printed in the town of Salem, ten days at least before said meeting. [March 18, 1831.]

An Act to incorporate the President, Directors and Company of the Nantucket Bank. Chap 119. SECT. 1. BE it enacted by the Senate and House of Repre

sentatives, in General Court assembled, and by the authority

of the same, That Thomas Macy, Henry Swift, Gilbert Coffin, Persons incorMatthew Crosby, Charles G. Coffin, Jared Coffin, Peter Ma- porated. cey, Christopher Wyer, Philip H. Folger, Franklin Macy, Peleg S. Folger, their associates, successors and assigns, shall be, and they hereby are created a corporation, by the name of the President, Directors and Company of the Nantucket Bank, and shall so continue until the first day of October, which shall be in the year of our Lord one thousand eight hundred and fiftyone. And said corporation shall be entitled to all the powers Powers and du. and privileges, and subject to all the duties, liabilities and re- ties. quirements, contained in an act passed on the twenty-eighth day of February, in the year of our Lord one thousand eight hundred and twenty-nine, entitled "an act to regulate banks and 1828 ch. 96. banking," and the provisions of an act passed on the twentyeighth day of February, in the year of our Lord one thousand eight hundred and thirty-one, entitled "an act to continue the 1830 ch. 58. banking corporations therein named, and for other purposes."

SECT. 2. Be it further enacted, That the capital stock of Capital stock. said corporation shall consist of the sum of one hundred thousand dollars, to be divided into shares of one hundred dollars each, to be paid in such instalments, and at such times, as the stockholders may direct provided, the whole be paid within one year from the passing of this act.

SECT. 3. Be it further enacted, That the said bank shall be Location, &c. established in the town of Nantucket, and that any one of the persons before named shall be authorized to call the first meeting of said corporation, by advertising the same in any newspaper printed in the town of Nantucket, ten days at least before said meeting. [March 18, 1831.]

An ACT in addition to an Act entitled "An Act establishing a Free Bridge in the city of Boston."

Chap 121.

1825 ch. 147.

serve bridge.

SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That the city of Boston be, and hereby is author- City may build ized to construct and maintain such wharves or piers, on either wharves to preor both sides of the free bridge mentioned in the act to which this is in addition, as shall be necessary for the preservation and safety of said bridge: provided, however, that the said wharves or piers shall not extend in width, from the sides of said bridge, more than twenty-five feet.

Penalty for ma

licious injury,

SECT. 2. Be it further enacted, That, if any person shall wilfully do any injury or damage to said bridge, said wharves or c piers, or shall disturb or hinder the said city in the occupation of said wharves or piers, for the purpose aforesaid, the person so offending shall forfeit and pay, for each offence, a penalty not

Wharves to be used for no oth

er purposes.

Chap 122.

Persons incorporated.

Powers and duties.

1817 ch. 120.

1819 ch. 141.

Real estate.

Capital stock, &c.

less than fifty dollars, nor more than one hundred dollars, to the use of the Commonwealth, to be recovered by indictment or information, in any court of competent jurisdiction; and such person so offending shall be further liable to answer in damages to the city of Boston: provided, that nothing in this act shall be construed as intended to impair or affect the lawful rights of any person whatsoever.

SECT. 3. Be it further enacted, That whenever the wharves or piers erected, or which shall be erected, by the authority of this act, shall be used or improved for any other purpose or purposes than those herein specified, all right and authority to maintain them shall cease, and be void. [March 18, 1831.] Add. act, 1831 ch. 46.

An ACT to incorporate the Tremont Insurance Company. SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That Nathaniel P. Russell, and his associates, and their successors and assigns, be, and they hereby are incorporated and made a body politic, by the name of the Tremont Insurance Company, with all the powers and privileges granted to insurance companies, and subject to all the restrictions, duties and obligations contained in a law of this Commonwealth, entitled "an act to define the powers, duties and restrictions of insurance companies," passed on the sixteenth day of February, in the year of our Lord one thousand eight hundred and eighteen, and in a law of this Commonwealth, entitled "an act authorizing the several insurance companies of this Commonwealth to insure against fire," passed on the twenty-first day of February, in the year of our Lord one thousand eight hundred and twenty, for and during the term of twenty years after the passing of this act; and by that name may sue and be sued, plead and be impleaded, appear, prosecute and defend to final judgment and execution, and may have a common seal, which they may alter at pleasure, and may purchase, hold and convey any estate, real or personal, for the use of said company provided, that said real estate shall not exceed the value of fifty thousand dollars, excepting such as may be taken for debt, or held for collateral security for money due to said company.

