Officers of corporation. Policies of insurance. Company may loan surplus money. Polley may be surrender tion of property. 5. And be it enacted, That the board of directors may appoint a secretary and such other officers and agents as may be requisite for effecting the business of said company, and allow them such compensation as may be agreed upon, and also determine the rates of insurance, the sum to be insured, and the sum to be deposited for any insurance. 6. And be it enacted, That all policies or contracts founded thereon, which shall be made or entered into by the said company, may be made under the seal thereof, and shall be subscribed by the president and attested by the secretary, and being so subscribed and attested by the secretary, shall be binding and obligatory upon said company, and the company shall be liable for all loss or damage sustained, agreeable to and on such terms and conditions as shall be contained in the policy. 7. And be it enacted, That every person who shall become insured in said company shall, before he receives his or her policy, pay such sum of money, and deposit their promissory note or notes, with approved security if required, for such sum or sums of money as shall be determined upon by the directors, such note or notes to be paid at such time and in such a manner as the by-laws may determine; and it shall be lawful for said company to loan or put out on interest their moneys, or any part thereof not immediately wanted for the purposes of said corporation, on bonds and mortgage, on real estate, government stocks, and may from time to time call in such money or change such investments. 8. And be it enacted, That when any property insured by ed on allena- the said corporation shall be alienated by sale or otherwise, the policy of such insurance may be surrendered to the directors of said company to be cancelled, and upon such surrender, the assured shall be entitled to receive his note or notes upon the payment of his proportion of all losses, risks and expenses that have accrued prior to such surrender, but the grantee or alienee having the policy assigned to him, may have the same ratified and confirmed to him for his own proper use and benefit upon application to the directors, and with their consent, within thirty days next after such alienation, on giving proper security to the satisfaction of said directors, and by such ratification and confirmation such grantees or alienees shall be entitled to all the rights and privileges, and subject to all liabilities to which the original party to whom the policy insured was entitled and subjected. mate to be 9. And be it enacted, That the officers of said company, at Annual est the expiration of one year from the time the first policy shall made. have been issued, or within one month thereafter and within one month of every subsequent year, shall cause an estimate to be made of the profits or losses and true state of the affairs of said company to be made as near as may be for the preceding year, and so on for each successive year, which estimate shall be conclusive upon all persons entitled to receive certificates of profits as hereinafter provided for. for proportion of pronts to 10. And be it enacted, That each member entitled shall Certificates receive a certificate for his proportion of the profits, if any, be issued. of each year's business in proportion to the amount of premiums paid by him, but no person shall be entitled to a certificate for premiums paid on a policy that occasions loss, nor no certificate shall be issued for the fractional parts of sums between even fives of dollars, nor for any sum less than five dollars, but all such fractional parts of sums or sums less than five dollars shall be passed to the contingent account of said company, and applied to the payment of expenses and other charges of said company. certificates. 11. And be it enacted, That when the cash means on hand Payment of shall exceed twenty-five per cent. of the amount of risks the company is liable for at any annual meeting, the excess may be applied to the payment of the certificates in such manner as the directors may determine. maintained notes. 12. And be it enacted, That suits at law or in equity may suits may be be maintained by said corporation against any of its members for deposit for the collection of their deposit notes or any part thereof, or for any other cause relating to the business of said company, also suits at law or in equity may be prosecuted and maintained by any member against said corporation for losses; Especial in surances. Place of business. Limitation. if payment be withheld more than four months after the company are duly notified of such loss or damage, and no member of the corporation, not being in his individual capacity a party to such suit, shall be incompetent as a witness in any case on account of his being a member of said corporation. 13. And be it enacted, That especial insurances may be taken without the parties thereto becoming members of said corporation, if desired by the insured. 14. And be it enacted, That no policy shall be issued by said company until application shall be made for insurances to the amount of fifty thousand dollars at least. 15. And be it enacted, That the operations and business. of the corporation shall be carried on and conducted at such place in the county of Warren, as shall be designated by a majority of the directors, at their first regular meeting in every year. 16. And be it enacted, That this act shall continue in force thirty years, subject to be altered, amended, modified or repealed by the legislature at any time hereafter, when in their opinion the public good may require it. Approved March 22, 1860. Length of seines to be used. CHAPTER CXCIX. AN ACT to regulate the length of nets and seines to be used in 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That it shall not be lawful for any person or persons whatsoever to set or draw any net or seine which shall exceed twenty-five fathoms in length, in any of the rivers, bays, creeks, or waters of the Lower township, in the county of Cape May, or in Cape Island Sound, within the jurisdiction of the said county. violating pro 2. And be it enacted, That every person offending against Penalty for the provisions of this act shall forfeit and pay the sum of visions of act. fifty dollars for each offence, to be recovered in any court of competent jurisdiction, to the use of any person who may sue for the same. Approved March 22, 1860. CHAPTER CC. AN ACT to provide for the collection of delinquent taxes in the township of Clayton, in the county of Gloucester. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the township collector in the taxes. township of Clayton, in the county of Gloucester, shall have the same power to collect all delinquent taxes that any constable now has by the eighteenth section of the act entitled "An act concerning taxes," approved April fourteenth, eighteen hundred and forty-six. Former acts repealed. 2. And be it enacted, That all acts or parts of acts inconsistent with this act be and the same are hereby repealed. 3. And be it enacted, That this act shall take effect immediately. Approved March 22, 1860. Assent of this state given. f་ CHAPTER CCI. AN ACT giving the assent of this state to the act of the legislature of Pennsylvania entitled, "An act to incorporate the Kittatinny Improvement Company." 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the assent of this state be and the same is hereby given to the provisions mentioned and contained in an act of the legislature of the commonwealth of Pennsylvania, passed the nineteenth day of February, one thousand eight hundred and sixty, entitled "An act to incorporate the Kittatinny Improvement Company;" and the said act is hereby adopted, ratified, and confirmed by this state, and the provisions thereof shall be in full force and effect within this state; and the said act shall be annexed to this act, and be published in the same manner as the laws usually are, and the governor shall cause an exemplified copy thereof to be filed in the office of the secretary of state, and transmit an attested copy of this act to the governor of the |