CHAP.

74 the shares owned by each, in addition to the amount invested

Reserve fund,

shall be in

lawful money.

Shares, how taxed.

Shall be subject

to examination

by bank

examiner.

Trust funds,

shall constitute a special deposit.

Board of trustees.

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 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.

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

SECT. 9. Said corporation shall be under the supervision of the bank examiner, as provided in section one hundred nineteen of chapter forty-seven of the revised statutes and amendments.

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 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 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, whose number, and 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. A majority of said board shall reside in this state.

SECT. 12. This act shall take effect when approved.

Approved February 17, 1891.

CHAP. 75

Chapter 75.

An Act to incorporate the Mechanic Falls Village Corporation in Poland.

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

corporation.

SECT. 1. The territory embraced within the limits of Limits of what was formerly known as school district number twenty in the town of Poland as last constituted, together with so much of the territory embraced within the limits of what was formerly known as Union School District number one, at Mechanic Falls, as lies in said town of Poland, together with the inhabitants thereon, be and the same is, hereby created a body politic and corporate by the name of the -corporate Mechanic Falls Village Corporation in Poland.

name.

raise money.

SECT. 2. Said corporation is hereby authorized and vested Authorized to with the power at any legal meeting called for the purpose to raise money for the following purposes; to create and maintain a fire department with all necessary equipments, appliances and apparatus for the prevention and extinguishment of fires; to light its streets and to procure water for fire, domestic and other purposes. And said corporation is hereby authorized and empowered to contract with any individual, firm or corporation, to furnish lights and water either or both for the purposes aforesaid, and to acquire by purchase or otherwise from the town of Poland, the apparatus or system of works for the prevention and extinguishment of fires now owned by said town within the limits of said corporation; to build, repair and maintain side walks; to increase the length and efficiency of the schools within its limits; to maintain police and a night watch; to set out, maintain and care for shade trees and for other necessary corporation charges. And from and after the time when this charter shall take full and complete effect, the town of Poland shall in no event raise or contribute any money to be expended within the limits of said corporation for any of the purposes enumerated in this section. And for defects in the highways within the village limits existing by reason of its own acts or negligence, the village corporation alone shall be responsible and not the town of Poland.

assessed.

SECT. 3. All moneys which shall be raised for the pur- Taxes, how poses aforesaid or for any other purposes, for which the

CHAP. 75 corporation may lawfully raise money, shall be assessed upon the taxable polls and estates embraced within the limits of the corporation by the assessors thereof, in the same manner as is provided by law for the assessment of town and county taxes. And said assessors may copy and adopt the last valuation of the property within said corporation as made by the assessors of said town of Poland and assess the tax thereon, or they may correct said valuation, or make a new one thereof and assess the tax on that valuation, and may make abatement of taxes in the same manner as assessors of towns may do, but the tax on polls shall not exceed one dollar, at any one assessment, to any one person, in any one year. The whole tax assessed on property for all purposes, in any one year, shall not exceed one-half of one per cent on the last valuation, as made or adopted by the assessors of said corporation, and the aggregate indebtedness, which may be incurred by said corporation under and by authority of this charter, shall not exceed one per cent of the valuation aforesaid.

Officers.

-by-laws.

-officers, shall be sworn.

Powers of assessors.

Assessment and collection of money.

SECT. 4. The officers of said corporation shall be a clerk, treasurer, three assessors, collector and fire wardens, who shall be chosen by ballot, and such other officers as the by-laws of said corporation may require. Said corporation is empowered to adopt, at any legal meeting, called for that purpose, a code of by-laws for the government of the same, and for the mangement of its fire department aforesaid and for the proper management of its prudential affairs and other purposes connected therewith, provided, said by-laws are not repugnant to the laws of the state. The officers aforesaid shall be sworn before the clerk or a justice of the peace and the collector and treasurer shall each give bond to the inhabitants of said corporation, in such sum as the assessors may direct, which bonds shall be approved by the assessors and clerk.

