until stock to the amount of at least fifty thousand dollars shall have been subscribed and paid in, in cash. Section 5. Said corporation shall not make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares unless necessary to prevent loss upon a debt previously contracted in good faith; and all stock so acquired shall, within six months from the time of its acquisition be disposed of at public or private sale. CHAP. 247 directors. board. Section 6. All the corporate powers of this corporation shall Board of be exercised by a board of directors, who shall be residents of this state, whose number and term of office shall be determined by a vote of the shareholders at the first meeting held by the incorporators and at each annual meeting thereafter. The executive affairs and power of the corporation 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. The directors of said corporation shall be sworn to the proper discharge of their duties, and they shall hold office until others are elected and qualified in their stead. If a director dies, resigns, or becomes disqualified for any cause, how filled. the remaining directors may appoint a person to fill the vacancy until the next annual meeting of the corporation. The oath of office of such director shall be taken within thirty days of his election, or his office shall become vacant. The clerk of such corporation shall, within ten days, notify such directors of their election, and within thirty days shall publish the list of all persons who have taken the oath of office as directors. -vacancies, investment. --shall keep record of loans. Section 7. The board of directors of said corporation shall Board of constitute the board of investment of said corporation. Said airectors shall keep in a separate book, specially provided for the purpose, a record of all loans, and investments of every description, made by said institution substantially in the order of time when such loans or investments are made which shall show that such loans or investments have been made with the approval of the investment committee of said corporation, which shall indicate such particulars respecting such loans or investments as the bank examiner shall direct. This book shall be submitted to the trustees or directors and to the bank examiner whenever requested. Such loans or investments shall be classified in the book as the bank examiner shall direct. No loans shall be made to any officer or director of said banking or trust company except by the unanimous approval of the executive board in writing, and said corporation shall have no authority to hire money or to give notes unless by vote of the said board duly recorded. loans shall not be made to officers approval in except on writing. CHAP. 247 Director shall own ten shares of stock. Reserve fund. Special deposits. Adminis trators, etc., may deposit in. Individual of stockholders. Section 8. No person shall be eligible to the position of director of said corporation who is not the actual owner of ten shares of the stock. Section 9. Said corporation, after beginning to receive deposits, shall, at all times, have on hand in lawful money, as a reserve, not less than fifteen 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 fifteen per cent may consist of balances, payable on demand, due from any national or state bank. Section 10. All the 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 specially 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. Section II. An administrator, executor, 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. Section 12. The shareholders of this corporation shall be responsibility individually 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. Guaranty fund. Taxation of shares. Examination by bank examiner. Section 13. Such corporation shall set apart as a guaranty fund no less than ten per cent of its net earnings in each and every year until such fund with the accumulated interest thereon, shall amount to one-fourth of the capital stock of said corporation. Section 14. The shares of said corporation shall be subject to taxation in the same manner and rate as are the shares of national banks. Section 15. Said corporation shall be subject to examination by the bank examiner, who shall visit it at least once in every 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. If upon examination of said corporation the examiner is of the opinion that its investments are not in accordance with law, or said corporation is insolvent, or its condition is such as to render its further proceedings hazardous to the public or to those having funds in its custody, or is of the opinion that it has exceeded its powers or failed to comply with any of the rules or restrictions provided by law, he shall have such authority and take such action as is provided for in the case of savings banks by chapter forty-eight of the revised statutes. 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 where said corporation is established. If no paper is published in the town where said corporation is established, then it shall be published in a newspaper printed in the nearest city or town. The necessary expenses of the bank examiner while making such examination shall be paid by the corporation. Section 16. Any five of the corporators named in this act may call the first meeting of the corporation by mailing a written notice, signed by all, postage paid, to each of the other corporators, seven days at least before the day of the meeting, naming the time, place and purpose of such meeting, and at such meeting the necessary officers may be chosen, by-laws adopted, and any other corporate business transacted. Section 17. This act shall take effect when approved. Approved March 17, 1905. Chapter 248. An Act to amend that portion of Section three of Chapter four hundred and seven of the Private and Special Laws of nineteen hundred and three, relating to the time and number of fish that can be taken in the streams lying wholly or partly in the towns of Freeman and Salem. Be it enacted in the Senate and House of Representatives in Legislature assembled, as follows: So much of section three