Amendments.

CHAPTER CCCXXX.

An Act to amend an act entitled "A Further Supplement to an act authorizing the appointment of commissioners to lay out and map streets, avenues and squares in that part of Bergen township south of the Morris Canal, in the county of Hudson," which supplement was approved April seventh, eighteen hundred and sixty eight.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the third section of the act to which this is an amendment, shall be amended by striking out the word "uniform" in the third line; and that all grades heretofore established by the commissioners, shall be as valid as if that word had never been in the act; also by striking out of the same section the whole of the proviso, beginning with the word "provided" in the fourteenth line and to the end of said section, and substituting therefor Proviso. the following, viz: "provided, that before a street or avenue has been actually worked to grade, the grade of said street or avenue may be revised or altered by a majority vote of said commissioners and of the board of councilmen of the city of Bayonne, in joint meeting assembled, upon the application in writing of the owners of a majority of property, per lineal feet, along the line of said proposed change of grade; but after said original grades are actually worked, changes may be made by said joint board, but only on the application of the owners of three-fourths of said property per lineal feet; said application to be made to the president of said board of councilmen, who shall, within twenty days after said application, convene said boards, giving ten days public notice of such meeting, at which time all parties interested may be heard; and the action of the joint board shall be final and conclusive."

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

Approved March 17, 1870.

CHAPTER CCCXXXI.

An Act to incorporate the Central Insurance Company.

powers.

1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Cortlandt Parker, William porators. Paterson, George C. Little, Daniel D. Craig, William H. Vredenburgh, Levi D. Jarrard, Charles W. Herbert, and others, their associates, successors and assigns, shall be, and they are hereby ordained, constituted and declared to be a body politic and corporate, by the name of "The Central Insurance Company, to be located in the city of New Corporate Brunswick, in the county of Middlesex, in this state, with name and power to establish and maintain branch offices and agencies at such other place, and for such periods, as to them or to the board of directors of said company may appear necessary or convenient, to sue and be sued, to plead and be impleaded in all courts of justice, and to have and to use a common seal, and the same to alter and change at pleasure; and also shall be and hereby are empowered to purchase, hold, possess and enjoy, to themselves and their successors, any estate, real or personal, for the use of said corporation; provided, that the proviso. lands, tenements and hereditaments which it shall be lawful for the said corporation to hold, be only such as shall be requisite for its purposes in the transaction of its business, or such as shall have been mortgaged or conveyed to it in good faith by way of security for loans, or such as shall have been conveyed in satisfaction of debts previously contracted in the course of its business, or such as shall have been purchased at sales upon judgments or decree obtained for such debts, and all such real estate as shall not be necessary for the purposes of said corporation in the transaction of its business, except lands mortgaged or conveyed as aforesaid, shall be sold and disposed of within five years after the said corporation shall have acquired title to the same; and it shall not be lawful for the said corporation to hold such real estate for a longer period, unless the said company shall procure from the comptroller, auditor or other principal financial officer of the state, in which such lands may be situate, a

May make in

surances on lives of individuals.

Amount of capital stock.

Directors to

selves into classes.

certificate that in his judgment the interests of the company may be impaired by a forced sale of such real estate, in which case the time of sale may be extended for such period as the said financial officer may designate in such certificate. 2. And be it enacted, That it shall and may be lawful for such corporation to make insurances upon the lives of individuals, and every insurance or contract appertaining to or connected with life risks and with the provisions of this act, on such terms and conditions as shall be from time to time ordered and provided for by the by-laws of said company, to purchase or loan upon any policy of insurance dividends or obligations of said company for its benefit; to receive from any insured person such sum or sums of money or securities and upon such conditions as may be agreed upon for the purpose of securing the payment of the accruing premiums upon his or her policy of insurance or other obligations, and to grant, purchase, and dispose of annuities.

3. And be it enacted, That the capital stock of said company shall be one hundred thousand dollars in cash, divided into one thousand shares of one hundred dollars each, which shall be deemed personal property, and transferable only on the books of the company in conformity with the by-laws; the holders of said capital stock may receive a semi-annual dividend upon the stock not to exceed three and one-half per cent of the same, the moneys or receipts of said company over and above the dividends, losses and expenses, shall be accumulated and disposed of as hereinafter directed.

