Chapter 282. An Act to amend chapter two hundred and twenty-five of Private and Special Laws of eighteen hundred and eighty-seven as amended February twelve, eighteen hundred and ninety-one, authorizing the Saga lahock Real Estate Association to change its name and add to its business that of a banking and trust company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: CHAP. 282 1887, as 12, 1891, SECT. 1. Said chapter is amended by striking out the ch. 225, Laws of name "Sagadahock Real Estate Association," and inserting amended Feb. instead thereof, 'Sagadahock Real Estate and Trust Com- amended. pany.' Also by adding to said section the words and of name carrying on the business usually done by trust and banking companies.' SECT. 2. The said corporation in addition to its real estate business may: first, receive on deposit money, coin, bank notes, evidences of debt, accounts of individuals, companies, corporations and municipalities, allowing interest thereon, if agreed, or as the by-laws of said corporation may provide; second, borrow money, loan money, on credits or real estate or personal security, and negotiate loans and sale for others; guarantee the payment of the principal and interest of all obligations secured by mortgages of real estate running to said Sagadahock Real Estate and Trust Company; issue its own bonds or obligations based upon real or personal 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 act as agent for the owners thereof, and of real estate, for collection of income on the same, and for sale of same, and act as agent for issuing, registering and countersigning certificates, bonds, stocks, and all evidences of debt or ownership in property; fourth, hold by grant, assignment, transfer, devise or bequest, any real or personal property, or trusts duly created, and execute trusts of every description; fifth, act as assignee, receiver, executor, and no surety shall be necessary upon the bond of the corporation unless the court or officer approving such bond shall require it; sixth, 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 changed. Authorized to and trust do a banking business. CHAP. 282 dealings, and the same sell, grant, mortgage and dispose of, except as provided in section seven; seventh, establish safe deposit vaults and rent boxes therein, for the safe keeping of securities and other valuables; eighth, do in general all the business that may lawfully be done by a trust or banking company. Administrators, etc., may deposit with. Responsibility of shareholders. Reserve fund. Taxation of shares. Trust funds, shall constitute SECT. 3. An administrator, 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. SECT. 4. 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 par value of the shares owned by each, in addition to the amount invested in said shares. SECT. 5. 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. 6. The shares of said corporation shall be subject to taxation in the same manner and amount as are the shares of national banks, subject to the deduction on real estate provided for under chapter six, section fourteen, paragraph third. SECT. 7. All property or money held in trust by this special deposit. 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 loan 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. -trust department. to examination SECT. 8. Said corporation shall be subject to examination CHAP. 283 by the bank examiner, as provided by section one hundred Shall be subject and nineteen, chapter forty-seven of the revised statutes and by bank amendments thereto. SECT. 9. This act shall take effect when approved. Approved March 23, 1891. examiner. Chapter 283. An Act to amend section one of chapter four hundred fifty-one of the Private and Special Laws of eighteen hundred eighty-five, entitled "An Act for the protection of trout and land-locked salmon in the Rangeley, South Bog, Bemis, Cupsuptic and Kennebago streams." Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section one of chapter four hundred and fifty-one of the private and special laws of eighteen hundred eighty-five is hereby amended by striking out after the word "lake" in the eleventh line the words "above the blue water, so called, at the mouth of said stream" and inserting therefor the words 'above the north line of letter D plantation in Franklin county on said stream,' so that said section as amended, shall read as follows: sec. 1, ch. 451, 1885, amended. Private Laws, Close time for lacked salmon trout and land in certain waters, between July 1 and May 1. 