SECT. 2. Be it further enacted, That the capital stock of said company shall be two hundred thousand dollars, and shall be divided into shares of one hundred dollars each, one hundred thousand dollars of which shall be paid in money, within sixty days after the first meeting of the said company, and the residue within one year from the passing of this act; in such instalment or instalments, and under such provisions and penalties, as the president and directors of said company shall order and appoint; and the capital stock shall not be transferred within one year from the passing of this act; and if the provisions of this act shall not be complied with, within one year from the passing of this act, the same shall be void.

rectors.

SECT. 3. Be it further enacted, That the stock, property Number and and concerns of said company shall be managed and conducted election of di by nine directors, one of whom shall be president of the company, and they shall hold their offices until the next annual meeting alter their election, and until others are chosen in their stead, and they, at the time of their election, shall be interested in the stock of the company, and citizens of this Commonwealth; and the directors shall be elected at the annual meeting of the company, which shall be holden at such time and place in the city of Boston, in the month of April, annually, as the directors for the time being shall appoint, of which meeting public notice shall be given in two of the newspapers printed in Boston, at least ten days previous to the meeting. The election shall be made by ballot, by a majority of the stockholders present, allowing one vote to each share of the stock: provided, that no stockholder Right of voting. in his own right shall be entitled to more than thirty votes, and absent stockholders may vote by proxy.

SECT. 4. Be it further enacted, That the directors, as soon President. as may be convenient after they shall be chosen, shall meet and elect one of their body to be the president of the company, and he shall be sworn or affirmed to the faithful discharge of the duties of his office; and he shall preside until the next annual meeting, and until another president shall be chosen; and in case of the death, resignation, or inability to serve of the president, or any director, such vacancy or vacancies shall be filled for the remainder of the year in which they happen, by a special election for that purpose, to be held, in the same manner as herein before directed, respecting the annual election of directors.

business.

SECT. 5. Be it further enacted, That the president and Board for doing four of the directors, or five directors in the absence of the president, shall be a board competent to transact all the business which is referred to them, and all questions before them shall be decided by a majority of votes, and they shall have power to make and alter such by-laws as to them may appear useful for the management and disposition of the property and concerns of the company provided, that the same be not repugnant to the constitution and laws of the Commonwealth. And said directors

may appoint all officers and agents that, in their opinion, the affairs of the company may require, and prescribe their duties, and fix their compensation, invest and manage the capital and income of the company, pay losses, declare and pay dividends, and do all things which the company might lawfully do, excepting as is otherwise herein provided.

SECT. 6. Be it further enacted, That the said Nathaniel P. First meeting. Russell be, and he is hereby authorized, as soon as may be convenient-after the passing of this act, to call the first meeting of said company, for the purpose of organizing the corporation, and choosing directors, by advertising notice of the time and place of the meeting, in two of the newspapers printed in Boston, at least two weeks previous to the meeting.

SECT. 7. Be it further enacted, That said company shall Limitation of not take any risk, or subscribe any policy, until one half of their risks.

Location.

porated.

capital shall be paid in; and they shall at no time take any one risk, by way of a policy of insurance, maritime loan or bottomry, or otherwise, to a greater amount than ten per cent. on their capital actually paid in.

SECT. 8. Be it further enacted, That said company shall be located in Boston, and shall be liable to be taxed by any general law providing for the taxation of all similar corporations that are by law liable to be taxed. [March 18, 1831.]

Lowell.

Chap 123. An Act to incorporate the Proprietors of the South Congregational Meeting-house in SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of Persons incor- the same, That John R. Adams, Oliver M. Whipple and James G. Carney, and others, who have associated, or may hereafter associate with them, for the purpose of building a meeting-house, their successors and assigns, be, and they hereby are made a body politic and corporate, by the name of the Proprietors of the South Congregational Meeting-house in Lowell, and by that name may sue and be sued, and may have a common seal, and may make and establish such by-laws and regulations as to them may seem necessary and convenient for the government of said corporation.

