completed and in use within five years from the fourth day of July next, then and in that case this act shall become void. 20. And be it enacted, That this act shall take effect immediately.

Approved April 15, 1868.

CHAPTER CCCCXLII.

An Act to incorporate the Cumberland Mutual Life Insurance
Company.

1. BE IT ENACTED by the Senate and General Assembly of Corporators. the State of New Jersey, That David P. Elmer, Uriah D. Woodruff, Jesse D. Claypoole, William G. Nixon, John B. Bowen, Alexander Stratton, Henry B. Lupton, Stephen G. Porch, William E. Potter, Charles E. Elmer, Joel Fithian, Horatio J. Mulford, James B. Ferguson, George F. Nixon, James M. Hanna, Joseph K. Riley, George W. Hilyard, Edwin Stokes, Charles P. Stratton, James H. Nixon, Hazon Z. Ellis, Reuben Townshend, George Gandy, Ellis A. Davis, George S. Whitaker, and others, their associates, successors and assigns, shall be, and are hereby ordained, constituted and declared to be a body politic and corporate, in fact and in name, by the name of "The Cumberland Mutual Life In- Name. surance Company," to be located at Bridgeton, in this state, 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 ued, 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 that they and their successors may have a common seal, and may alter and change the same at pleasure; and also, that they and their successors, by the name of "The Cumberland Mutual Life Insurance Company," shall be in law capable of purchasing, holding and conveying any estate, real or personal, for the use of said corporation; provided, the lands, tenements and heredita- Proviso. ments which it shall be lawful for the said corporation to

All persons insured made

company.

rectors.

hold, be only such as shall be requisite for the purpose of erecting buildings thereon in which to meet and transact the business of the corporation, or such as shall have been bona fide mortgaged to it by way of security, or conveyed to it in satisfaction of debts previously contracted in the course of its business, or purchased at sales on judgments or decrees, which shall have been obtained for such debts; and with regard to all such lands, tenements and hereditaments so to be held by the said corporation as aforesaid, except such as may be for its immediate accommodation as aforesaid, or such as it may hold by way of mortgage, and whereof the actual possession shall be and remain in the mortgagers, their heirs and assigns, the corporation shall be bound to sell and dispose of respectively, within five years after it shall acquire the same, and shall not be capable of holding the same after the expiration of five years.

2. And be it enacted, That all persons who shall at any members of time hereafter insure in or with the said association, shall, while they continue so insured, be deemed and taken as members of the said corporation; and the property and concerns of the said corporation shall be conducted and managed by Election of di- twenty-five directors, a majority of whom shall be citizens and residents of this state, to be chosen by ballot by and from among the members, and shall hold their office for one year and until others are chosen; and said directors and officers may always be re-elected, and the election for directors shall be held on the third Monday in January in every year, at the office of the company, or such other time and place as a majority of the directors may previously designate, public notice of which shall be given by the secretary, in the news papers printed or published in the county of Cumberland, at least two weeks previous to the time of holding such election; and if any of the said directors shall die, refuse to serve, or neglect to act in their said office for the space of two months, then and in every such case the remaining directors shall have power to fill such vacancy or vacancies until the next annual election; and in case it shall happen that an election for directors should not be held on the day when pursuant to this act it ought to be held, the said corporation shall not be dissolved for that cause, but it shall and may be lawful to hold an election for directors pursuant to law; and until an election for directors shall be held according to the provisions of this act, the persons named in the first section of this act

shall have the direction and management of the said corporation.

lives of indi

3. And be it enacted, That it shall and may be lawful for May insure the said corporation to insure their respective lives, and to viduals. make all and every insurance appertaining to or connected with life risks of whatever kind or nature, as well of the sound in health as the infirm or invalid.

