CHAP. 109 and any of said courts may direct any person deriving authority from them, to so deposit the same. Capital stock. -shall not commence business until $50,000 has been paid in. Reserve fund. Shares, how taxed. Shall (be subject to examination by bank examiner. Responsibility 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 any amount not exceeding one million of dollars. Said corporation shall not commence business until stock to the amount of fifty thousand dollars shall have been subscribed for and paid in. Said Corporation may hold real estate such as may be necessary for its immediate accommodation in the transaction of its business, not exceeding twenty-five thousand dollars in value. SECT. 6. 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 or trust company. SECT. 7. The shares of said corporation shall be subject to taxation in the same manner and amount as are the shares of national banks. At SECT. 8. 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. 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 shall 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 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 in said county of Androscoggin. SECT. 9. The shareholders of this corporation shall be individually be 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. shall constitute SECT. 10. All property or money held in trust by this CHAP. 110corporation shall constitute a special deposit, and the accounts Trust funde, thereof and of said trust department shall be kept separate, special deposit. and such funds and the investment or loan of them shall be especially appropriated to the security and payment of such deposit, 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. trustees. board. SECT. 11. All the corporate powers of this corporation Board of shall be exercised by a board of trustees, all of whom shall reside in this state, whose number shall be five or more and shall be determined by the stockholders at their first meeting. The term of office shall be for one year and until their suc- term. cessors shall have been chosen and qualified, except that the trustees first chosen shall hold office until the next annual meeting of the stockholders. The affairs and powers of the executive corporation may, at the option of the stockholders, be entrusted to an executive board of five members, to be elected by the stockholders from the full board of trustees. SECT. 12. Any two of the incorporators named in this act how called. may call the first meeting of this company, which shall be held at said Mechanic Falls, by mailing a written notice, postage paid, to each of the other corporators, seven days at least before the day of meeting, naming the time and place in said Mechanic Falls, and purposes of such meeting. SECT. 13. This act shall take effect when approved. Approved February 25, 1891. First meeting, Chapter 110. An Act to incorporate the Castine Banking Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. George M. Warren, William H. Sargent, Wil- Corporate liam G. Sargent, John W. Dresser, C. H. Hooper, John F. Rea, Curtis Stevens, I. L. Shepard, William II. Witherle, George H. Witherle, A. G. Perkins, L. G. Philbrook, A. F. Richardson, E. F. Davis, Jeremiah Jones, C. H. Perkins, S. CHAP. 110 D. Gray, John N. Gardner, A. M. Devereux, Daniel R. Brewer, Henry C. Williams, F. B. Gross, M. G. Trask, James Adams, Horace Perkins, C. K. Bridges and E. R. Bowden, 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 be known as the Castine Banking 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. -corporate name. Location. Purposes. Capital stock. Responsibility of shareholders. SECT. 2. The corporation hereby created shall be located at Castine, Hancock county, Maine. SECT. 3. The purposes of said corporation and the business which it may perform, are : first, 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; second, to borrow money, to loan money on credits or real estate or personal property, and to negotiate loans and sales for others; to guarantee the payment of the principal and interest of all obligations secured by mortgages of real estate running to said Castine Banking Company; 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 same, and for sale of same; fourth, 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, and to do in general, all the business that may lawfully be done by any trust or banking company. SECT. 4. 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 any amount not exceeding two hundred thousand dollars. SECT. 5. The shareholders of this corporation shall be 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 amount invested in CHAP. 110 said shares. SECT. 6. 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 or may have same in any national or state bank payable on demand. taxed. SECT. 7. The shares of said corporation shall be subject Shares, how to taxation in the same manner and amount as are the shares of national banks. Shall be subject to examination by bank examiner. SECT. 8. 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 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, in some newspaper published in Hancock county. SECT. 9. 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 corporators and at each annual meeting thereafter. The affairs and powers of the corporation may, at the option of the shareholders, be entrusted to an executive board of five members, to be, by executive vote of the shareholders elected from the full board of trustees. A majority of said board shall reside in Maine. SECT. 10. This act shall take effect when approved. Approved February 26, 1891. trustees. board. 13 CHAP. 111 Town, authorized to elect school committee. -tenure of. Vacancy, how filled. When members shall organize. -quorum. -powers and duties. Chapter 111. An Act to provide for the election of a School Committee and Superintendent of Schools in the town of Westbrook. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. The school committee of the town of Westbrook shall consist of seven persons, to be elected at the annual election of municipal officers, in the year of our Lord eighteen hundred and ninety-one. At their first meeting said committee shall designate by lot, two of their number, who shall hold office for one year; and two who shall hold office for two years; and three who shall hold office for three years; and certify such designation to the clerk of said town, to be by him recorded; and thereafter at each annual municipal election in said town, a person shall be elected to fill the place of each one whose term expires, who shall hold office for three years. SECT. 2. Whenever a vacancy shall occur in said board, the remaining members shall elect by ballot a person to fill such vacancy, who shall hold office until the next annual spring election, when the unexpired term, if any, shall be filled by a person chosen at such election. No member of the committee shall receive any compensation for his services. SECT. 3. The members of said committee duly elected, shall meet and organize on the second Monday in March, or as soon thereafter as may be. A majority of the board shall constitute a quorum for the transaction of business. They shall have all the powers and perform all the duties in regard to the care and management of the public schools and school property of said town which are now conferred and imposed upon superintending school committees and school agents, by the laws of this state, except as otherwise provided in this -shall annually act. They shall annually, and whenever there is a vacancy, superintendent. elect a superintendent of schools, for the current municipal year, who shall have the care and supervision of said public schools, under their direction, and act as secretary of their board; they shall fix his salary at the time of his election, which shall not be increased nor diminished during the year for which he is elected, and may at any time dismiss him, if they deem it proper, or expedient. elect a -powers. -salary. |