Proviso. Proviso. act limited to same is made shall be required to execute a bond with good Provisions of 9. And be it enacted, That this act shall be deemed a Name. CHAPTER DXV. An Act to incorporate the "People's Mutual Fire and Marine 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That all such persons as shall become stockholders to the capital stock hereinafter mentioned, their successors and assigns, are hereby constituted and made a body politic and corporate, by the name of "The People's Mutual Fire and Marine Insurance Company of Toms River, New Jersey," and by that name may have, purchase, possess and enjoy, to them and their successors, lands, tenements and hereditaments, goods, chattels and effects of what nature and kind soever necessary for the purpose of this corporation, and the same to grant, demise, alien and dispose of at pleasure for the benefit of the said company, and may also have a common seal, and alter and renew the same at their pleasure. 2. And be it enacted, That the capital stock of the said Capital stock. company shall be twenty thousand dollars, to be divided into. shares of fifty dollars each, with the privilege of increasing the said capital stock to three hundred thousand dollars at any time during the continuance of this charter; and when the said capital stock of twenty thousand dollars shall be subscribed, and ten per centum of the said sum paid in cash, or secured to be paid, that then the subscribers to said capital stock, upon ten days' previous notice in a newspaper published in the county of Ocean, given by the commissioners hereinafter named, shall proceed to the election of the board of directors, which said board of directors shall then proceed to the election of a president, a vice-president, a treasurer and secretary, and the appointment of such other officers as may be necessary to manage the business of the company, and the office of secretary and treasurer may be filled by the same person; and William I. James, Thomas Hooper, George W. CommissionCowperthwait, John T. Chambers, Edward W. Ivins, John ers to open G. Shultze and Washington McKean, be and the same are scription. hereby appointed commissioners to open the books for subscriptions to the capital stock of said company, and that ten days previous notice of the time and place of the opening of said books shall be given by the said commissioners, or a majority of them, the said notice to be published in a newspaper in the county of Ocean during said space of ten days, and that said books of subscription may be kept open as long as it shall seem best by the said commissioners, or a majority of them, so to do. books of sub may be in 3. And be it enacted, That the capital stock may be in- Capital stock creased at any time by the directors to such amount as they creased. may determine, not exceeding the amount provided for in the second section, and they shall open books of subscription for said increased capital stock after giving ten days' previous notice in a newspaper published in the county of Ocean; and the persons who shall then own the stock of said company shall have the privilege for five days, of subscribing for said increased stock, and after that time, if not subscribed for by the stockholders it may be subscribed for by others, and the terms of said subscription, as well as the balance of first subscription, shall be fixed and determined by the said directors. 4. And be it enacted, That the stock, property, affairs and Powers of directors. concerns of said company shall be managed and conducted by nine directors, three of whom shall constitute a quorum to transact business, who may respectively hold their office for one year and until others may be chosen; and shall at all times during their continuance in office, be stockholders in the said company in their own right, and the said directors shall hereafter be elected on the second Monday in January, in each and every year, at such hour of the day, and at such place in the village of Toms River, as the board of directors for the time being shall appoint, of which election public notice shall be given in a newspaper published in the county of Ocean, at least ten days previous to such election; and every such election shall be by ballot and by a plurality of the votes cast in person or by proxy; and at every such election each stockholder shall be entitled to one vote for every share of stock he may have standing in his own name on the books First directors of the company, and the first directors shall be William I. James, Thomas Hooper, George W. Cowperthwait, John T. Chambers, Edward W. Ivins, John G. Shultz, Washington McKean, Ralph B. Gowdy and J. Logan Cowperthwait, who shall respectively hold their office until other directors are elected in their stead; and any vacancy in the office of president or director may be filled by a majority of the remaining directors, and in the absence of the president the directors may appoint a president pro tempore, who shall have authority to exercise the power of the president; and the board of directors shall have power to allow such compensation to the officers of, and others in the employ of the company for their services as they may in their judgment deem reasonable and right; and the said directors or a majority of them, shall have authority to make all necessary rules, regulations and by-laws as may be necessary and expedient for the management and conducting of the business of the company; provided, the same do not conflict with the laws of this state or of the United States. Proviso. May take fire and marine risks. 