Powers.

the legislature, set forth the great advantages that would result from an act of incorporation, enabling them and others, their associates, to insure their buildings and other property against loss or damage by fire; and it appearing to the legislature that the prayer of the petitioners is reasonable, and ought to be granted-Therefore,

SEC. 1. BE IT ENACTED by the Council and General Assembly of this State, and it is hereby enacted by the authority of the same, That the said Robert Lee, Job Squire, Samuel Oliver, David S. Craig, Jonathan Bloomfield Marsh, and others, their associates, successors, and assigns, shall be, and hereby are ordained, constituted, and declared to be a body corporate and Style of in- politic, in fact and in name, by the name of "the Rahway corporation. Mutual Insurance Fire Company;" and by that name, they and their successors shall and may have succession during the continuance of this act, and shall be persons, in law, capable of suing and being sued, pleading and being impleaded, answering and being answered unto, defending and being defended, in all courts and places whatsoever, in all manner of actions, suits, complaints, matters, and causes whatsoever; and that they and their successors may have a common seal, and may change and alter the same at pleasure; and also, that they and their successors, by the name of the Rahway Mutual Insurance Fire Company, shall be, in law, capable of purchasing, holding, and conveying any estate, real or personal, for the use of the said corporation: Provided, that the lands, tenements, and hereditaments, which it shall be lawful for the said corporation to hold, be only such as shall be requisite for the purpose of erecting buildings thereon, in which to meet and transact the business of the said corporation, or such as shall have been bona fide mortgaged to it by way of security, or conveyed to it in satisfaction of debts previously contracted in the course of its business, or purchased at sales on judgments which shall have been obtained for such debts; and with regard to all such lands, tenements, and hereditaments, so to be held by the said corporation as aforesaid, except such as may be for its immediate accommodation as aforesaid, or such as it may hold by way of mortgage, and whereof the actual possession shall be and remain in the mortgagers, their heirs or assigns, the said corporation shall be bound to sell and dispose of the same, respectively, within five years after it shall acquire the same, and shall not be capable of holding the same after the expiration of the said five years.

Proviso.

to trade in

SEC. 2. And be it enacted, That the said corporation shall Company not not, directly or indirectly, deal or trade in buying or selling any goods or commodities whatsoever, or in buying or selling any stock created by any act of the congress of the United States or any particular state, unless by purchasing for the purpose of investing its capital stock, or any part thereof, in

stocks or merchandise.

the same, for the greater security, or by selling for the payment of its debts, or when such stock shall have been duly pledged to it by way of security of debts to the corporation, or for the payment of their deposits.

SEC. 3. And be it enacted, That it shall not be lawful for the president or a director of any other insurance company en- Who may not gaged in insuring houses and stores against loss by fire, to be be president president or director of the company incorporated by this act. or director.

SEC. 4. And be it enacted, That the property and concerns Time and of the said corporation shall be managed and conducted by mode of electfifteen directors, a majority of whom shall be citizens of this ing directors. state, to be chosen by ballot, by and from among the members, to hold their offices for one year, and until others are chosen to fill their places; and that the election for directors shall be held on the first Tuesday in April in every year, between the hours of ten, in the forenoon, and two, in the afternoon, at such place as the majority of directors for the time being shall ap point; and public notice shall be given, by the said directors, in a newspaper printed in Rahway, and by advertisements set up in four of the most public places in the said town, of such time and place, not more than fourteen days, nor less than seven days, previous to the time of holding the said election: and if any of the said directors shall die, or refuse to serve, or neglect to act on their said office, for and during the space of six calendar months, successively, then, and in every such case, another director shall and may be chosen by ballot, in the place of each director so dying, refusing, or neglecting to act as aforesaid, by a majority of the directors, or such of them as shall be present at the next monthly meeting of the corporation after such vacancy shall happen, which person so appointed shall be a director until the next general election: and in case it should happen that an election of directors should not be held on any day when pursuant to this act it ought to have been held, the said corporation shall not for that cause be deemed to be dis- Corporation solved, but it shall and may be lawful, on any other day, to for failure of hold an election of directors, in such manner as the by-laws of electing on the said corporation shall have prescribed; and until an elec- day prescribtion of directors shall be held, according to the provisons of ed. this section, the following persons shall be directors, namely, Robert Lee, Job Squire, Joel Clarkson, George F. Webb, Samuel Oliver, David S. Craig, Jonathan B. Marsh, Adam Lee, Joseph O. Lufberry, Jackson Freeman, Henry Mundy, Timothy Ross, Charles Cox, Robert C. Vail, and Jacob Flatt.

