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CHAP. 39

Chapter 39.

An Act to incorporate the Manufacturers' Loan, Trust and Deposit Company.

Be it enacted by the Senate and House of Representatives

in Legislature assembled, as follows:

SECT. 1. Albion Little, Fred. N. Dow, E. B. Winslow, Corporators. H. S. Osgood, George C. Wing, M. P. Frank, Seth L. Larrabee, William Osgood, R. K. Gatley, Seth M. Carter, A. W. Smith, W. H. Scott, N. E. Redlon, W. S. Eaton, H. C. Peabody, E. E. Holt, A. D. Smith, 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 corporate be known as Manufacturers' Loan, Trust and Deposit 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.

name.

SECT. 2. The corporation hereby created shall be located Location. at Portland, Cumberland county, Maine, and may establish agencies in any part of this state.

bonds.

SECT. 3. The purposes of said corporation and the busi- Purposes. ness which it may perform, are 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; 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 may issue principal and interest of all obligations secured by mortgages or real estate running to said Manufacturers' Loan, Trust and Deposit 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; to hold for safe keeping all kinds of personal and mixed property, and to act as agents for the owners thereof and to collect bonds, notes, accounts or other indebtedness; and of real estate for the collection of income on the same, and for the sale of the same; and to act as agent for issuing, registering and sale and countersigning certificates, bonds, stocks and all evidences of debt or ownership in property; to hold by grant, assignment, transfer, devise or bequest, any real or personal property or trusts duly created,

CHAP. 39 and to execute trusts of every description; 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; 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 nine; and may re-discount any acceptances and notes actually owned by said corporation and guarantee the payment of the same, provided, that no loan shall be made upon property on which there is any prior mortgage, encumbrance or lien, or to an amount exceeding one-half the cash value of the security when secured by mortgage or deed of trust of real estate, except when the real estate is situated in this state, and the loan, principal and interest, is to be paid in monthly installments; also to build or lease suitable buildings and vaults in the same, for the purpose of making safe deposit for the keeping of valuables of any and all kinds, whether money, bonds, mortgages, notes or other securities, or other valuable things, and to lease or let said vaults or safe deposit room for the keeping of said valuable things, to any person, firm or corporation, and to do in general all business that may be done by a trust and banking company and a safe deposit

Administrators, etc., may deposit with.

Capital stock.

-shall not

commence business until

$50,000 has been paid in.

company.

SECT. 4. An administrator, assignee, guardian or trustee, 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 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 an amount not exceeding five hundred thousand dollars. Said corporation shall not commence business until stock to the amount of fifty thousand dollars shall have been subscribed for and paid in.

Responsibility

SECT. 6. The shareholders of this corporation shall be CHAP. 39 individually responsible, equally and ratably, and not one for of shareholders. 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. 7. Said corporation, after beginning to receive 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 cash deposits which are subject to withdrawal on demand; provided, that in lieu of lawful money, twothirds of said twenty-five per cent may consist of balances payable on demand, due from any national or state banking institution.

Reserve fund

shall be in

lawful money.

taxed.

SECT. 8. The shares of said corporation shall be subject Shares, how to taxation in the same manner and rate as are the shares of national banks.

Property held in

trust shall be a

special deposit.

SECT. 9. 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 loans 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 purposes of securing the observance of this proviso, said corporation shall have a trust department trust in which all business pertaining to such trust property shall be kept separate and distinct from its general business.

department.

directors, how

SECT. 10. All the corporate powers of this corporation Board of shall be exercised by a board of directors, whose number and chosen. term of office shall be determined by vote of the shareholders at the first meeting held by the incorporators and at each annual meeting thereafter. The affairs and powers of the cor-executive poration may, at the option of the shareholders, be entrusted to an executive board of five members, to be, by vote of the shareholders, elected from the full board of directors. A majority of said board shall reside in this state.

SECT. 11. Said corporation shall be subject to examination by the bank examiner, as provided by section one hundred and nineteen, chapter forty-seven of the Revised Statutes and amendments thereto.

board.

Shall be subject

to examination

by bank

examiner.

SECT. 12. The first meeting of said incorporators for the First meeting, purposes of organization shall be held in said Portland and

how called.

CHAP. 40

called by a notice signed by any two of said incorporators, and served upon each corporator by giving the same in hand or sending the same by mail to his last known place of residence.

SECT. 13. This act shall take effect when approved.

Approved February 10, 1891.

P. & R. Falls
Railway,

authorized to
construct its
road over line
of R. Falls &
B. R. R.

Time in which

to build, extended.

Lease of R. Falls & B. R. R. approved.

Companies, authorized to sell or lease property, etc.

Chapter 40.

An Act concerning the Portland and Rumford Falls Railway, and the Rumford Falls and
Buckfield Railroad Company.

Be it enacted by the Senate and House of Representatives in Legislature assembled; as follows:

SECT. 1. The Portland and Rumford Falls Railway is hereby authorized from time to time, the consent of the Rumford Falls and Buckfield Railroad Company being first obtained, to locate, construct and maintain its railroad over the whole, or any part or parts, of the line over which the Rumford Falls and Buckfield Railroad Company is now authorized by law to construct a railroad; but the authority herein granted shall cease as to all parts of the line not constructed within five years from the approval hereof.

SECT. 2. The time within which the Rumford Falls and Buckfield Railroad Company may construct any line now authorized, is extended to five years from the approval of this act.

SECT. 3. The lease by the Portland and Rumford Falls Railway of the railroad, franchises and property of the Rumford Falls and Buckfield Railroad Company is approved, and the Portland and Rumford Falls Railway is authorized to purchase any of the stock, bonds, receiver's certificates, or other securities issued by the Rumford Falls and Buckfield Railroad Company.

SECT. 4. The Rumford Falls and Buckfield Railroad Company and the Portland and Rumford Falls Railway, and each of them, is authorized to sell or lease the whole or any part of its railroad, property or franchises, including those acquired by lease; and any other railroad corporation may acquire any of the same by lease or purchase, or may acquire any stock, bonds, receiver's certificates, or other securities

issued by either the Rumford Falls and Buckfield Railroad CHAP. 41 Company or the Portland and Rumford Falls Railway. SECT. 5. This act shall take effect when approved.

Approved February 10, 1891.

Chapter 41.

An Act to authorize F. A. Hutchins, Nelson Thompson, and their associates, to build and maintain a wharf in the tide waters of Friendship, Knox county.

Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows:

SECT. 1. F. A. Hutchins, Nelson Thompson, their associates or assigns, are hereby authorized to erect and maintain a wharf on the south-east side of Martin's point into the tide waters of Hatchet cove, in the town of Friendship, county of Knox.

SECT. 2. This act shall take effect when approved.
Approved February 10, 1891.

F. A. Hutchins

et als, author

ized to erect

wharf.

Chapter 42.

An Act to amend an Act entitled "An Act to authorize the erection and maintenance of a sluice at Upper Stillwater."

Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows:

amended.

Section two of said act is hereby amended by striking out Sec. 2, from the second line thereof the words "board measure Bangor survey" and inserting instead the words 'purchase scale,' so that said section two as amended, shall read as follows:

collected.

'SECT. 2. Said corporation may demand and receive a Tolls, and how toll of two cents per thousand feet, purchase scale, on all logs and lumber passing through the same, and shall have a lien on all such logs and lumber for payment of the tolls. The toll shall be payable at such time and place as the directors may determine, and if not so paid, said corporation may take and sell at public auction, after ten days' public notice, so many of the logs as is necessary to pay said tolls.'

Approved February 10, 1891.

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