said manager or managers to the purposes in this act before mentioned.

ing of owners

4. And be it enacted, That it shall and may be lawful for Annual meetthe owners and possessors of the meadows, swamps and low of meadows. lands lying within the limits expressed in the first section of this act, to meet at the inn of Mrs. Catharine Hall, in the village of Sharon, in the township of Washington, on the first Saturday of August, anno domini eighteen hundred and seventy-one, and on the first Saturday in August in each year thereafter, and appoint by plurality of votes one or more manager or managers, which said manager or managers shall continue in office one year next ensuing such choice and until others shall be chosen, and shall during the continuance of the year, and until others are chosen, be vested with all the powers hereinbefore given to the managers elected under the first section of this act.

obstructing

5. And be it enacted, That if any person whatsoever Penalty for after the passing of this act shall wilfully fall any tree, or water in the cause or put anything whatsoever in the said creek that will creek. in any way obstruct or be an impediment to the free course. of the water in said creek within the limits aforesaid, he, she or they so offending shall pay the sum of ten dollars for each and every offence, to be recovered by any one of the said owners or possessors of the said meadows, swamps and low lands in an action of debt, with cost of suit, in any court having cognizance of the same, one-half to the prosecutor and the other half to be paid over to the manager or managers for the time being or either of them to be appropriated towards the clearing out of said creek.

of managers.

6. And be it enacted, That the said manager or mana- Compensation gers shall severally be entitled to receive for each and every day employed in discharging the duties required of them by this act the sum of two dollars.

7. And be it enacted, That this act shall take effect immediately.

Approved March 10, 1870.

Corporate

nane.

Amount of

CHAPTER CCVI.

An Act to incorporate the Humboldt Mutual Fire and Marine Insurance Company of New Jersey.

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 Humboldt Mutual Fire and Marine Insurance Company of New Jersey," and by that name shall be known in law, and have power to sue and be sued, and to defend and be defended in all courts of law or equity, 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, devise, alien and dispose of at pleasure for the benefit of the said corporation, 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 one hundred thousand dollars, to be divided into shares of one hundred dollars each, and when the said capital stock shall be subscribed, and fifty per centum of the sum paid in, in cash, that then the commissioners hereinafter named shall call together the board of directors, which said board of directors shall then proceed to the election of a president, a vice president, and such other officers and agents as may be necessary to manage the business of the company, and Commission- George Brown, Spafford S. Hughson, David Collins and subscription William A. Howell be and the same are hereby appointed commissioners to open 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, to be published in a newspaper in the city of Newark during the said space of ten days, and the said books of subscription may

ers to open

books.

be

kept open as long as it shall seem best by the said commissioners, or a majority of them, so to do.

rectors.

3. And be it enacted, That the stock, property, affairs and Election of diconcerns of said company shall be managed and conducted by thirteen directors, a majority 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, holding in their own right one or more full shares; 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 city of Newark, 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 city of Newark, 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, and at every such election each stockholder shall be entitled to one vote and no more; and the first directors shall be George Brown, First directors Spafford S. Hughson, Jacob F. Remer, William B. Brown, David Collins, William A. Howell, Jacob Stucky, Henry W. Wilson, I. W. Condict, William U. Jube, Josiah B. Wilkinson, Elias A. Wilkinson and William G. Lord; provided, Proviso. they shall severally be stockholders in said company, who shall respectively hold their office for one year, and until other directors are elected in their stead; and any vacancy in the office of president, vice president or director may be filled by a majority of the remaining directors, and in the absence of the president the vice president 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, 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.

against loss

by fire, &c.

4. And be it enacted, That it shall and may be lawful for May insure 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 sta

Policies of insurance.

Stock transferable.

May hold real

estate.

ted in the policy of insurance, and may also insure ships or other vessels, rights, interests and property against every description of casualty incident to inland and marine transportation.

5. And be it enacted, That all policies or contracts founded thereor, which shall be made or entered into by the said company may be made either under or without the seal thereof, and shall be subscribed by the president or by such other officer as may be designated by the by-laws for that purpose, and attested by the secretary or acting 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. 6. And be it enacted, That the stock of said company shall be deemed personal property, and as such assigned and transferred on the books of the company.

7. And be it enacted, That it shall and may be lawful for and personal said company to purchase and hold such and so much real estate as 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, for to secure the payment of any debt which may be contracted with the said company, and to redeem the moneys so pledged either at law or equity; and also to purchase on sales made under judgments at law or decrees 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 Investment of personal estate; and for the purpose of investing any part capital stock 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 state of New Jersey, as also of the bonds or other securites of the United States, or may invest the same in bonds secured by mortgages on unincumbered

real estate within this state worth double the amount of money invested or loaned.

8. And be it enacted, That it shall be lawful for the direc- Dividends. tors of said company to make dividends of so much of the profits of the company as shall be deemed advisable, and the said dividends shall be paid to the stockholders, or to their legal representatives.

sured may

9. And be it enacted, That all persons who shall insure Persons inwith the said corporation may participate in the profits during participate in the period they may remain insured by the same, upon such profits 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.

10. And be it enacted, That this act shall take effect immediately.

Approved March 10, 1870.

CHAPTER CCVIIL

A Further Supplement to "An Act to incorporate the New Brunswick Savings Institution," approved March fifteenth, eighteen hundred and fifty-one.

1. BE IT ENACTED by the Senate and General Assembly of Repeater. the State of New Jersey, That so much of the sixth section of the aforesaid act as prohibits compensation to managers for actual services performed by them for said corporation, is hereby repealed; and all compensation to be allowed to managers shall be first determined upon by the board of managers at their meetings.

2. And be it enacted, That this act shall take effect immediately.

Approved March 10, 1870.