panies may make creditors for a organized under any law of this state, and engaged in Certain commanufacturing within this state, shall have been or shall agreement with be declared to be insolvent, and a receiver shall have settlement. been or shall be appointed, and no settlement shall have been made for three years thereafter, it shall be lawful for such company to enter into an agreement with its creditors for a settlement, with the consent and approval of the chancellor, and after such agreement shall have been signed by not less than two-thirds in amount of the holders of the valid claims against such company, said agreement shall be binding upon all of the creditors of such company the same as if they had all signed, to the end that the receiver may be discharged by the chancellor, and the effects and property of the company restored to its own possession. certain value of agreement. 2. And be it enacted, That any creditor who shall refuse Proceedings to asto sign such agreement may, upon notice given to such claim of creditor company within sixty days from the discharge of the reusing to sign receiver, apply to the chancellor for an assessment of the value of the claim of such creditor, and the chancellor may appoint three commissioners to determine the actual value of the property of such company while the same was in the hands of the receiver, and the proportionate value of the claim of such creditor, and the value or proportionate amount of such claim shall be paid by the company in discharge of the debt, in order that such claimant may receive the full proportion that would have been realized if a sale of the property had been ordered by the court to be made by the receiver. decision of com 3. And be it enacted, That either party may have a right Appeal from to appeal from the decision of the commissioners, when missioners. made under the second section of this act, to the chancellor who shall hear and determine the same, or at the request of either party, an issue may be framed for the trial of the questions submitted to said commissioners before the circuit court of any county of this state, and the chancellor may order that such further proceedings shall be had as may be in accordance with the practice. of the court of chancery, and the courts of law in the trial of feigned issues out of the court of chancery. 4. And be it enacted, That this act shall take effect immediately. Approved May 14, 1884. Payment of moneys collected insurance companies. CHAPTER CCXXIV. A Further Supplement to the act entitled, "An act to facilitate the collection of certain premiums for the benevolent funds of fire departments of cities, from fire insurance companies not organized under the laws of this state, but doing business herein," approved March fourteenth, eighteen hundred and seventy-nine. 1. BE IT ENACTED by the Senate and General Assembly from foreign fire of the State of New Jersey, That hereafter all such moneys shall be paid by such foreign fire insurance companies and their agents, and by the secretary of state of this state, or such other officer as may be entrusted by law with the collection and distribution of the general fund arising therefrom, to the treasurers of the several fire department relief funds or firemen's relief associations organized by the active and exempt firemen, and not to any other person or persons or corporation whatever. Moneys or property in hands of other persons to be paid over to relief fund or association. 2. And be it enacted, That in any case where such moneys, or any balance thereof, or any property purchased therewith, or any securities in which the same may have been invested, may now remain in the hands or possession or charge of any common council, or board of commissioners, or other person or persons or corporation whatever, other than the several fire department relief funds or firemen's relief associations, organized by the active and exempt firemen, and the treasurers by them elected, such moneys, property and securities, and the remainder thereof, shall (upon the organization, by the active and exempt firemen, of a fire department relief fund or firemen's relief association, and the incorporation thereof, and the election of a treasurer by them), forthwith be paid over, assigned and conveyed to such relief fund or association and to such treasurer; said treasurer to give bonds in such a sum as the trustees may designate. 3. And be it enacted, That in all such cases such com moneys received moneys other than mon councils and boards of commissioners shall forthwith To account for account to such fire department relief funds or firemen's and refund relief associations, when organized, for all moneys which expended for may have been received by them as aforesaid, and shall certain purposes. forthwith refund and pay over to such relief funds or associations all such moneys expended by them, other than for the benefit of any indigent or disabled firemen or their families. 4. And be it enacted, That this act shall take effect Repealer. immediately, and that all acts and parts of acts inconsistent herewith are hereby repealed. Approved May 14, 1884. CHAPTER CCXXV. An Act for the support of the state reform school for boys. for barn and 1. BE IT ENACTED by the Senate and General Assembly of Appropriation the State of New Jersey, That the sum of two thousand storehouse. dollars in addition to the appropriation of the sum of two thousand dollars of last year, be and the same is hereby appropriated for the erection of a building to be used as a thrashing barn and store-house for grain, roots, potatoes and other vegetables. 2. And be it enacted, That the sum of five thousand Gas machine. dollars be and the same is hereby appropriated for the purchase of a gas machine with all necessary pipes and other appurtenances thereunto belonging and for the necessary expenditures in introducing gas throughout the buildings. stable. 3. And be it enacted, That the sum of fifteen hundred Extension to dollars be and the same is hereby appropriated for the erection of an extension to the stable to be used for housing the wagons and other farm implements. furniture and 4. And be it enacted, That the sum of four thousand Purchase of dollars be and the same is hereby appropriated for the sanitary improvements. Dwelling house for superinten dent. State treasurer directed to pay purchase of furniture and for repairing and improving the sanitary condition of the old buildings. 5. And be it enacted, That the sum of four thousand dollars be and the same is hereby appropriated for the erection of a dwelling house for the use of the superintendent and family. 6. And be it enacted, That the treasurer of this state appropriations. be and he is hereby directed to pay the trustees of the school the aforesaid sums upon the warrant of the comptroller. Items not approved. 7. And be it enacted, That this act shall take effect immediately. Approved May 14, 1884, except as to the following items to which I object, to wit: First, the sum of $2,000, mentioned in section 1. Second, the sum of $5,000, mentioned in section 2. Third, the sum of $1,500, mentioned in section 3. Fourth, the sum of $4,000 appropriated for the erection of a dwelling house, mentioned in section 5. These items in section 1, 2, 3 and 5 are not approved. LEON ABBETT, Governor. |