Principal office. Amount of capital stook Election of directors. and for the cultivation, propagation and production of wood, bark and other substances, and for carrying on said business may purchase, convey, mortgage and lease such real and personal property, either within or without this state, as may be needful for use in carrying on said business, or may accrue to them in the course thereof. 2. And be it enacted, That the principal office of said company shall be at Trenton, in the county of Mercer, in the state of New Jersey. 3. And be it enacted, That the capital stock of said company shall be twenty-five thousand dollars, and may be increased to any sum not exceeding in all one hundred thousand dollars, divided into shares of one hundred dollars each; and it shall be lawful for said company, when twenty five thousand dollars of the stock is subscribed for and paid, or satisfactorily secured to be paid, to commence to conduct and carry on their business until they shall deem it necessary to extend their operations, and increase their capital for that purpose, which a majority of the directors are authorized to do, to the amount herein before mentioned, and it shall be lawful for the directors, or a majority of them, to call and demand from the stockholders, respectively, all sums of moneys by them subscribed of the said capital stock, or the increased capital above the said sum of twenty-five thousand dollars, at such times and in such proportions as they think proper, under pain of forfeiting the shares subscribed and all previous payments thereon, if such payments shall not be made in thirty days after a notice shall have been published for the space of fifteen days in one or more newspapers published in said county of Mercer. 4 And be it enacted, That the stock, property and business of said corporation shall be managed and conducted by not less than three nor more than seven directors, being stockholders, one of whom shall be president, and that the persons named in the first section of this act shall be the first directors to organize the affairs of said company, until the first Monday in May next, and until others are elected in their stead, that annually thereafter the directors shall be chosen on the first Monday in May, at such place in the city of Trenton, and on such notice as the by-laws of said company shall determine; that all elections shall be by ballot; and if at any time, for any cause, it shall happen that no election shall be held or made at the time herein appointed, the directors for the time being shall continue in office until an election be regularly held according to the requirements of the by-laws in that behalf, or of this act; and any vacancy in the board of directors may be filled for the unexpired term by a majority of the same; that a majority of the directors shall be residents of this state, and the directors may appoint such officers and agents as they may deem necessary, and may, by their by-laws, fix their duties and compensation therefor. ferable. 5. And be it enacted, That the stock and property of the Stock transsaid corporation shall be deemed personal estate, and be transferred in such manner as the by-laws shall prescribe; that certificates of stock be made to the stockholders by the directors, and no transfer of stock shall be valid or effectual until such transfer be entered in the book or books, to be kept by the directors for that purpose; and said company may have and use a common seal. 6. And be it enacted, That this corporation may be dis. How dissolved solved at any time by a general meeting of the stockholders, summoned specially for that purpose by the board of directors, or a majority of them, giving thirty days' notice of such meeting in a newspaper published in said county of Mercer, at least once in each week during said period; provided, three- Proviso. fourths in value of the stockholders be present, or represented therein; and that this act shall continue in force for thirty years, unless sooner dissolved as aforesaid, but the same may be altered or amended by the legislature whenever it is deemed necessary so to do. 7. And be it enacted, That this act shall take effect immediately. Approved March 17, 1870. Amendment. Amendment. Amendment. CHAPTER CCCVI. A Supplement to "An Act to incorporate Dover." 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the ninth section of the act to which this is a supplement, shall be, and is hereby so amended that the license fee thereby required to be paid, shall be not less than two dollars, and not more than one hundred dollars. 2. And be it enacted, That the fifteenth section of said act, shall be and the same is hereby so amended that it shall be sufficient if an ordinance adopted by said common council shall be inserted once in any newspaper published in Morris county, and circulating in said town. 3. And be it enacted, That the eighteenth section of said. act, shall be and hereby is so amended that the common council of Dover, shall have power to assess and levy by tax, fifteen per centum upon, and over and above the sum of two thousand dollars mentioned in said section, and upon, and over and above such other sum as may at any time be ordered to be raised by the votes of the inhabitants of said town at their annual elections, which fifteen per centum is so authorized to be levied and assessed to cover deficiencies and expenses of assessing and collecting. 4. And be it enacted, That this act shall take effect immediately. Approved March 17, 1870. CHAPTER CCCVII. An Act to incorporate the Mutual Benefit and Co-operative Life 1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That John J. High, Hugh W. porators. Bowne, Joel Wilson, Uzal M. Osborn, Josiah Taylor, Joel B. Laing, Abel V. Shotwell, David J. Bunn, Isaac Osborn, and others, their associates and successors, are hereby constituted and declared to be a body corporate and politic, by the name of "The Mutual Benefit and Co-operative Life Corporate Insurance Company," to be located in the city of Rahway, name. in the county of Union, and state of New Jersey, and by that name they and their successors shall and may have succession during the continuance of this act; and shall be capable of sueing and being sued, pleading and being impleaded, answering and being answered unto, in all courts of justice, and they and their successors may have a common seal, and may alter and change the same at pleasure, and also in the name of "The Mutual Benefit and Co-operative Life Insurance Company," shall be in law capable of purchasing, holding and conveying any estate, real and personal for the use of said corporation; provided, the said estate, Proviso. which it shall be lawful for the said corporation to hold, be only such as is necessary for the corporation, in the transaction of the business thereof, or such as shall be taken as security for, or in payment of, debts due to said corporation. insured mem ration. 2. And be it enacted, That all persons who shall be in- All persons sured in or with said company, shall be members of said cor- bers of corpoporation, and the property and concerns of said corpo ration shall be conducted and managed by nine directors, a majority of whom shall be a quorum, and the members may at any annual election increase the number of directors to fifteen, all of whom shall be citizens of this state, to be chosen by ballot, by and from among the members, and shall hold their office for one year, and until others are chosen. 3. And be it enacted, That an election for directors shall Election of be held on the first Monday in May, in each and every year, directors. Proviso. Married wo. man may insure life of husband. Proviso. May make by-laws. at the office of the company, or such other place as a majority of the directors may previously designate a public notice of the election shall be given by the secretary in one or more of the newspapers printed in Rahway, at least two weeks previous to the time of holding the election, and if any of the directors shall die, or 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 the power to fill such vacancy or vacancies until the next election, and in case it should happen that an election for directors should not be held on the day when pursuant to this act it ought to have been held, the said corporation shall not for that cause be dissolved, but it shall and may be lawful on any other day to hold such election; provided, the directors give the two weeks' notice in one or more of the newspapers printed in Rahway; the persons named in the first section of this act shall be directors of said company and till others are elected. 4. And be it enacted, That any married woman may in her own name or in the name of a third person, with his assent as trustee cause to be insured the life of her husband for her sole benefit, on such terms and conditions as may be agreed upon with said corporation, and in case of her surviving her husband, the sum or net amount of the insurance becoming due and payable by the terms and conditions of the insurance, shall be payable to her, to and for her own use, free from the claims of the representatives of her husband or any of his creditors; provided, the amount paid for such insurance shall not exceed the sum of one hundred dollars per annum, and in case of the death of the wife before the decease of her husband, the amount of the insurance may be made payable to her children for their benefit, and to their guardians if under age. 5. And be it enacted, That the directors for the time being, or a majority of them, 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 property, estate and effects of the said corporation, and for all such matters as pertain to the business thereof, and shall have power to appoint a secretary, treasurer and such other additional officers, clerks and agents for carrying on the business of said corporation as they may select, with such compensation as to them shall appear just |