'SECT. 1. No person shall take, catch, kill, fish for or destroy any trout or land-locked salmon in the Rangeley stream between the mouth of the Kennebago stream and the head of the island at the eddy, so called, in said Rangeley stream from the first day of July to the first day of May, nor in that portion of said stream from the head of said island to the Rangeley dam, at any time; nor in the South Bog stream which empties into Rangeley lake, above the dead water at the mouth of said stream, from the first day of July to the first day of May; nor in the Bemis stream which empties into Mooselucmaguntic lake above the north line of letter D plantation in Franklin county on said stream, from the first day of July to the first day of May; nor in the Cupsuptic stream which empties into the Cupsuptic lake, between the foot of the first falls towards its mouth and its source, from the first day of July to the first day of May; nor in the Ken- Kennebago nebago stream between the foot of the first falls towards its mouth and the upper falls at the outlet of Kennebago lake, from the first day of September to the first day of May.' Approved March 23, 1891. stream, between CHAP. 284 Ch. 173, Private Laws, Chapter 284. An Act to repeal chapter one hundred and seventy-three of the Private and Special Laws of eighteen hundred and seventy-nine, relating to the State College of Agriculture and the Mechanic Arts. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. Chapter one hundred and seventy-three of the 1879, repealed. private and special laws of eighteen hundred and seventynine is hereby repealed. SECT. 2. This act shall take effect when approved. Approved March 23, 1891. Taking of trout in Wilson pond between Oct. 1 and July 1, for 5 years, prohibited. Penalty. Chapter 285. An Act to prohibit the taking of Frout from Wilson pond in the town of Greenville. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. No person shall take, catch, kill or fish for, in any manner, any trout, in Wilson pond in the town of Greenville, Piscataquis county, between the first day of October and the first day of July following, of each year, for a period of five years. SECT. 2. Any person who shall violate the provisions of this act shall pay a penalty of not less than ten nor more than thirty dollars, and a further fine of one dollar for each fish thus caught, taken or killed, to be recovered on complaint before any trial justice in said county of Piscataquis, one-half to the use of the complainant and the other half to the use of said county. Approved March 23, 1891. Corporators. Chapter 286. An Act to incorporate the Bridge Academy. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. Samuel J. Bridge, James A. Morelen, Charles W. Bickford, Edward H. Barker, John H. Mayers, Knowles Gahan, Nathaniel F. Leeman, Asbury C. Stilphen and Edmund Bridge, their associates and successors, are hereby CHAP. 286 created a corporation and body politic by the name of the corporate Bridge Academy, to be established and maintained in the town of Dresden, in the county of Lincoln, for the promotion of education, literature and science, the same to be non-sectarian in character. name. privileges. SECT. 2. Said corporation is hereby vested with all the Powers and powers, rights, privileges and immunities incident to similar corporations, may have and use a common seal, prosecute and defend suits at law, make and establish by-laws and regulations for the management of its affairs and the proper government of the academy, not repugnant to the constitution and laws of the state, and hold estate, real and personal, which it may now have, or may hereafter receive by gift, grant, devise, purchase or otherwise, to an amount not exceeding two hundred thousand dollars. trustees. SECT. 3. The number of trustees of said academy shall not Board of at any time be more than fifteen, nor less than seven, a majority of said board to be at all times citizens of Dresden. A majority of the trustees shall constitute a quorum to do business and the persons above named, with such others as they may associate with them, not exceeding fifteen in all, shall be the trustees of said corporation, and said trustees or their successors, may fill all vacancies in their board and may remove any trustee when incapable through age or otherwise, to discharge the duties of said office. convey real SECT. 4. All deeds or conveyances of said estate made Trustees, may under the direction of the trustees, in behalf of said corpo- estate. tion, and sealed with its seal, and signed and acknowledged by its treasurer, shall be valid in law. Dresden, made SECT. 5. The votes of said town of Dresden transferring Acts of town of the Lithgow and Bridge Fund to Samuel J. Bridge and others valid. as trustees of said funds for the benefit of the school known as Bridge Academy are hereby approved, ratified and made valid, and said town is hereby further authorized to empower said trustees to transfer and deliver to the trustees named in the first section of this act, or their associates and successors, all said fund and the securities in which the same is invested. SECT. 6. All children between the ages of ten and twentyone years, having their usual and legal residence in said town of Dresden, shall have the right to attend said academy and Who may attend academy, free of tuition. |