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Acts con

firmed.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the said action and proceedings of the board of chosen freeholders of said county, in borrowing and causing to be assessed upon the inhabitants and taxable property of the several townships therein the amount of the sum so loaned for the purpose aforesaid, is hereby ratified and confirmed, and shall be holden valid and binding in all courts of this state; and the township collectors of the several townships of said county shall collect the taxes which have been assessed for the payment of the sum so borrowed the same as all other taxes by them to be collected, according to the laws of the state; and that no suits or proceeding shall be commenced or prosecuted to set aside the assessment so made as aforesaid.

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

Approved March 14, 1863.

Preamble.

Inhabitants

may vote and

by tax.

CHAPTER CXXXIX.

AN ACT to authorize the inhabitants of the township of Franklin, in the county of Warren, to raise money for the payment of bounties to volunteers.

WHEREAS, it is represented that a large majority of the voters of the township of Franklin, in the county of Warren, have paid sums of money amounting in the aggregate to the sum of fourteen hundred dollars, as bounties to volunteers from said township, under the order of the President of the United States, bearing date August fourth, eighteen hundred and sixty-two, for nine months' service; and whereas, said money was paid upon the understanding that the same would be refunded by said township, when authorized so to do by law-therefore,

1. BE IT ENACTED by the Senate and General Assembly of raise money the State of New Jersey, That the persons qualified to vote at the town meetings of the township of Franklin, in the county of Warren, be and they are hereby authorized and empowered, at their annual town meetings, to vote, grant and raise such sum or sums of money as may be necessary to

refund the sum or sums of money paid as aforesaid in bounties as aforesaid, with legal interest, which money so voted and granted shall be assessed, levied and collected by the same persons and in the same manner and under the like fines, fees and penalties as the money raised in such township by the board of chosen freeholders of the county shall be assessed, levied and collected, and at such times and in such proportions as the said town meetings shall direct and appoint.

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

Approved March 14, 1863.

CHAPTER CXL.

AN ACT to make mortgages and other contracts assignable at

law.

contracts

able.

1. BE IT ENACTED by the Senate and General Assembly of Mortgages and the State of New Jersey, That all mortgages on property in made assignthis state, and all covenants and stipulations therein contained, and all contracts for the sale or conveyance of real estate, and all writings, whether sealed or not, containing any agreement for the payment of money, shall be assignable at law, and the assignee may sue thereon in his own name; but in such suit there shall be allowed all just set-offs and other defences against the assignor that would have been allowed in any action brought by him and existing before the defendant had notice of such assignment, and all payments made to the assignor in good faith before such notice; and leaving the assignment in the proper office to be recorded, shall be notice of the assignment of a mortgage; and no assignment shall prevent or interrupt the running of any statute of limitations.

ment proved.

2. And be it enacted, That any assignment authorized by How assignthis act shall be in writing, and the execution thereof may be proved or acknowledged as the execution of deeds is or shall be required to be proved to authorize the same to be recorded; and when so proved or acknowledged and a certificate thereof endorsed on or annexed to the same, may be

offered in evidence as if duly proved, and shall be sufficient
to pass the right of the assignor, even if a married woman.
3. And be it enacted, That this act shall take effect imme-
diately.

Approved March 14, 1863.

Names of corporators.

Proviso.

CHAPTER CXLI.

