nine, and shall deliver said new lists together with their records CHAP. 11 to the board of registration of Portland at least twelve days prior to the next municipal election, and thereafter changes therein may be made as in the lists of registered voters in other Portland wards. All eity property shall belong to city of Portland. Section 7. Upon the approval of this act, all the city property of Deering together with all city moneys in the hands of the treasurer thereof, or under his control, becomes the property of the city of Portland, and the city of Portland shall assume all obligations of the city of Deering then existing, and all indebtedness both temporary and bonded, and shall provide for ness asthe payment thereof according to the terms under which said indebtedness was contracted. -indebted sumed. ficers of eering shall continue till others are Section 8. Until the inauguration of the mayor and city Present of council to be elected on the first Monday of March, in the year of our Lord one thousand eight hundred and ninety-nine, as hereinbefore provided, the present municipal officers, public chosen. officials, school committee and police officers of Deering, shall continue in office for the purpose of performing the duties. required of them by law, and by the terms of this act; but upon said inauguration the terms of all of them shall end. Section 9. All persons upon whom taxes have been legally assessed by the city of Deering, and who have not paid the same, shall be required to make payment thereof to the several collectors to whom warrants for the collection of said taxes have been issued, and said collectors shall pay over the same to the treasurer of the city of Portland. Unpaid sidewalk, drain and sewer assessments legally assessed by the city of Deering shall be collected in the manner provided by the Deering charter and ordinances, and the city of Portland shall have the same rights to enforce payment of said taxes, and sidewalk, sewer and drain assessments as the city of Deering would have had but for the passage of this act. Section 10. All rights, contracts, claims, immunities, privileges and franchises which might be exercised by the city of Deering may be exercised and enforced by the city of Portland as its successor; and all privileges, exemptions and immunities granted by the city of Deering shall remain binding upon the city of Portland. Unpaid collected. taxes, how All conmay be encity of tracts, etc., forced by Portland. public schools, shall be Section 11. Upon the day of the inauguration of the mayor Control of and city council to be elected on the first Monday of March, in the year of our Lord one thousand eight hundred and ninetynine, as hereinbefore provided, the control and superintendence of the present public schools of Deering shall be vested in the school committee of Portland to the same extent and in the same vested in Portland. city of CHAP. 11 All official records shall be transferred to city of Portland. -authentication of public records. Municipal court, abolished. -pending business, how disposed of. -judgments, etc., of supreme judicial court, how enforced. -records to be transferred to city of Portland. Represen tatives to manner as are other public schools of Portland, and the school facilities now furnished by the city of Deering shall not be hereafter curtailed or abridged, and the high school in Deering shall be continued on at least an equality as to privileges and standards with said school as at present maintained, and as a branch of the present Portland high school. Section 12. All official records and documents in the city of Deering shall be transferred from the several departments to which they respectively belong to the corresponding department in the city of Portland, and the production, attestation or authentication of the same by the respective official custodian of the records of said several departments in the city of Portland shall have the same effect in any legal proceedings as if produced, attestated or authenticated by the custodian of the records of the department in said Deering from which the same were severally transferred. Section 13. The Deering Municipal Court is hereby abolished, but for the purpose only of closing the business pending therein at the time of the approval of this act, the entire jurisdiction thereof, civil and criminal, shall be conferred upon the municipal court for the city of Portland, which court shall issue all executions or other process necessary to carry into effect any judgment, order or decree of said Deering Municipal Court. All complaints, civil suits, recognizances, appeals in civil or criminal cases, and all other processes, civil or criminal, pending in said Deering Municipal Court, shall be transferred forthwith to the municipal court for the city of Portland, to be entered on the docket thereof, and be heard and disposed of as if originally entered in said municipal court for the city of Portland; and all writs, petitions, warrants, and all processes whatever, returnable to said Deering Municipal Court, shall be returnable to and be entered on the docket of said municipal court for the city of Portland, and shall be heard and disposed of in said municipal court for the city of Portland as if originally entered therein. The judgments, decisions, orders and decrees of the supreme judicial court, at any law term, made in cases originating in said Deering Municipal Court shall be certified to the recorder of the municipal court for the city of Portland. All records of the Deering Municipal Court and the custody of the same, shall be transferred to the recorder of the municipal court for the city of Portland to whose attestation of the same, or their contents, full faith shall be given. Section 14. Until the next apportionment of representation for the legislature, the inhabitants of said wards eight and nine shall be entitled to one representative, to be elected by said CHAP. 12 inhabitants at meetings held in the respective wards. Section 15. All acts or parts of acts inconsistent herewith, are hereby repealed. Section 16. This act shall take effect when approved. Approved February 6, 1899. the legislature. Inconsistent acts, repealed. Chapter 12. An Act to incorporate the Manufacturers Trust Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section I. Fred B. Wiggin, Luther R. Moore, Daniel A. Corporators. Hurd and Frank C. Deering, or such of them as may by vote accept this charter, with their associates, successors and assigns, are hereby made a body corporate and politic to be known as the Manufacturers Trust Company, and as such shall be pos- name. sessed of all the powers, privileges and immunities and subject to all the duties and obligations conferred on corporations by law. Section 2. The corporation hereby created shall be located ai Saco, York county, Maine. Section 3. The purposes of said corporation and the business which it may perform, are: first, to receive on deposit, money, coin, bank notes, evidences of debt, accounts of individuals, companies, corporations, municipalities and states, allowing interest thereon, if agreed, or as the by-laws of said. corporation may provide; second, to borrow money, to loan money on credits, real estate, personal or collateral security, and to negotiate loans and sales for others; third, to own and maintain safe deposit vaults, with boxes, safes and other facilities therein, to be rented to other parties for the safe keeping of moneys, securities, stocks, jewelry, plate, valuable papers and documents, and other property susceptible of being deposited therein, and may receive on deposit for safe keeping, property of any kind entrusted to it for that purpose; fourth, to act as agent for issuing, registering and countersigning certificates, bonds, stocks, and all evidences of debt or ownership in property; fifth, to hold by grant, assignment, transfer, devise or bequest, any real or personal property or trusts duly created, and to execute trusts of every description; sixth, to act as assignee, receiver, executor, and no surety shall be necessary upon the bond of the corporation, unless the court or officer -corporate Location. Purposes. CHAP. 12 approving such bond shall require it; seventh, to do in general all the business that may lawfully be done by a trust and banking company. Cal .1 stock. Shall not make loans on capital stock. Board of trustees. Executive board. -tenure. -vacancies, how filled. -oath to be taken within thirty days after election. Trustees shall con of invest ment. Section 4. The capital stock of said corporation shall not be less than fifty thousand dollars, divided into shares of one hundred dollars each, with the right to increase the said capital stock at any time, by a vote of the shareholders, to any amount not exceeding five hundred thousand dollars. Said corporation shall not commence business as a trust or banking company, until stock to the amount of at least fifty thousand dollars shall have been subscribed and paid in, in cash. Section 5. Said corporation shall not make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares unless necessary to prevent loss upon a debt previously contracted in good faith; and all stock so acquired shall, within six months from the time of its acquisition, be disposed of at public or private sale. Section 6. All the corporate powers of this corporation shall be exercised by a board of trustees, whose number and term of office shall be determined by a vote of the shareholders at the first meeting held by the incorporators and at each annual meeting thereafter. The affairs and powers of the corporation may, at the option of the shareholders, be entrusted to an executive board of five members to be, by vote of the shareholders, elected from the full board of trustees. The trustees of said corporation shall be sworn to the proper discharge of their duties, and they shall hold office until others are elected and qualified in their stead. If a trustee or director dies, resigns, or becomes disqualified for any cause, the remaining trustees or directors may appoint a person to fill the vacancy until the next annual meeting of the corporation. The oath of office of such trustee or director shall be taken within thirty days of his election, or his office shall become vacant. The clerk of such corporation shall, within ten days, notify such trustees or directors of their election, and within thirty days shall publish the list of all persons who have taken the oath of office as trustees or directors. Section 7. The board of trustees or directors of said corpostitute board ration shall constitute the board of investment of said corporation. Said trustees or directors shall keep in a separate book, specially provided for the purpose, a record of all loans, and investments of every description, made by said institution substantially in the order of time when such loans or investments are made, which shall show that such loans or investments have been made with the approval of the investment committee of said cor -loans poration, which shall indicate such particulars respecting such CHAP. 12 loans or investments as the bank examiner shall direct. This book shall be submitted to the trustees or directors and to the bank examiner whenever requested. Such loans or investments shall be classified in the book as the bank examiner shall direct. shall be No loan shall be made to any officer or director of said banking or trust company except by the unanimous approval of the executive board in writing, and said corporation shall have no authority to hire money or to give notes unless by vote of the said board duly recorded. classified. of trustees. Section 8. No person shall be eligible to the position of a Eligibility director or trustee of said corporation who is not the actual owner of ten shares of the stock. Section 9. Said corporation, after beginning to receive deposits, shall, at all times, have on hand in lawful money, as a reserve, not less than fifteen per cent of the aggregate amount of its deposits which are subject to withdrawal on demand, provided, that in lieu of lawful money, two-thirds of said fifteen per cent may consist of balances, payable on demand, due from any national or state bank. Section 10. All the property or money held in trust by this corporation shall constitute a special deposit and the accounts thereof and of said trust department shall be kept separate, and such funds and the investment or loans of them shall be specially appropriated to the security and payment of such deposits, and not be subject to any other liabilities of the corporation; and for the purpose of securing the observance of this proviso, said corporation shall have a trust department in which all business. pertaining to such trust property shall be kept separate and distinct from its general business. Reserve fund. Trust constitute funds shall special deposit. tors, etc., with. Section II. An administrator, executor, assignee, guardian Administraor trustee, any court of law or equity, including courts of may deposit probate and insolvency, officers and treasurers of towns, cities, counties, and savings banks of the state of Maine may deposit any moneys, bonds, stocks, evidences of debt or of ownership in property, or any personal property, with said corporation, and any of said courts may direct any person deriving authority from them to so deposit the same. Responsibility of ers. Section 12. Each shareholder of this corporation shall be individually responsible for all contracts, debts and engagements shareholdof said corporation to a sum equal to the amount of the par value of the shares owned by him, in addition to the amount invested in said shares. Section 13. Such corporation shall set apart as a guaranty Guaranty or surplus fund not less than ten per cent of its net earnings in fund of ten per cent. |