liable for pay in case of tail ure. 12. And be it enacted, That if the said corporation here- Assets first after become insolvent, the whole assets of the said corpora- ment of bits tion, at the time of its becoming insolvent, shall be first liable for its bills and notes then in circulation, and shall be first applied to the payment thereof; and in case of a distribution of the assets among the creditors of the said corporation, under the order or decree of the court of chancery, the holders of such bills or notes shall be equal in priority, and shall have a preference over all other creditors, except bona fide judgment or mortgage creditors. ble for circula sm to avoid 13. And be it enacted, That in case of the insolvency Directors liaof said corporation the directors thereof shall be jointly on. and severally liable for all the bills or notes of said corporation which may be in circulation at the time of its becoming insolvent, and may be jointly or severally prosecuted at law or in equity, by any receiver or receivers that shall or may be appointed for the payment of such bills or notes as if the same were their joint or several bills or notes, and executed by them in their individual capacity; and it shall not be lawful for any director of said Shall not recorporation to resign his office to avoid such liability; and in ability. case any director shall so attempt to resign his office, he shall be and continue liable the same as if such resignation had not been attempted, and such liability of the directors shall continue after they cease to be directors, either by resignation or otherwise, if the said corporation was insolvent when they ceased to be directors; and it shall not be lawful for any director to assign or transfer his stock to avoid his said liability; and in the case of the payment of any such bills or notes by any of the said directors, the other directors who may be liable shall account in the same way as the other joint debtors are accountable to each other; provided, no Proviso. such suit shall be prosecuted against the said directors by such receiver or receivers, except for such deficiency as may remain after the assets of such corporation have been duly appropriated to the payment of said bills or notes, except in case of fraud committed by said directors. of assets. 14. And be it enacted, That if the assets of said corpora- Distribution tion and the property of said directors shall prove insufficient to redeem the whole of said bills or notes, then the amount that shall or may be realized from said assets and property, shall be distributed ratably among the holders of the said bills or notes; and the stockholders of the said corporation hable, &c. Proviso. at the time of its becoming insolvent, other than said direcStockholders tors, shall be jointly and severally liable to any receiver or receivers, that shall or may be appointed as aforesaid, to an amount sufficient to redeem the said bills or notes, after the assets of said corporation and the property of said directors shall have been distributed as aforesaid; provided, that no stockholder, other than the said directors, shall be made liable to an amount exceeding the par value of the stock held by him at the time said corporation becomes insolvent; and if that amount shall not be required for the full redem tion of said bills and notes, then the said stockholders shall be liable in the ratio of the stock so held by them; and it shall not be lawful for any such stockholder to assign or otherwise transfer his stock or other property to avoid such liability. Actions at law. Proviso. Amount of bills issued. 15. And be it enacted, That in case of any action or suit at law against any director or directors of said corporation, by any receiver or receivers thereof, the said receiver or receivers may declare generally for money had and received; provided, that a schedule shall be annexed to the said declaration, setting forth that the said action or suit is under and by virtue of the provisions of this act, specifying the amount claimed, the names of the president and cashier subscribed to the bills or notes declared on, and the numbers and denominations thereof. 16. And be it enacted, That the bills or notes issued by said corporation shall not at any time exceed double the amount of its capital stock actually paid in; and if the president or cashier thereof shall knowingly or wilfully issue, or cause or suffer to be issued, bills or notes of said corporation exceeding double the amount of its capital stock actually paid in, such president or cashier shall be deemed guilty of a misdemeanor, and on conviction thereof shall be punished by imprisonment of not less than one year nor more than five years, at the discretion of the court. Statements to 17. And be it enacted. That it shall be the duty of said be published. corporation on the first Monday in the months of January, April, July and October in each year after commencing the business of banking, to publish in one or more of the newspapers published in the county of Middlesex, a statement, under oath or affirmation, of the actual condition of said corporation, conforming, as nearly as may be, with the annual statement now required by law; and shall within ten days after making such statement forward a duplicate thereof to the secretary of state, to be by him filed in his office; and if any president, cashier or director shall knowingly and wilfully and falsely swear or affirm to any such statement, he shall be deemed guilty of perjury, and be liable to the pains and penalties therefor. 