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such surrender, the insured shall be entitled to receive his deposit note, or notes, upon the payment of his proportiòn of all losses and expenses that have accrued prior to such surrender, but the grantee, or alienee, having the policy assigned to him, may have the same ratified and confirmed to him for his own use and benefit, upon application to the directors, and with their consent, within thirty days next after such alienation, on giving proper security, to the satisfaction of said directors, for such portion of the deposit, or premium note, or notes, as shall remain unpaid; and by such ratification and confirmation, such grantees or alienees shall be entitled to all the rights and privileges, and be subject to all the liabilities, to which the original party to whom the policy issued was entitled and subjected. 9. And be it enacted, That suits at law, or in equity, may Suits may he
maintained be maintained by said corporation, against any of its mem- against bers for the collection of said deposit notes, or any assess- corporation. ment thereon, or for any cause relating to the business of said corporation; also, suits at law or in equity may be prosecuted and maintained by any member against said corporation for losses or damage by fire, if payment is withheld more than two months after the company are duly notified of such loss or damage; and no member of the corporation, not being in his individual capacity a party to such suit, shall be incompetent as a witness in any cause on account of his being a member of said corporation.
10. And be it enacted, That the directors shall, after re- Directors ceiving notice of any loss or damage by fire sustained by amount of any member, and ascertaining the same, or after the rendition of any judgment against said company for loss or damage, settle and determine the sums to be paid by the several members thereof, as their respective proportion of such loss, and publish the same in such manner as they shall see fit, or as the by-laws shall have prescribed; and the sum to be paid by each member shall always be in proportion to the original amount of his deposit note, or
Further assessment may be made in case
notes, and shall be paid to the treasurer within thirty days next after the publication of said notice; and if any member shall, for the space of thirty days, after the publication of said notice, neglect or refuse to pay the sum assessed upon him as his proportion of any loss as aforesaid, in such case the directors may sue for, and recover the whole amount of his deposit note or notes, with costs of suit; and the amount thus collected shall remain in the treasury of said company, subject to the payment of such losses and expenses as have accrued, or may thereafter accrue; and the balance, if any remain, shall be returned to the party from whom it was collected, on demand, after thirty days from the expiration or cancellation of his or her policy.
11. And be it enacted, That whenever, and as often, as it
shall happen that the whole amount of the said funds of the of deticicu- said company, and of the sums due on the deposit notes
held by it, shall be insufficient to pay the whole loss occasioned by any fire, in such cases the directors, for the time being, shall, with all convenient expedition, proceed to assess such deficiency in a ratable proportion on the members of the association, or their representatives, according to the amount of each member's insurance; which rates, or assessment, shall be approved by a majority of the whole number of directors, and notice in writing shall be given to each member, or his representative, of the assessment and amount by him or them to be paid, and each and every member, or his representative so notified, shall pay the same to the treasurer for the time being, within sixty days after such notification, and in default thereof shall forfeit double said rates, and all their rights and claims to any policy that they may have obtained, and be no longer members of the company, but shall be liable to a recovery of the amount of such rates or assessments, by action of debt, with costs of suit, before any court of competent jurisdiction.
12. And be it enacted, That no transfer of any policy of registered. insurance of the said corporation shall be valid until en
Transfers of policy to be
tered into the book of the company, and certified on such policy by the secretary.
13. And be it enacted, That it shall be the duty of the Duties of secretary to give notice of all meetings of the corporation, to attend the same, to keep a faithful record of their proceedings, also an account of profit and loss, fill up all policies of insurance, countersign and seal the same with the seal of said corporation, certify all drafts or orders of the president for the payment of money, and such other duties as the company, or board, from time to time, by their by-laws may direct.
14. And be it enacted, That the directors of the said cor. Directors not poration shall not take or receive any compensation for compensatheir services as directors.
15. And be it enacted, That the operations and business Place of of the corporation shall be carried on, and conducted at such place in Holmdel township, as shall be designated by a majority of the directors present at any regular meeting.
16. And be it enacted, That at every meeting of the said Annual company, the directors for the time being shall make and be made. exhibit a full and true statement of the affairs and business of the said company for the preceding year, for the general satisfaction of the members of said company.
17. And be it enacted, That chartered privileges, hereby Charter may granted, do not include banking privileges, and if the privileges hereby granted shall at any time prove injurious to the public welfare, it shall be lawful for the legislature to amend, modify, or repeal the same; provided, that no Proviso. contract made by said company, before such repeal, shall be affected thereby, and that the said company 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 after its passage.
Approved March 12, 1858.
An act to authorize the trustees of the first Presbyterian church in New
ark to increase the assessments or rents upon pews in said church.
Trustees may assess
1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the trustees of the first Presbyterian church in Newark be and they are hereby authorized and empowered to assess such tax or sum upon the pews in said church, over and above the sums heretofore charged upon the same, as a majority of the said congregation present, at their annual meeting, shall determine necessary to meet so much of their yearly current expenses as may exceed the ordinary nett income of said congregation, arising from their property, and to be payable at such times, and in such a manner, as they shall at such meeting direct.
2. And be it enacted, That if default shall be made in the payment of the tax, or sum so assessed, for the space of ten months next after such assessment is made, it shall be lawful for the said trustees to sell the said pew or pews at public vendue, after ten days' public notice, next before such sale, for the shortest period of time for which any person will take the same, and pay the said tax or sum, and expenses of said sale.
3. And be it enacted, That the said trustees shall execute lease to pur- a lease of said pew or pews to the purchaser, which shall
give to such purchaser full right and authority to occupy the same agreeably to such sale, subject, however, to be redeemed, as may be done by the owner after one year from said sale (in case the same shall be sold for more than one year), by notice, in writing, to the purchaser, and to the said trustees, thirty days before the expiration of said first year, that said owner will pay the said assessments thereafter to be made thereon, as before provided.
Trustees to execute
4. And be it enacted, That this act shall take effect immediately.
Approved March 12, 1858.
As act to extend the provisions of the act entitled "An act to prevent
horses, cattle, sheep, and swine from running at large in the townships
of former act
1. BE IT ENACTED by the Senate and General Assembly of Provisions the State of New Jersey, That the act entitled "An act to extended. prevent horses, cattle, sheep, and swine from running at large in the townships of Hackensack and Harrington, in the county of Bergen," approved February twelfth, eighteen hundred and fifty-two, and all the benefits and provisions of the said act, be and the same are hereby extended to the township of Downs, in the county of Cumberland, and the townships of Shrewsbury and Ocean, in the county of Monmouth, and the townships of Aquackanonk and Manchester, in the county of Passaic, and the townships of Princeton, Lawrence, and West Windsor, in the county of Mercer, and the townships of Orange, Caldwell, Livingston, and Millburn, in the county of Essex; provided, that Proviso.