and liabilities. to secure and protect them in the exercise and use of their rights CHAP. 468. and privileges, and in the performance of their duties, and said Rights, powers corporation is hereby authorized to locate and construct, alter and Location. keep in repair, a railroad with one or more sets of iron or wooden rails or tracks, with all suitable bridges, tunnels, viaducts, turnouts, culverts, drains, and all other necessary appendages, from some point on Sebec lake, along or by the way of the valley of Route. Ship Pond stream, to the township formerly incorporated as the town of Elliotsville, and said corporation is hereby invested with all the powers, privileges and immunities, which are or may be Powers and privinecessary to carry into effect the purposes of this act. Said cor poration shall have all the powers, privileges and immuities and be subject to the duties and liabilities contained in chapter fiftyone of the revised statutes. leges. shares. SECT. 2. The capital stock of said company shall consist of not Capital stock and more than one thousand shares of one hundred dollars each, and the immediate direction of the affairs of said corporation shall be vested in five directors to be chosen as hereinafter provided, who Directors. shall hold their office until others are chosen and qualified in their Tenure of office stead, a majority of whom shall constitute a quorum; and they Quorum. shall elect one of their number to be president of their board, and he shall also be president of the corporation, and they shall have President, clerk authority to choose a clerk and treasurer; and a majority of the persons named in section one, are hereby authorized at a meeting holden for that purpose, with or without notice, to accept this act and organize this corporation. and treasurer. Act, acceptance of, and organiza tion. SECT. 3. Said corporation shall have power to make and estab- By-laws. lish all necessary by-laws. directors, powers SECT. 4. The president and directors for the time being are President and hereby authorized by themselves or their agents, to exercise all of the powers herein granted for the purpose of locating and constructing said railroad, and for the transportation of persons, goods and property of all kinds and descriptions, and all such power and authority as may be necessary and proper to carry into effect the objects of said corporation. SECT. 5. A toll is hereby granted for the benefit of said corpo- Toll granted. ration, upon all passengers and property which may be conveyed over its railroad, or over any portion of it which may be completed, at such rate as may be established by its directors, subject Rate to be estabto such general laws in relation to railroad companies, as are or may be from time to time established by the legislature. lished by direc tors. SECT. 6. The annual meeting of the stockholders of said corpo- Annual meeting. ration shall be holden on the first Monday of September, or such other day as the by-laws may determine, at which meeting the directors shall be chosen by ballot. CHAP. 469. location. SECT. 7. If the said corporation shall not have been organized Organization and and the location according to an actual survey of the route filed with the county commissioners of Piscataquis county on or before the thirty-first day of December, in the year of our Lord eighteen hundred and seventy-three, or if said corporation shall not complete some portion of its road and have the same in actual running operation on or before the thirty-first day of December, in the year of our Lord eighteen hundred and seventy-four, this act shall be void. Approved March 15, 1870. Hallowell, certain part set off from, and annexed to Manchester. Boundaries. Chapter 469. An act to set off certain lands from Hallowell and Farmingdale and annex the same to the town of Manchester. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. The land owned by Elisha S. Higgins and his daughter, Maria Baker, is hereby set off from the town of Farmingdale and the city of Hallowell, and annexed to the town of Manchester; commencing at the point where the east line of said town of Manchester is intersected by the road leading westerly from Hallowell across Jemmy's brook, thence running easterly along the center of Vaughn road to said Higgins' east line, thence southerly and southwesterly by sald Higgins' east line to Jemmy's pond, thence westerly and northerly by said Jemmy's pond and brook to the first mentioned bounds. SECT. 2. This act shall take effect when approved. Approved March 15, 1870. Insurance company established. Powers and privileges. Chapter 470. An act to incorporate the Maine Mutual Marine Insurance Company. Be it enacted in the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. There shall be established in the city of Bangor an insurance company, to be called the Maine Mutual Marine Insurance Company. SECT. 2. In addition to the general powers and privileges of a corporation, as contained in the first section of the seventy-sixth chapter of the revised statutes, the corporation hereby created shall have power by instrument, under seal or otherwise, to make CHAP. 470. insurances on vessels, freights, money, goods, wares, merchandise, bottomry, respondentia interest, and other insurances, appertaining to or connected with marine or inland navigation risks, and to cause themselves to be reinsured against any risks upon which they shall have made insurance. and agents. SECT. 3. All the corporate powers of said company shall be Trustees, officers exercised by a board of trustees and such officers and agents as they may appoint; the said board shall consist of fifty persons, citizens of this state, one of whom they shall choose president, President. and five of their number shall constitute a quorum for the transaction of business. SECT. 4. George W. Pickering, James Walker, Samuel H. Trustees. Dale, Samuel Larrabee, Lemuel Bradford, Lemuel Nash, Isaac W. Patten, Samuel P. Strickland, Charles W. Roberts, George C. Pickering, Michael Schwartz, James A. Swett, David W. Pierce, George W. Ladd, Josiah C. Mitchell, Carleton S. Bragg, Prentiss M. Blake, Eben Blunt, James Dunning, Nathan Hopkins, William H. Ginn, Joseph L. Buck, Sewall P. Swazey, D. M. Howard, Daniel Sargent second, William McGilvery, Thomas N. Egery, John P. Bent, Samuel Thurston, Josiah F. Robinson, Thomas H. Getchell, Henry A. Wood, Andrew M. Babb, William B. Hayford, Charles Hayward, George Varney, Charles G. Stearns, Phineas Pendleton, Sidney Thaxter, Jonas Ames, John S. Jenness, Edwin B. Patten, Llewellyn J. Morse, George R. Lancaster, Gorham L. Boynton, Joseph B. Moore, Loomis Taylor, Franklin Treat, Sidney W. Thaxter, Joseph E. Kent, of Bangor, are hereby appointed the first trustees of said corporation; and the first named twenty-five shall continue for two years, the term of the Tenure of office. twenty-five