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

diately.

Approved March 1, 1859.

Provisions

of former

ed.

CHAPTER XLIV.

A SUPPLEMENT to the act entitled "An act respecting the Court of

Chancery."

1. BE IT ENACTED by the Senate and General Assembly of act extend the State of New Jersey, That the forty-second section of the act entitled "An act to simplify the pleadings and practice in courts of law," approved March seventeenth, eighteen hundred and fifty-five, be and the same is hereby extended to suits and decrees in the court of chancery.

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

Approved March 1, 1859.

CHAPTER XLV.

AN ACT to extend the charter of the Salem Banking Company.

extended.

1. BE IT ENACTED by the Senate and General Assembly of Charter the State of New Jersey, That the act entitled "An act to incorporate the Salem Steam Mill and Banking Company, in the county of Salem," passed the sixth day of November, one thousand eight hundred and twenty-two, and the supplement thereto, passed the eleventh day of November, one thousand eight hundred and twenty-five, together with an act entitled "An act to extend the charter of the Salem Banking Company," passed the fourth day of March, one thousand eight hundred and forty-one, be and the same are hereby continued and extended for and during the term of twenty years from and after the time by the said act limited for its continuance, at which time this act shall take effect.

liable for

notes.

2. And be it enacted, That if the said corporation shall at Assets to be any time hereafter become insolvent, the whole assets of payment of the said corporation at the time of its becoming insolvent, shall be first liable for its bills and notes then in circulation, and shall be first applied to the payment thereof, and in case of a distribution of the assets of said corporation among the creditors thereof, under the order or decree of the court of chancery, or other court, the holders of such bills or notes shall be equal in priority and shall have preference over all other creditors.

directors.

3. And be it enacted, That all the directors of said corpora- Liability of tion shall be residents of this state, and shall be jointly and severally liable for the payment of all the bills or notes of said corporation which may be in circulation at the time of its becoming insolvent, and may be jointly or severally prosecuted at law or in equity, by any receiver or receivers. that shall or may be appointed, for the payment of any such bills or notes, as if the same were their joint and

Proviso.

Amount of assets to be

rata.

several bills or notes, executed by them in their individual capacity; and it shall not be lawful for any director of said corporation to resign his office to avoid such liability; and if any director shall so attempt to resign his office, he shall be and continue liable the same as if no resignation had been attempted; and such liability of directors shall continue after they ceased to be directors, either by resignation or otherwise, if the said corporation was insolvent when they ceased to be directors; and it shall not be lawful for any director to assign or transfer his stock or other property to avoid such liability; and in case of the payment of any such bills or notes by any of said directors, the other directors who may be liable shall account in the same way as other joint debtors are accountable to each other; provided, that no property that shall or may be levied on or taken in execution, under or by virtue of any judgment or decree in favor of any receiver or receivers under the provisions of this act, shall be sold until after the expiration of four months from the date of said judgment or decree.

4. And be it enacted, That if the assets of said corporation. divided pro and the property of said directors shall prove insufficient to redeem the whole of the said bills and notes, then the amount that shall or may be realized from said assets and property shall be distributed ratably among the holders of the said bills and notes.

Liability of stockhold

ers.

Proviso.

5. And be it enacted, That the stockholders of said corporation at the time of its becoming insolvent, other than said directors, shall be jointly and severally liable to any receiver or receivers that shall or may be appointed as aforesaid, to an amount sufficient to redeem the said bills and notes after the assets of said corporation and the property of said directors shall have been distributed as aforesaid; provided, that no stockholder, other than said. directors, shall be made liable to an amount exceeding the par value of the stock held by him at the time said corpo ration becomes insolvent; and if that amount shall not be required for the full redemption of said bills and notes,

then the said stockholders shall be liable in the ratio of the said stock so held by them, and it shall not be lawful for any such stockholder to assign or otherwise transfer his stock or other property to avoid such liability.

against di

stockhold

6. And be it enacted, That in case of an action or suit at Actions law against any director or directors, stockholder or stock- rectors or holders, under any of the preceding sections of this act, the ers. receiver or receivers may declare generally for money had and received; provided, that a schedule shall be annexed to Proviso. the said declaration, setting forth that the said action or suit is under and by virtue of the provisions of this act, specifying the aggregate amount claimed, the names of the president and cashier subscribed to the bills or notes declared on, and the numbers and denominations thereof. Approved March 1, 1859.

CHAPTER XLVI.

AN ACT to confirm the last will and testament of Joseph Bosenbury, of the county of Hunterdon.

WHEREAS, Joseph Bosenbury, late of the township of Preamble. Amwell, in the county of Hunterdon, and state of New Jersey, did, in his lifetime, make and execute his last will and testament, in writing, under his hand and seal, bearing date the twentieth day of April, in the year of our Lord one thousand eight hundred and thirty-five;

Will con

firmed.

AND WHEREAS, said last will and testament was admitted to probate, and letters testamentary issued to Elizabeth Bosenbury and John Bosenbury, the executors named in said last will and testament, on the twenty-seventh day of September, in the year one thousand eight hundred and thirty-six; AND WHEREAS, the said executors have ever since acted under the said last will and testament, with the approval of all interested in said estate as appears by a petition of the heirs at law of the said Joseph Bosenbury; AND WHEREAS, the said last will and testament, in consequence of legal advice given by the person who drew the said will and testament, was attested by but two witnesses; therefore,

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the last will and testament of the said Joseph Bosenbury, deceased, bearing date the twentieth day of April, in the year one thousand eight hundred and thirty five, be and the same is hereby, in all things confirmed; and that said last will and testament, and the grants and bequests therein contained, as also all acts and conveyances made, or that may hereafter be made by the said executors, or the survivor of them, in pursuance of the directions of the said last will and testament, shall be and the same are hereby declared to be as good and effectual in law, to all intents and purposes, as if the said last will and testament had been executed, published, signed and declared in the presence of three subscribing witnesses.

Approved March 1, 1859.

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