the assets among the creditors of said corporation under the order or decree of the court of chancery, the holders of such bills or notes shall be equal in priority, and shall have a preference over all other creditors, except bona-fide judgment or mortgage creditors. tors liable for sign office to 13. And be it enacted, That in case of the insolvency of All the direcsaid corporation the directors thereof shall be jointly and circulation. severally liable for all the bills or notes of said corporation which may be in circulation at the time its becoming insolvent, and may be jointly or severally prosecuted at law or in equity, by any receiver or receivers that shall or may be appointed, for the payment of such bills or notes, as if the same were their joint or several bills or notes, and executed by them in their individual capacity; and it shall not be lawful for any director of said corporation to resign his office to Shall not reavoid such liability; and in case any director shall so attempt avoid liability to resign his office, he shall be and continue liable the same as if such resignation had not been attempted, and such liability of the directors shall continue after they cease to be directors, either by resignation or otherwise, if the said corporation was insolvent when they ceased to be directors, and it shall not be lawful for any director to assign or transfer his stock to avoid his said liability, and in the case of the payment of any such bills or notes by any of said directors, the other directors who may be liable shall account in the same way as other joint debtors are accountable to each other; provided, no such suit shall be prosecuted against Proviso. the said directors by such receiver or receivers except for such deficiency as may remain after the assets of such corporation have been duly appropriated to the payment of said bills or notes, except in case of fraud committed by said directors. 14. And be it enacted, That if the assets of said corpora- Distribution tion and the property of said directors shall prove insufficient of assets. to redeem the whole of the said bills or notes, then the amount that shall or may be realized from said assets and property shail be distributed ratably among the holders of the said bills or notes; and the stockholders of the said cor- Stockholders poration at the time of its becoming insolvent other than said liable to redirectors, shall be jointly and severally liable to any receiver amount suffior receivers that shall or may be appointed as aforesaid to an deem circulaamount sufficient to redeem the said bills or notes after the assets of said corporation and the property of said directors ceiver for an cient to re tion. Proviso. Actions at law Proviso. Amount of bills issued. be made. shall have been distributed as aforesaid; provided, that no stockholder other than the said directors shall be made liable to an amount exceeding the par value of the stock held by him at the time said corporation becomes insolvent, and if that amount shall not be required for the full redemption of said bills and notes, then the said stockholders shall be liable in the ratio of the stock so held by them, and it shall not be lawful for any such stockholder to assign or otherwise transfer his stock or other property to avoid such liability. 15. And be it enacted, That in case of any action or suit at law against any director or directors of said corporation by any receiver or receivers thereof the said receiver or receivers may declare generally for money had and received; provided, that a schedule shall be annexed to the said declaration setting forth that the said action or suit is under and by virtue of the provisions of this act, specifying the aggregate amount claimed, the names of the president and cashier subscribed to the bills or notes declared on and the numbers and denominations thereof. 16. And be it enacted, That the bills or notes issued by said corporation shall not at any time exceed double the amount of its capital stock paid in, and if the president cr cashier shall knowingly and wilfully issue, or cause or suffer to be issued, bills or notes of said corporation exceeding double the amount of its capital stock actually paid in, such president or cashier shall be deemed guilty of a misdemeanor, and on conviction thereof shall be punished by imprisonment not less than one year nor more than five years, in the discretion of the court. Statements to 17. And be it enacted, That it shall be the duty of said corporation, on the first Monday in the months of January, April, July and October, in every year, to make the statements required to be made by the other banks of this state, by the act entitled "An Act to punish frauds committed on the incorporated banks of this state and for the better regulation of said banks," approved April sixteenth, eighteen hundred and forty-six. Majority of stockholders 18. And be it enacted, That a majority in interest of the to be residents stockholders shall be residents of this state. of this state 19. And be it enacted, That this act shall continue in force for twenty years, but it shall be lawful for the legislature at any time hereafter to alter, modify or repeal the same when ever in their opinion the public good shall require it, and CHAPTER CXXXIV. A Supplement to an act entitled "An Act to incorporate the Camden Mutual Insurance Association," passed March twelfth, eighteen hundred and forty-one. name. 1. BE IT ENACTED by the Senate and General Assembly of Corporate the State of New Jersey, That every person who shall be a member of the said "The Camden Mutual Insurance Association," on the first day of July, in the year of our Lord one thousand eight hundred and seventy, and shall hold in his or her name any unexpired or renewed and subsisting policy of insurance, which shall have been issued by the said company or which shall have been unconditionally assigned to him or her with the consent and according to the rules and practice of the said company, shall, on the first day of July be entitled to receive from the board of directors of the