-duty of collector and treasurer.

CHAP. 139 whose duty it shall be to collect the same in like manner as county and town taxes are by law collected by collectors for towns. And said collector shall pay over all moneys collected by him to the treasurer of said corporation, whenever the assessors shall so direct. It shall be the duty of the treasurer of said corporation to receive all money belonging to the corporation, and to pay it out only upon the written order or direction of the assessors, and to keep a regular account of all moneys received and paid out, and to exhibit the same to the assessors whenever requested. And said corporation shall have the same power to direct the mode of collecting said taxes as towns have in the collection of town taxes. And said collector shall have the same rights and powers to recover any taxes committed to him by suit, that town collectors have by law, to recover any taxes committed to them, and the corporation shall have the same rights that towns have y law to recover taxes by suit.

-mode of collecting taxes.

-power of collector.

Eligibility of voters.

First meeting, how called.

How subsequent meetings shall be called.

-meetings

for election of officers.

Acceptance of charter.

Section 8. All persons residing within the limits of said corporation who would be legal voters in the town of Dixfield, shall be legal voters at any meeting of said corporation.

Section 9. Newton S. Stowell, Don A. Gates or Willis W. Wait, or either of them, are hereby authorized to call the first meeting of said corporation, and to notify the legal voters thereof to meet at some suitable time and place within the limits aforesaid, by posting up notices in two public and conspicuous places within said limits, seven days at least before the time of said meeting, and either of ŝaid persons are authorized to preside at said meeting until after its organization, and until after a moderator shall have been chosen by ballot and sworn, and at all meetings of the said corporation, a moderator shall be chosen. in the manner and with the same powers as in town meetings.

Section 10. The assessors shall call all subsequent meetings of the corporation by posting up notices thereof at two public and conspicuous places within the limits of said corporation, stating the time, place and object of each meeting, seven days at least before the time appointed for the meeting. The annual meetings for the election of officers of said corporation after the first, shall be held in the month of March in each year. In case the assessors of said corporation unreasonably refuse to call a meeting, any justice of the peace may call a meeting of the corporation, on petition of ten legal voters, by posting notice in the manner hereinbefore provided.

Section II. At any first meeting of said corporation, called agreeable to section nine of this act, at any time prior to the first day of January, in the year of our Lord, nineteen hundred and one, the legal voters within said territory shall by ballot, vote

on the question of accepting this charter, and if a majority of the CHAP. 140 voters present and voting at said meeting, shall vote in favor of

its acceptance, then this act shall take effect, and the corporation shall then proceed to organize and choose its officers. Section 12. This act shall take effect from and after its approval by the governor, so far as to empower the calling of said first meeting and if its charter shall be accepted, as provided in section eleven of this act, then the same shall take and have complete effect in all its parts.

Approved March 15, 1899.

When act shall take effect.

Chapter 140.

An Act to incorporate the Houlton Trust Company.

Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows:

-corporate

Section 1. Joseph A. Browne, Leland O. Ludwig, Frederick Corporators. A. Powers, Silas T. Plummer, Don A. H. Powers and Simon Friedman, 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 Houlton Trust name. Company, and as such shall be possessed 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 Location. at Houlton, Aroostook county, Maine.

Section 3. The purposes of said corporation and the busi- Purposes. ness 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 shall provide; second, to borrow money, to loan money on credits, or real estate, or personal 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.

CHAP. 140 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 approving such bond shall require it; seventh, to do in general all the business that may lawfully be done by trust and banking companies, but said corporation shall not have the power or authority to establish branches.

Capital stock.

-shall not commence business till $50,000 has been paid in.

Shall not loan money on its capital stock.

Board of trustees.

-executive board.

-trustees shall be sworn.

-vacancies, how filled.

Board of investment.

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 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, who shall be residents of this state, 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 corporation shall constitute the board of investment of said corporation. Said trustees or directors shall keep in a separate book,

-shall keep

loans and

-shall be

specially provided for the purpose, a record of all loans, and CHAP. 140 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 record of been made with the approval of the investment committee of investments. said corporation, which shall indicate such particulars respecting such 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 invest- subject to ments shall be classified in the book as the bank examiner shall direct. 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. Section 8. No person shall be eligible to the position of a Eligibility director or a 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.

examination.

how loans

may be

made to

directors.

of directors.

Reserve

fund.

shall constitute

posit.

Section 10. All the property or money held in trust by this Trust funds corporation shall constitute a special deposit and the accounts thereof and of said trust department shall be kept separate, and special desuch 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 partment. 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.

Section II. An administrator, executor, assignee, guardian or trustee, any court of law or equity, including courts of 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.

Section 12. Each shareholder of this corporation shall be individually responsible for all contracts, debts and engagements of said corporation to a sum equal to the amount of the par

-trust de

Administra

tors, etc.,

may deposit

with.

Responsibility of

share

holders.

CHAP. 140 value of the shares owned by him, in addition to the amount invested in said shares.

Guaranty fund.

Taxation

of shares.

Shall be subject to examination by bank examiner.

-proceedings, when business becomes

hazardous.

-shall keep record.

-expenses, how paid.

First meeting, how

called.

Section 13. Such corporation shall set apart as a guaranty fund not less than ten per cent of its net earnings in each and every year until such fund with the accumulated interest thereon, shall amount to one-fourth of the capital stock of said corporation.

Section 14.

The shares of said corporation shall be subject to taxation in the same manner and rate as are the shares of national banks.

Section 15. Said corporation shall be subject to examination by the bank examiner, who shall visit it at least once in every year, and as much oftener as he may deem expedient. At such visits he shall have free access to its vaults, books and papers, and shall thoroughly inspect and examine all the affairs of said corporation, and make such inquiries as may be necessary to ascertain its condition and ability to fulfill all its engagements. If upon examination of said corporation the examiner is of the opinion that its investments are not in accordance with law, or said corporation is insolvent, or its condition is such as to render its further proceedings hazardous to the public or to those having funds in its custody, or is of the opinion that it has exceeded its powers or failed to comply with any of the rules or restrictions provided by law, he shall have such authority and take such action as is provided for in the case of savings banks by chapter forty-seven of the revised statutes. He shall preserve in a permanent form a full record of all his proceedings, including a statement of the condition of said corporation. A copy of such statement shall be published by said corporation immediately after the annual examination of the same in some newspaper published where said corporation is established. If no paper is published in the town where said corporation is established, then it shall be published in a newspaper printed in the nearest city or town. The necessary expenses of the bank examiner while engaged in making such examination shall be paid by said corporation.

Section 16. Any five of the corporators named in this act may call the first meeting of this corporation by mailing a written notice, signed by all, postage paid, to each of the other corporators, seven days at least before the day of the meeting, naming the time, place and purpose of such meeting, and at such meeting the necessary officers may be chosen, by-laws adopted, and any other corporate business transacted.

Section 17. This act shall take effect when approved.

Approved March 15, 1899.