not dissolved

Persons in

suring with the company,

to be members.

SEC. 5. And be it enacted, That all persons who shall at any time hereafter insure in or with the said company, or be allow ed so to do, shall be deemed and taken for members of the said corporation. SEC. 6. And be it enacted, That the directors of the said No compencorporation shall not take or receive any compensation for sation to ditheir services, as directors; and no person being a debtor to rectors.

rectors.

the said corporation, excepting on a policy of insurance, shall be chosen or qualified to serve as a director.

SEC. 7. And be it enacted, That the directors for the time Duties of di- being, or a majority of them, shall have power to make or prescribe such by-laws, rules, and regulations as to them shall appear needful and proper touching the management and disposition of the stock, property, estate, and effects of the said corporation, and touching the duties and conduct of the officers of the said corporation, and touching all such other matters as appertain to the business, ends, and purposes which the said corporation is by this act entitled to; and also shall have power to appoint so many officers, clerks, and servants, for carrying on the business of the said corporation, and with such allowances, as to them shall seem meet: Provided, that such by-laws, rules, and regulations be not repugnant to the constitution and laws of the United States or this state.

Meetings of the directors

and of the stockholders.

President to be elected by whom po

licies of assurance to be signed.

SEC. 8. And be it enacted, That the directors shall meet once in each and every month, and oftener if need be, at such time and place as the said directors shall appoint, for transacting the business of the said company: and there shall be a general meeting of the members of the said corporation on the first Tuesday in January in every year, if any eight of the directors, or any number of members insured to the amount of ten thousand dollars, or upwards, shall require the same; notice of such meeting to be given in the paper published at Rahway, if any such there be, and by a notice set up in at least four public places in the two adjacent townships, at least seven days, and not more than fourteen days, previous to such meeting: twenty-one members, at least, of said corporation, if so many there are, shall be required to form a quorum; and all meetings of the directors, and of the members, shall be held in such place, and conducted in such manner, as shall be from time to time prescribed by the by-laws of the said corporation; and it shall be lawful for the members, at any such meeting, to make or alter the by-laws, rules, and regulations which by this act are authorized to be made and prescribed by the directors, provided two-thirds of the members present concur therein; and the same shall not be altered or repealed but at a general meeting of the members.

SEC. 9. And be it enacted, That at the meeting of the directors to be held in the month of April in each and every year, the directors shall choose, from among themselves, one person to be president, who shall continue in that office for one year, and until another shall be appointed in his stead; and it shall be the duty of the president to preside at all meetings of the directors; and all policies of assurance of the said corporation. shall be signed by the president, and countersigned by a secretary or clerk, and sealed with the seal of the said corporation: and the said corporation may insure, from loss by fire, houses, stores, and other buildings, household furniture, goods, wares,

and merchandise; and all policies of insurance which shall be made by the said corporation, in pursuance of this act, shall be made upon such terms and conditions, and for such periods of time, and confined to such place, as shall be from time to time ordained and prescribed by the by-laws, rules, and regulations of the said corporation.

SEC. 10. And be it enacted, That no transfer of any policy Mode of transof insurance of the said corporation shall be valid until entered ferring stock. in the books of the company, and certified thereon, by the se

cretary.

