bursable by five annual instalments; or at any shorter period, at the election of the State, with the annual payment of interest, at a rate not exceeding five per centum per annum : Provided however, That the State shall never, at any one time, stand indebted to said corporation, without their consent, in a larger sum than ten thousand dollars.

Proviso.

by Committee

their books&c.

SECT. 6. Be it further enacted, That any committee, specially appointed by the Legislature for Legislature that purpose, shall have a right to examine into the may examine doings of said corporation, and shall have free access to all their books and vaults; and if, upon such examination, it shall be found, and after a full hearing of said corporation thereon, it shall be determin

their charter.

ed by the Legislature, that the said corporation have and in certain exceeded the power herein granted them, or failed cases, vacate to comply with any of the rules, restrictions and conditions in this act provided, their incorporation may thereupon be declared forfeited and void.

how called;

given;

SECT. 7. Be it further enacted, That the persons First meeting, hereinbefore nained, or a major part of them, by whom and are authorized to call a meeting of the Stockholders of said corporation, at such time and place as they shall see fit, by advertising the same, for three Notice to be weeks successively, in some public newspaper printed in the State, for the purpose of making, ordain- at which may ing and establishing such by-laws, ordinances and make by-laws regulations, for the orderly conducting the affairs first board of of said corporation, as the said stockholders shall deem necessary, and for the choice of the first Board of Directors, and such other officers as they shall see fit to choose.

and choose

Directors.

SECT. 8. Be it further enacted, That the said corporation shall be liable to pay any bona fide The original holder the original amount of any note of said amount of bills Bank, altered in the course of its circulation to a paid. larger amount, notwithstanding such alteration.

altered to be

SECT. 9. Be it further enacted, That one twentieth part of the capital of said Bank shall always Certain part of be appropriated to loans to be made to citizens the capital to of this State, wherein the Directors shall wholly be loaned for and exclusively regard the agricultural and manu- agricultural & facturing interest, which loans shall be made in sums interest;

the benefit of

manufacturing

and how.

not less than one hundred nor more than five hundred dollars, and upon the personal bond of the borrower, with collateral security by mortgage of real estate to the satisfaction of the Directors of said Bank, for a term not less than one year, and on condition of paying the interest annually, on such loans, subject to such forfeiture and right of redemption by law, as in other cases.

SECT. 10. Be it further enacted, That said corpoCorporation to ration shall be obliged to receive in payment for own bills for all debts due to said corporation, the bills by them

receive their

debts due.

tions, restrictions, &c.

issued.

SECT. 11. Be it further enacted, That the conditions, restrictions and provisions contained in the act entitled, "An Act to enforce the payment of Further condi-Bank notes, and for other purposes," be and they are hereby made applicable to, and obligatory on, the Bank established by this act; and that each return of the state of said Bank, to be made pursuant to the first section of an act directing the mode and time of making returns of Banks, shall, in adReturns to spedition to the several particulars required therein to of all the Di-be included, specify the names of all the Directors

cify the names

rectors, &c.

of said Bank; and if in taking the oath required by said first section, any Director or Cashier shall swear falsely and be thereof duly convicted, he shall suffer as for wilful and corrupt perjury.

SECT. 12. Be it further enacted, That if said corporation shall refuse or neglect to pay on demand, any bill or bills by such corporation issued, and the holder thereof shall obtain judgment and execution, for the amount thereof, against said corporation, and such execution shall not be satisfied, forcing the sat- by payment thereof, within ten days after demand isfaction of made upon the Cashier of said Bank, by the officer levy upon the having such execution, or sufficient personal or real perty of the estate of said corporation shewn to satisfy the same, stockholders. the officer may serve and levy such execution upon

Mode of en

judgments by

bodies or pro

Proviso.

the body or bodies, or real or personal estate of any person or persons who are or were members of said corporation, at any time within three years next preceding, in proportion to the stock by them severally. and respectively holden: Provided, That no person

shall in the whole, be compelled to pay upon execution or executions, to an amount greater than the amount of the stock which such person holds or shall have held within three years as aforesaid.

bute.

SECT. 13. Be it further enacted, That any person who shall have been compelled to pay any ex- In case of suck levy, other ecution, either wholly or in part, pursuant to the stockholders provisions of the twelfth section of this act, shall shall contribe entitled to recover of each individual, upon whose body or property such execution might have been levied, the same proportion of the sum so paid, as such individual owns or shall have owned of the stock of said Bank, at any time within three years prior to such payment, as for so much money paid to the use of such individual.

the Bank or

tion,

SECT. 14. Be it further enacted, That no stock- Stock not to holder of said Bank shall be permitted at any time he pledged to to pledge his stock therein, or any part thereof, to other corporathe said Bank, or any corporation whatever, and all contracts so pledging any of said stock, shall be of no effect; and no stock or share in said Bank shall be attached on mesne process in any suit in at the suit of which said Bank shall be plaintiff, and all such attachments shall be of no effect.

nor attached

the Bank.

