in. Proviso. When to be paid which shall be paid in such instalments as the president and directors of the said bank may determine: provided, that the whole amount shall be paid in before the first Monday in April, in the year one thousand eight hundred and fifty Liable to tax, &c. Certificate to secretary of the two. SECTION 2. The additional stock aforesaid, when paid into the said bank, shall be subject to the like tax, regulations, restrictions, and provisions to which the present capital stock is subject. SECTION 3. Before the said bank shall proceed to do busiCommonwealth. ness upon such additional capital, a certificate, signed by the president and directors, and attested by the cashier, under oath, that the same has been actually paid into the said bank, shall be returned into the office of the secretary of the Commonwealth. SECTION 4. This act shall take effect from and after its passage. [1853, 217.] May 20, 1851. Chap. 177 AN ACT to incorporate the Mariners' Mutual Marine Insurance Company. Be it enacted, &c., as follows: Corporators. Term. Powers and Policies when issued. SECTION 1. Henry Crocker, Adolphus Davis, Aaron Rice and Zenas D. Basset, their associates and successors, are hereby made a corporation, by the name of the Mariners' Mutual Marine Insurance Company, in the city of Boston, for the term of twenty years, for the purpose of insurance against maritime losses, on the principle of a mutual insurance company, and for this purpose shall have all the powers and privileges, and be subject to all the duties, restrictions, and liabilities, set forth in the thirty-seventh and forty-fourth chapters of the Revised Statutes, and all statutes subsequently passed relating to mutual insurance companies, so far as the same are applicable to the corporation hereby created. SECTION 2. No policy shall be issued until applications shall have been made for marine insurance to the amount of Division of funds. One hundred thousand dollars; and no division of any funds, received by or remaining in the hands of the said company, shall be made among the stockholders thereof, until the expiration of their charter, but such funds shall be invested in the manner now authorized by law. [1852, 83.] [Special Laws, vol. 2, p. 287.] May 20, 1851. Chap. 178 AN ACT in addition to an Act for establishing an Academy in the Town of Framingham, by the name of Framingham Academy. Trustees may Be it enacted, &c., as follows: SECTION 1. The trustees of Framingham Academy are itants of town all hereby authorized to convey to the inhabitants of the town convey to inhab &c. of Framingham, all the property, real, personal, and mixed, their real estate, now belonging to the said trustees, including all trust funds, to have and to hold the same to the said inhabitants for the purposes expressed in this act, and the act to which this is in addition. forever maintain SECTION 2. The said inhabitants shall, within one year Inhabitants shall from the passage of this act, establish and forever maintain, such a school, &c upon the real estate so conveyed by the said trustees, such a school as is required in the fifth section of the twentythird chapter of the Revised Statutes of towns containing four thousand inhabitants, and shall provide a master, who shall be competent to instruct in any branches which shall be necessary in preparing students for admission into any college or university in New England. ply the income of funds, &c., to support of such SECTION 3. The said inhabitants are hereby authorized Authorized to apto apply the net income of the property and funds conveyed to them by the said trustees to the support of such school, so long as the same shall continue to be maintained in the said town according to the provisions of this act. school, &c. School commit tee to have charge of school, &c. SECTION 4. The school committee of the said town of Framingham shall have the entire charge and control of the said school; shall employ all necessary teachers and determine their salaries; shall determine the number and qualification of the scholars to be admitted into the school, and shall exercise all the powers and perform all the duties in relation to such school, which are by law required of them in relation to public schools; and they may admit pupils May admit pupils from other towns to the privileges of the said school upon &c. the payment, by such pupils, of such sum for tuition as shall to the said committee seem just and reasonable, and upon the same requirements, in other respects, that are observed in the admission of pupils belonging to the said town of Framingham. from other towns, mine all ques SECTION 5. The supreme judicial court are hereby author- S. J. C. to deterized to hear and determine in equity all questions which tions under this may arise by reason of this act, and to pass all such orders act. and decrees as law and equity may require. from liability. SECTION 6. So long as the said inhabitants shall substan- Town exempted tially comply with the requisitions of this act, the said town of Framingham shall be exempted from all liabilities under the fifth section of the twenty-third chapter of the Revised Statutes of this Commonwealth. effect. SECTION 7. This act shall take effect so soon as the same when to take shall have been accepted by the trustees of Framingham Academy, and the inhabitants of the town of Framingham. [1852, 34.] May 20, 1851. Chap. 179 $50,000 addition Proviso. [1849, 174.] AN ACT to increase the Capital Stock of the Milford Bank. SECTION 1. The president, directors, and company of the al capital stock. Milford Bank, in Milford, are hereby authorized to increase their present capital stock, by an addition thereto of fifty thousand dollars, in shares of one hundred dollars each, which shall be paid in such instalments as the president and directors of said bank may determine: provided, that the whole amount shall be paid in, on or before the last day of April, in the year one thousand eight hundred and fifty-two. SECTION 2. The additional stock aforesaid, when paid into the said bank, shall be subject to the like tax, regulations, restrictions, and provisions to which the present capital stock of the said corporation is now subject. Liable to tax, &c. Certificate to secretary of the Commonwealth. Chap. 180 $50,000 additional capital stock. Proviso. Liable to tax, &c. Certificate to secretary of the Commonwealth. SECTION 3. Before the said corporation shall proceed to do business on said additional capital, a certificate, signed by