18. And be it enacted, That a majority in interest of the Majority of stockholders shall be residents of this state. stockholders to be residents of this state. 19. And be it enacted, That this act shall be deemed and taken to be a public act, and shall go into effect immediately, and continue in force for twenty years; but it shall be lawful Limitation. for the legislature at any time hereafter to alter, modify or repeal the same whenever in their opinion the public good shall require it. Approved February 1, 1872. CHAPTER IV. A Supplement to the act entitled "An Act to incorporate St. Michael's Hospital," approved March ninth, eighteen hundred and seventy-one. 1. BE IT ENACTED by the Senate and General Assembly Board of direc of the State of New Jersey, That in addition to the persons named in the act to which this is a supplement, as composing the board of directors of the corporation by that act created, the parish priest for the time being, of the Roman Catholic parish, in the township of Harrison, in the county of Hudson, and the senior lay member for the time being, of the board of trustees of the parish church of that parish; and also the parish priest for the time being, of each other Roman Catholic parish that may be created in said township of Harrison, or in the township of Kearney, in said county of Hudson; and the senior lay member for the time being of the board of trustees of the parish church of the parish, shall be members of said board of directors. 2. And be it enacted, That this act shall take effect immediately. Approved February 1, 1872. Act extended. Repealer. CHAPTER V. A Further Supplement to an act entitled "An Act to extend an act entitled an act to facilitate the collection of taxes in the township of Mullica, in the county of Atlantic," approved February twentieth, anno domini eighteen hundred and sixty-eight, with the supplements thereto, to the township of Galloway, in the county of Atlantic. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the act entitled "An Act to facilitate the collection of taxes in the township of Mullica,. in the county of Atlantic," approved February twentieth, one thousand eight hundred and sixty-eight, with the several supplements thereto, be and they are hereby extended to the township of Galloway, in the county of Atlantic. 2. And be it enacted, That all acts and parts of acts inconsistent with this act, be and are hereby repealed. 3. And be it enacted, That this act be deemed a public act, and take effect immediately. Approved February 1, 1872. rectors. CHAPTER VI. A Further Supplement to the act entitled "An Act to incorporate Saint Mary's Orphan Asylum, in the city of Newark," approved March tenth, eighteen hundred and fifty-three. Election of di- 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That in addition to the directors. mentioned in and provided for by the supplement approved March ninth, eighteen hundred and sixty-six, to the act to which this is a further supplement, the pastor for the time being of St. Pius' Roman Catholic Church, in the township, of Harrison, in the county of Hudson, in this state, and the respective pastors for the time being of any other Roman Catholic Churches which may be established in said townships, or in either of them, shall be ex officio members of the board of directors of "Saint Mary's Orphan Asylum in the city of Newark," and that in addition to the directors, by the said supplement directed to be elected, there shall be two persons, laymen, members of the Roman Catholic parish, whereof said St. Pius' Church is the parish church, and two persons, laymen, members of each of the other Roman Catholic parishes that may be hereafter established or created. in said township of Harrison, or in said township of Kearney, which lay directors, in this act provided for, shall be elected at the annual election of directors provided for in said supplement. 2. And be it enacted, That this act shall take effect immediately. Approved February 1, 1872. CHAPTER VIII. A Further Supplement to the act entitled "An Act to incorporate the Washington Manufacturing Company," approved January thirty-first, one thousand eight hundred and fortyfour, and renew the charter of said company. and limitation 1. BE IT ENACTED by the Senate and General Assembly of Act extended, the State of New Jersey, That the charter of the "Washing. ington Manufacturing Company," incorporated by an act entitled "An Act to incorporate the Washington Manufac turing Company," and all the power thereby granted, or by any supplement and supplements thereto, shall be and the same are hereby extended and continued in full force for and during the term of fifty years from the time by said act |