dam acro88 hundred and seven of the acts of the year eighteen hun- construct a dred and ninety-three, is hereby authorized and directed Charles river. to construct and maintain a dam, with a suitable lock or locks, across the Charles river, from a point at or about the intersection of Saint Mary's street extended in the city of Boston with said river, and a point in Cambridge nearly opposite Saint Mary's street extended, and for this purpose may exercise, in addition to the powers herein conferred, all the powers conferred upon said board by said chapter four hundred and seven of the acts of the year eighteen hundred and ninety-three and all acts in amendment thereof and in addition thereto. Said board is authorized to apply for and take all necessary steps to obtain the approval of the secretary of war or other proper authority of the United States for carrying out the purposes of this act. Each member of said board shall be paid his actual travelling expenses and all such other expenses as may be incurred by him in the performance of his duties under this act, and also any such compensation for services when absent from the Commonwealth as shall be allowed by the governor and council. Improvement SECTION 2. To meet the expenses incurred under the Charles River provisions of this act the treasurer and receiver general Loan. shall, with the approval of the governor and council, issue scrip or certificates of debt in the name and behalf of the Commonwealth and under its seal, to an amount not exceeding five hundred thousand dollars, for a term not exceeding forty years, such scrip or certificates of debt to be issued at such times, within one year after the approval by the United States government of the building of said dam, as the treasurer and receiver general shall determine. Said scrip or certificates of debt shall be issued as registered bonds or with interest coupons attached, shall bear interest at a rate not exceeding four per cent. per annum, payable semi-annually on the first days of January and July in each year, shall be designated on their face as the Charles River Improvement Loan, shall be countersigned by the governor and shall be deemed a pledge of the faith and credit of the Commonwealth; and the principal and interest shall be paid at the time specified therein in gold coin of the United States; and said scrip or certificates of debt shall be sold and disposed of at public auction or in such other mode, and at such times and prices, and in such amounts, and at such rates of interest, not exceeding the rate above-specified, as the governor and council shall Commissioners to determine proportion of expense to be borne by each city and town interested. Treasurer and receiver general to estimate amount required each year from each city and town. deem best. The treasurer and receiver general shall on issuing any of said scrip or certificates of debt establish a sinking fund and apportion an amount to be paid thereto each year sufficient with its accumulations to extinguish the debt at maturity. Any premium realized on the sale of said scrip or certificates of debt shall be applied to the payment of the interest on said loan as it accrues. SECTION 3. The supreme judicial court sitting in equity shall, on the application of said board and after notice to the cities of Boston, Cambridge, Newton, and the town of Watertown, appoint three commissioners, who shall not be residents of said cities or town, who shall after due notice and hearing and in such manner as they shall deem best and equitable determine the proportion in which said cities and town, respectively, shall annually pay money into the treasury of the Commonwealth for the term of five years next following the year of the first issue of said scrip or certificates of debt, to meet the interest and sinking fund requirements for each of said years as estimated by the treasurer of the Commonwealth, and to meet the expenses of maintenance of said dam as estimated by said board and certified by said treasurer, and any deficiency in the amount previously paid in as found by said treasurer, and shall return their award into said court; and when said award shall have been accepted by said court the same shall be a final and conclusive adjudication of all matters herein referred to said commissioners, and shall be binding on all parties. Before the expiration of said term of five years, and every five years thereafter, three such commissioners shall again be appointed as aforesaid, with the same duties and powers with reference to the next succeeding term of five years. SECTION 4. The amount of money required each year from each city and town hereinbefore named to meet the interest and sinking fund requirements and expenses aforesaid for each year, and deficiency, if any, shall be estimated by the treasurer of the Commonwealth in accordance with the proportion determined as aforesaid, and shall be included in and made a part of the sum charged to such city or town, and be assessed upon it in the apportionment and assessment of its annual state tax; and said treasurer shall in each year notify each city and town of the amount of such assessment, and the same shall be paid by the city or town into the treasury of the Commonwealth at the time required for the payment and as a part of its state tax. cial court to SECTION 5. The supreme judicial court shall have Supreme judijurisdiction in equity to enforce the provisions of this act, enforce proviand shall fix and determine the compensation of all com- act." sions of this missioners appointed by said court under the provisions hereof. approved by land commis