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retary.

notices of said meetings shall be given by the president or secretary for three weeks preceding, in at least one of the newspapers published in each of said counties; and in case it should so happen that an election should not be held on the day when, pursuant to this act, it ought to have been held, the corporation for that cause shall not be dissolved, but such election may be held on some future day, upon a similar notice.

Duties of sec- 11. And be it enacted, That it shall be the duty of the secretary to give notice of all meetings of the corporation, attend the meetings of the directors and keep a faithful record of the proceedings, fill up all policies of insurance, countersign and seal the same, with the seal of the corporation, and do and perform such other duties as the board of directors, from time to time by the by-laws may direct; the treasurer shall take charge of all funds coming to his hands and invest the same as directed by the board of directors or the loaning committee; he shall not pay out any moneys for death losses, without the written order of the president, attested by the secretary or his assistant; and at least once in every year, or at any time within thirty days after a written notice, he shall present his account and vouchers to the directors for examination and settlement.

Books, &c., to 12. And be it enacted, That all books, papers, moneys and

be delivered

over.

Treasurer may borrow money

property in hand of any officer or agent, at the close of his term of office or agency, shall be delivered forthwith to such person or persons as a majority of the directors or their committee shall appoint to receive the same.

13. And be it enacted, That the treasurer, by the direction to pay losses. of a majority of the directors, may borrow, if necessary, for the time being, such sum or sums of money, not exceeding ten thousand dollars, in the name of the association or otherwise, to promptly pay such losses as may be necessary to pay before the assessments may be collected; and the officers of the association shall be indemnified and saved harmless by the association, in and for giving and signing policies and all other lawful acts done and performed by them, in pursuance of and by virtue of this act, and of the constitution and bylaws of the association.

Proceedings

in case of

14. And be it enacted, That it shall be the duty of the death of any president and secretary, or either of them, within twenty days after receiving due and legal notice of the death of any person insured to give notice, written or printed, or partly written and

person in

sured.

as

man may insure life of

partly printed, as aforesaid, to every member of the class, division or series, to which said deceased member belonged, of the said death; that such insured party may remit the proper dues to the treasurer; and within sixty days from the reception of said notice of death, the president shall direct the treasurer to pay over to the person or persons entitled by the policy to receive the insurance moneys guaranteed thereby. 15. And be it enacted, That any married woman may, in Married woher own name, or in the name of a third with his person, sent as her trustee, cause to be insured the life of her hus- husband. band for her sole benefit, on such terms and conditions as may agreed upon with the directors; and in case of her surviving her husband, the insurance money becoming due and payable by the terms and conditions of insurance shall be payable to her for her own use, free from the claims of her husband's representatives or any of his creditors; provided, the amount Proviso. paid for such insurance shall not exceed the sum of five hundred dollars per annum ; and in case of the death of the wife before the decease of her husband, the amount of insurance may be made payable to her children for their use, or to their legally appointed guardian, if minors; the directors may also so arrange their by-laws that any person may insure the life of himself and his wife or friend in the same policy, and allow policies of insurance to be assigned as collateral or otherwise; but no assignment shall be binding upon the associa tion until the same be approved by the secretary, and such approval be noted on the books of the association and endorsed on the policy.

the company

16. And be it enacted, That the directors hereby appointed, By-laws of or a majority of them, shall meet at such time and place as may be deemed proper, within two months after the passage of this act, for the purpose of adopting a constitution and by laws, and for the transaction of such other business as they may deem proper, which meeting any three of said directors may appoint, and shall give written notice to the other directors of the time and place of meeting.

17. And be it enacted, That the chartered privileges hereby Limitation granted do not include banking privileges; and if the privileges granted shall at any time prove injurious to the public welfare or need alteration, the legislature may modify, amend or repeal the same; provided, that no contract made Proviso. by such corporation before such repeal shall be affected

thereby, and that the said corporation shall have a reasonable time to bring their accounts to a final settlement.

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

Approved February 15, 1870.

Power to issue

secured by

mortgage.

CHAPTER XXVII.

A further Supplement to the act entitled "An Act to incorporate the Elizabethtown Steam Manufacturing Company," approved March fourth, eighteen hundred and forty-six.

1. BE IT ENACTED by the Senate and General Assembly of bond or bonds the State of New Jersey, That it shall and may be lawful for the board of directors of the said "The Elizabethtown Steam Manufacturing Company" to issue a bond or bonds payable within five years, to an amount not exceeding fifty thousand dollars, said bonds to be secured by a mortgage upon the real estate of the said company; provided, the said bonds shall not be issued in smaller denominations than five hundred dollars; and provided, further, that the said bonds shall bear interest at the rate of seven per centum per annum, payable semi-annually.

Proviso.

Proviso.

May sell bonds.

2. And be it enacted, That it shall and may be lawful for the said board of directors to offer for sale, and sell at the market price, the bonds by this act authorized to be issued.

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

Approved February 15, 1870.

CHAPTER XXVIII.

A Supplement to the act entitled "An Act to incorporate the Paterson Savings Institution," approved April second, eighteen hundred and sixty-nine.

money in

saic Water

1. BE IT ENACTED by the Senate and General Assembly of May invest the State of New Jersey, That it shall be lawful for the said bonds of Pas"The Paterson Savings Institution," to invest money left Company. with them on deposit, in the bonds of the Passaic Water Company, by the purchase of such bonds at a rate or price not exceeding the par value of the same.

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

Approved February 15, 1870.

CHAPTER XXX.

An Act to authorize the Board of Chosen Freeholders of the county of Morris, to erect a Soldiers' Monument in Morris county, and also to erect a suitable headstone at each un. marked grave in said county, of a soldier or sailor who fell in the late war for the suppression of the rebellion.

the memory of

sailors.

1. BE IT ENACTED by the Senate and General Assembly of May erect a the State of New Jersey, That it shall be lawful for "The monument to Board of Chosen Freeholders of the County of Morris," to soldiers and cause to be erected in the county of Morris, a monument to the memory of the soldiers and sailors of said county who fell in the late war for the suppression of the rebellion, at an expense not exceeding fifteen thousand dollars.

2. And be it enacted, That it shall also be lawful for the May place a said board to cause to be erected at each unmarked grave, in stone at un

head and foot

marked graves

Proceedings

in raising the

amount re

quired

Duties of

township collectors.

said county, of a soldier or sailor who died or was killed in said war, a suitable head and foot-stone, at an expense not exceeding twenty dollars for each grave.

3. And be it enacted, That it shall be lawful for, and shall be the duty of said board, to make out a certificate, under the hands of the director and clerk of the said board of the total amount necessary to be raised by taxation to meet the expenditure authorized by the preceding sections, and transmit the same to the board of assessors of the said county at the next or any subsequent meeting; and it shall be the duty of said board of assessors to apportion the said sum so certified among the several townships of the said county in the same manner that other county taxes are apportioned by them; and that it shall be the duty of the several assessors and collectors and other proper officers of said township, to assess and collect the said moneys in the same manner and at the same time that other township taxes are assessed and collected.

4. And be it enacted, That it shall be the duty of the said township collectors, immediately after receiving said meneys, to pay over the same to the county collector of said county on his voucher therefor; and it shall be the duty of the said county collector to pay the same to the order of the said "The Board of Chosen Freeholders of the County of Morris," as they may by resolution direct and appoint.

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

Approved February 15, 1870.

Authorizing

Sale of church

lands.

CHAPTER XXXI.

An Act for the relief of the Trustees of First Presbyterian
Church, of the City of Perth Amboy, in the County of Middle-

sex.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the trustees of the First Pres

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