The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-08-22

at any time shall be members of the
same political party.
2. And be it enacted that this act shall
lake effect Immediately.
Approved May IA, 1894.
CHAPTER CLXXXVI.
An act relative to bonds, undertakings,
recognizances, guarantees and other OBJ
legations required or permitted to be
made, given, rendered or filled with
surety or suretieS and to the acceptan-
ce as suerty or guarntor thereppon Of
companies qualified to act as such.
]. Be it enacted by the Senate and General
of the State of New Jersey, That
whenever any bond, undertaking, recognizance
or other obligation is by law, or the charter
ordinances, rules or regulations of any Inuni-
cipality, board, body, organization, or public
officer, required or permitted to be made,
given, rendered or filed, with surety or sure
ties, and whenever the performance of any act,
duty or obligation, or the refraining from any
act, is required or permitted TO be guaran-
teed, such bond, undertaking, obligation, re-
cognizance or guarantee may be executed by
a surety company qualified to act as surety
or guarantor and approved, as hereinafter pro.
vided; and such execution by such company of
such bond, undertaking. obligation, recog-
nizance or guarantee shall be in all respects
a full and complete compliance with every
requirement of every law, charter, ordinance,
rule or regulation that SUCH bond, undertake
ing, obligation, recognizance or guarantee shall
be executed by one surety or by one or more
sureties or that such sureties shall be residents
or householders, or freeholders, or either, or
both, or possess any other qualification; and
all courts, judges, heads of departments, boards
bodies, municipalities and public officers of
every character shall accept and treat accord
ing such bond, undertaking., obligation, recog-
nizance, or guarantee when so executed by
such company, as conforming TO and fully and
completely complying with every such require
ment of every such law, charter, ordinance,
rule or regulation.
2. And be it enacted, That such compan
to be qualified to so act as surety OF guar
antor must be authorized under the laws of
any state where incorporated and its charter,
to guarantee the fidelity of persons holding
places of public or private trust, and to guar
antee the performance of contracts other
than insurance policies, and to execute bonds
and undertakings required or permitted in
actions or proceedings or by law allowed,
must comply with the requirements Of every
law of this state applicable to such company,
in doing business therein, and also with such
requirements as the chancellor shall make
for the purpose of affording greater security
for those whose benefit such bonds, under
takings, obligations, recognizances or guar
antees may be given, and SAID company be
approved by the chancellor generally as a
company qualified under this act. and of
sufficient credit and standing to warrant its
acceptance as surety or guarantor on such
bonds, undertakings, obligations and guaran-
tees; the liabslities OF such company must
not exceed its available assets, and which
liabilities shall be taken to be its capital
stock, it's outstanding deb and a premium
reserve equal to fifty per centum of the a n
nual premiums on all outstanding risks then
in force.
8. And be it enacted, That all acts and
parts of acts inconsistent with this act be
and the same hereby are repealed, except
that the provisions of this act shall not re-
peal, alter, abrogate or interfere with any
of the provisions of the act of the legislature
of this state entitled "a further supplement
to an act entitled AN act for incorporation
of safe deposit and trust companies y ap-
proved April twentieth, one thousand eight
hundred and eighty-ive, which further sup
plement was approved April twenty-sixth,
one thousand eight hundred and ninety7four-
4. And be it enacted, That this act shall
take effect Immediately.
Approved May IA. 1884.