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SEC. 2. As soon as the road of said company shall be completed, it shall be the duty of the said company to make out a statement, to be verified by the oath or affirmation of the president and treasurer, showing the actual amount of the capital stock expended in the construction thereof, and file the same in the office of the secretary of state; and it shall be the duty of the treasurer of said company to make to the treasurer of this state an annual statement, under oath or affirmation, at the end of each and every year from the completion of said, road, during the continuance of the charter of the said company, of the amount of the net earnings of the railroad for the next preceding year.

SEC. 3. The legislature, at any time hereafter, may alter, modify, or repeal this act.

Approved, April 1, 1845.

rators.

Style of incorporation.

General pow

ers.

AN ACT to incorporate the Somerville Mutual Fire Insurance
Company..

BE IT ENACTED by the Senate and General Assembly of the
State of New Jersey, as follows:

SEC. 1. Thomas A. Hartwell, Joshua Doughty, Pethuel MaNames of corpo- Steele, and others, their associates and successors, are hereby son, Eugene S. Doughty, John W. Vanarsdale, William G. constituted and declared to be a body corporate and politie, by the name of "the Somerville Mutual Fire Insurance Com pany" and, by that name, they and their successors shall and may have succession during the continuance of this act; and shall be capable of suing and being sued, pleading and being impleaded, answering and being answered unto, defending and being defended, in all manner of actions, suits, complaints. matters, and causes whatever; and they and their successors may have a common scal, and may alter and change the same at pleasure; and also they and their successors, by the name of the Somerville Mutual Fire Insurance Company, shall be, in law, capable of purchasing, holding, and conveying any estate, real and personal, for the uses of the said corporation; provided the said estate, which it shall be lawful for the said corporation to hold, be only such as is necessary for the corporation, in the transaction of the business thereof, or such as shall be

taken as security for, or in payment of debts; nor shall the yearly income of such real estate exceed three thousand dollars.

bers.

SEC. 2. All persons who shall ensure in or with said com- Persons ensurpany, shall be members of said corporation; and the property ing to be memand concerns of the said corporation shall be conducted and managed by nine directors (all of whom shall be citizens of this state, and shall not hold a like office or agency in any other ensurance company), to be chosen, by ballot, by and from among the members, and shall hold their office for one year and until others are chosen.

Time and mode

SEC. 3. An election for directors shall be held on the first Monday in April of every year, at the office of the company, of election of or such other place as a majority of the directors may pre- directors. viously designate; a public notice of the election shall be given by the secretary, in one or more newspapers printed in Somerville, at least two weeks previous to the time of holding the election; and if any of the directors shall die, or refuse to serve, or neglect to act in their said office for the space of three months, successively, then and in every such case the remaining directors shall have power to fill such vacancy or vacancies until the next clection; and in case it should happen that an election for directors should not be held on the day when pursuant to this act it ought to have been held, the said corporation shall not for that cause be dissolved, but it shall and may be lawful on any other day to hold such election; provided, that the first election for directors shall be held on the first Monday of May next; and the directors, when elected, shall continue in office until the first Monday of April thereafter, of which said last mentioned election, previous public notice shall be given, in one or more newspapers printed in Somerville, for at least two weeks.

SEC. 4. It shall and may be lawful for the said corporation What property to ensure their respective dwelling-houses, stores, shops, or may be ensured other buildings, together with household furniture, merchan

dise, and all other personal property, against loss or damage by

fire.

SEC. 5. At the annual meeting of the said corporation, or Powers and duat any general meeting of the same (which general meeting ties of directors may be called by any three directors), it shall be lawful for a majority of the members present to make and prescribe such by-laws, rules, and regulations, as to them shall appear needful and proper for the management and disposition of the property, estate, and effects of the corporation, for the regulation of the mode of effecting ensurance in said corporation, and of valuation of property ensured or to be ensured thereby, and to

Proviso.

President and

chosen.

fix rates of ensurance and fees of officers, and for such other matters as appertain to the business of the said corporation; and shall have power to appoint a secretary, surveyor or surveyors, appraiser or appraisers, and such additional officers, agents, or servants, as to them shall be deemed proper, to which offices the directors shall be eligible; provided, that a majority of the members present at such annual or general meeting may, by resolution, vest any or all of the powers given in this section in the board of directors; and provided, that such by-laws, rules, and regulations shall not be repugnant to the constitution of the United States and to the constitution and laws of this state.

SEC. 6. At the first meeting of the directors, held after their election in each year, the directors shall choose, from among treasurer, how themselves, one person for president, who shall continue in office until the next annual meeting and until another shall be chosen in his place; they shall also elect a treasurer, and require of him to give bond to the corporation for the faithful performance of his duty, for such sum as to them shall appear to be sufficient.