last named shall expire at the end of one year; and thus from year to year there shall be an election of twenty-five trustees to serve for two years; and the board shall fill all vacan- Vacancies. cies that shall occur by death, resignation or removal from the state. SECT. 5. Every person who shall hereafter be insured by said Members. company, and his executors, administrators and assigns, continuing to be insured as hereinafter provided, shall hereby become a member during the period continuing to be insured and no longer; and every person holding a certificate or certificates not discharged by payment of losses for a share of profits earned to the amount of twenty-five dollars, shall also be a member; and each member shall be entitled to one vote, either in person or by written proxy. members. SECT. 6. In no case shall any member be liable for any losses Liability of or expenses beyond the amount of, premiums he has paid, or for which he has given his note. СНАР. 470. Rates to be fixed by board of trustees. Premiums may be invested. Company may receive notes in miums, and nego tiate the same. SECT. 7. Every person who shall hereafter become a member of this company by insuring therein, shall, before he receives his policy, pay the rates fixed and determined by the board of trustees, either in money or note as required, and no such premium shall be withdrawn from said company, but shall be liable to all the losses and expenses incurred by the company during its charter. SECT. 8. It shall be lawful for the trustees to invest the said premiums in such securities as they shall deem safe and for the interest of said company. SECT. 9. The company, for the better security of those conadvance for pre- cerned, may receive notes for premiums in advance of persons intending to receive policies, and may negotiate such notes for the purpose of paying claims, or otherwise, in the course of its Compensation to business, and a compensation to the signers thereof may be allowed and paid at a rate to be determined by the trustees, but not exceeding six per cent. per annum. signers thereof allowed not exceeding 6 per cent. SECT. 10. No policy of insurance shall be issued until application shall be made for insurance to the amount of fifty thousand dollars. SECT. 11. Whenever said company shall insure any risk which in itself or in connection with other risks taken by said company shall amount to more than ten thousand dollars, the trustees shall immediately cause the excess over said sum herein limited to be reinsured to said company, and no such risk or risks so exceeding ten thousand dollars shall be taken without such insurance. SECT. 12. The trustees at the end of one year from the time the first policy is insured and within one month thereafter, and during the first month after the close of every subsequent year, shall cause an estimate to be made of the profits and true state of the affairs of the company as near as may be, taking into view the probable amount to be paid on all claims and demands which have been or may be made against the company, and allowing for any previous deficiencies; and after ascertaining in this mode the net profits of each year on risks which have terminated, the trustees may declare a dividend and issue certificates of a certain per centum on the premiums received on the risks which have terminated to persons named on the policies or their representatives; and the sums named in such certificates shall be conclusive on the parties entitled to receive them at such periods and not to be changed by subsequent events showing the actual payments to be more or less favorable than the estimates, and said certificates shall only be transferable on the books of the company and shall contain a proviso declaring the same to be subject to any future losses of the company until the same are redeemed as hereinafter provided. SECT. 13. No certificate, however, shall be issued for a sum less than ten dollars; and all certificates shall be for sums in dollars divisible by five, and any balance due any person over any sum in dollars divisible by five, shall be carried to the contingent fund of the company. SECT. 14. After said estimate is made up, the trustees shall cause a statement to be published in one or more newspapers printed in Bangor, exhibiting the amount of premiums received, the amount of expenses and the amount of losses paid, and the balance remaining with the amount of securities held, and the nature of them. CHAP. 470. Amount of certificates regulated. Statement shall be published In certain news papers. tion of. SECT. 15. Whenever the net profits of the company shall ex- Profits, applicaceed fifty thousand dollars, the excess may be applied from year to year towards the redemption of each year's certificates, in whole or in part, as may be determined on by the board of trustees, but the certificates of a subsequent year are not to be redeemed until those of the preceding year are provided for; but when such accumulation shall exceed one hundred thousand dollars, it shall be the duty of the trustees to apply such latter excess towards the redemption of certificates in whole or in part, in the manner above specified. effect of, limited. SECT. 16. The seventy-ninth chapter of the revised statutes Chap. 79 of R. S., shall not be applicable to this company any further than consistent with this charter. pany may be legislature. SECT. 17. The trustees shall whenever required by the legisla- Affairs of comture, lay before them a statement of the affairs of the company, inquired into by and submit to an examination, on oath, concerning the same. SECT. 18. The trustees shall appoint their secretary and require Secretary. such bond as said company, by vote or by-laws, may prescribe, Bond. for the faithful discharge of his duty, and may at pleasure remove him or any other officer they may appoint. Besides other duties Duties of secre the secretary shall call a meeting of the members whenever required to do so, in writing, by three or more persons holding policies, to a sum equal to one-fifth of the whole amount insured, or whenever required to do so by a vote of the board. He shall keep a true record of the votes of the members and of the trustees, and a true list of the members in a book kept for that purpose. tary. to company not to receive certifi cate. SECT. 19. No certificate shall be issued to any person who is Persons in debt in debt to the company and no transfer of a certificate shall be permitted so long as the holder is indebted to said company; but the amount of such certificates, or any amount that may be due on such certificates, may be taken at the discretion of the company and offset against indebtedness. Offset against indebtedness. SECT. 20. Any judgment obtained by the said company against Judgment and the holder of any certificate shall create a lien on such certificate lien. |