the president and directors, and attested by the cashier, under oath, that the same has been actually paid into the said bank shall be returned into the office of the secretary of the Commonwealth. SECTION 4. This act shall take effect from and after its passage. [1853, 216; 1855, 383.] May 20, 1851. AN ACT to increase the Capital Stock of the Boylston Bank. SECTION 1. The president, directors, and company, of the Boylston Bank, in Boston, are hereby authorized to increase their present capital stock by an addition thereto of fifty thousand dollars, in shares of one hundred dollars each, which shall be paid in such instalments as the president and directors may determine: provided, that the whole amount shall be paid in before the first day of May in the year one thousand eight hundred and fifty-two. SECTION 2. The additional stock aforesaid, when paid into said bank, shall be subject to the like tax, regulations, restrictions, and provisions, to which the present capital stock of said corporation is now subject. SECTION 3. Before said corporation shall proceed to do business on said additional capital, a certificate signed by the president and directors, and certified by the cashier, under oath, that the same has been actually paid into said bank, shall be returned into the office of the secretary of the Commonwealth. SECTION 4. This act shall take effect from and after its passage. [1853, 212; 1854, 142.] May 20, 1851. [1817, 160.] AN ACT to change the time of holding the Annual Meeting of the First Chap. 181 Universalist Society in Attleborough. Be it enacted, &c., as follows: The annual meeting of the First Universalist Society in Attleborough shall hereafter be holden in December. May 20, 1851. Chap. 182 AN ACT to incorporate the City Mutual Marine and Fire Insurance Be it enacted, &c., as follows: Company. 1853, 136. SECTION 1. Charles Wilkins, Isaac Thacher, Philo S. Corporators. Shelton, their associates and successors, are hereby made a corporation, by the name of the City Mutual Marine and Name changed, Fire Insurance Company, in the city of Boston, for the term of twenty years, for the purpose of making maritime purpose. loans and insurance against maritime losses and insurance. against losses by fire, on the principle of mutual insurance, and for this purpose shall have all the powers and privileges, Powers and and be subject to all the duties, restrictions, and liabilities, set forth in the thirty-seventh and forty-fourth chapters of the Revised Statutes, and all statutes subsequently passed relating to mutual insurance companies, so far as the same. are applicable to the corporation hereby created. duties. issued. SECTION 2. No policy shall be issued till the sum of fifty Policies, when thousand dollars shall have been subscribed, and no division. of any funds or profits shall be made to the subscribers or Division of funds. stockholders until the expiration of their charter, but such funds or profits shall be invested in such securities and stocks as the law requires. risks. SECTION 3. The said corporation shall be restricted to all Restriction of amount not exceeding five thousand dollars on any one risk, until its funds or invested capital shall reach the sum of one hundred thousand dollars. May 20, 1851. [1853, 136.] [1847, 16; 1849, 3, 217.] AN ACT to increase the Capital Stock of the Bay State Bank. Be it enacted, &c., as follows: Chap. 183 tional capital SECTION 1. The president, directors, and company, of the $200,000 addiBay State Bank, in Lawrence, are hereby authorized to stock. increase their present capital stock, by an addition thereto of two hundred thousand dollars, in shares of one hundred dollars each, which shall be paid in such instalments as the president and directors may determine: provided, that the Proviso. whole amount shall be paid in before the first day of May in the year one thousand eight hundred and fifty-two. SECTION 2. The additional stock aforesaid, when paid Liable to tax, &c. into the said bank, shall be subject to the like tax, regula Certificate to secretary of the tions, restrictions, and provisions, to which the present capital stock of the said corporation is now subject. SECTION 3. Before said corporation shall proceed to do Commonwealth. business on said additional capital, a certificate, signed by the president and directors, and certified by the cashier, under oath, that the same has been actually paid into the said bank, shall be returned into the office of the secretary of the Commonwealth. Chap. 184 $50,000 additional capital stock. Proviso. Liable to tax, &c. Certificate to secretary of the SECTION 4. passage. This act shall take effect from and after its [1849, 168.] AN ACT to increase the Capital Stock of the Laighton Bank. SECTION 1. The president, directors, and company, of the Laighton Bank, in Lynn, are hereby authorized to increase their present capital stock by an addition thereto of fifty thousand dollars, in shares of one hundred dollars each, which shall be paid in such instalments as the president and directors of said bank may determine: provided, that the whole amount shall be paid in on or before the last day of April in the year one thousand eight hundred and fifty-two. SECTION 2. The additional stock aforesaid, when paid into the said bank, shall be subject to the like tax, regulations, restrictions, and provisions, to which the present capital stock of said corporation is now subject. SECTION 3. Before said corporation shall proceed to do Commonwealth. business on said additional capital, a certificate, signed by the president and directors, and attested by the cashier, under oath, that the same has been actually paid into the said bank, shall be returned into the office of the secretary of the Commonwealth. SECTION 4. This act shall take effect from and after its passage. May 20, 1851. [1853, 214.] Chap. 185 $50.000 additional capital stock. Proviso. [1817, 163; 1818, 30; 1830, 58; 1836, 201; 1849, 217.] AN ACT to increase the Capital Stock of the Agricultural Bank. Be it enacted, &c., as follows: SECTION 1. The president, directors, and company, of the Agricultural Bank, in Pittsfield, are hereby authorized to increase their present capital stock by an addition thereto of fifty thousand dollars, in shares of one hundred dollars each, which shall be paid in such instalments as the president and directors of said bank may determine: provided, that the whole amount shall be paid in on or before the last day of April in the year one thousand eight hundred and fifty-two. |