Assessments on

and how made.

SEC. 7. All policies of ensurance which shall be made by the corporation in pursuance of this act, shall be made on such members, when terms and conditions, and for such periods of time, and confined to such places, as shall be from time to time ordered and prescribed by the by-laws, rules, and regulations of said corporation; and if, at any time, it shall so happen that there shall be just claims on the corporation for losses sustained, or other liabilities, to a greater amount than they have funds to discharge, in such case the directors for the time being shall, with all convenient expedition, proceed to assess such deficiency, in a ratable proportion, on the members of the corporation, or their representatives, according to the amount of each member's ensurance, which rates or assessment shall be approved of by a majority of the whole number of directors; and notice in writing shall be given, by the secretary, to each member, or his representative, of his assessment, and the amount by him, her, or them to be paid; and each and every member, or his representative, so notified, shall pay the same to the treasurer for the time being within sixty days after such notification, and in default thereof, shall forfeit double said rates, and all their right and claim to any policy that they may have obtained, and be no longer members of the corporation. but shall be liable to a recovery of the amount of such rate or assessment, by action of debt, with costs of suit, in any court of competent jurisdiction.

Money not to be drawn from

treasury, except for damages.

SEC. 8. No money shall be drawn from the treasury of the corporation, except for the purpose of paying damages in cases

of loss by fire, and for other purposes to be provided by the by-laws, rules, and regulations.

SEC. 9. If any person ensured by the said corporation shall Policy may be convey or assign the property ensured, it shall be lawful transferred. for such person to assign to the purchaser the policy of ensurance; but the corporation shall not be bound by such policy, after such assignment, until the assignment shall have been recorded in the books of the corporation, and the same certified on such policy by the secretary.

withheld.

SEC. 10. Any person or persons ensured by said corporation, Company may may maintain an action at law against the same, for losses and be sued in case damages due to him, her, or them from said corporation, if ent is payment is withheld for more than ninety days after the amount of such losses shal! have been ascertained, and the said corporation notified thereof; no member of the corporation, not being in his own individual capacity a party to such suit, shall be incompetent as a witness; provided the directors do not agree to rebuild or replace the property lost or damaged, in which case a reasonable time shall be allowed them.

Act may be al

SEC. 11. This act shall not continue in force longer than twenty years, and it shall be lawful for the legislature at any tered, &c. time to amend, modify, or repeal the same; provided, that no contract made by said corporation before such repeal, shall be affected thereby; and the said corporation shall have a reasonable time to bring their accounts to a final settleinent.

SEC. 12. This act shall take effect immediately after it be- Act, when te comes a law.

Approved, April 1, 1845.

take effect.

A supplement to an act entitled, "An act to establish a new township in the county of Gloucester, to be called the township of Spicer," passed January twenty-sixth, eighteen hundred and forty-four.

BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, as follows:

SEC. 1. The name of the township of Spicer, in the county Corporate name of Gloucester, shall be changed to Harrison, and the inhabi- of township tants of said township shall hereafter be styled and known by changed.

Part, of former act repealed.

the name of "the Inhabitants of the township of Harrison, in the county of Gloucester."

SEC. 2. All parts of the act to which this is a supplement, not consistent herewith, shall be, and the same are hereby repealed; and this act shall take effect immediately after it becomes a law.

Approved, April 1, 1845.

Annual tax to be paid.

Statement of

be inade.

AN ACT modifying the charter of the Paterson and Rama po
Railroad Company.

BE IT ENACTED by the Senate and General Assembly of the
State of New Jersey, as follows:

SEC. 1. It shall be the duty of the treasurer of the Paterson and Ramapo Railroad Company to pay to the treasurer of this state, annually a tax of one half of one per centum upon their capital stock expended, until the net earnings of the railroad shall amount, annually, to six per centum upon the cost thereof, and from and after that time a tax of one per centum; and that such payments shall be received and taken in full discharge and satisfaction of the transit duties of five cents a passenger, and eight cents a ton, provided for in the twenty-second section of their act of incorporation.

SEC. 2. As soon as the road shall be completed, it shall be the duty of the said company to make out a statement, to be cost of road to verified by the oath or affirmation of the president and treasurer, showing the actual amount of the capital stock expended in the construction thereof, and file the same in the office of the secretary of state; and it shall be the duty of the treasurer of said company to make to the treasurer of this state an annual statement, under oath or affirmation, at the end of each every year from the completion of said road, and during the continuance of the charter of the said company, of the amount of the net earnings of the railroad for the next preceding year.

Act may be repealed, &c.

SEC. 3. The legislature, at any time hereafter, may alter, modify, or repeal this act.

Approved, April 1, 1845.

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