insurance. 6. And be it enacted, That all policies or contracts founded Policies of 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. insurance 7. And be it enacted, That every person who shall become Payment of insured in said company shall before he receives his or her money. 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 on interest their moneys or any part thereof, not immediately wanted for the purposes of said corporation on bonds and mortgage, on real estate, government or other stocks, and may from time to time call in such money or change such investments. Policy may dered when be surren property is 8. And be it enacted, That when any property insured by the said corporation shall be alienated by sale or other wise, the policy of such insurance may be surrendered to alienated. the directors of said company to be cancelled, and upon such surrender the assured shall be entitled to receive his note or notes upon the payment of his proportion of all losses, risks 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. Company to have lien on property insured. Annual estimate to be made. Members entitled to their propor fits. 9. And be it enacted, That all vessels or cargoes insured by said company are hereby pledged to said company, and the said company shall have a lien thereon in the nature of a bottomry and respondentia, and 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 succes sive 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 certificate of receive a certificate for his proportion of the profits, if any, tion of pro- 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 sums 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 to payment 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. Fxcess may be applied of cates. maintained Suits may be 13. And be it enacted, That suits at law or in equity may be maintained by said corporation against any of its mem against deposit bers for the collection of their deposit notes or any part members for thereof, or for any other cause relating to the business of notes. 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 individual 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. insurances. 14. And be it enacted, That especial insurances may be Especial taken without the parties thereto becoming members of said corporation, if desired by the insured. cies may be 15. And be it enacted, That no policy shall be issued by When polisaid company until application shall be made for insurances issued. to the amount of fifty thousand dollars at least. business. 16. And be it enacted, That the operations and business Place of of the corporation shall be carried on and conducted at such place in Millville, in the county of Cumberland, 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. forty years, 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 8, 1859. Twenty ninth sec. of ed. CHAPTER LXI. AN ACT to amend an act entitled "An act to establish the city of 1. BE IT ENACTED by the Senate and General Assembly of act amend the State of New Jersey, That the words "as they are by section twenty-five of this act," in section twenty-nine of the act entitled "An act to establish the city of Elizabeth,” be and the same are hereby amended so as to read "as they are by section twenty-six of this act," and by the act entitled "An act to make taxes a lien on real estate in the township of Elizabeth in the county of Essex, and to authorize the sale of the same for the payment of the same." Offices of sheriff, clerk, and collector abolished. Fourth sec. of act amended. Oath or affirmation. Proceedings in case of non payment of taxes. 2. And be it enacted, That so much of the act entitled "An act to establish the city of Elizabeth" as provides for and directs the election of a sheriff, a clerk of the court of general sessions and a collector of arrears of taxes, be and the same is hereby repealed, and the said offices be and they are hereby abolished. 3. And be it enacted, That the words "as many constables as the court above mentioned shall designate," in section four of the said act, be and they are hereby amended so as to read "as many constables as the city council shall designate." 4. And be it enacted, That the oath or affirmation required by the thirty-seventh section of the said act, shall be filed in the office of the city clerk within twenty days after the said election. 5. And be it enacted, That the collectors of the respective wards of the said city, in case of the non-payment of taxes at the time appointed by law for the payment of the same, shall make out a list of the names of the delinquents in their ward, with the sums due from them respectively thereto annexed, and deliver the same to a justice of the peace of the county, on or by the twenty fifth day of October in every year, from which date they shall be chargeable with interest at the rate of twelve per cent. per annum; and the said justice of the peace having first administered the oath or affirmation, as provided by law in the case of taxes in townships, shall, issue thereon a warrant which shall be directed to the collector of the ward, requiring him to levy the tax so in arrear, with interest and costs, by distress and sale of the goods and chattels of the delinquent, giving at least four days' notice of the time and place of such sale by advertisements set up in three of the most public places in the ward; and in case the said collector cannot find sufficient goods and chattels of said persons whereof the tax or taxes due from them respectively, with all the costs, interest and fees can be made, and in case there are no lands and real estate of said persons within the said city whereof to make the same, then the said warrant shall further direct that the said collector shall take such further proceedings to be set forth in said warrant as are mentioned in the eighteenth section of the act entitled "An act concerning taxes," and make return thereof in sixty days, which warrant the said justice before delivering thereof to said collector shall record in his docket. pay over 6. And be it enacted, That it shall be the duty of the said Collector to collector to pay over from time to time and at least once moneys. in each week, without delay, all moneys received by him to the treasurer of the city; and within sixty days from the date of any warrant directed and delivered to him as fully as practicable, to execute the same and make return thereof to the justice who issued the same, with a full return of all his proceedings thereon; and at the same time to make a full return and statement to the city council, setting forth the amount of money received by him thereon; and each of the said collectors shall be liable to the city council for the amount of taxes stated in any such. warrant directed and delivered to him respectively, with interest, or for any such part thereof as shall not have been |