SECT. 5. Said assessors shall be the general municipal officers of said corporation and shall have general charge of its affairs and of the expenditure of all money therein, except so far as the same may be committed to other officers or persons.

SECT. 6. Upon a certificate being filed with the assessors of said corporation, by the clerk thereof of the amount of money voted to be raised, at any meeting, for any of the purposes aforesaid, it shall be the duty of said assessors, as soon

CHAP. 75

treasurer.

as may be, to assess said amount upon the polls and estates of persons residing within said corporation, and upon the estates of non-resident proprietors thereof, and to certify and deliver, the lists of the assessments so made, to the collector whose duty it shall be to collect the same in like manner as county and town taxes are by law collected by collectors for towns. And said collector shall pay over all money's collected by him to the treasurer of said corporation, whenever the assessors shall so direct. It shall be the duty of the treas--duties of urer of said corporation to receive all money belonging to the corporation, and to pay it out only upon the written order or direction of the assessors, and to keep a regular account of all moneys received and paid out, and to exhibit the same to the assessors whenever requested. And said corporation shall have the same power to direct the mode of collecting said taxes as towns have in the collection of town taxes. said collector shall have the same rights and powers to recover any taxes committed to him, by suit that town collectors have by law to recover any taxes committed to them, and the corporation shall have the same rights that towns have by law to recover taxes by suit.

And

rights and

powers of

collector.

voters.

SECT. 7. All persons, residing within the limits of said Qualification of corporation, who would be legal voters in said town of Poland, shall be legal voters at any meeting of said corporation.

First meeting,

SECT. 8. Addison E. True, W. W. Waterman, Charles N. Burns, S. I. Jewett, or either of them are hereby authorized how called. to call the first meeting of said corporation to vote upon the acceptance of this charter, and to notify the legal voters thereof to meet at some suitable time and place, within the limits of said corporation, by posting up a notice thereof in some public and conspicuous place, within its limits, stating the objects of the meeting, seven days at least before the time appointed for said meeting. The first election of the officers provided for in this charter, shall be at a meeting of the legal voters of said corporation, called to accept this charter.

take effect.

SECT. 9. This act shall take effect when approved by the When act shall governor so far as to empower the first meeting of said corporation to be called, and if this charter shall be accepted at said first meeting of said corporation by a majority of the legal voters of said corporation, then the same shall take a full and com

CHAP. 75 plete effect in all its parts. If this charter is not accepted at

-proceedings,

acceptance of

charter.

-meetings, how called and held.

upon question of said first meeting, then either of the persons named in the foregoing section, is hereby authorized to call one other meeting for that purpose at any time after six months from the holding of the first meeting by giving a like notice therefor. After the adoption of this charter the assessors shall call the meetings of the corporation by posting up notices thereof at some public and conspicuous place, within the limits of said corporation, stating the object, time and place of each meeting, seven days at least before the time appointed for the meeting. The annual meetings for the election of officers of said corporation, after the first, shall be held in the month of March of each year. In case the assessors of said corporation unreasonably refuse to call a meeting, any justice of the peace may call a meeting of the corporation, on petition of ten legal voters, by posting a notice in the manner hereinbefore provided. Either of the persons named in section eight may call to order the meeting or meetings for the acceptance of this charter, and preside at the same until a moderator is chosen by ballot.

Fire wardens, and powers.

Inhabitants, relieved from liability to be incorporated under former charter.

SECT. 10. The fire wardens shall have exclusively, all the power and authority within the limits of said corporation that fire wardens have, or may have, chosen by towns in town meeting. The compensation of all the officers herein provided for shall be fixed by the corporation.

SECT. 11. The acceptance of this charter as herein provided and the organization of said corporation under and by virtue of the same within one year after its approval by the governor, shall relieve the inhabitants of the territory embraced within its limits or any portion thereof from all liability of being incorporated by and under authority of any charter heretofore granted, which includes within its limits any portion of the territory embraced within the limits covered by this charter unless such former charter shall have been accepted, and an organization made under the same as provided in such former charter prior to the acceptance of and organization under this charter as herein provided.

Aproved February 18, 1891.