7. And be it enacted, That if any person or persons shall or do violate the preceding section of this act, he, she or they shall be liable to the same penalties or forfeitures which shall be enforced in the same manner as is prescribed against offenders under an act of this state, entitled "An Act to prevent the disturbance of meetings held for the purpose of religious worship," passed February second, eighteen hundred and twenty. Penalties. 8. And be it enacted, That so much of the original act as is Repeater. inconsistent herewith, be and the same is hereby repealed, and this act shall be deemed a public act and take effect immediately. Approved February 26, 1868. CHAPTER LXII. An Act to incorporate the Trenton Fire Insurance Company of Trenton. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That all such persons as shall become stockholders of the capital stock hereinafter mentioned, their successors and assigns, shall be and are hereby constituted and declared to be a body corporate, by the name and style of "The Trenton Fire Insurance Company," to be lo- Name. cated in the city of Trenton, in the county of Mercer, and state of New Jersey. 2. And be it enacted, That the capital stock of said com-Capital stock pany shall not exceed two hundred thousand dollars, and shall be divided into shares of fifty dollars each; and there shall be paid into the treasury of said corporation by each subscriber of the capital stock, at the time of subscribing, an installment of twenty-five per centum in cash on the capital stock by him subscribed for, the remainder to be paid in such installments, at such time and upon such notice, as the board of directors of said corporation may determine; and the said company shall not commence the business of insurance hereby Non-payment of Install forfeiture. authorized until fifty thousand dollars of the capital herein authorized is actually paid into the treasury thereof. 3. And be it enacted, That in case any stockholder in the ments incur a Trenton Fire Insurance Company shall fail or refuse to pay any installment on his or her stock when called in by the directors, and required to be paid in accordance with the second section of this act, it shall be lawful for the directors of said company, and they are hereby authorized, to forfeit the share of each and every person so failing to pay such installments, or any of them, to and for the use of the company, or at their option, to sue for and recover the installment or installments so remaining unpaid of the person or persons in whose name such stock shall stand on the books of the company at the time of calling in the said installments respectively. Directors and officers, and their terms. 4. And be it enacted, That the stock, property and affairs of said corporation shall be managed and conducted by fifteen directors, all of whom shall be stockholders and residents of this state; they shall continue in office for the term of one year, or until others shall be chosen in their place; they shall choose out of their body a president, vice president and treasurer; all vacancies may be filled for the remainder of the year by such person or persons as a majority of the board of directors for the time being may appoint, a majority of whom shall form a quorum for the transaction of business. Election of di- 5. And be it enacted, That the annual election for direc rectors. Powers of directors. tors shall be held on the second Tuesday in May in every year, at the office of the company, or such other place as a majority of the directors may previously designate, of which said election a public notice shall be given by the secretary in the newspapers printed in the city of Trenton, at least two weeks previous to the time of holding the election, such election to be held in such manner as may be prescribed by the rules and regulations of said company; 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. 6. And be it enacted, That the said board of directors shall have power to establish and ordain such by-laws and regulations as they or a majority of them shall deem proper, and to alter or change the same at pleasure; to elect a secretary and fix the compensation of the same, to adopt a com mon seal for the corporation, and all other acts necessary United States. surance. 7. And be it enacted, That in case of the absence, death, Policies of inor inability to act of the president or secretary of said company, all policies of insurance, and other contracts made by the company, and signed, executed and attested by the vice president or secretary pro tempore, shall be valid and as binding upon the company as if signed and attested by the president and secretary. ers to receive 8. And be it enacted, That William H. Potts, Charles CommissionCarr, Charles Swan, Henry Speeler, Watson F. Van Camp, subscriptions. Peter C. Onderdonk, Charles B. Van Syckel, John L. Murphy, Thomas J. Corson, Theodore W. Hill, Jonathan Cook, Baltes Pickel, and Jacoo R. Freese, shall be commissioners to receive subscriptions to the capital stock of said company; and when the said stock shall be subscribed for and paid in, as mentioned in the second section of this act, the commissioners shall call a meeting of the stockholders by an adver tisement, published at least ten days previously, in the newspapers published and circulated in the city of Trenton, stating the time and place at which such meeting of the stockholders shall be held, and they shall by ballot elect the first directors of said company; said commissioners shall appoint three inspectors, being stockholders, of said election; and should there be any deaths or resignations among the commissioners above appointed, then the remainder shall elect others to supply the vacancy or vacancies so occasioned. surance may 9. And be it enacted, That the said company shall have Upon what inpower, first, to make insurance upon dwelling houses, stores, be effected. and all kind of buildings, and upon household furniture, merchandise, and all personal and other property against loss or damage by fire, and generally to insure against all losses pertaining to fire risks; second, to cause themselves to be reinsured when deemed expedient. 10. And be it enacted, That all policies of insurance, or other contracts authorized by this act, may be made with or without the seal of said company, and shall be subscribed by the president and attested by the secretary, and, being so signed, executed and attested, shall be binding upon the said corporation, and all such policies and contracts may be so May hold real estate. Proviso. Assignment of policy. Payment of losses. Proviso. made, signed, executed and attested without the presence of the board of directors. 11. And be it enacted, That it shall and may be lawful for the said company to purchase, hold and convey any estate, real and personal, for the use of said corporation; provided, that such estate 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, and also to invest the capital stock, or so much of the surplus profits of the said company as they may deem fit, in such manner as the directors may decide; but no money shall be loaned on real estate unless the same be situated in this state. 12. And be it enacted, That if any person insured by the said corporation shall convey or assign the property insured, it shall be lawful for such person to assign to the purchaser the policy of insurance; but this corporation shall not be bound by any policy after assignment, unless the assignment shall have been recorded in the books of the corporation, and the same certified on such policy by the secretary or by authorized agents of the company. 13. And be it enacted, That any person or persons insured by said corporation may maintain an action at law against the same for losses or damages due him, her or them from said corporation, if payment is withheld more than ninety days after the amount and due proofs of such losses shall have been ascertained and made, and the said corporation notified thereof; 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. 14. And be it enacted, That this act shall continue in force until it shall be altered, amended, modified or repealed by the legislature at any time hereafter, when in their opinion the public good may require it. Approved February 26, 1868. CHAPTER LXIII. An Act to change the name of the Bergen Neck Methodist 1. BE IT ENACTED by the Senate and General Assembly of Change of the State of New Jersey, That the name of the Bergen Neck name. Episcopal Church of Bayonne, be and the same is hereby changed to the Mattison Methodist Episcopal Church of Bayonne. 2. And be it enacted, That all the legal rights and liabilities of said corporation shall remain the same as if this act had not been passed, and that this act shall be deemed a public act and shall take effect immediately. Approved February 26, 1868. CHAPTER LXIV. An Act to incorporate the Hudson City Stock Yard and 1. Be it enacted by the Senate and General Assembly of Corporators. the State of New Jersey, That Garret D. Van Reipen, John Hedden, Marcus Beach, Thomas E. Bray, C. W. Congor, Sylvanus Judd, Elam Hurd, Daniel Toffy, John R. McPherson, and their associates, and all persons who are or may be holders of the stock hereafter mentioned, are constituted a body corporate by the name and style of "The Hudson City Stock Yard and Market Company," and by that name and style may contract and be contracted with, sue and be sued, have a common seal, and may have and exercise all the rights, privileges and immunities which are or may be necessary to carry into effect the purposes of this act. Name. general pow 2. And be it enacted, That said company shall have power Location of to locate, contract and maintain upon any land which they yards, &c., and may purchase or lease for such purposes within the limits of ers. the city of Hudson, at some point between Tonnele avenue |