of said twenty-five per cent may consist of balances payable CHAP. 56 on demand, due from any national or state bank. SECT. 8. The shares of said corporation shall be subject Taxation of to taxation in the same manner and amount as are the shares shares. of national banks. to examination examiner. SECT. 9. Said corporation shall be subject to examination Shall be subject by the bank examiner, who shall visit it at least once in each by bank year, and as much oftener as he may deem expedient. At such visits he shall have free access to its vaults, books and papers, and shall thoroughly inspect and examine all the affairs of said corporation, and make such inquiries as may be necessary to ascertain its condition and ability to fulfill all its engagements. He shall preserve in a permanent form a full record of his proceedings, including a statement of the condition of said corporation. A copy of such statement statement shall be published by said corporation immediately after such published annual examination of the same, in some newspaper published in said Gardiner. SECT. 10. All money or property held in trust by said corporation shall constitute a special deposit, and the accounts thereof, and of said trust department, shall be kept separate, and such funds and the investment or loan of them shall be especially appropriated to the security and payment of such deposits, and not be subject to any other liabilities of the corporation; and for the purpose of securing the observance of this proviso, said corporation shall have a trust department in which all business pertaining to such trust property shall be kept separate and distinct from its general business. shall be annually. Trust funds shall constitute special deposit. Board of trustees, qualification and tenure of. SECT. 11. All the corporate powers of said corporation shall be exercised by a board of trustees, all of whom shall reside in this state, whose number, not less than ten, shall be determined by the stockholders at their first meeting. Their term of office shall be for one year and until their successors shall have been chosen and qualified, except that the trustees first chosen shall hold office until the next annual meeting of the stockholders. The affairs and powers of the corporation -executive may at the option of the stockholders, be entrusted to an board. executive board of five members, to be elected from the full board of trustees. SECT. 12. This act shall take effect when approved. Approved February 13, 1891. Chapter 57. An Act to incorporate the Merchant's Trust and Banking Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. Charles P. Allen, Fred Barker, William R. Piper, A. R. Gould, John F. Hill, Charles D. DeWitt, H. B. Thayer, John A. Woodsum, J. S. Adams, William T. Haines, L. K. Cary, E. G. Dunn, Junior, Benjamin F. Jones, J. Hersom, Frank H. Clergue, Daniel F. Davis, or such of them as may by vote accept this charter, with their associates, successors and assigns, are hereby made a body corporate and politic, to be known as the Merchant's Trust and Banking Company, and as such, shall be possessed of all the powers, privileges and immunities, and subject to all the duties and obligations conferred on corporations by law, except as otherwise provided herein. SECT. 2. The corporation hereby created shall be located at Presque Isle, in the county of Aroostook and state of Maine, and may establish agencies in any part of this state. SECT. 3. The purposes of said corporation, and the business which it may perform, are: first, to receive on deposit, money, coin, bank notes, evidences of debt, accounts of individuals, companies, corporations and municipalities and states, allowing interest thereon if agreed, or as the by-laws of said corporation may provide; second, to borrow money, to loan money on credits or real estate or personal security, and to negotiate loans and sales for others; to guarantee the payment of the principal and interest of all obligations secured by mortgages of real estate running to the said Merchant's Trust and Banking Company, to issue its own bonds or obligations, based upon real or personal property conveyed to it in trust to secure the payment of such bonds or obligations and the interest thereon; third, to hold for safe keeping all kinds of personal or mixed property, and to act as agent for the owners thereof, and of real estate, for collection of income on the same and for sale of same, and to act as agent for issuing, registering and countersigning certificates, bonds, stocks, and all evidences of debt or ownership in property; fourth, to hold by grant, assignment, transfer, devise or bequest, any real or personal property, or trusts duly created, and to execute trusts of every description; fifth, to act as assignee, receiver and executor, and no surety shall be necessary upon the bond of the corporation, unless the court or officer approving such bond shall require it; sixth, to hold and enjoy all such estates, real, personal and mixed, as may be obtained by the investment of its capital stock or any other moneys and funds that may come into its possession in the course of its business and dealings, and the same sell, grant, mortgage and dispose of, except as provided in section ten; seventh, to do in general all the business that may lawfully be done by a trust or banking company. CHAP. 57 etc., may deposit with. SECT. 4. An administrator, assignee, guardian or trustee, Administrators, any court of law or equity, including courts of probate and insolvency, officers and treasurers of towns, cities, counties and savings banks of the state of Maine, may deposit any moneys, bonds, stocks, evidences of debt or of ownership in property, or any personal property with said corporation, and any of said courts may direct any person deriving authority from them to so deposit the same. SECT. 5. The capital stock of said corporation shall be Capital