The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1894-07-04
CHAPTER cLxxxv1

An Act relative to bonds, undertakings, reoogniz-
aneeS, guarantees and other obligations required
or permitted 10 be made, gwen, rendered or filed
with surety or SurctIes and 10 the acceptance as
surety or guarantor thercupou of companies
qualified to act as such,
l. BE it enacted by the Senate and General
Assembly of the STATE of New Jersey, That
whenever any bond, undertaking, reeognizance or
other obligation Is by law, the charter Ordi-
naneeS, rules or regulations of any municipality,
board, body, organization, public officer, re-
Quired or permitted to be made. given. rendered or
filed with surety sureties and whenever the
performance of any act, duty or Obligation or the
reirainlng from any act is required permitted to
he guaranteed, such bond, undertaking. obligation,
reco2nizance or guarantee may be executed by a
surety company qualified 10 act surety or guaran-
tor and approved rs hereinafter provided; ard such
execution BY such company of such bond. under
taking, obligation, recognizanee guarantee shall
be in all respects a tnll and complete compliance
wlth every requirement of every law, charter Ordi-
nance. rule or regulation that such bond, under
taking, obligation, reeognzance or guarantee shall
he executed by one surety or by one or more sule-
ties or that such Suretics shall be residents or
hOuSeholderS, frceholders, or either, both or
POSSESSES any other qualification; and all courts,
judges, heads OF departments, boards bodies, mun-
cpaltleS and public officers of every character shall
accept and treat according such bond undertaking,
obligation, recngnlZance, or guarantee when so
executed by such company, as conforming TO aud
nlly ana completely complying with every such
requirement OF every such law, charter, ordinance,
| rule regulation.
3 And be it enacted, That such company to be
qualified To so act as surety or guarantor must be
authorized under the laws of any state where incor
p0faed aud its charter to guarantee the fidelity OF
persons holding places OF public or private trust,
aud 10 guarantee the performance of contracts other
than insurance policies, aud 10 execute bonds and
undertakings required permitted in actions or
proceedings by law allowed; must comply with
the requirements OF every law of this state appca-
BILE to such company IN doing business therein, and
also with such requirements the chancellor shall
make for the purpose of aording greater security
for those whose benefit such bonds, undertakings
obligations, reeognizances guarantees may be
given, aud said company he approved by the chan
cclor generally rs u company qualified under this
act, and al sufficient credit and standing to war
rant its acceptance as surety or guarantor on such
bonds, under takingS, obligations and guarantees
the liabilities OF such company must not exceed its
available assets, and which liabilities shall he taken,
to be its capital stock, us outstanding debts and
premium reserve equal to my per centQm OF the
annual premiums ON all outstanding risks then in
force.
3. And be it enacted, That all acts aud parts OF
acts inconsistent with this act he and the same are
hereby repealed, except that the provisions of this
act shall not repeal alter ahrogae interfere with
any of the provisions 01 the act of the legislature
of this state entitled ~ further supplement To an
act entitled An act for Incorporation of safe de-
post and trust companies approved April TWEEN
tieih one thousand eight hundord aud eghty-fve
which further supplement was approved April
twenty-siNth, one thousand eight hundred and
uinct y-tuur.
4. Aud be it enacted That this act shall take effect
Immediately.
Approved May II, 1891.