CHAP. 88 Administrator, etc., may deposit with. Capital stock. -shall not commence business until $50,000 has been paid in. Responsibility 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 the collection of income on the same, and for sale of the 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 required 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 acquired 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 sell, grant, mortgage and dispose of the same except trust property, when such disposition of the same shall be inconsistent with the terms, conditions or purposes of such trust; seventh, to do in general, all the business that may lawfully be done by a loan, trust or banking 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, plantations, cities, counties and savings banks of the state 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 or acting under their direction 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, and may be increased by a vote of the shareholders, at any time to one hundred thousand dollars, and said corporation shall not commence business until the sum of fifty thousand dollars shall have been paid in. SECT. 6. The shareholders of this corporation shall be of shareholders. individully 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 CHAP. 88 in such shares. SECT. 7. 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. 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. SECT. 9. 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. He shall preserve, in a permanent form, a full record of all his proceedings, including a full 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 the county of Aroostook. Shall be subject to examination by bank examiner. Trust funds, shall constitute a special deposit. 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 said deposits, and not be subject to any other liabilities of the corporation; and for the purpose of securing the observance of proviso, said corporation shall have a trust department in -trust which all business pertaining to such trust property shall be kept separate and distinct from its general business. department. trustees. SECT. 11. All the corporate powers of this corporation Board of 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. The affairs and powers of the executive corporation may, at the option of the shareholders, be entrusted to an executive board of five members, to be, by board. CHAP. 89 vote of the shareholders elected from the full board of trustees. A majority of said board shall reside in the state. SECT. 12. This act shall take effect when approved. Approved February 19, 1891. Corporators. -corporate name. Capital stock. -shall not commence business until paid in. Chapter 89. An Act to incorporate the Sanford Trust and Banking Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. B. F. Hanson, W. S. Cheney, L. B. Weeks, John D. Fogg, Howard Frost, F. A. Clark, E. E. Goodwin, E. and A. Mudge, all of Sanford, their associates and successors, are hereby created a corporation by the name of the Sanford Trust and Banking Company, to be located at Springvale, town of Sanford, in the county of York and state of Maine. SECT. 2. The capital stock of said corporation shall be fifty thousand dollars, and may be increased from time to time by vote of a majority of its shareholders, to one hundred thousand dollars, and shall be divided into shares of one hundred dollars each. Said corporation shall not commence $50,000 has been business until the sum of fifty thousand dollars shall have been paid in, in cash, and no certificate of stock shall be issued until the par value of the same has been fully paid. Said corporation may hold real estate, not to exceed twentyfive thousand dollars, for its own use, and also 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. Powers. SECT. 3. Said corporation is hereby empowered to receive, on deposit, money and other personal property of every description, and collect and disburse the income and principal of said property when due; to loan or advance money or credits on real or personal security, and do in general all business that may lawfully be done by a trust or banking company; to sell and dispose of the securities held by it; to guarantee the payment of principal and interest of all obligations secured by mortgage or deed of trust of real estate; to issue bonds or debentures secured by assignment of mortgages on real property held and owned by it, and may re-discount CHAP. 89 any acceptances and notes actually owned by said corporation, and guarantee the payment of the same; to act as trustee under mortgages or otherwise, and as receiver or agent for any person, firm, corporation, public or private; to act as agent for issuing, registering and countersigning certificates of stock, bonds or other evidences of indebtedness, and to receive and make payments on account 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 repaid in monthly install ments. SECT. 4. Said corporation may purchase any real or personal property upon which it has a lien by mortgage or otherwise at any duly advertised public sale thereof, by virtue of a power of sale contained in any mortgage or trust deed, and all real estate so purchased, shall be sold within five years after such purchase. fund. SECT. 5. The company shall set apart as a guarantee fund, Guarantee not 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. of shareholders SECT. 6. The shareholders of said corporation shall be held Responsibility individually liable, equally and ratably, and not one for another, for all contracts, debts and engagements of said corporation, to the extent of the amount of their stock therein. at the par value thereof, in addition to the amount invested in such shares. appointed executor under any will. SECT. 7. Said corporation may be appointed executor or May be trustee under any will, or of any estate, under the same circumstances, in the same manner, and subject to the same control by the court having jurisdiction of the same, as in the case of a legally qualified person, and no surety shall be necessary upon the bond of the corporation, unless the court or officer approving such bond shall require it. In all proceedings in the probate court or elsewhere, connected with any authority exercised under this act, all accounts, invento CHAP. 89 ries and other papers may be signed and sworn to, in behalf of the corporation, by any officer duly authorized by it. Administrators may deposit with. Reserve fund. Shares, taxation of. Board of trustees. Shall be subject to examination by bank examiner. First meeting, how called. SECT. 8. Administrators, executors, assignees, guardians, trustees, or any court, may deposit or direct any moneys, papers, documents or other property, to be deposited with said corporation, which is hereby authorized to receive and hold the same upon such terms as may be agreed upon; but said corporation shall not be required to assume or execute any trust without its own assent. SECT. 9. Said corporation 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 all its deposits, which are subject to withdrawal on demand; provided, 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 banks. SECT. 10. The shares of said corporation shall be subject to taxation in the same manner and rate as are the shares of national banks. SECT. 11. The corporate powers of said corporation shall be exercised by a board of not less than five trustees, who shall be chosen annually and must be residents of this state. Said trustees shall be sworn to the faithful performance of the duties of their office, and shall serve until duly notified of the election and qualification of their successors. SECT. 12. Said corporation shall be subject to examination by the bank examiner as provided by section one hundred and nineteen, chapter forty-seven, revised statutes. SECT. 13. The first meeting of said corporation may be called by a written notice thereof, signed by any two corporators herein named, served upon each corporator by giving the same in hand or sending the same by mail to his last known place of residence. SECT. 14. This act shall take effect when approved. Approved February 19, 1891. |