stock. fifty thousand dollars divided into shares of one hundred dollars each, with the right to increase said capital at any time, by vote of the shareholders, to any amount not exceeding one million of dollars. Said corporation shall not commence business until stock to the amount of fifty thousand dollars shall have been subscribed for and paid in. Said corporation may hold real estate such as may be necessary for its immediate accommodation in the transaction of its business, not exceeding twenty-five thousand dollars in value. SECT. 6. Said corporation after beginning to receive Reserve fund. deposits, shall at all times have on hand, in lawful money, as a reserve, not less than twenty-five per cent of the aggregate amount of its deposits, which are subject to withdrawal on demand, provided, that in lieu of lawful money, two-thirds of said twenty-five per cent may consist of balances payable on demand, due from any national or state bank or trust company. SECT. 7. The shares of said corporation shall be subject to taxation in the same manner and amount as are the shares shares. of national banks. Taxation of to examination SECT. 8. Said corporation shall be subject to examination Shall be subject by the bank examiner, who shall visit it at least once in by bank every year, and as much oftener as he may deem expedient. examiner. CHAP. 57 At such visits he shall have free access to its vaults, books and papers, and shall thoroughly inspect and examine all the affairs of said corporation, and shall make such inquiries as may be necessary to ascertain its condition and ability to fulfill all its engagements. He shall preserve, in a permanent form a full record of his proceedings, including a statement of the condition of said corporation. A copy of such statement shall be published by said corporation immediately after the annual examination of the same, in some newspaper published in said county of Aroostook. Responsibility of shareholders. Trust funds shall constitute a special deposit. -trust department. Board of trustees, how chosen. -executive board. First meeting, how called. SECT. 9. The shareholders of this corporation shall individually be responsible, equally and ratably, and not one for the other, for all contracts, debts and engagements of said corporation to a sum equal to the amount of the par value of the shares owned by each, in addition to the amount invested in said shares. SECT. 10. All property or money held in trust by this corporation shall constitute a special deposit, and the accounts thereof, and of said trust department, shall be kept separate, and such funds and the investment or loan of them shall be especially appropriated to the security and payment of such deposit, and not be subject to any other liabilities of the corporation; and for the purpose of securing the observance of this proviso, said corporation shall have a trust department in which all business pertaining to such trust property shall be kept separate and distinct from its general business. SECT. 11. All the corporate powers of this corporation. shall be exercised by a board of trustees, all of whom shall reside in this state, whose number shall be five or more and shall be determined by the stockholders at their first meeting. The term of office shall be for one year and until their successors shall have been chosen and qualified, except that the trustees first chosen shall hold office until the next annual meeting of the stockholders. The affairs and powers of the corporation may, at the option of the stockholders, be entrusted to an executive board of five members, to be elected by the stockholders from the full board of trustees. SECT. 12. Any two of the corporators named in this act may call the first meeting of this company, which shall be held at said Presque Isle, by mailing a written notice, postage paid, to each of the other corporators, seven days at least before the day of meeting, naming the time and place in said CHAP. 58 Presque Isle, and purposes of such meeting. SECT. 13. This act shall take effect when approved. Approved February 16, 1891. Chapter 58. An Act to incorporate the Frontier Trust and Banking Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. Morrill N. Drew, Jerre F. Hacker, H. M. Corporators. Goodhue, E. L. Houghton, L. K. Cary, E. E. Scates and Nicholas Fessenden, or such of them as may by vote accept this charter, with their associates, successors and assigns, are hereby made a body corporate and politic, to be known as the Frontier Trust and Banking Company, and as such, shall -corporate be possessed of all powers, privileges and immunities, and subject to all the duties and obligations conferred on corporations. name. SECT. 2. The corporation hereby created shall be located Location. at Fort Fairfield in the county of Aroostook and state of Maine. SECT. 3. The purposes of said corporation, and the busi- Purposes. ness which it may perform, are: first, to receive on deposit, money, coin, bank notes, evidences of debt, accounts of individuals, companies, corporations, municipalities and states, allowing interest thereon if agreed, or as the by-laws of said corporation may provide; second, to borrow money, to loan money on credits or real estate or personal security, and to negotiate loans and sales for others; to guarantee the payment of the principal and interest of all obligations secured by mortgages of real estate running to the said Frontier Trust and Banking Company, to issue its own bonds. or obligations, based upon real or personal property conveyed to it in trust to secure the payment of such bonds or obligations and the interest thereon; third, to hold for safe keeping all kinds of personal or mixed property, and to act as agent for the owners thereof, and of real estate, for collection of income on the same and for sale of the same, and to act as agent for issuing, registering and countersigning certificates, |