said company a certificate signed by the president and sec- Certificate. retary of the said company, to an amount that shall be in proportion of the whole amount of the money that shall have been paid to said company for premium or premiums on such unexpired and subsisting policies, to the whole amount of the moneys, securities and property held and owned by the said company, and in case any member of the said company shall have died, who, if, he or she had been living would have been entitled to any such certificate under this act, his or her executors or administrators shall be entitled to and receive the same as such executor or administrator. ing certifi 2. And be it enacted, That applications for such certificates, Limitation of by the persons entitled thereto, shall be made to the said time for issuboard of directors or to the president or secretary thereof, at cates. the office of the said company, within four months after the said first day of July, or in default of such application the Date of certificate. Proviso. Certificate to be for full money held and owned by company. same shall be deemed and taken to have been relinquished to the company; that all such certificates, whenever issued, shall bear date on the said first day of July, and shall be deemed and taken to be personal property, and shall be transferred on the books of the company in such manner and under such regulations as the board of directors may from time to time order and direct, said certificates shall be issued in shares of five dollars each, and any person claiming and entitled to such certificate, may, if he or she elects so to do, pay to the said company so much money as with any fractional part of any share that may be due to him or her as aforesaid, will be equal to five dollars, and thereupon receive a certificate for the same, otherwise such fractional part shall be deemed and taken to belong to the said company and constitute a part of its funds; provided, that any person holding a perpetual policy of insurance of said company, and receiving said certificate as aforesaid, shall not upon any surrender of said policy be entitled to receive from said company any payment or return premium on account thereof, and that the said directors shall cause notice of the issuing of the said certificates to be given to the members of the said company by publishing the same in a newspaper, published in the city of Camden, for six weeks before the said first day of July. 3. And be it enacted, That if the certificates of stock or value of the shares issued to the members of the company as aforesaid, shall not be equal in amount to the value of the money, securities and property held and owned by the said company, the directors of the said company may, in such manner and at such times as they shall direct, issue to the members of the said company holding certificates as aforesaid, certificates to an amount which together with the certificates then issued will equal the value of the money, securities and property held and owned by the said company. Increase of capital stock. Certificates to represent 4. And be it enacted, That at any time after the board of directors shall have issued certificates of stock to an amount equal to the value of the moneys, securities and property held by the said company, the said directors may increase the capital stock of the said company, to an amount not to exceed in the whole the sum of three hundred thousand dollars, and for that purpose may issue and sell new stock in the company. 5. And be it enacted, That each of the certificates to be capital stock. SO granted and issued as aforesaid, shall be considered as re presenting so much of the capital stock or funds of the said company, and the owner or owners thereof shall be entitled to receive interest or dividends on the same. 6. And be it enacted, That the directors of the said com- Directors. pany shall be elected at the time and in the manner provided for in the act, to which this is a supplement, by the stockholders of said company; and at such election the stockholders of the said company shall be entitled to one vote for each share of stock issued or held by them respectively. 7. And be it enacted, That it shall be lawful for the di- Dividends. rectors of the said company annually, or oftener, as they may see proper, to declare and cause to be paid to the holders of such certificates of stock as aforesaid, dividends out of the profits of the said company; provided, that no part Proviso. of the capital stock shall at any time or on any pretence whatever be divided among the stockholders for dividends. deemed mem 8. And be it enacted, That persons insuring in or with Insurers not said company after the passage of this act, shall not be bers. deemed or taken to be members of the said company. in banking. 9. And be it enacted, That nothing in this act contained Not to engage shall be held to authorize the said company to carry on banking operations. surance. 10. And be it enacted, That nothing in this act contained Policies of inshall be construed to alter or change any contracts or policies for insurance heretofore made by the said company, but the same shall continue and be in full force and effect. shall take ef 11. And be it enacted, That this act shall go into effect as when act soon as a meeting of the members of the said company, con- fect vened by the directors of the said company, upon two weeks notice of the time and place of said meeting, to be printed in a newspaper published in the city of Camden, shall, by resolution, accept the same as a supplement to and part of the charter of the said company, which resolution of acceptance shall be certified under the hand of the president and secretary and corporate seal of the said company, and shall be filed in the office of the secretary of state, and a certified copy of said resolution of acceptance shall be published in the next session laws of this state, and the same or an exemplified copy thereof shall be evidence thereof in all courts and places whatsoever. 12. And be it enacted, That so much of the act to which |