4. And be it enacted, That the property and concerns of divide them said company and its corporate powers, shall be vested in and managed by twelve directors (with the privilege of increasing their number to twenty), and by such officers as they may elect or appoint, each of whom shall be the owner of at least five shares of the capital stock; the said board of directors shall at their first meeting after the management of the company shall be turned over to them by the corporators, divide themselves by lot into three classes; the term of the first class shall expire at the end of one year, the term of the second class shall expire at the end of two years, the term of the third class shall expire at the end of three years, and annually thereafter such number of directors shall be elected as shall be required to fill the seats of the outgoing directors; provided, nevertheless, that any director shall be eligible for re-election; such elections shall be by ballot, and a plurality

Proviso.

of votes duly qualified, as hereinafter provided, shall elect; the election for directors after the management of the said company shall have been turned over to them by the corporators, shall be held on the third Monday of January in each year at the office of the company, or such other place as a majority of the directors may previously designate, five of whom shall constitute a quorum, public notice of which shall be given in one or more newspapers printed in the county where the said company shall be located, at least two weeks previously to the time of holding such election, and if any of the said directors shall die, or refuse or neglect to act in their said office for the space of two months, then and in every such case the remaining directors shall have power to fill such vacancies until the next annual election; and in case it should happen that any election for directors should not be held on the day when in pursuance of this act it ought to be held, the said corporation shall not be dissolved. for that cause, but the acting directors shall hold office until their successors shall have been duly elected, and it shall be lawful to hold another election at such time and place as the directors, or a majority of them, may designate, by like notice; and until an election for directors shall be held in pursuance of this act, the corporators named in the first section shall be the directors, and have the management of said company and be vested with and exercise its corporate franchises; provided, nevertheless, that in case any one or more Proviso. of such corporators shall decline to act as such director, the nominee of such corporator appointed by an instrument in writing duly acknowledged before a justice of the peace or other officer authorized to take acknowledgments, shall, if such nomination be ratified by the remaining corporators, or a majority of them, become and be held to be a corporator and acting director in the place of such declining corporator, and shall hold office until his successor shall have been elected; and until the election of directors as hereinbefore provided, the said corporators, or a majority of them, shall have the right to fill all vacancies in their number caused by death, resignation or otherwise; in the annual election of directors each stockholder shall be entitled to one vote for every share of stock held by him, and such vote may be given in person or by proxy.

5. And be it enacted, That the insurance business of the company shall be conducted strictly on the mutual plan, and

insurance to

tual plan.

Business of all premiums shall be paid in cash; the officers of the combe on the mu- pany shall annually cause a balance to be struck of its affairs, which shall exhibit its assets and liabilities, both present and contingent, and also the net surplus after deducting an amount sufficient to cover all outstanding risks and other obligations, which shall be verified under the oath of one or more officers of the company, and filed in the office of secretary of state; each policy holder shall be credited with an equitable share of the surplus, which share may be applied either in reversionary insurance or to reduce the annual premiums, or be paid in cash, as the directors may decide.

May prescribe rules, &c.

Proviso.

How money may te invested.

Proviso.

Proviso.

6. And be it enacted, That the directors, or a majority of them, for the time being, shall have power to make and prescribe such by laws, rules and regulations as to them shall appear needful and proper for the management, custody and disposition of the assets of the company of whatever nature the same may be, and for the government of said corporation and the transaction of its business, and to fulfill the purposes of this act, and to amend, alter and revoke the same at pleasure, and to elect or appoint such officers, clerks and agents as they may deem necessary, with such compensation as may appear to them proper, and upon such tenure of office as said directors may determine; provided, nevertheless, that such by.laws, rules and regulations shall not be repugnant to the constitution of this state or of the United States.

7. And be it enacted, That it shall be lawful for the said corporation to invest its funds, assets and accumulations in or to loan the same upon bonds and mortgages upon real estate of at least double the value of the debt secured thereon, situate within such state or states as the board of directors may elect, or in stocks or bonds of the United States, or of this state, or of other states of the United States of America, or in stocks or bonds created by or under the laws of this or any other state; provided, that in case of investment no stocks or bonds shall be purchased except United States, state, county or city stocks or bonds, and in case of loan, the amount loaned shall be at least twenty per centum below the average market value of the stock so loaned upon, charging interest for the same and such commissions to be credited as the directors shall order, as may be agreed upon; provided, that the rate of interest shall in no case exceed the rate of seven per centum per annum.

8. And be it enacted, That it shall be lawful for any mar