Disposition of proceeds of sale. Proviso. sales to be filed with surrogate. Guardian to give bond to Ordinary. Sec. 2. And be it enacted, That one-third of the said pur chase money shall be and remain secured, by bond an mortgage, on the said property, when so sold as aforesaid for the use and benefit of the said Sarah A. Mershon, sh to receive the available interest thereof, for and during he natural life, in satisfaction of her right of dower in th same; provided, that in case, after the said infants arriv at lawful age, they should extinguish the widow's righ by purchase or otherwise, they shall be empowered to col lect and receive the purchase money secured by such bon and mortgage. Sec. 3. And be it enacted, That the said William P. For man shall keep a full, fair and just account of the sale o sales, by him made by virtue of this act, and of the cost and expenses thereof; and shall exhibit the said account under oath or affirmation, to the Orphans' Court of the county of Monmouth, within six months after such sale or sales shall be made, to be approved by the said court, and filed in the surrogate's office of the said county; and the said William P. Forman after deducting from the twothirds of the proceeds of the said sale or sales, all necessary costs and expenses, and such reasonable commissions as shall be allowed by the said court, shall invest the residue of the said two-thirds of the said purchase money, under the direction of the said Orphans' Court of the county of Monmouth, for the benefit of the said infants. Sec. 4. And be it enacted, That the said William P. Forman before making such sale, shall enter into bond to the Ordinary of this State, in such sum, and with such security, as the said Orphans' Court shall direct and approve, conditioned for the faithful performance of the duties enjoined by this act which said bond shall be deposited in the office of the surrogate of the said county of Monmouth; and in case the said bond shall become forfeited, it shall and may be lawful for the said Orphans' Court to cause the same to be prosecuted, at the request and for the benefit, and at the proper costs and charges of any person or persons aggrieved by such forfeiture. Passed February 28, 1842. AN ACT respecting the Volunteer Company called the Lam- Sec. 1. BE IT ENACTED by the Council and General As- be made to Sec. 2. And be it enacted, That at the meeting of said com- Return of pany on the Tuesday preceding the regimental training, the state of captain or commanding officer of the said company shall make company to a return of the state of said company, their arms and equip-Brigade ments, and deliver the same to the Brigade Major, at the Major. regimental training, to be incorporated in his return of the regiment; and in all other respects, the said company shall be subject to the laws and regulations provided for the government of the militia generally. effect immediately. Sec. S. And be it enacted, That this act shall go into ope- Act to take ration immediately after the passage thereof. Passed March 1, 1842. AN ACT for the relief of the stockholders of the Morris and Essex Rail Road Company. loan money to Sec. 1. BE IT ENACTED by the Council and General As- Railroad' sembly of this State, and it is hereby enacted by the authority companies of the same, That it shall be lawful for any incorporated authorized to rail-road company in this state, to aid the stockholders or Morris & Esproprietors of The Morris and Essex Rail Road Com- - sex Railroad pany" in constructing or repairing their rail road, by loan Company. of money, credit, or other means, as may be agreed on by the parties, and as may be necessary and proper for the construction or repair thereof; Provided always, that such loan be assented to by the owners of two-thirds of the Proviso. not to be mortgaged. stock represented at a meeting of the stockholders of the Morris and Essex Rail Road Company and of the company proposing to make said loan, called upon the like notice as the annual meeting of the stockholders of said company is required to be called; and all bonds and evidences of debt, with all mortgages and pledges given to secure the re-payment of such loan, shall be valid in law and equity. Sec. 2. And be it enacted, That it shall not be lawful to Parts or por. Subdivide the corporate franchises and privileges incident tions of road, to the corporation, by mortgaging any separate portion or portions of the line of the road; and in the event of any sale under a decree of foreclosure, or judgment, no division of said road into separate parts shall be permitted, but the whole line of said road shall be held to be indivisible; and the purchaser or purchasers shall be invested with all the franchises, powers, privileges, and rights, which, by the charter, were conferred on the corporators, subject, nevertheless, to all the restrictions, conditions and limitations, contained therein. in case of sale of Morris & Essex Rail Sec. s. And be it enacted, That if at any time hereafter Privileges of the rail road of the said "The Morris and Essex Rail stockholders Road Company," with the privileges, appendages, and appurtenances thereunto belonging, and the chartered rights and franchises of said company shall be sold by virtue of any judgment or decree, the stockholders