Corporators.

Name.

Capital stock.

Directors, and how elected.

may be in

sured.

CHAPTER DXLIX.

An Act to incorporate the New Jersey Plate Glass Insurance
Company.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That G. P. Bergen, A. H. Hager, P. S. Ely, Edward L. Price, Warren N. Trusdell, James Marriott, Andrew A. Smalley, Edwin Hedden, and such other persons as may hereafter be associated with them, their successors and assigns, shall be and they are hereby created and declared to be a body politic and corporate, in fact and in law, by the name, style and title of "The New Jersey Plate Glass Insurance Company," and by that name shall be known and have power to sue and be sued, defend and be defended in all courts of law or equity, and shall be capable of purchasing, leasing, holding and conveying any lands, tenements, goods and chattels necessary or expedient for the purposes of this corporation.

2. And be it enacted, That the capital stock of the said company shall be fifty thousand dollars, with the liberty to increase the same to two hundred thousand dollars, to be divided into shares of one hundred dollars each, which shall be deemed personal property, and transferable in such manner as the directors shall by their by-laws direct; and as soon as twenty-five thousand dollars of the capital stock shall be subscribed and paid in cash, it shall be lawful for said company

to commence business.

3. And be it enacted, That the stock, property and affairs of said company shall be managed and controlled by a board of directors, five in number, a majority of whom shall be residents of this state, who shall be elected annually as directed by the by-laws, and who shall hold office for one year and until others are duly elected, and who shall be stockholders therein in their own right.

Property that 4. And be it enacted, That it shall be lawful for the said corporation to make insurance against loss or damage by the accidental breaking of plate and other large glass or mirrors, upon such rates and conditions as may be specified in the agreement or policy of insurance between the said corporation and the respective parties obtaining such insurance.

5. And be it enacted, That all policies or contracts founded Policles. 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 such other officer as may be designated for that purpose by the by-laws of said company, and attested by the secretary, and, when so subscribed and attested, the same shall be binding upon the company according to the tenor, intent and meaning of this act, and of such policies or contracts; and all such policies or contracts may be subscribed, attested and executed, and the business of the said company may be otherwise conducted and carried on without the presence of a board of directors, by committee or otherwise, and the same shall be binding and obligatory upon said company.

Powers of the directors.

6. And be it enacted, That the five persons first named in this act shall be the directors of said company for the first year and until others are elected, and shall, within three months after its passage, organize said company by choosing from their own number a president, who shall preside until the next annual meeting for the election of officers, and any vacancy in the office of president or director may be filled by a majority of the remaining directors as the by-laws may provide; and in the absence of the president the directors may appoint a president pro tempore; and the board of directors shall have power to appoint a secretary and such other officers or agents as may be necessary to manage the business of the company, and to allow them respectively such compensation for their services as in their judgment may be deemed proper. 7. And be it enacted, That it shall and may be lawful for May hold real said company to take and hold any real estate or securities, mortgaged or pledged, to the said company, or to secure the payment of any debts which may be contracted with the said company, and to redeem the moneys so pledged or secured, either at law or equity; and also to purchase on sales made under judgments at law or done in equity, or any other legal proceedings, or otherwise to receive and take any real estate in payment or towards satisfaction of any debt previously contracted and due to the said company, and to hold the same until they can conveniently sell or convert the same into money or other personal estate; and for the purpose of investing any part of their capital stock, funds or money, may purchase and hold any public stocks created by the incorporated cities and of the townships and counties of this state, or

estate.

of the states of New York, Ohio and Pennsylvania, or of the United States, as also of the stocks or other securities created by said states or of the United States, or in bonds secured by mortgages on unincumbered real estate within this state, worth double the amount of money invested or loaned. Principal of 8. And be it enacted, That the principal office of the said corporation shall be located in the city of Newark, and that the board of directors may establish agencies in such other places as they may deem expedient.

fice, where lo

cated.

Payment of installments

Dividenda

Limitation.