AN ACT to incorporate the Security Mutual Life Insurance
Company.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Albert Matthews, junior, David Oakes, Joseph A. Davis, Charles R. Akers, Warren S. Baldwin, Horace Pierson, George Peters, William A. Howell, P. W. Vail, S. R. W. Heath, Frederick S. Thomas, junior, Oscar L. Baldwin, Richard Hall, Geo. A. Halsey, E. A. Smith, E. D. Burnet, S. W. Baldwin, Charles Williams, Simeon Harrison, Moses H. Williams, Elias O. Doremus, T. C. Elliot, Andrew Anderson, George Merrill, Abram M. Baldwin, Josiah F. Dodd, Jno. L. Blake, John C. Bailey, Wm. A. Parker, Charles Heath, Wm. V. Brokaw, Wm. C. Heath, and others, their associates, successors and assigns, shall be and are hereby ordained, constituted, and declared to be a body politic and corporate, in fact and in name, by the name of the "Security Mutual Life Insurance Company," to be located at Orange, in this state, and by that name they and their successors shall and may be capable of suing and being sued, pleading and being impleaded, answering and being answered unto, defending and being defended, in all manner of actions, suits, complaints, matters and causes whatever; and that they and their successors may have a common seal, and may alter and change the same at pleasure; and, also, that they and their successors shall be in law capable of purchasing, holding, and conveying any estate, real or personal, for the use of the said corporation; provided, 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

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 or decrees 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 and assigns, the corporation shall be bound to sell and dispose of the same, respectively, within six years after it shall acquire the same, and shall not be capable of holding the same after the expiration offix years.

directors.

2. And be it enacted, That the property and concerns of Election of the said corporation shall be conducted and managed by thirty-two directors, a majority of whom shall be citizens and residents of this state, as well as stockholders to the amount of five hundred dollars each, to be chosen by ballot and a plurality of votes, at annual elections, and that two inspectors, to preside at such election, shall previously be appointed by the board; and the said directors shall hold their office for four years, and until others are chosen; but onefourth part or number of the directors must be re-elected every year, for which purpose, at their first meeting, they must divide themselves by lot into four sets or 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 the term of the fourth class shall expire at the end of four years, so that in each succeeding annual election eight directors shall be chosen, in addition to those necessary to fill vacancies, and that the election for directors shall be held on the third Monday of January in every year, at the office of the company, or such other place as the board of directors may previously designate, public notice of which shall be given by the secretary, in one or more newspapers printed or circulating in the county of Essex, at least seven days previous to the time of holding such election; and if any of the said directors shall die, refuse to serve, 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 vacancy or vacancies until the next annual election; and in case it should happen that an election for

First directors

Election of officers.

lives, &c.

directors should not be held on the day when, pursuant to this act, it ought to be held, the said corporation shall not be dissolved for that cause, but it shall and may be lawful to hold an election for directors pursuant to law; and that in such elections every shareholder shall be entitled, in person or by proxy, to one vote for each and every share of the capital stock then standing in his name on the books of the company.

3. And be it enacted, That the persons named in the first section of this act shall constitute the first board of directors, and that the company may organize, for the transaction of business, whenever the capital stock to the amount of twentyfive thousand dollars has been subscribed and paid in, as hereinafter provided; and that the first annual election shall be held on the third Monday of January next succeeding the time of such organization; and that the fiscal year of the company shall begin on the first day of January, and terminate on the thirty-first day of December in each year.

4. And be it enacted, That at the first meeting of the directors, held after the organization of this company, and that at their meeting after every succeeding election, the directors shall choose from among themselves their president and vice president, and appoint a secretary, which officers shall continue in office until the next annual meeting, and until others shall be appointed in their places.

May insure on 5. And be it enacted, That it shall and may be lawful for the said corporation to insure their respective lives, and to make all and every insurance appertaining to or connected with life risks, of whatever kind or nature, as well of the sound in health as of the infirm or invalid, and to grant and purchase annuities.

Quorum.

6. And be it enacted, That seven directors shall constitute a quorum for the transaction of business, but a less number may meet and adjourn, from time to time, until a quorum shall be present; and the said directors shall have power to make and prescribe such by-laws, rules and regulations as to them shall appear needful and proper, for the management and disposition of the stock, property, estate and effects of the said corporation; also, for the establishing of agencies, and for all such matters as appertain to the business thereof, and shall have power to appoint an actuary, and such other additional officers, clerks and servants, for carrying on the business of said corporation, as they may select, with such allowances as to them shall appear just and proper, and shall

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