16. And be it enacted, That this act shall continue in force Limitation for the space of twenty years, but it shall and may be lawful for the legislature at any time to alter or repeal the same. take effect. 17. And be it enacted, That this act shall take effect imme- Act, when to diately. Approved, February 20, 1846: AN ACT to incorporate the American Mutual Fire and Marine 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Stephen G. Gould, William N. Names of corSimpson, Alexander N. Dougherty, Samuel P. Smith, Jonathan porators. Parkhurst, Chileon F. Decamp, Thomas B. Segur, Lewis C. Grover, Thomas V. Johnson, John Young, John W. Poinier, and Daniel Pierson and others, their associates and successors, are hereby constituted and declared to be a body corporate and pol itic, by the name of "the American Mutual Fire and Marine Style and geneInsurance Company," to be located at Newark, New Jersey; ral powers. 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 im pleaded, 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 seal, and may alter and change the same at pleasure; and also, they and their successors, by the name of the American Mutual Fire and Marine 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. 2. And be it enacted, That all persons who shall ensure in Persons ensure or with said company, shall be members of said corporation; ing to be men and the property and concerns of said corporation shall be conducted and managed by twelve directors (a majority of whom shall be citizens and residents of this state, and shall not Time and mode of annual elec tion of direct ors. hold a like office or agency in any other fire or marine 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. 3. And be it enacted, That an election for directors shall be held on the first Monday in February in every year, at the office of the company or such other place as a majority of the directors may previously designate; a public notice of the election shall be given by the secretary, in one or more newspapers printed in Newark, 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 election; and in ease 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 in February next; and, until the said election, the persons named in the first section of this act shall be directors of said company. 4. And be it enacted, That it shall and may be lawful for What property the said corporation to ensure their respective dwelling-houses, may be ensured. stores, shops, or other buildings, together with household fur niture, merchandise, and all other personal property, against loss or damage by fire; and also to take marine risks, and ensure against loss or damage at sea, and generally to ensure against all losses pertaining to fire and marine risks. 5. And be it enacted, That the directors for the time being, Powers and du- or a majority of them, shall have power to make and prescribe ties of directors. 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 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 by them shall be deemed proper, to which offices the directors shall be eligible; provided such bylaws, rules, and regulations shall not be repugnant to the constitution or laws of the United States or of this state. 6. And be it enacted, That it shall and may be lawful for ken for amount the officers of said corporation to take the notes or obligations Nores of memof the members for the amount, either in part or the whole, of bers may be ta the premium of ensurance, in proportion to the amount en- of ensurance. sured; which notes or obligations may be taken, subject to such rules and regulations as the board of directors, by their by-laws, may direct. dent. 7. And be it enacted, That at the first meeting of the direct- Directors to ors held after their election in each year, the directors shall choose a presichoose, from among 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 sufficient. made. 8. And be it enacted, That all policies of ensurance which shall be made by the corporation in pursuance of this act, shall Policies, how be made on such 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 assessments shall be approved of by a majority of the whole number of directors; provided, that such assessment shall not exceed the amount of the note or obligation given by each member; 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 all right and claim to any policy that he may have obtained, and be no longer a member of the association, and shall also be liable for the amount of such assessment, with interest, to be recovered by action of debt, with costs of suit, before any court of competent jurisdiction. 9. And be it enacted, That no money shall be drawn from Drafts on treathe treasury of the corporation, except for the purpose of pay- sury, &c. ing damages in cases of loss by fire or sea, and for other pur poses, to be provided by the by-laws, rules, and regulations of the company. 10. And be it enacted, That if any person ensured by the recorded. Transfers to be said corporation shall convey or assign the property ensured, it shall be lawful 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. 11. And be it enacted, That any person or persons ensured by said corporation, may maintain an action at law against the same, for losses and damages due to him, her, or them from said corporation, if payment is withheld for more than ninety days after the amount of such losses shall 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, that if the directors agree to rebuild or replace the property lost or damaged, in such case a reasonable time shall be allowed them. 12. And be it enacted, That this act shall continue in force twenty years, and no longer, unless the charter is renewed; and it shall be lawful for the legislature at any time to amend, alter, 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 settlement. 13. And be it enacted, That no part of the funds of said corporation shall be used for banking purposes. 14. And be it enacted, That this act shall take effect immediately. Approved, February 20, 1846. AN ACT authorizing the board of chosen freeholders of the county of Mercer to equalize the taxes of townships in said county. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the township committee of any Township com- township in the county of Mercer, who believe their township inittee may ap- to be unjustly and improperly taxed by the board of assessors, in the apportionment of the taxes of the different townships peal. in said county, shall be, and they are hereby authorized to ap peal from such assessment to the board of chosen freeholders of the said county, at their next annual meeting, giving notice of such intention, by advertising the same in any newspaper circulating in said county, for thirty days previous to such annual meeting of the board of chosen freeholders. es. 2. And be it enacted, That the board of chosen freeholders Board of cho of said county, at such annual meeting, shall examine the as- sen freeholders to equalize tax sessment list or roll of such township so appealing, and the respective assessment lists of the several townships in said county, for the purpose of ascertaining whether the quota of tax apportioned to any township, in such previous year, bore a just relation to the amount of tax to be raised by said county; and they may increase or diminish the aggregate valuation of the taxable property in any township, by adding or deducting such sum as may, in their opinion, be necessary to produce a just relation between all the valuations of taxable property in said county for the preceding year, but they shall not reduce the aggregate valuations of all the townships below the aggregate valuations for said county, as made by the assessors. and determina^; 3. And be it enacted, That whenever the board of chosen Board to make freeholders shall alter and correct the quota of tax of any out a statement township or townships for the preceding year, they shall make tion. out a statement and determination of the correct quota of the respective townships for the preceding year, specifying the amount of excess or deficiency in the quota of tax of each township, which statement and determination shall be entered in the minutes of the board; and they shall direct a copy of such statement, certified by their clerk to be a true copy, to be furnished to the board of assessors at their annual meeting for the current year; and such board of assessors shall cause the excess of tax apportioned to any township in the preceding year, to be deducted from the quota of tax to be raised by such township for the current year, and the deficiency of any township to be added to its quota for the current year. 4. And be it enacted, That this act shall take effect imme- Act, when to diately. Approved, February 20, 1846. take effect. |