whereof persons so objecting legally represent one-fourth part of the capital stock, shall be entitled to the benefit of this act. commis pointed by gov to examine all the SECTION 4. There shall be appointed by the governor, Three with the advice of council, three commissioners, who shall sioners to be apexercise the powers, and perform the duties hereinafter ernor and council specified, until the fifteenth day of January, in the year one banks. thousand eight hundred and fifty-one: provided, that the governor, with the advice of the council, may, at any time, remove from office one or all of said commissioners, and fill all vacancies. And said commissioners, or any two of them, shall visit each and every bank in this Commonwealth, whose charter is, by present limitation, to expire in the year one thousand eight hundred and fifty-one, and shall have free access to their vaults, books, and papers; and shall thoroughly inspect, and examine, all the affairs of said corporations; and make any and all such inquiries as may be considered necessary, to ascertain their condition and ability to fulfil all the engagements made by them; and whether they have complied with the requisitions of the statutes, in regard to banks and banking. And said commissioners may summon and examine, under oath, all the officers of said banks, and such other persons as may be thought proper, in relation to the conduct and affairs of said banks. SECTION 5. Before they shall enter on the duties of their To be under oath. office, the said commissioners shall formally make oath before some justice of a court of record, or before any two justices of the peace of this Commonwealth, that they will, faithfully and impartially, discharge and perform all the duties incumbent upon them, in their said office. laws concerning operation. SECTION 6. It shall be the duty of said commissioners To report to next to make a careful examination of the general laws of this legislature on the Commonwealth, relating to banks and banking, and of the banks, and their operation of the same, in providing a currency best adapted to the wants and interests of the people; and, within ten days from the commencement of the next session of the general court, to report the result of their investigations, and whether any and what alterations may be made in said laws, which shall be mutually advantageous to the banking institutions and the community. islature, what and SECTION 7. Said commissioners, in the month of January, Report to the leg in the year one thousand eight hundred and fifty-one, shall when. make a report to the legislature, within ten days from the commencement of the session thereof, of the general conduct and condition of the corporations visited by them; and if the said commissioners shall be of opinion that any one of said banks is insolvent, or that its condition is such as to render its farther progress hazardous to the public, or that Banks not to be benefits of this entitled to the act, on what certificate of commissioners. Compensation. such bank has so far exceeded its powers, or has so far failed to comply with the rules, restrictions, and conditions of the statutes, in relation to banks and banking, that it should not be continued a corporation beyond the time now limited by law; and if the said commissioners shall file a certificate thereof, in the office of the secretary of the Commonwealth, on or before the fifteenth day of January, in the year one thousand eight hundred and fifty-one, then such bank shall not be entitled to the benefits of this act. SECTION 8. Each of said commissioners shall receive, as a compensation for his services, five dollars for each and every day employed by him, and at the rate of one dollar for every ten miles actually travelled by him, in the performance of the duties prescribed by this act; and the governor is hereby authorized to draw his warrants on the treasury therefor. [1821, 97; 1849, 128.] May 2, 1849. Chap. 219 AN ACT in addition to an Act entitled "An Act to prevent the Seining Restriction of 1849, 128. Chap. 221 Corporators. paper, iron, &c. of Fish in the Harbors of New Bedford and Fairhaven." Be it enacted, &c., as follows: Nothing contained in the act, entitled "An Act to prevent the seining of fish in the harbors of New Bedford and Fairhaven," passed the twentieth day of April, in the year one thousand eight hundred and forty-nine, shall be construed to apply to the herring fisheries in Acushnet River, from Island Marsh so called, in said river, northwardly, to the head waters thereof. May 2, 1849. [1854, 293.] AN ACT to incorporate the South Lee Manufacturing Company. Be it enacted, &c., as follows: SECTION 1. Charles M. Owen, Thomas Hurlburt, Edward H. Owen, their associates and successors, are hereby made a corporation, by the name of the South Lee Manufacturing To manufacture Company, for the purpose of manufacturing paper, iron, and lumber, in the town of Lee, county of Berkshire; with Powers and du- all the powers and privileges, and subject to all the duties, restrictions, and liabilities, set forth in the thirty-eighth and forty-fourth chapters of the Revised Statutes. ties. Real estate. Capital stock. SECTION 2. Said corporation may, for the purposes aforesaid, hold real estate, not exceeding in amount one hundred thousand dollars, and the whole capital stock shall not exceed three hundred thousand dollars: provided, that no shares in the capital stock of said corporation shall be issued for a less sum or amount, to be actually paid in on each, than the par value of the shares which shall be first issued. May 2, 1849. [1850, 33.] AN ACT to establish the Waltham and Watertown Branch Railroad. Be it enacted, &c., as follows: Chap. 223 ties. SECTION 1. Seth Bemis, Josiah Beard, Isaac Parker, their Corporators. associates and successors, are hereby made a corporation, by the name of the Waltham and Watertown Branch Railroad Company; with all the powers and privileges, and subject Powers and duto all the duties, liabilities, and restrictions, set forth in the forty-fourth chapter of the Revised Statutes, and in that part of the thirty-ninth chapter of said statutes relating to railroad corporations, and subject to all other general laws which have been, or which shall be, hereafter passed, relative to railroad corporations. SECTION 2. Said company is hereby empowered to locate, Route of railroad. construct, and maintain, with one or more tracks, a branch railroad, commencing at a point on the main railroad of the Fitchburg Railroad Company, in Waltham, at or near the Upper Factory depot, and thence running easterly along the north side of Charles River, to enter upon and unite with the Waltham and Newton Branch Railroad, at a convenient point near the Waltham Lower Factory. SECTION 3. In case the Waltham and Newton Branch In what case the Railroad shall not be located within the time limited by ther extended. route may be furthe