of said company, or so many thereof as shall within thirty days after such sale elect so to do, by notice in writing to the treasurer of the said company, shall have the right and privilege, within forty days after such sale, to redeem the same by paying the amount for which the same were sold, out of their own private funds, with the interest thereon; and thereupon the stockholders so electing and paying, shall be entitled to the said rail road, with the privileges, appendages, and appurtenances, to the same belonging, and all the chartered rights, franchises and stock of said company, in proportion to the sums by them respectively advanced for such redemption. Public act to take effect immediately. Sec. 4. And be it enacted, That this act shall be deemed and taken to be a public act, and shall go into effect immediately after the passage thereof. Passed March 1, 1842. A SUPPLEMENT to an Act entitled "A Further Supplement to the act entitled An Act to establish and confirm the charter rights and privileges of the Borough of Elizabeth.'" Part of former Sec. 1. BE IT ENACTED by the Council and General Assembly of this State, and it is hereby enacted by the authority of the same, That so much of the further supplement to the act act repealed. entitled "An Act to confirm the charter rights and privileges of the Borough of Elizabeth," as relates to and includes the townships of Westfield and Rahway, be and the same is hereby repealed. Provided always, That this act shall not apply to, or have operation upon any suit or proceeding of a civil or criminal nature now pending in said Courts, or either of them, nor to any process, original, mesne or final, already issued out of either of the said Courts. But all such suits may be proceeded in to hearing, trial and final judgment, and execution issue thereon; and process issuing out of either of the said Courts shall be served by the proper officer in the said Townships of Rahway and Westfield as fully as if this act had never passed; and the said Courts shall possess the same power to enforce obedience to any such process as it possessed before the passage of this act Passed March 1, 1842. Proviso. AN ACT to incorporate the Trenton Insurance Company, in the county of Mercer. Section 1. BE IT ENACTED by the Council and General Assembly of this State, and it is hereby enacted by the authority of the same, That all such persons as shall become stockholders in the capital stock hereinafter mentioned, their successors and assigns are hereby constituted and made a body corporate and politic, by the name and style of The Style of inTrenton Insurance Company" and by that name shall be known in law, and have power to sue and be sued, and to corporation. What prop insured. dispose of the same forthwith, as the directors by resold tion, shall direct. Sec. 9. And be it enacted, That it shall and may be lawfu erty may be for the company to insure houses and other buildings an personal property against loss or damage by fire, and shal be liable to make good all losses sustained by fire, agreea bly to such terms and conditions as shall be contained in the policy of insurance. Regulations respecting policies. Sec. 10. And be it enacted, That all policies or contract founded 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 president pro tempore, or by such other officer as may b designated for that purpose by the said company, and attested by the secretary, and being so subscribed and attested, shall be obligatory upon the said company, according to the tenor, intent and meaning of this act, and of such policies or contracts; and all such policies and contracts so made, subscribed, attested and executed, and the loans and other business of the company may be made, conducted and carried on without the presence of the whole board of directors, but by such committees or otherwise as the board may authorize, and the same shall be binding on the company. Sec. 11. And be it enacted, That for the well regulating President and and conducting of the election of directors, the president directors to and directors for the time being, shall previously there to appoint judges of election. appoint three stockholders, not being directors, to be judges of the election, who shall conduct and regulate the same; and seven stockholders shall constitute a quorum for the transaction of business, notice of the meeting being given to all. Meetings, how called, What real estate may be held. Sec. 12. And be it enacted, That the board of directors, or fifteen stockholders being proprietors of at least one half of the stock, may at any time call a meeting of the stockholders for the transaction of the business of the said company, previously advertising the time and place of such meeting, for at least two weeks, in the newspapers printed in Trenton, and mentioning the object of such meeting. Sec. 13. And be it enacted, That it shall and may be lawful for the said company to purchase and hold such and so much real estate as shall be necessary for their convenient accommodation in the transaction of their business; and also to take and hold any real estate, or securities bona fide mortgaged or pledged to the said company, to secure the payment of any debt which may be contracted with said company; and also to proceed on the said mortgages or |