CHAP. 58 bonds, stocks, and all evidences of debt or ownership in Administrators, etc., may deposit with. Capital stock. Reserve fund. 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 necessary upon the bond of the said 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 obtained by 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, except as provided in section ten; seventh, to do in general all the business that may lawfully be done by a trust and banking company. SECT. 4. 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. 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 two hundred thousand dollars. Said corporation shall: not commence business until stock to the amount of fifty thousand dollars shall have been subscribed 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 payableon demand, due from any national banks or state banks. SECT. 7. The shares of said corporation shall be subject CHAP. 58 to taxation in the same manner and amount as are shares of Taxation of national banks. shares. Shall be subject to examination examiner. SECT. 8. Said corporation shall be subject to examination by the bank examiner, who shall visit it at least once in each by bank 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 of the same, in some newspaper published in said county of Aroostook. of shareholders SECT. 9. The shareholders of said corporation shall indi- Responsibility vidually 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. 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 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 trust in which all business pertaining to such trust property shall department. be kept separate and distinct from its general business. Board of trustees, how SECT. 11. All the corporate powers of this corporation shall be exercised by a board of trustees, all of whom shall reside in this state, whose number, not less than five shall be determined by the shareholders at their first meeting. Their term of office shall be for one year and until their successors shall have been chosen and qualified, except that the trustees first chosen shall hold office until the next annual meeting of the shareholders. The affairs and powers of the corporation executive may, at the option of the shareholders, be entrusted to an board. CHAP. 59 executive board of five members, to be elected by the shareholders from the full board of trustees. First meeting, how called. SECT. 12. Any one of the corporators named in this act may call the first meeting of this company, which shall be held at Fort Fairfield, by mailing a written notice, postage prepaid, to each of the other corporators, seven days at least before the day of meeting, naming the time and place in said Fort Fairfield, and purposes of said meeting. SECT. 13. This act shall take effect when approved. Approved February 16, 1891. Sec. 4, ch. 19, Chapter 59. An Act to amend Chapter nineteen of the Special Laws of eighteen hundred and seventyeight, entitled 'An Act to incorporate the Pythian Hall Association of Portland.' Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section four of chapter nineteen of the special laws of 1878, amended. eighteen hundred and seventy-eight, is hereby amended, soas to read as follows: Powers and duties. 'Section 4. Said associations are empowered to purchase, take, hold and enjoy by deed, gift, bequest, devise or otherwise, not exceeding one hundred thousand dollars, both real and personal estate; to take and give leases, effect insurance, sell, improve and manage said property as they deem for the best interest of all the lodges. They shall hold the real estate, furniture, fixtures and all other property in trust for the bodies furnishing the means to purchase, in proportion to the amount so advanced by each body. They may issue certificates to each body, showing the amount furnished by it, and in making up the quarterly expenses, may add such rate per cent per quarter upon the amount furnished as they may judge reasonable, taking into account the wear and deterioration of the property, and may credit each body, on its share of the quarter's expenses, the same per cent upon the amount of the certificate held by it. Said association may use their bonds for the improvement, maintenance or care of all their property so held in trust upon such rate and terms as may be deemed expedient and for the security and interest of the lodges therein represented, not exceeding in amount the actual cost when improved, and secure the same by a mortgage thereof if necessary.' CHAP. 60 Approved February 16, 1891. Chapter 60. An Act to authorize W. G. Alden and others to deepen the channel of Canaan Pond in Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. W. G. Alden, Knowlton Brothers, Megunticook Woolen Company, Camden Woolen Company, H. L. Alden, Knox Woolen Company and D. H. Bisbee, all of Camden, Knox county in this state, are hereby authorized to deepen the channel at the outlet of Canaan pond in Camden, Knox county, to the depth of four feet and to use the water of said pond and all tributaries thereto to that extent, for the purposes of running mills on said stream. SECT. 2. This act shall take effect when approved. Approved February 16, 1891. W. G. Alden, et. als., authorized channel at outlet to deepen of Canaan pond, Chapter 61. An Act to amend Chapter four hundred and eighteen of the Private and Special laws of eighteen hundred and eighty-nine, relating to the Lime Rock Railroad Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. Chapter four hundred and eighteen of the private and special laws of eighteen hundred and eighty-nine, entitled "An Act to amend and add to An Act to incorporate the Lime Rock Railroad Company,'" is hereby amended, so as to read as follows: Ch. 418, Private amended. Laws of 1889, 'SECT. 1. Francis Cobb, Timothy Williams, Maynard Corporators. Sumner, Nathan A. Farwell, William Wilson, Cornelius Henrihan, John W. Hunt, Charles W. Snow, Jonathan White, Benjamin Clark, John T. Berry, George W. Ricker, and Thomas Colson, their associates, successors and assigns, are hereby constituted a corporation by the name of the Lime Rock Railroad Company, with authority to construct, main-corporate tain and use one or more lines of railroad to be operated by authorized to steam or horse power, with single or double track, from the railroad. construct a -locations, made valid. -may construct side tracks. CHAP. 61 lime quarries in the city of Rockland and the town of Thomaston, in such directions as may best convene the transportation of limestone from said quarries, to the various lime kilns in said city and town, together with other freight, with convenient branches to accommodate each kiln and quarry. The locations of its railroad, as heretofore made by said corporation, are hereby declared to be valid and legal. Said corporation is hereby authorized and empowered to construct, maintain, use and operate all side tracks, spurs, turnouts and branches, and to make such additions to its present location, from time to time, as may be necessary or convénient in order to reach the various lime quarries and lime kilns that are now opened or built, or that may be hereafter opened or built, in said city and town. Said corporation is hereby authorized to construct, maintain and operate its railroad over and across tide waters in Lermond's cove, in said Rockland, so as to connect its present termini. When constructed across said cove, said road shall be constructed with all necessary draws, maintained and operated at the expense of said corporation, so that all kinds of navigation may be able to reach all of the riparian property around said cove. May hold real estate. -damages, how ascertained. -provisions of sec. 16, ch. 51, not applicable. -sec. 15, applicable. -laying of track and grade, under direction of municipal officers. 'SECT. 2. Said corporation shall have power to purchase and hold such real estate as may be necessary and convenient for the aforesaid purposes and management of said railroad; and to take and hold as for public uses, land and all materials in and upon it, subject to the same damages and proceedings as when land is taken by other railroads, under the general laws of the state. The provisions of section sixteen of chapter fifty-one, of the revised statutes of Maine, shall not apply to the side tracks, spurs, turnouts or branches of this corporation, but all land, and all materials, in and upon it, taken by this corporation for such purposes, shall be taken under the provisions of section fifteen of said chapter. And said company may lay its track across or along town ways, streets and highways of said city and town, in such manner, as to grade and direction, as the municipal officers thereof may direct in writing, and if they and the corporation cannot agree upon the manner, either party may appeal to the county commissioners of Knox county, who shall give reasonable notice, hear the parties and decide the matter, and their decision shall be final. |