SEC. 11. And be it enacted, That it shall not be lawful for

the said corporation to issue or emit any notes or bills, or make Capital not to any contract for the payment of money, only except the same be employed be under the seal of the said corporation; and all such notes, in banking. bills, and contracts shall be construed and taken to be specialties, and shall not possess any other or greater power of being assigned or transferred than specialties at common law; nor shall the said corporation be concerned directly or indirectly in any banking or other operations not plainly indicated by the provisions of this act.

SEC. 12. And be it enacted, That this act shall continue and be in force until the first Monday in April, one thousand eight hundred and sixty, and no longer: Provided that the legislature may at any time alter, amend, and repeal this act when the public good may require it.

Passed February 25, 1833.

Limitation of

act.

AN ACT to authorize the sale of the real estate of Moses Smith, deceased.

WHEREAS it is represented, by the petition of Lois W. Smith, Preamble. the widow, and David Coriell, administrator of the estate of Moses Smith, late of the township of Elizabeth, in the county of Essex, and state of New Jersey, who died intestate, and was possessed of certain real estate, situate in the said township of Elizabeth, in the county of Essex, which is much out of repair, and comparatively unproductive; and that it would be for the interest of the heirs at law and widow of the said deceased to have the said real estate sold, and praying a law to authorize the sale thereof-Therefore,

sell certain

SEC. 1. BE IT ENACTED by the Council and General Assem- D. Coriell aubly of this State, and it is hereby enacted by the authority of the thorized to same, That David Coriell be, and is hereby appointed trustee, real estate of with full power and authority to sell, dispose of, and convey M. Smith, detwo certain houses and lots of ground, with the appurtenances ceased.

Trustee to give bond.

count of sales, and exhibit

same to or

thereto belonging, situate in the township of Elizabeth, in the county of Essex, and state of New Jersey, being the real estate of Moses Smith, deceased, as soon as conveniently may be, for the highest sum the same will bring, either at public or private sale, first advertising the same in a public newspaper printed in the county of Essex, nearest, where the said real estate is situated, for the space of two months, and, when sold, to make, execute, and deliver, in due form of law, in his own name, as trustee aforesaid, good and sufficient deeds of conveyance, according to the estate and interest which the said Moses Smith had in the same at the time of his death; which sale being made and confirmed by deed, shall entitle the purchaser or purchasers to all the estate, right, title, and interest which the heirs and widow of the said Moses Smith now have in and to the same.

SEC. 2. And be it enacted, That before the said trustee enters upon the trust assigned him by this act, he shall enter into bond, with sureties, unto the governor of this state, in such amount as shall be approved by the orphans' court of the said county of Essex, conditioned for the faithful performance of said trust.

SEC. 3. And be it enacted, That the said trustee shall keep a To keep ac- full, fair, and just account of the sales by him made under this act, with the costs and expenses thereof, and exhibit the said account, under oath or affirmation, to the orphans' court of the phans' court. said county of Essex, within six months after such sale or sales shall be made, to be approved of by the said court, which shall be recorded and filed by the said surrogate of said county, when approved of by the said court: and the said trustee, after deDistribution ducting from the proceeds of such sale or sales all legal costs of proceeds of and expenses, and such reasonable commissions as shall be al

sale.

lowed by said court, together with such reasonable compensation as shall be agreed upon with the said Lois W. Smith for her right of dower in said premises, and approved of by the said court, shall pay the residue thereof to the guardian or guardians of the minor heirs of the said Moses Smith, deceased, in proportion to the legal rights of the said respective heirs; or if there be no guardian of the said respective minor heirs, then the said trustee shall place the said residue, or such part thereof as there shall be no guardian entitled to receive the same, at interest, on good security, and pay the same, with the interest that shall accrue thereon, to the said minor heirs, as they severally attain the age of twenty-one years, according to their respective shares.

SEC. 4. And be it enacted, That if the said bond so to be given by the said trustee, shall become forfeited, it shall and may be When bond lawful for the governor of this state for the time being, to cause the same to be prosecuted in any court of record having jurisdiction thereof, at the request and for the benefit, and at the

cuted.