DAMASCOTTA CANAL.

canal.

69

SECT. 5. Be it further enacted, That said corporation Mills not to be shall not at any time erect or permit to be erected, any mill built on the or mills or any other machinery on said canal, nor use the waters of said pond for any purposes, except the carrying or floating of boats, gondolas or other craft with their loadings, and for rafting masts, spars, timber and other lumber through said canal.

purchase and

SECT. 6. Be it further enacted, That the said proprietors Corporation may be, and they hereby are authorised and empowered to purchase hold lands, &c. and hold in fee simple all such land and real estate, as may be necessary to effect the purposes of this act.

Canal to be made

SECT. 7. Be it further enacted, That if the said pro-in six years. prietors shall refuse or neglect for the space of six years after the passing of this act to open and complete said canal, then this act shall be void and of no effect.

SECT. 8. Be it further enacted, That for the purpose of, re-imbursing the said proprietors, the money by them expended or to be expended, in building and supporting the dams, canal and locks, and making a passage necessary for the purposes aforesaid, a toll be, and hereby is granted for the sole benefit of the said proprietors, not to exceed the following rates; viz., for the passage of each boat or other water craft passing through said canal for each ton weight they are capable of carrying, if loaded, twenty cents, and if having no loading on board for each ton ten cents; for the passage of oak or other hard wood boards at the rate of thirty cents for each thousand feet, and for all other boards twenty cents for each thousand feet; for each ton of hard wood timber ten cents; for each ton of pine and other timber, six cents; for each mast or spar of more than twelve inches diameter, at one third of its length from the largest end thereof, two cents for each inch of such diameter; for each cord of wood or bark twenty cents; for each thousand of pipe staves thirty cents; for each thousand of hogshead staves twenty cents; for each thousand of barrel staves fifteen cents; for each thousand of clapboards, twenty cents; for each thousand of shingles, four cents; and so in proportion for all lumber and merchandise transported through said canal; and all gondolas, boats or other water craft, passing through said canal, not having on board a full cargo, shall be liable to pay in proportion to the loaded part, the same as loaded boats, and for such unladen part the same as unladen boats.

Toll granted.

Rates of toll.

canal.

SECT. 9. Be it further enacted, That said canal shall not Lecation of the commence in leading from said Damascotta pond to the salt bay, west of the point of land on which David Gorham's potash works now stand.

10

EASTPORT MARINE INSURANCE COMPANY.

SECT. 10. Be it further enacted, That the legislature shall have power at all times to alter, restrain, enlarge or annul the powers of said corporation.

SECT. 11. Be it further enacted, That Stephen Coffin', Esquire, or any other justice of the peace in the county of Lincoln, be, and hereby is empowered to issue a warrant to one of the proprietors aforesaid, requiring him to notify a meeting of the proprietors in manner as the law directs in similar cases; and the proprietors at said meeting shall choose a clerk, who shall be sworn to the faithful discharge of his duty, and all other necessary officers for managing the business of said proprietors, which they shall have power to choose from time to time afterwards if necessary; and said proprietors shall agree on a method for calling future meetings.

[This Act passed March 10, 1821.]

AN ACT to incorporate the Eastport Marine Insurance Company.

SECT. 1. BE it enacted by the Senate and House of Representatives in Legislature assembled, That Jonathan Persons incor- Bartlett, Samuel Wheeler, Wooster Tuttle, Benjamin Buck

porated,

nam, Joseph Harrod, Jacob Penniman, Jabez Mowry, with their associates, successors and assigns be and they hereby are, incorporated into a company and body politic, by the name of the Eastport Marine 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 State, entitled, " An Act to define the powers, duties and restrictions of Insurance Companies," passed on the twenty-fourth day of February, in the year of our Lord one thousand eight hundred and twenty-one, for and during the for twenty years. 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, Mav hold real and may purchase, hold, and convey any estate real or personal for the use of said company; Provided the said real of the value of estate shall not exceed the value of six thousand dollars except such as may be taken for debt, or held as collateral security for money due to said company.

property,

6000 dollars.

Capital 100,000 dollars.

SECT. 2. Be it further enacted, That the capital stock of said company shall be one hundred thousand dollars, exclusive of premium notes and profits accruing from their business,

EASTPORT MARINE INSURANCE COMPANY.

71

paid in 90 days,

and said stock shall be divided into shares of one hundred dollars each, fifty per centum of which shall be paid in money One half to be within ninety days after the first meeting of said company, and the residue in such instalments, and under such penalties as the President and Directors shall direct and appoint, Pro- and the whole in vided the whole capital stock shall be paid in within five years five years. from the passing of this act.

be chosen.

SECT. 3. Be it further enacted, That the stock, property, Five Directors to affairs, and concerns of the said company, shall be managed and conducted by five Directors, one of whom shall be President thereof, who shall hold their offices for one year and until others are chosen and no longer, and who shall at the time of their election, be stockholders and citizents of this State, and shall be elected on the first Monday of July in each year, at such time of the day, and in such place in the town of Eastport, as a majority of the Directors for the time being, shall appoint, of which election public notice shall be given in the newspaper printed in the town of Eastport, and by written notifications, posted at two or more public places in said town, and continued for the space of ten days immediately preceding such election; and the election shall be made by ballot, by a majority of the votes of the Stockholders present, allowing one vote for each share in the capital stock: Provided, that no Stockholder shall be allowed more than ten votes; absent Stockholders if citizents of this State, may vote by proxy, under such regulations as the said company shall prescribe. And if through any accident, the said Directors should not be chosen on the first Monday of July as aforesaid, it shall be lawful to choose them on any other day in the manner herein prescribed.

