and also to invest so much of the capital stock and the surplus arising from the business, as they shall deem fit, in such securities as the board of directors shall decide, subject to such restrictions, however, as are hereinafter provided.

15. And be it enacted, That it shall be lawful for the di- Dividends. rectors to declare and pay dividends out of the profits of the said company to such an extent as shall appear advisable, from time to time, to the stockholders of said company, or their representatives; provided, that the said dividends shall Proviso, not at any time exceed the net profits made by the said company; and provided further, that at least twenty per centum Proviso. of the net profits of said company shall be semi-annually reserved and invested as a safety fund, until the said fund amounts to the sum of one hundred thousand dollars; and the said reserved fund shall be invested either in bonds of the United States, state or municipal bonds authorized by the laws of the state of New Jersey, or in first mortgages on real estate situated in this state, and worth at least double the amount loaned.

16. And be it enacted, That in case the directors deem it Policies. advisable, they shall have power to issue policies, and give, under such terms and restrictions as they may see fit, participation in the profits to the insured.

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

Approved March 22, 1872.

CHAPTER CCCXXXII.

An Act to provide for the election of a County Collector, and Steward of the County Poor House, and of County Auditor, in the county of Burlington.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That at the first annual election Election of for members of the general assembly of this state, after the tor, auditor, passage of this act, and at such election every third year poor house.

county collec

and steward of

Vacancy, how

filled.

Persons elect. ed to be rest

county

thereafter, there shall be chosen, by the qualified electors of said county of Burlington, one person to be county collector of said county, and one person to be the steward of the poor house and the farm attached thereto, who shall hold their respective offices for the term of three years, and one person to be county auditor in said county, who shall hold his office for one year; the electors of said county shall vote for said county collector, county auditor and county steward upon the same ballot with members of the general assembly, and the election shall be conducted, and the result determined, in the same manner as the elections for the office of sheriff now are and may be required by law.

2. And be it enacted, That in case of a vacancy occurring in said offices, by death or otherwise, every such vacancy shall be supplied by the board of chosen freeholders of said county, at a special meeting of the said board, to be held within fifteen days thereafter, until the general election next succeeding the happening of the death of said county collector, county auditor or steward of the poor house, and the person elected or appointed to supply such vacancy may, upon giving bond at the said meeting, as is hereinafter provided, enter upon the duties of the office, and shall continue to hold the same, until his successor shall have been elected at the next general election as aforesaid, and given bond.

3. And be it enacted, That the persons to be elected county dents of the collector, county auditor, and steward of the poor house of the county of Burlington, by virtue of this act, shall be residents of said county at the time of their several elections, and shall have been residents of said county for the term of at least five years next before the election; but it shall not be necessary to be a freeholder of said county to be elected to the said office.

Meeting of board of freeholders.

4. And be it enacted, That hereafter there shall be a stated meeting of the board of chosen freeholders of said county at the place of holding the court of common pleas in and for the said county, for the transaction of general business, at the hour of eleven in the forenoon, on the Tuesday next after the general election, and the person elected to the office of county collector of said county of Burlington, under and by virtue of this act, shall, before he enters upon the duties Bond of collec- of said office, give bond at said meeting, with at least three sureties, being freeholders and residents in the county, to the

tor.

board of chosen freeholders of said county, in the penal sum of one hundred thousand dollars, to be approved of by the board of chosen freeholders for the time being, conditioned for the faithful performance of the duties of his said office as collector of said county, according to law, which said bonds, being approved as aforesaid, shall be filed in the clerk's office of said county, and said elerk shall issue a certificate under his seal of office, that at the annual election then lately held, the said person was duly elected county collector of the county of Burlington for the ensuing term, which shall be for three years from that time, which certificate shall be deemed legal evidence of his election; and when the county collector shall have given bond as aforesaid, it shall be the duty of the clerk of the board of chosen freeholders to issue to him a certificate that his official bond has been approved and filed according to law.

5. And be it enacted, That the county collector of the compensation county of Burlington hereafter to be elected, shall be entitled of collector. to receive for his services the sum of one thousand dollars per annum, to be paid as the salaries of other county officers are paid, in lieu of all other compensation for such services.

fice to dis

6. And be it enacted, That the persons now elected to the Persons in of offices of county collector and county steward, by the board charge duties. of chosen freeholders of the county of Burlington, shall continue in office and exercise all the rights, and discharge all the duties appertaining thereto, the said collector until his successor shall have been elected at the next annual election, and the said steward until the twenty-fifth day of March, one thousand eight hundred and seventy-three; provided, they Proviso. shall give bonds as aforesaid, and as is hereinafter provided, to the board of chosen freeholders of said county, at their meeting on the second Wednesday in May next.

deposited.

