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Persons insuring to be Iuembers,
2. And be it enacted, That all persons who shall at any 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 that the property and concerns of the said corporation shall be conducted and managed
by twelve 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 the said directors and officers may always be re-elected, but one-fourth part or number of the directors must be re-elected every year, for which purpose, at their first meeting, they must divide themselves into four sets or classes of three each; the term of the first class shall expire at the end of one year, the term of the second class shall expire at the end of two years, the term of the third class shall expire at the end of three years, and the term of the fourth class shall expire at the end of four years, and so on successively; the seats of these classes shall be supplied by the members of this corporation; and that the election for directors shall be held on the third Monday of January in every year, at the office of the company, or at such other place as a majority of the directors may previously designate, public notice of which shall be given by the secretary in one or more newspapers printed or circulated in the county of Hudson, 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 should 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. - 3. And be it enacted, That it shall and may be lawful for o the said corporation to insure their respective lives, and to two 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." 4. And be it enacted, That it shall be lawful for any mar-oo: ried woman, by herself and in her name, or in the name of.” any third person, with his assent as her trustee, to cause to 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. 5. And be it enacted, That in case of the death of the Aoin. wife before the decease of the husband, the amount of theolo insurance may be made payable after death to her children” for their use, and to their guardian if under age. 6. And be it enacted, That it shall and may be lawful for Notes may be the officers of said corporation to take the notes or obliga- ; tions of the members for the amount, either in part or the whole, of the premium of insurance, in proportion to the amount insured.
7. And be it enacted, That the directors for the time being, poetor, or a majority of them, shall have power to make and pre-too" scribe 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 elect, with such allowances as to them shall approviso. pear just and satisfactory; provided, that such by-laws, rules and regulations shall not be repugnant to the constitution or laws of the United States or of this state. o 8. And be it enacted, That at the first meeting of the directors held after the organization of this company, and at 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. Aoto 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 pe. riods 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 Proviso, amount of each member's insurance; provided, that such as: sessment shall not exceed the amount of the note or obligation given by each member, which rates or assessment 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 of shall have power to call a meeting of the directors by giving notice in one or more newspapers published or circulating in the county of Hudson, at least ten days before said meeting.
11. And be it enacted, That no part of the funds of said or corporation shall be used for banking purposes.
12. And be it enacted, That it shall be lawful for the legis-ào. lature at at any time hereafter to alter, amend, modify or repeal this act, and that this act shall continue in operation thirty years and no longer.
Approved March 17, 1860.
AN ACT to incorporate the Rahway Land and Improvement Company.
1. BE IT ENACTED by the Senate and General Assembly of Namesorces. the State of New Jersey, That Joseph T. Crowell, George W. porators. Savage, Thomas S. Crane, Samuel Williams, Joseph W. Savage, and all such persons as may hereafter be associated with them, their successors and assigns, shall be and they are hereby constituted a body corporate and politic, in fact and in name, by the name of “the Rahway Land and Improvement Company,” and by that name shall be capable, in law, of purchasing, using, holding; letting, improving, and disposing of such real and personal estate in the county of Union as may be necessary or expedient to the objects of this incorporation,
and may receive and make all deeds, transfers, covenants, conveyances, grants, contracts, agreements, and bargains
Proviso. whatsoever necessary for the said purposes; provided, that nothing herein contained shall authorize said company to hold more than three hundred acres of land at any one time.
Honor a 2. And be it enacted, That the stock, property, and concerns of the said company shall be managed and conducted by five directors, being stockholders, one of whom to be president, who shall hold their office for one year and until others are elected, and that the said directors shall be chosen on the first Tuesday in April in every year, at such time and place as shall be directed by the by-laws of said corporation; and notice of such time and place shall be published, not less than two weeks previous thereto, in a newspaper published in the county of Union, by such of the stockholders as shall attend for that purpose, either in person or by proxy; and each stockholder shall be entitled to one vote for each share of stock he or she shall hold in said company, and the persons having the greatest number of votes shall be directors; and the said directors shall appoint such agents, officers, and superintendents, and assign such compensation and duties as they shall think fit; and if at any time it shall happen that any vacancy or vacancies occur, from any cause whatever, among the directors named in this act, or those hereafter to be elected, such vacancy or vacancies shall be filled by such person or persons as the remainder of the directors for the time being, or a majority of them, shall appoint; and until other directors are chosen from the stockholders, the first di
*rectors shall be Joseph T. Crowell, George W. Savage, Thomas S. Crane, Samuel Williams, and Joseph W. Savage, who shall hold their offices until the first Tuesday of April next, or until others are legally chosen.
*:::::::::. 3. And be it enacted, That the capital stock of said company shall not exceed the sum of one hundred thousand dollars, which shall be divided into four thousand shares, of twenty-five dollars each; but as soon as one thousand shares of the capital stock shall have been subscribed, and the sum