No Stockholder to have more than ten votes.

chosen.

SECT. 4. Be it further enacted, That the Directors, when chosen shall meet as soon as may be, after every election, and President to be shall choose out of their body, one person to be President, who shall be sworn faithfully to discharge the duties of his office, and who shall preside for one year; 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 annual elections of Directors: Provided, That no person being a Director of any other Insurance company shall be a Director of the company by this act established.

two Directors to

SECT. 5. Be it further enacted, That the President and President and two of the Directors, or three Directors in the absence of the be a quorum. President, shall be a board competent for the transaction of business, and all questions before them, shall be decided by a majority of votes; and shall have power to make and pre

72

First meeting

CUMBERLAND INSURANCE COMPANY.

scribe such by-laws, rules and regulations, as to them shall appear needful and proper, touching the management and disposition of the stock, property, estate and effectss of said company, and the transfer of the shares, and touching the duties and conduct of the several officers, clerks and servants employed, and the election of Directors, and all such matters as appertain to the business of Insurance, and also shall have power to appoint a Secretary and so many clerks and servants for carrying on the said business, and with such salaries and allowances to them, and to the President, as to the said board shall seem meet: Provided, such by-laws and regulations shall not be repugnant to the laws of this State.

Sscr. 6. Be it further enacted, That any two or more persons named in this act of incorporation, are hereby authorised to call a meeting of the said company, as soon as may be in Eastport, by advertising the same for two successive weeks in the newspaper printed in Eastport, for the purpose of electing a first Board of Directors, who shall continue in office, until the first Monday of July next ensuing.

[This Act passed March 13, 1821.]

Persons incor

CHAPTER LXVI.

AN ACT to incorporate the Cumberland Insurance Company.

SECT. 1. BE it enacted by the Senate and House of Representatives, in Legislature assembled, That Matthew porated, Cobb, Asa Clapp, Albert Newhall, Reuben Morton, William Swan, John Fox, Hezekiah Winslow and Thomas Merrill, with their associates, successors and assigns, be, and they are hereby incorporated into a company and body politic by the name of the Cumberland Insurance Company, with the powers and privileges usually granted to other Insurance companies, and subject to all the duties, obligations and restrictions contained in a law of this State, entitled "An Act to define the powers, duties and restrictions of Insurance Companies," passed the twenty-fourth day of February, in the year of our Lord one thousand eight hundred and twenty-one; for and during the term of twenty years from the first day of January, one thousand eight hundred and twenty-two, and by that name may sue and be sued, plead and be impleaded, appear, prosecute and defend to final judgment and execution, and have a May hold real common seal, which they may alter at pleasure, and may hold amount of 5000 and purchase real estate to an amount not exceeding five thousand dollars,

for 20 years.

estate to the

dollars.

CUMBERLAND INSURANCE COMPANY.

dollars.

73

SECT. 2. Be it further enacted, That the capital stock of Capital 200,000 said company, exclusive of premium notes and profits arising from business, shall not be less than one hundred thousand dollars, and shall be divided into shares of one hundred dollars each; fifteen per cent of which shall be paid in money, 15 per cent to be by each and every subscriber on the amount of his subscrip- paid in 30 days, tion within thirty days after public notice given by the President and Directors, chosen by the Stockholders in both of the newspapers printed in the town of Portland, and thirty-five and 35 per cent dollars on each share within ninety days after said first meet- in 90 days, ing of the Stockholders, and the residue of said stock at or and the residue within five years from the first meeting of the Stockholders, in in 5 years. such sum or sums, and at such intermediate time or times and under such penalties as the President and Directors, shall, in their discretion, direct and appoint.

to be chosen.

SECT. 3. Be it further enacted, That the stock, property, affairs and concerns of said Company shall be managed by Seven directors seven directors, one of whom shall be President thereof, who shall hold their offices for one year and until others are chosen, and no longer, and who shall, at the times of their election, be Stockholders and citizens of this State, and shall be elected on the first Monday of January in each and every year, at such time and place in the town of Portland, as a majority of the Directors for the time being shall appoint; of which election, public notice shall be given, in at least one of the newspapers printed in the town of Portland, fourteen days at least immediately preceeding: and this election shall be held under the inspection of three Stockholders not being Directors; and the election shall be made by ballot, by a majority of the Stockholders present, allowing one vote to each share: Provided, That no Stockholder shall be entitled No stockholder to more than twenty votes, and absent Stockholders may vote to have more by proxy, under such restrictions as the company may prescribe.

than 20 votes.

chosen.

SECT. 4. Be it further enacted, That the Directors when President to be chosen, shall meet as soon as may be, after every election and shall choose out of their body, one person to be President, who shall be sworn faithfully to discharge the duties of his office, and shall preside for one year; and in case of the death, resignation or inability to serve, of the President or any Directors, such vacancy or vacancies may 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 annual elections of Directors: Provided, That no person being a Director of any other Company, carrying on the business of Insurance, shall be eligible as a Director of the Company by this act established.