7. And be it enacted, That the person elected to the office Moneys to be of county collector as aforesaid, and the person who shall continue to hold said office until such election shall take place as aforesaid, shall forthwith deposit all moneys by him received belonging to said county, in a bank within the county of Burlington, and no part of said moneys so deposited as aforesaid, shall be paid out or withdrawn from said depository, drawn. except by checks, signed by said county collector, and countersigned by the county auditor as is hereinafter provided.

8. And be it enacted, That if the person so elected to or

How with

beneilt.

Collector not continuing in office as county collector, shall use, employ, or for his owney take any part of said moneys so received by him for said county for his own use or benefit, or for any other purpose whatever, than for the payment of the debts and demands of said county, to be ascertained and paid as is hereinafter provided, or as is otherwise provided for by law, he shall be deemed and adjudged to be guilty of a misdemeanor, and on conviction thereof, shall be punished by fine not exceeding five hundred dollars, or imprisonment at hard labor not exceeding two years, or both.

Steward of

poor house to give bonds.

County clerk to issue certificate of election.

Compensation

9. And be it enacted, That every person who shall hereafter be elected steward of the poor house of the said county of Burlington, under and by virtue of this act, shall, before he enters upon the duties of said office, give bond, with at least three securities, being freeholders and residents in the county, to the board of chosen freeholders of the county of Burlington, in the penal sum of ten thousand dollars, said bond to be approved of by the said board at their meeting on the Tuesday next after said election, conditioned for the faithful performance of said office as steward of the poor house of the county of Burlington, according to law; which said bond, being approved as aforesaid, shall be filed in the clerk's office of said county.

10. And be it enacted, That whenever an election for steward of the poor house of the county of Burlington shall be held under and by virtue of this act, it shall be the duty of the clerk of the county, upon the filing in his office of the statement of the result of the election by the board of county canvassers, to issue to the person who shall, by such statement, appear to have been elected steward of the poor house, a certificate, under his seal of office, that at the annual elec. tion then lately held, the said person was duly elected steward of the poor house of the county of Burlington for the then ensu ing term, which shall be for three years from the twenty-fifth day of March then ensuing, which certificate shall be deemed legal evidence of his election; and when the steward of the poor house shall have given bond as aforesaid, it shall be the duty of the clerk of the board of chosen freeholders to issue to him a certificate that his official bond has been approved and filed according to law.

11. And be it enacted, That the steward of the poor house of the county of Burlington hereafter to be elected shall be entitled to receive for his services the sum of seven hundred

and fifty dollars per annum, to be paid as the salaries of other county officers are paid, in lieu of all other compensation for such services.

County auditor

12. And be it enacted, That the legislature, in joint Election of meeting assembled, shall appoint a suitable and competent person, who shall have been a resident of said county for the term of five years next before said appointment, county auditor of said county, who shall continue in office and exercise all the rights and discharge all the duties appertaining thereto, as the same are hereinafter defined and prescribed, until his successor shall have been elected at the next annual election and taken the oath and given bond as hereinafter provided.

certificate of

13. And be it enacted, That whenever an election or ap- Clerk to issne pointment for auditor of the county of Burlington shall be clection. held under or by virtue of this act, it shall be the duty of the clerk of said county, upon the filing in his office of the statement of the result of the election of the board of county canvassers, or a certificate of his appointment, to issue to the person who shall by such statement or certificate appear to have been elected or appointed county auditor as aforesaid, a certificate under the seal of his office, that at the annual election then lately held, the said person was duly elected or appointed auditor of said county of Burlington for the then ensuing term, which certificate shall be deemed legal evidence of his election.

take oath and give bonds.

14. And be it enacted, That said county auditor so to be Auditor to appointed and elected as aforesaid, before entering upon the duties of his office, shall take and subscribe an oath or affirmation before one of the judges of the court of common pleas of said county, that he will well, faithfully, honestly and impartially discharge all the duties required of him by law, and that he will not allow any claim, demand, charge, or account against said county of Burlington, unless satisfied that the same is justly due, which oath or affirmation shall be filed in the office of the clerk of said county, to be there preserved among the public papers, and shall also enter into bond, with two or more securities, to be approved by the judges of the said court of common pleas, when first appointed, and afterwards by the board of freeholders of said county, at their meeting on the Tuesday next after the annual election aforesaid, in the sum of one thousand dollars, conditioned for the faithful performance of his official duties, which bond, upon