SECTION 6. No action shall be taken relative to the Plans to be construction and maintenance of said dam, under the pro- the harbor and visions of this act, until all plans therefor have been duly sioners. submitted to the board of harbor and land commissioners and received the approval of said board. SECTION 7. This act shall take effect upon its passage. AN ACT TO AUTHORIZE THE DISSOLUTION OF THE FIRST CONGRE- Be it enacted, etc., as follows: Chap.532 property, SECTION 1. The First Congregational Society in Fair- May convey its haven is hereby authorized to convey to the First Con- rights, etc. gregational Church of Fairhaven, Massachusetts, all the property, rights, privileges and franchises of said society, by deed of conveyance to be authorized by a vote of said. society at a meeting called for the purpose, and also accepted by said church in writing, under authority of a vote of said church at a meeting called for the purpose, and acknowledged and recorded in the registry of deeds for the southern district of the county of Bristol. Upon Upon execution the execution and record of such conveyance said First society to be Congregational Society in Fairhaven shall be thereby dissolved. dissolved and discontinued as a separate corporation, and all the rights, powers, privileges and property of said First Congregational Society in Fairhaven shall be vested in said First Congregational Church of Fairhaven, Massachusetts, subject to the same uses and trusts as when held by said society; and said church shall thereby assume all the liabilities and obligations of said society. of conveyance apply for dam. SECTION 2. Any person claiming to be aggrieved by Persons agthe provisions of this act may at any time within six grieved may months after such conveyance is duly recorded apply by ages, etc. petition to the superior court for the county of Bristol, Chap.533 Negotiable instruments, form, etc. Sum payable. Order or prom ise to pay. and the damages, if any, shall be assessed and determined by and under the direction of said court, and shall be paid to said claimant by said First Congregational Church of Fairhaven, Massachusetts. SECTION 3. This act shall take effect upon its passage. Approved June 14, 1898. AN ACT RELATIVE TO NEGOTIABLE INSTRUMENTS. Be it enacted, etc., as follows: NEGOTIABLE INSTRUMENTS IN GENERAL. FORM AND INTERPRETATION. SECTION 1. An instrument to be negotiable must conform to the following requirements: 1. It must be in writing and signed by the maker or drawer; 2. Must contain an unconditional promise or order to pay a sum certain in money; 3. Must be payable on demand or at a fixed or determinable future time; 4. Must be payable to order or to bearer; and 5. Where the instrument is addressed to a drawee he must be named or otherwise indicated therein with reasonable certainty. SECTION 2. The sum payable is a sum certain within the meaning of this act, although it is to be paid: 1. With interest; or 2. By stated instalments; or 3. By stated instalments, with a provision that, upon default in payment of any instalment or of interest, the whole shall become due; or 4. With exchange, whether at a fixed rate or at a current rate; or 5. With costs of collection or an attorney's fee, in case payment shall not be made at maturity. SECTION 3. An unqualified order or promise to pay is unconditional within the meaning of this act, though coupled with: 1. An indication of a particular fund out of which reimbursement is to be made, or a particular account to be debited with the amount; or 2. A statement of the transaction which gives rise to the instrument. But an order or promise to pay only out of a particular fund is not unconditional. ment. SECTION 4. An instrument is payable at a determin- Time of payable future time, within the meaning of this act, which is expressed to be payable: 1. At a fixed period after date or sight; or 2. On or before a fixed or determinable future time specified therein; or 3. On or at a fixed period after the occurrence of a specified event, which is certain to happen, though the time of happening is uncertain. An instrument payable upon a contingency is not negotiable, and the happening of the event does not cure the defect. character of SECTION 5. An instrument which contains an order Negotiable or promise to do any act in addition to the payment of instrument not money is not negotiable. But the negotiable character affected by cerof an instrument otherwise negotiable is not affected by a provision which : 1. Authorizes the sale of collateral securities in case the instrument is not paid at maturity; or 2. Authorizes a confession of judgment if the instrument is not paid at maturity; or 3. Waives the benefit of any law intended for the advantage or protection of the obligor; or 4. Gives the holder an election to require something to be done in lieu of payment of money. But nothing in this section shall validate any provision or stipulation otherwise illegal. tain provisions. SECTION 6. The validity and negotiable character of Same subject. an instrument are not affected by the fact that: 1. It is not dated; or 2. Does not specify the value given, or that any value has been given therefor; or 3. Does not specify the place where it is drawn or the place where it is payable; or 4. Bears a seal; or 5. Designates a particular kind of current money in which payment is to be made. But nothing in this section shall alter or repeal any statute requiring in certain cases the nature of the consideration to be stated in the instrument. Instrument payable on SECTION 7. An instrument is payable on demand : at sight, or on presentation; or |