5. And be it enacted, That it shall and may be lawful for the said company to insure houses and other buildings, and personal property of all kinds against loss or damage by fire, upon such rates and conditions as shall be contained and stated in the policy of insurance, and may also insure ships and other vessels, rights, interests and property against every description of casualty incident to inland and marine transportation. 6. And be it enacted, That all policies or contracts founded Policies. thereon, which shall be made or entered into by the said company, may be made either under or without the seal thereof, and shall be subscrioed by the president or by such other officer as may be designated for that purpose by the by-laws of said company, and attested by the secretary, and when so subscribed and attested, the same shall be binding upon the company according to the tenor, intent and meaning of this act, and of such policies or contracts; and all such policies and contracts may be made, subscribed, attested and executed, and the business of the said company may be otherwise conducted and carried on without the presence of a board of directors by committee or otherwise, and the same shall be binding and obligatory on the said company. ferable. 7. And be it enacted, That the stock of said company shall Stock transbe deemed personal property, and as such assigned and transferred on the books of the company. estate. 8. And be it enacted, That it shall and may be lawful for May hold real said company to purchase and hold such and so much real estate as shall or may be necessary for their convenient accommodation in the transaction of their business; and also to take and hold any real estate or securities, mortgaged or pledged to the said company or to secure the payment of any debt which may be contracted with the said company, and to redeem the money so pledged or secured either at law or equity; and also to purchase on sales made under judgments. at law or done in equity, or on any other legal proceedings, or otherwise, to receive and take any real estate in payment or towards satisfaction of any debt previously contracted and due to the said company, and to hold the same until they can conveniently sell or convert the same into money or other personal estate, and for the purpose of investing any part of their capital stock, funds or money, may purchase and hold any public stocks created by the incorporated cities, and of the townships and counties of this state or of the United States, or the states of New York, Ohio, Pennsylvania, Massachusetts and Connecticut, as also of the stocks or other securities created by said states or either of them, or of the United States or in bonds secured by mortgage on unincumbered real estate within this state worth double the amount of money invested or loaned. 9. And be it enacted, That it shall be lawful for the direct- Dividends. ors of said company to make dividends of so much of the pro Persons insur ing may participate in profits. Tax to be paid to the state. fits of the company as shall be deemed advisable, and the said dividends shall be paid to the stockholders, or to their legal representatives. 10. And be it enacted, That all persons who shall insure with the said corporation may participate in its profits during the period they may remain insured by the same, upon such terms and conditions as the directors by their by-laws may fix and determine; and the power conferred in this section shall not prevent the said company from issuing policies of insurance without the parties participating in the profits of the company. 11. And be it enacted, That the tax to be paid by the said company into the treasury of this state shall be at the rate expressed in an act entitled "An Act to increase the reven. ues of the state of New Jersey," approved March Sixth, eighteen hundred and fifty-eight, and shall be paid first upon the fifty thousand dollars, and upon the increased amounts from time to time, and at the time or times the same may be increased, and that this act shall be and remain in force for the term of fifty years, and shall take effect immediately. Approved April 17, 1868. Preamble. May take title to lands in Camden county. Corporate name. CHAPTER DXVI. A Supplement to the act entitled "An Act to incorporate the Cape May Land and Fruit Company," approved March twenty-seventh, eighteen hundred and sixty-seven. WHEREAS, a re-survey of the lands of said corporation locates a part thereof in the county of Camden, and not in the county of Atlantic; therefore, 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That it shall be lawful for said corporation to take title to said land, and to carry on the opera tions in said county of Camden. 2. And be it enacted, That the corporate name of said company shall be "The Park Cranberry Company." |