of chapter four hundred and seven of the private and special laws of nineteen hundred and three as prohibits fishing, other than as provided in the general laws of the state, in the streams lying wholly or partly in the towns of Freeman and Salem, is hereby repealed. Approved March 17, 1905. CHAP. 249 Maine and New Brunswick Electrical Power Co., limited, given certain powers in state of Maine. May purchase --and enjoy its franchises. Pending suits, --claims, contracts and rights, how enforced. Presque Isle lease Liability for existing debts. Chapter 249. An Act to authorize the Maine and New Brunswick Electrical Power Company, Limited, of New Brunswick, to exercise certain powers in this state. Be it enacted in the Senate and House of Representatives in Legislature assembled, as follows: Section 1. The Maine and New Brunswick Electrical Power Company, Limited, a corporation created by and existing under the laws of the province of New Brunswick, is hereby authorized to exercise within this state the powers, privileges, rights and franchises conferred by this act, subject to the conditions herein contained. Section 2. The said corporation is hereby authorized to purchase or lease the capital stock, rights, privileges, immunities and franchises of the Presque Isle Electric Light Company, upon such terms as may be agreed upon, and upon such purchase or lease the said Maine and New Brunswick Electrical Power Company, Limited, shall have, hold, possess, exercise and enjoy all the locations, powers, privileges, rights, immunities, franchises, property and assets which at the time of said transfer shall then be had, held, possessed or enjoyed by the said Presque Isle Electric Light Company, and shall then be subject to all the duties, restrictions and liabilities to which the said Presque Isle Electric Light Company shall then be subject by reason of any charter, contract or general or special law, or otherwise, and shall thereupon be entitled to manufacture, generate, sell, distribute and supply electricity for light, heat and power in said town of Presque Isle. Section 3. All proceedings, suits at law or in equity, which may be pending at the time of such transfer, to which the said Presque Isle Electric Light Company may be a party, may be prosecuted or defended by the said Maine and New Brunswick Electrical Power Company, Limited, in like manner and with like effect as if such transfer had not been made. All claims, contracts, rights, causes of action of or against the said Presque Isle Electric Light Company, at law or in equity, may be enforced by suit or action to be begun or prosecuted by or against the said Maine and New Brunswick Electrical Power Company, Limited. Section 4. The Presque Isle Electric Light Company is hereby authorized to make the sale or lease authorized by section. two of this act. Section 5. When the transfer authorized by this act is carried out and fully completed the Maine and New Brunswick Electrical Power Company, Limited, shall be liable for the then law fully existing debts, obligations and contracts of the said Presque Isle Electric Light Company. CHAP. 249 Authorized to purchase property of Electric Co. Port Fairfield enjoy --and shall assume duties, restrictions and liabilities of. Section 6. The said Maine and New Brunswick Electrical Power Company, Limited, is authorized upon such terms as may be mutually agreed upon, to purchase or lease the property, capital stock, rights, privileges, immunities and franchises of the Fort Fairfield Electric Company, and upon any such purchase or lease the said Maine and New Brunswick Electrical Power Company, Limited, shall have, hold, possess, exercise and enjoy and may all the locations, powers, privileges, rights, immunities, fran- franchises. chises, property and assets which at the time of said transfer shall then be had, held, possessed or enjoyed by the said Fort Fairfield Electric Company, and shall be subject to all the duties, restrictions and liabilities to which the said Fort Fairfield Electric Company shall then be subject by reason of any charter, contract, or general or special law or otherwise. All proceedings, suits at law or in equity, which may be pending at the time of any --pending such transfer, to which said Fort Fairfield Electric Company prosecuted may be a party, may be prosecuted or defended by the said Maine and New Brunswick Electrical Power Company, Limited, in like manner and with like effect as if such transfer had not been made. All claims, contracts, rights and causes of action Claims, of or against said Fort Fairfield Electric Company, at law or in equity, may be enforced by suit or action to be begun or prosecuted by or against the said Maine and New Brunswick Electrical Power Company, Limited. The said Fort Fairfield Electric Company is hereby authorized to make said sale of lease. When any transfer authorized by this section is carried out and fully completed the said Maine and New Brunswick Electrical Power Company, Limited, shall be liable for the then liability for lawfully existing debts, obligations and contracts of the said. Fort Fairfield Electric Company. suits, how or defended. contracts, etc., how enforced. debts, Authorized to electricity. supply --in Fort Fairfield. Section 7. The said Maine and New Brunswick Electrical Power Company, Limited, is authorized to make, generate, sell, distribute or supply electricity, for lighting purposes, in the town of Fort Fairfield, upon first obtaining the written consent therefor of all corporations, persons and firms authorized to make, generate, sell, distribute or supply electricity in said town. and not otherwise; but nothing in this section shall prohibit the transmission through said town of electric currents to be elsewhere used under the provisions of this act. The said Maine --may sell and New Brunswick Electrical Power Company, Limited, is authorized to sell electricity to any corporation, person or firm, in said town of Fort Fairfield, authorized to distribute electricity therein, or to any corporation, person or firm, in said town of electricity. to be used purpose than the production of light. for any other |