woman may

of her hus

4. And be it enacted, That it shall be lawful for any mar- Any married ried woman, by herself and in her name, or in the name of insure the life any third person, with his assent as her trustee, to cause to band. be insured for her sole use the life of her husband for any definite period, or for the term of his natural life; and in case of her surviving her husband, the sum or net amount of the insurance becoming due and payable by the terms of the insurance shall be payable to her, to and for her own use, free from the claims of the representatives of her husband, or of any of his creditors; but such exemption shall not apply when the amount of premium annually paid shall exceed three hundred dollars.

may be made

death of mar

5. And be it enacted, That in case of the death of the wife Insurance before the decease of the husband, the amount of the insurance payable after may be made payable after death to her children for their ried woman to use, and to their guardian if under age.

her children.

mlum notes

6. And be it enacted, That it shall and may be lawful for May take prethe officers of said corporation to take the notes or obligations for insurance. of the members for the amount, either in part or the whole of the premium of insurance, in proportion to the amount insured.

directors.

7. And be it enacted, That the directors for the time being, Powers of or a majority of them, shall have power 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 stock, property, estate and effects of the said corporation, and for all such matters as appertain to the business thereof; and shall have power to appoint an actuary from among themselves, and such other additional officers, clerks and servants for carrying on the business of said corporation as they may select, with such compensation as to them shall appear just and satisfactory; provided, that such by-laws, Proviso. rules and regulations shall not be repugnant to the constitution or laws of the United States or of this state.

be chosen au

8. And be it enacted, That at the first meeting of the di- President to rectors held after the organization of this company, and at nually.

Policies of insurance.

Proviso.

Meetings of directors.

Not to engage in banking.

Act may be repealed.

every annual meeting of the members in each year after, the directors shall choose from among themselves one person for president, who shall continue in office until the next annual meeting, and until another shall be appointed in his place.

9. And be it enacted, That all policies of insurance which shall be made by the said corporation, in pursuance of this act, shall be made on such terms and conditions, and for such period of time, and confined to such persons, 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 to a greater amount than they have funds on hand to discharge, in such cases 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 association, or their lawful representatives, according to the amount of each insurance; provided, that such amount shall not exceed the amount of the note or obligation given by each member, which rates or assessments shall be approved of by a majority of the directors; and notice in writing shall be given to each member, or his lawful representative, of the assessment and amount by him, her or them required to be paid; and each and every member, or his lawful 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.

10. And be it enacted, That three or more of the directors. shall have power to call a meeting of the directors by giving notice in newspapers published and circulating in the county of Cumberland, at least ten days before said meeting.

11. And be it enacted, That no part of the funds of said corporation shall be used for banking purposes.

12. And be it enacted, That it shall be lawful for the legis lature at any time hereafter to alter, amend, modify or repeal this act.

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

Approved April 15, 1868.

CHAPTER CCCCXLIII.

A Supplement to "An Act concerning roads."

repairs to

to

1. BE IT ENACTED by the Senate and General Assembly of Additional the State of New Jersey. That the legal voters of any road money may be district in the township of Westfield, Union county, at their be raised for annual meeting for the election of overseers, are hereby roads. authorized to raise any such additional money over and above the township appropriation, for the making and repairs of roads in said districts, as they may deem necessary for the ensuing year, said tax to be assessed and collected in the same manner as other taxes are assessed and collected.

laborers.

2. And be it enacted, That all overseers of roads in said Wages to township are authorized to pay any hired laborer, or teams for repairing roads in said township, the regular wages paid for similar kinds of labor at the time.

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

Approved April 15, 1868.

CHAPTER CCCCXLIV.

A Further Supplement to the "Act concerning roads."

overseers in

1. BE IT ENACTED by the Senate and General Assembly of Election of the State of New Jersey, That the overseers of road districts certain disnumbers one, three, nine and seventeen, in the township of tricts. Warren, in the county of Somerset, shall be elected at the same time and in the same manner that the overseers of the other road districts in said township are elected.

2. And be it enacted, That all acts or parts of acts incon- Repealer. sistent with this act are hereby repealed, and that this act shall take effect immediately.

Approved April 15, 1868.