act passed at the present session of the general court, granting an extension of the time of such location, or in case of the surrender and transfer, by the corporators of said railroad, of all right to so much of said railroad as lies between the Waltham Lower Factory and the westerly termination of the Watertown branch of the Fitchburg Railroad, as provided in the following section, said Waltham and Watertown Branch Railroad Company is hereby empowered to locate, construct, and maintain their railroad, as granted in the preceding section, farther easterly from the termination therein named, at or near the Waltham Lower Factory, to a convenient point on the Watertown Branch Railroad, at or near Bemis's Factory, there to enter upon and unite with said Watertown Branch Railroad. SECTION 4. The Waltham and Newton Branch Railroad Waltham and Newton Branch render to this Company is hereby authorized to transfer and surrender, to Railroad Comthe Waltham and Watertown Branch Railroad Company, pany may surby a formal vote of a majority of the corporators present company. at a meeting specially called for that purpose, so much of their railroad, or the right to locate, construct, and maintain, so much of the same as lies easterly of the Waltham Lower Factory, and between said factory and the westerly termination of the Watertown Branch Railroad; and said Waltham and Watertown Branch Railroad Company is hereby authorized to accept such transfer and surrender, and to locate, construct, and maintain, their railroad, This company may connect R. R., &c. through the extent named, with all the powers and privileges, and subject to all the duties and liabilities, herein before mentioned. SECTION 5. The Waltham and Watertown Branch Railwith Fitchburg road Company is hereby authorized to enter upon and unite their railroad, by proper turn-outs and switches, with the main road of the Fitchburg Railroad Company, and also with the Waltham and Newton Branch Railroad; or, in case the branch railroad, last named, shall not be located and constructed as aforesaid, or, in case of a transfer and surrender, as provided in the preceding section, then with the Watertown Branch Railroad; and to use said main railroad, and one or both of said branches, or any part thereof, agreeably to the provisions of law. Capital stock. personal. SECTION 6. The capital stock of the company hereby established shall consist of not more than one thousand shares, the number of which shall, from time to time, be determined by the directors of said company; and no assessment shall be laid thereon of a greater amount, in the Estate, real and whole, than one hundred dollars on each share; and said company may invest and hold such part thereof, in real and personal estate, as may be necessary and convenient Value of shares. for the purposes of their incorporation. All the shares in the capital stock of said corporation shall be issued for the same value or amount, to be actually paid in on each; and. if said branch railroad shall be built by the Fitchburg Railroad Company, as hereby provided, then no shares shall be issued for a less amount, to be actually paid in on each, than the par value of the shares in the present capital stock of the Fitchburg Railroad Company. Location. Other companies may be author road. SECTION 7. If the location of the railroad, herein granted, shall not be filed within two years, and if the railroad shall not be constructed within three years from the passage of this act, this act shall be void. SECTION 8. The general court may authorize any comized to use this pany to enter, with another railroad, upon, and to use said Waltham and Watertown Branch Railroad, or any part thereof, by complying with such reasonable rules and regulations as the said Waltham and Watertown Branch Railroad Company may prescribe, or as may be determined according to the provisions of law. Tolls may be reduced after five years. SECTION 9. The general court may, from time to time, after the expiration of five years from the time when said Waltham and Watertown Branch Railroad shall be opened for use, alter and reduce the rate of toll or profits upon said road; but said toll shall not be so reduced, without the consent of said company, as to yield, with said profits, to the stockholders thereof, less than ten per cent. per annum, upon the investment of said company. be accepted by Co. SECTION 10. The Fitchburg Railroad Company may, by This charter may a vote at a meeting of the stockholders, specially convened Fitchburg R. R. for that purpose, within two years from the passage of this act, and at any time before the filing of the location of the railroad hereby established, accept the charter hereby granted; and, in that case, may locate, construct, and maintain, said railroad, and shall succeed to, hold, and enjoy, all the franchise, rights, and privileges, hereby con- Duties in that ferred, and shall be subject to all the duties, restrictions, and liabilities, hereby imposed, and may increase their capital stock to the extent hereby authorized, which increase of capital stock shall be used for building said branch; and, upon such acceptance, the rights of the corporators first named shall cease and determine. case. may transfer, SECTION 11. The Waltham and Watertown Branch Rail- This company road Company, at any time subsequent to the filing of their &c., to Fitchlocation, as before mentioned, is hereby authorized and burg R. R. Co. empowered to transfer all its property, rights, privileges, and franchise, under this act, to the Fitchburg Railroad Company; and said last named company is hereby authorized to receive and hold the same, whenever a majority, in interest, of the stockholders of the two corporations, respectively, at meetings specially called for such purposes, shall elect so to do; and, in case of such transfer and acceptance, the Fitchburg Railroad Company may increase their capital stock to the amount above named, which increase of capital stock shall be used for purchasing said branch road. [1851, 72.] May 2, 1849. AN ACT to incorporate the Boston and Vermont Telegraph Company. Chap. 224 Be it enacted, &c., as follows: lines of tele SECTION 1. Benjamin P. Cheney, James C. Dunn, and Corporators. William Warner, their associates and successors, are hereby made a corporation, by the name of the Boston and Vermont Telegraph Company, for the purpose of constructing To construct and using lines of telegraph within this Commonwealth, graph. to connect with lines of telegraph which may belong to the Vermont and Boston Telegraph Company, a company incorporated by the authority of the state of Vermont, in the year one thousand eight hundred and forty-eight. Said Powers and Boston and Vermont Telegraph Company shall have all the powers and privileges, and be subject to all the duties, restrictions, and liabilities, set forth in the forty-fourth chapter of the Revised Statutes. duties. |