9. And be it enacted, That it shall be lawful for the directors of said company to call and demand from the subscribers to the stock thereof, respectively, such installments not exceeding ten per centum of the same at one time, and at such times and upon such notice as they shall deem proper; and in case of failure by any stockholder to pay his or her installment or installments, as the case may be, at the time and place appointed for the payment thereof, or within thirty days thereafter, such stock and all previous payments made thereon may be forfeited for the use of said company by resolution of the board of directors.

10. And be it enacted, That it shall be lawful for the directors of said company to make and declare dividends of so much of the profits arising from the business of said company as shall be deemed advisable, and to pay the same to the stockholders, or to their legal representatives..

11. And be it enacted, That this act shall be and remain in force for the term of fifty years, and shall take effect immediately.

Approved April 21, 1868.

CHAPTER DL.

Amendment.

An Act Supplementary to an act entitled "An Act to incorporate the Paterson and Passaic Horse Railroad Company."

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That section six of an act entitled "An Act to incorporate the Paterson and Passaic Horse Rail

road Company," approved March, eighteen hundred and sixtyeight, shall be amended by adding the words "With the privilege of beginning at a point on Market street, at or near the Erie railway, and running thence along said Market street and the Weasel road to the village of Passaic, returning by said Weasel road and Market street, or Market street, Vreeland avenue, Willis and Straight street, or both ways to the point of beginning."

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

Approved April 21, 1868.

CHAPTER DLI.

A Supplement to an act entitled "An Act to incorporate the East New Jersey Baptist Association and to create a fund for the relief of disabled Ministers and Ministers' Widows, belonging to said Association."

be members

1. BE IT ENACTED by the Senate and General Assembly of Delegates to the State of New Jersey, That all persons who may be dele- of association. gates from the churches belonging to said association shall be members of the same, subject to the rules governing the said association.

officers.

2. And be it enacted, That the said board of trustees shall Election of on the second day's session of the annual meeting of the East New Jersey Baptist Association, proceed to elect a president and vice president from among their number, who shall hold their office until others are duly elected in their stead, and the said board shall also elect a secretary and treasurer, and such other officers as they may deem best for the interests of the said fund, who shall hold their offices during the pleasure of the board.

elected annu

3. And be it enacted, That the annual election for members Trustees to be of the board of trustees shall be held on the first day of the meeting of the East New Jersey Baptist Association, each

ally.

Application

for relief to be

ing.

church belonging to said association being entitled to three votes through the delegates in attendance.

4. And be it enacted, That the said board of trustees shall made in writ- meet annually during the session of the East New Jersey Baptist Association, and at the same place for the transaction of business, and all applications for relief shall be made to the trustees in writing, stating the name, residence and circumstances of the applicant; and said board shall also receive and keep in charge all moneys appropriated to this fund through collections, legacies or otherwise; receive and examine all applications for relief, and make such allowance of money to the needy as in their opinion the case may require and the state of the funds may warrant; and the said board shall also present to said association at each annual meeting a statement of their funds, collections and disbursements, with whatever else may be combined with this benevolent object and the performance of their duty.

5. And be it enacted, That this act shall be deemed and taken as a public act and shall take effect immediately. Approved April 21, 1868.

Provision of

act requiring

ment to be

pealed.

CHAPTER DLII.

A Supplement to an act entitled "An Act to incorporate the Board of Education of Gloucester City," approved February twenty-sixth, anno domini eighteen hundred and sixty-eight.

1. BE IT ENACTED by the Senate and General Assembly of annual state the State of New Jersey, That all that part of section eight published re- of said act entitled "An Act to incorporate the Board of Education of Gloucester City," which requires said board to publish the annual statement in pamphlet form and with the annual report of the city council of said city, in the newspapers of Camden county, at least two weeks previous to the annual election for city officers, be and the same is hereby repealed. 2. And be it enacted, That this act shall take effect immediately.

Approved April 21, 1868.