The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1894-07-31
CHAPTER CLXXXVI.

An act relative to bonds undertakings recognizances
guarantees and other obligations required or per-
mitted to be made, given, rendered or filed with
surety sureties and to the acceptance as surety
or guarantor thereupon OF companies qualified to
act suchs
l. Be it enacted by the Senate and General Assem-
bly, of the State of New Jersey, That whenever any
bond, undertaking. recognizance other obligation
is by law, or the charter, ordinances, rules regua
tion of any municipality, board, body, organization
or public officer, required or permitted to be made
given, rendered fled with surety or suretes and
whenever the Performance OF any act duty obga-
ton, or the refraining from any act is required or
permitted to be guaranteed, such bond, undertaking
obligation recognizance guarantee may be execut
ed by surety company qualified to act surety OF
guarantor and approved hereinafter provided and
such execution by such company of such bond under
taking, obligation recognizance guarantee shall
be in all respects full and complete compliance with
every requirement Of every law, charter ordinance
rule regulation that such bond undertaking, obi
CATION, recognzanee or guarantee shall be executed
by one surety by one more suretes that such
sureties shall be residents householders free.
holders, either both, possess any other quail
hcation; and all courts, judges heads of depart
ments, boards. bodies, municipalities and public off,
of every character shall accept and treat accord
ngly such bond undertaking obligation recognizance
or guarantee when 80 executed by such company as
conforming to and fully and completely complying
with every such requirement of every such law char
ter, ordinance. rule or regulation.
3. And be it enacted, That such company to be
qualified to act surety guarantor must be
horned under the laws OF any state where ncorpor
ted and its charter, to guarantee the fidelity of per-
sOus places OF puDllc ana
guarantee the performance of contracts other tina
insurance policies and to execute bonds and under
akings required permitted in actions proceed
ngs or by law allowed;must comply with the require
ments Of every law of this state applicable 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 for
whose benefit such bonds, undertakings, obligations
recognizances or guarantees may be given, and said
company be approved by the chancellor generally as
company qualified under this act, and of suficien
credit and standing to warrant its acceptance
ty or guarantor such bonds undertakings, obliga
tons and guarantees; the liabilities of such company
must not exceed its available assets and which abl-
tiles shall be taken to be it's capital stock, its out
standing debts and premium reserve equal to fifty
per centum of the annual premiums on all outstand
ing risks then in force.
3. And be it enacted, That all acts and parts of
acts inconsistent with this act be and the same
hereby repealed, except that the provisions of this
act sha not repeal alter abrogate interfere with
any Of the provisions of the act of the legislature
this state entitled "a further supplement to act
entitled An act for incorporation OF safe deposit and
trust companies" approved April twentieth, one
thousand eight hundred and eighty five, which furth-
supplement approved April twenty-sixth one
Thousand eight hundred and ninety-four.
T. And be it enacted That this act shall take effect
Immediately.
Approved May IA, 1894.