Real and personal estate.

Assessments.'

Sale of delin

SECT. 2. Be it further enacted, That the said corporation may purchase and hold real and personal estate, the annual income of which, exclusive of the meeting-house and land under the same, shall not exceed one thousand dollars, and shall divide their estate into shares, the number of which shall not be less than one hundred, nor more than two hundred, and may make and impose all necessary assessments on such shares: provided, that the amount of all such assessments shall never exceed the sum of fifty dollars on each share.

SECT. 3. Be it further enacted, That whenever any propriquents' shares. etor shall neglect or refuse to pay any assessment, legally made upon his share or shares, to the treasurer of said corporation, within sixty days after the same shall be made payable, the said treasurer, being thereto directed by the trustees herein after directed to be chosen, may sell at public vendue the share or shares of such delinquent proprietor, after posting up notice of the time, place and cause of sale, at two or more public places in Lowell, and also on said meeting-house door, whenever such house shall have been erected, at least ten days previous to such sale, and upon such sale to execute deed or deeds thereof, to the purchaser or purchasers; or the said treasurer may, by direction of said trustees, in his own name, sue and prosecute to final judgment and execution any such delinquent proprietor, for any tax or assessment due and payable on any share or shares of such delinquent proprietor.

Annual meeting

officers.

SECT. 4. Be it further enacted, That there shall be an anand election of nual meeting of said proprietors on the second Monday in April, at which they shall elect, by ballot, a president, clerk, treasurer, collector, and five trustees, of whom the president shall be one;

and the treasurer, clerk and collector shall be sworn to the faithful discharge of their respective trusts; and, at such meeting, each proprietor, or his agent duly authorized in writing, shall be entitled to one vote for each share by him held and owned.

SECT. 5. Be it further enacted, That it shall be the duty of Clerk to keep a the clerk of said corporation to keep a record of all the proceed- record of proceedings. ings of said corporation, and of all shares and transfers of shares therein, and to grant certificates thereof to the proprietors, and the shares may be transferred under the hand and seal of the corporation, on the back of such certificate.

SECT. 6. Be it further enacted, That John R. Adams be, First meeting. and he hereby is authorized to issue his warrant to some one of said proprietors, for the purpose of calling the first meeting, to elect officers and organize said corporation, at such convenient place as he shall direct, at which meeting said proprietors may agree upon the manner of calling and notifying future meetings.

SECT. 7. Be it further enacted, That this act may be amend- Legislative ed or repealed at the pleasure of the Legislature. [March 18, control. 1831.]

An Act for investing the money received on account of the Massachusetts Claim for Chap 126.

Militia Services.

be invested.

BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That it shall be the duty of the treasurer and receiver general of Money, how to this Commonwealth, with the consent of his excellency the governor, to invest any sum or sums of money, which have been or may be received by this Commonwealth, on account of any claims against the United States for militia services, the amount due to the state of Maine being first deducted, in the stock of any bank or banks within this Commonwealth, by subscription to the capital stock, or otherwise, or in any stock of the United States, unless any bank, which may be so required to issue stock, shall prefer to receive the amount on loan, and pay therefor at and after the rate of not less than five per cent. per annum, payable semi-annually, such loan to be repaid at such time as may be agreed between the said treasurer and receiver general, by the consent of his excellency the governor as aforesaid, and the said corporations. And such bank shall issue certificates therefor, in such form and in such sums as shall be directed by the said treasurer and receiver general, which certificates shall be transferable at such time and in such manner as the Legislature shall hereafter direct. And any bank, receiving any sum or loan as aforesaid, Banks may reshall be allowed to reloan it, in the same manner as if it formed loan the same. a part of the capital stock of such bank. [March 19, 1831.]

An Act to continue the corporation of the President, Directors and Company of the Chap 132.

Millbury Bank.

BE it enacted by the Senate and House of Representatives, in 1825 ch. 42. General Court assembled, and by the authority of the same, That the President, Directors and Company of the Millbury Corporation Bank, in Millbury, capital stock one hundred thousand dollars,

continued.