX. A Supplement to an act entitled "An Act to incorporate the Home Mutual Fire Insurance Company, Newark, New Jersey," ap. proved March twenty-fourth, eighteen hundred and sixty-nine. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Lucius H. Armstrong, Jeremiah O'Rourke, James D. Orton, Patrick Sheridan and Silas S. Williams shall be the commissioners to open the books for the subscription to the capital stock of said company, and that the said commissioners above named shall perform the duties and have all the powers mentioned in and conferred by the third section of the act of which this is a supplement. 2. And be it enacted, That as soon as fifty thousand dollars of the said capital stock shall have been subscribed, and paid in in cash, the subscribers to said capital stock may proceed to the election of a board of directors, which said board of directors shall then proceed to the election of a president and the appointment of such other officers as may be neces sary to manage the business of said company, who shall hold their respective offices at the pleasure of the directors; and the remaining fifty per centum of said capital stock so subscribed shall be paid in in cash within ninety days after the election of said directors as aforesaid, and said directors may proceed immediately after their election and organization aforesaid, to transact and carry on the business of said com pany, and the remaining capital stock up to one hundred thousand dollars shall be called in at such time as the directors may determine. Term of office 3. And be it enacted, That so much of the sixth section of of directors. said act as requires the directors, at their first meeting, to divide themselves into four classes of three each, and for the election thereafter of only three directors at each annual election, be and the same is hereby repealed; and that the directors of said company shall hold their respective offices for one year, and until others may be chosen, and any vacancy in the office of president or director may be filled by a majority of the directors at a meeting to be called as the by-laws may provide. 4. And be it enacted, That so much of the act to which Repealer. this is a supplement as is inconsistent with the provisions of this act, be and the same is hereby repealed. 5. And be it enacted, That this act shall take effect imme diately. Approved March 17, 1870. CHAPTER CCCLXI. An Act to incorporate the Union Insurance Company of New Jersey. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That all such persons as shall become stockholders in the capital stock hereinafter mentioned, their successors and assigns, are hereby made and constituted a body politic and corporate, by the name and style of "The Union Insurance Company of New Jersey," 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, whether in law or equity, and by that name may also have, purchase, possess and enjoy, and to them and their successors, lands, tenements and hereditaments, goods, chattels and effects, of what nature or kind soever necessary for the purposes of this corporation, and the same to grant, demise, alien, and dispose of at pleasure for the benefit of said company, and may also have a common seal, and alter and renew the same at pleasure, and also to create and establish such by-laws and Corporate name. Proviso. Amount of capital stock Election of directors. Officers. ers to receive regulations as shall seem necessary and expedient for the government of the said corporation, and put the same into execution; provided, the same be not contrary to the laws of this state or of the United States. 2. And be it enacted, That the capital stock of the said company shall be one hundred thousand dollars, divided into shares of one hundred dollars each, with the privilege to increase the capital stock to five hundred thousand dollars, and that one-half of the said capital stock of one hundred thousand dollars shall be paid in before it shall be lawful for said company to commence the business of insurance. 3. And be it enacted, That the business, property and affairs of said company shall be managed and conducted by such directors, not less than five nor more than fifteen in number, as may be elected for that purpose, a majority of whom shall form a quorum, which directors shall hold their office for one year and until others are chosen, and they shall at all times during their continuance in office be stockholders in their own right, said directors shall be elected on the first Monday in January in each and every year, at such hour of the day and at such place in the state of New Jersey as the board of directors for the time being shall direct, of which election two weeks public notice shall be given in a newspaper printed in the county of Union, in the state of New Jersey, and each share of stock shall entitle its owner to one vote at each election, to be given either in person or by proxy; and that the office and records of the company may be kept in the town of Cranford, in the county of Union, in the state of New Jersey. 4. And be it enacted, That the board of directors shall have power to appoint a president, secretary and treasurer and such other officers as they may deem necessary for carrying on the business of the company, and to allow them respectively such compensation for their services as may in their judgment be deemed reasonable. Commission- 5. And be it enacted, That Edgar Pierson, John M. C. subscriptions. Marsh, Robert A. Russell, are hereby appointed commissioners by whom, or either of them, books of subscription to the capital stock of said company may be opened upon three weeks' notice published in a newspaper printed in said county of Union, in the state of New Jersey, and the said commissioners, or either of them, shall, by a like notice, appoint the hour and place for holding the first election of directors. 6. And be it enacted, That it shall and may be lawful for May insure the said company to insure dwelling houses and all kind of against loss buildings and household furniture, and all other kinds of property of every name and description against loss or damage. by fire, upon such terms and conditions as shall be contained in the policy of insurance, and may also insure ships and other vessels, their cargoes, rights, interests and all other property against every description of casualty incident to marine and inland transportation. 7. And be it enacted, That all policies or contracts Policies of infounded thereon, which shall be made or entered into by said surance. company, may be either under or without the seal thereof, and shall be subscribed by the president or such other officer or officers as may be designated by the company for that purpose and attested by their secretary, and being so subscribed and attested shall be obligatory upon the company according to the tenor, intent and meaning of this act and of such policies or contracts. and personal estate. 8. And be it enacted, That it shall and may be lawful for May hold real said company to purchase and hold such and so much real estate as shall be necessary for their convenient accommodadation in the transaction of their business, and also to take and hold any real estate or securities mortgaged or pledged to said company to secure the payment of any debt which may be contracted with them, and also to proceed on said mortgages or other securities for the recovery of the moneys thereby secured either at law or in equity, and to purchase on sales made under such proceedings or otherwise to take and receive any real estate in payment or towards satisfaction of any debt or obligations previously contracted with or due said company and the said real estate to mortgage, sell, exchange or otherwise dispose of, and said company may invest their capital and accumulating premiums and other property from time to time, in public stocks, bonds, mortgages and such other securities as the directors may approve. ferable. 9. And be it enacted, That the stock of said company shall Stock transbe deemed to be personal property, and shall be assignable and transferable according to such rules and regulations as the directors may establish from time to time in the by-laws of said company. 10. And be it enacted, That it shall be lawful for the di- Dividends. rectors to make dividends of so much of the profits of the |