On refusal of

SECT. 15. Be it further enacted, That if at any time the said corporation shall refuse or neglect to pay any of its bills, when duly presented at said payment of Bank, in banking hours, and for the space of thirty plaint to be days thereafter neglect to pay or tender payment Judge of the of such bills, the holder or holders of such bills, S. J. Court;

bills, com

made to a

may make complaint thereof in writing to any proceedings Judge of the Supreme Judicial Court, whose duty thereon. it shall be thereupon, to cause the President and Cashier of said Bank to be notified to appear before him at such time and place as he may appoint, to answer to such complaint, and shew cause against further proceedings thereon: And if said President or Cashier shall not appear, or if appearing shall not shew sufficient cause against further proceedings, it shall be the duty of said Judge, there-point Commisupon to appoint three disinterested and discreet sioners; who Commissioners, residing near to said Bank, to take custody the into their custody and possession, all the books, the Bank;

shall take into

property of

papers, property and estate of said Corporation : And such Commissioners, or the major part of them, shall thereby be authorized, to demand and receive of the said President, Directors, and Cashier of said Bank, all the real and personal estate of said Bank, with all the books and evidences of debts due to said Bank, making and delivering to said President, Directors and Cashier, or either of them, accurate lists and memoranda of such estate, books and debts; and it shall be the duty of such Commay dispose of missioners, or the major part of them, and they are hereby authorized forthwith to proceed to dispose of such estates, and to collect such debts, and to pay the demands against said Corporation.

the same, and collect and pay debts.

Commission

SECT. 16. Be it further enacted, That such Commissioners, or the major part of them, shall be ers may sell at authorized and empowered to sell at public aucauction, giving tion, after giving thirty days public notice of such gages and ex-sale, any real estate, belonging to said Corpora

notice, mort

ecute deeds;

cute actions.

tion, and any mortgages upon real estate due to said Corporation, and to make and deliver in the name of the Corporation, any deed or other instrument necessary to the due and complete transfer and conveyance of such estates and mortgages: may collect And said Commissioners, or the major part of debts & prose. them, shall further be authorized to collect all debts due and owing to said Corporation, and to commence and prosecute in the name of the Corporation any action necessary to the collection of such debts: Provided, That so soon as such Commissioners shall have realized from the property of the Corporation, a sum sufficient to pay all the debts of the Corporation, their powers shall cease; and it shall be their duty to surrender to said Corporation all the remaining property and estates, together with the books and papers belonging to it.

Proviso.

SECT. 17. Be it further enacted, That said Compensation Commissioners shall be entitled to retain to their sioners. own use for their services, such sum as may

10 Commis

be

agreed upon between them and said Corporation; and in case of disagreement, such sum as shall be determined by the Judge who appointed such Commissioners.

SACO FALLS MANUFACTURING COMPANY.

553

liable for re

Commission

vate capaci

SECT. 18. Be it further enacted, That if the President, Directors, and Cashier of such Bank, shall, upon demand made by such Commissioners, Directors, &c. refuse or neglect to surrender to them all the fusing to give books, papers, property, estates and demands of up property to said Corporation, such President, Directors and ers in their pri Cashier, so refusing or neglecting, shall thereupon ties; severally become liable in their individual capacities for the payment of all debts due from said Corporation And any creditor to said Corporation may have and maintain his action against such President, Directors and Cashier, or either of them, to recover against them or either of them, in their individual capacities, the amount of the just demand against said corporation.

[This Act passed February 23, 1825.]

.

CHAPTER CCCXXXII.

AN ACT to incorporate the Saco Falls Manufacturing Company. SECT. 1. BE it enacted by the Senate and House of Representatives, in Legislature assembled, That Seth Storer, Isaac Emery, Jonathan Tucker, John Spring, George Scamman, George Thacher, Persons incor Seth Spring, Ether Shepley, Andrew Scamman, porated. Samuel Hartley, Jonathan King, Reuben H. Green, Daniel Granger, Joseph Leland, Samuel Pierson, James W. Ripley and Abel Hersey, and such other persons as may hereafter be associated with them, their successors and assigns, be, and they are hereby made a body politic, by the name of the Saco Falls Manufacturing Company, for the purpose of manufacturing cotton, wool, iron, and any other raw material which may be found useful and profitable in the town of Saco; and for this purpose, shall have all the powers and privileges, and be subject to all the duties and requirements expressed in an Act entitled, "An Act defining the general powers and duties of Manufacturing Companies," passed the eighth day of March, in the year of our Lord one thousand eight hundred and twenty-one,

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