Company incorporat ed. Amount of capital stock. Election of directors. CHAPTER XXV. AN ACT to incorporate the Citizens' Insurance Company of Elizabeth. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That all such persons as shall become stockholders of the capital stock hereinafter mentioned, their successors and assigns are hereby constituted a body corporate and politic, by the name and description of "the Citizens' Insurance Company of Elizabeth," and by that name may also have, purchase, possess and enjoy, to them and their successors, lands, tenements, and hereditaments, goods, chattels and effects, of what nature, or kind whatsoever, necessary or proper for the purposes of said corporation, and the same to grant, demise, alien and dispose of for the benefit of said company. 2. And be it enacted, That the capital stock of the said company shall be one hundred thousand dollars, divided into shares of fifty dollars each, with the privilege of increasing the same to two hundred thousand dollars; and that one half of said capital stock shall be subscribed, and twenty-five thousand dollars thereof actually paid in, before it shall be lawful for the said company to commence the business of insurance. 3. And be it enacted, That the business, property and affairs of the said company shall be managed and conducted by fifteen directors, a majority of whom shall form a quorum; which directors shall hold their offices for one year, and until others shall be chosen; and they shall at all times during their continuance in office be stockholders in their own right; and two-thirds of them shall be citizens and residents of this state; said directors shall be elected on the first Monday of March in each year, at such time and place in the said city of Elizabeth, as the board of directors for the time being shall appoint; of which election two weeks' notice shall be published in one or more newspapers printed in said city; and each share of stock shall entitle its owner to one vote at each election, to be given either in person or by proxy. appoint offi cers. 4. And be it enacted, That the board of directors shall Directors to have power to appoint a president, secretary and treasurer, and such other officers and agents as they may deem necessary for carrying on the business of the said company,, with such compensation for their services as may be deemed reasonable. sioners to scriptions. 5. And be it enacted, That Keen Pruden, Charles H. Ross, CommisJohn J. Chetwood, James W. Ayres and Joseph C. Hinch- receive subman, or any three of them, are hereby appointed commissioners to open books for subscription to the capital stock of said company at the said city of Elizabeth, upon three weeks' notice, published in a newspaper printed in said city, and as soon as two thousand shares are subscribed, the said commissioners shall by like notice appoint the time and place, for holding the first election of directors. perty may 6. And be it enacted, That it shall and may be lawful for What prothe said company to insure houses, buildings and other be insured. property against loss, or damage by fire, and also to insure ships and other vessels, rights, interests and property, against every description of casualty, incident to marine and inland transportation, upon such terms and conditions, as shall be contained in the policy for such insurance. insurance. 7. And be it enacted, That all policies or contracts founded Policies of thereon, which shall be made, or entered into by said company, shall be subscribed by the president, or such other officers as may be designated by the company for the purpose, and attested by the secretary, and shall be obligatory upon the company, according to the tenor, intent and meaning of such policies and contracts and the provisions of this act. estate may 8. And be it enacted, That it shall be lawful for said com- What real pany to purchase and hold such real estate, as shall be be held. necessary for their convenient accommodation, and the transaction of their business; and also to take and hold Stock trans ferable. Limitation. Proviso. any real estate or securities bona fide, mortgage or pledge to said company, and to sue for and collect the same, and the same to sell or otherwise dispose of; and the said company may invest their capital, and accumulating premiums from time to time, in public stocks, bonds, obligations, mortgages, and such other securities as may be approved by the directors. 9. And be it enacted, That the stock of said company shall be deemed to be personal property, and assignable and transferable, pursuant to the by-laws of the company, and it shall be lawful for the directors to make dividends of so much of the profits among the stockholders, as they may deem advisable from time to time. 10. And be it enacted, That this act shall take effect immediately, and shall continue in force twenty years; provided, that no contract made by said corporation before the repeal or expiration of this charter, shall be affected thereby; and the said corporation shall have a reasonable time for the final settlement of its affairs. Approved March 1, 1859. CHAPTER XXVI. A FURTHER SUPPLEMENT to the act entitled "An act to incorporate the authorized money. 1. BE IT ENACTED by the Senate and General Assembly of Company the State of New Jersey, That the Princeton and Kingston to borrow Branch Turnpike Company, be and they are hereby authorized to borrow such sum, not exceeding the par value of the unissued capital stock, as may be necessary to pay the debt now existing against said company, and to complete the improvement of the said road, and to secure the payment of the same by a mortgage upon the property of the said road and its franchises. Approved March 1, 1859. CHAPTER XXVII. A SUPPLEMENT to an act entitled "An act to incorporate Cedar Hill WHEREAS, the "Cedar Hill Cemetery Association," in the Preamble. township of East Windsor, in the county of Mercer, and state of New Jersey, was legally incorporated, according to the directions and provisions of an act entitled Certain avenues, "An act authorizing the incorporation of rural cemetery associations," approved March fourteenth, eighteen hundred and fifty-one; AND WHEREAS, it has become necessary in the opinion of the said association, to vacate the hereinafter described walks, or avenues, as laid down and described on the map of the lands of the said association, filed in the clerk's office of the county of Mercer; therefore, 1. BE IT ENACTED by the Senate and General Assembly of &c., vacated. the State of New Jersey, That the avenues or walks between ranges of lots number eight and nine south, and three to sixteen west,.in said cemetery lands, as laid down and described on said map, be and the same are hereby vacated. Map to be filed. 2. And be it enacted, That the said association shall file in the said clerk's office of the county of Mercer, a map of their said cemetery lands, altered and amended only so far as to conform with the provisions of this act. 3. And be it enacted, That this act shall take effect immediately. Approved March 1, 1859. |