CHAP. 30 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 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 business un- Shall not loan money on its capital stock. -exception. Trustees, election of. -executive board. -trustees shall be sworn. -tenure. -vacancies, how filled. -trustees shall be notified of election. 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 hereafter. 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 CHAP. 30 within thirty days shall publish the list of all persons who have taken the oath of office as trustees or directors. Board of -record of loans and inshall be vestments kept. Section 7. The board of trustees or directors of said corporation shall constitute the board of investment of said corpora- investment. tion. 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 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 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. how loans classified. shall be Eligibility Section 8. No person shall be eligible to the position of a director or a trustee of said corporation who is not the actual of trustees. 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. Reserve fund. partment. Section 10. All the property or money held in trust by this Trust decorporation 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. Section 11. The 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 Administra tors, etc., may deposit with. CHAP. 30 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 sharehold ers. Guaranty fund. Taxation of shares. Shall be subject to examination by bank examiner. -shall keep record of proceedings. -expenses, how paid. First meeting, how called. 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 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 fund no less than ten per cent of its 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 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 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 making such examination shall be paid by the corporation. Section 16. Any five of the corporators named in this act may call the first meeting of the corporation by mailing a written notice, signed by all, postage paid, to each of the other corporators, seven days at least before the meeting, naming the CHAP. 31 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 February 17, 1899. Chapter 31. An Act to amend charter of City of Hallowell. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section 2, Section two is hereby amended by striking out the word "five," in the fifth line, and inserting in place thereof the word 'seven;' amended. also by striking out the words "and one council of ten, to be denominated the common council," in the sixth and seventh lines; also by striking out the letter "s" in the word "boards," in the eighth line; so that said section as amended, shall read as follows: 'Section 2. The administration of all the fiscal, prudential and municipal affairs of said city, with the government thereof, shall be vested in one principal magistrate to be styled the mayor, and one council of seven to be denominated the board of aldermen, all of whom shall be inhabitants of said city, which board shall constitute and be called the city council, all of whom shall be sworn to the faithful performance of the duties of their respective offices, provided, the city council shall not vote, assess or appropriate any money for any object or purpose for which the town of Hallowell is not authorized to vote, assess or appropriate money, except for such purposes as are authorized by this Administra tion of afin mayor council. fairs vested and city -how be raised. And provided, further, that neither the city council, nor any agent or officer of the city, shall borrow or hire any money money may for or on account of the city or inhabitants thereof, except for the purposes for which the town of Hallowell is now by law authorized to raise money; and all notes, bonds, obligations, scrip or orders given by the city council or any officer or agent thereof, for money or property obtained for any other purposes shall be void.' Section 3, Section three is hereby amended by striking out the following: "and common council, or either of them," in the eighth and amended. ninth lines; "or boards to be convened," in the fourteenth line; "to both of them," in the fifteenth line; "and in the joint meetings of the two boards," in the eighteenth and nineteenth lines; Chief magistrate, powers and duties. CHAP. 31 also all of said section after the word "services," in the twentyninth line, so that said section, as amended, shall read as follows: 'Section 3. The mayor of said city shall be chief executive magistrate thereof. It shall be his duty to be vigilant and active in causing the laws and regulations of the city to be executed and enforced, to exercise a general supervision over the conduct of all subordinate officers, and to cause their violations or neglect of duty to be punished. He may call special meetings of the board of aldermen, when in his opinion the interests of the city require it, by a notice in one or more of the papers printed in the city, or by causing a summons or notification to be given in hand or left at the usual dwelling place of each member of the board. He shall from time to time, communicate such information, and recommend such measures as the business and interests of the city may in his opinion require. He shall preside in the board of aldermen, but shall have only a casting vote. The salary and compensation of the mayor shall be two hundred dollars per year, which shall not be increased or diminished during his continuance in office, unless by the vote of the qualified electors in ward meetings called for the purpose. Nor shall he receive from the city any other compensation for any services by him rendered in any other capacity or agency; provided, however, the city council may elect the mayor to any city office, and allow him a reasonable compensation for such services.' -salary. Section 4, amended. Section four is hereby amended by striking out the words "and common council of said city, to be exercised by concurrent vote, each board to have a negative upon the other, but all other elections of officers by the city council shall be by joint ballot of the two boards in convention," in the eighth, ninth, tenth, eleventh and twelfth lines; also by adding after the word "city" in the sixteenth line the words 'except city marshal and street commissioner;' also by striking out the words "by concurrent vote" and the letter "s" in the word "officers" in the twenty-third and twenty-fourth lines; also by adding the word 'any' after the word "remove" in the twenty-fourth line; also by striking out the words "the said" in the twenty-seventh line; also by striking out the word "fifteen" in the forty-fifth line and inserting in place thereof the word 'fifty;' also by adding after the word "interest" in the forty-seventh line the words 'the fiscal year shall end on the thirty-first day of December in each year;' also by adding after the word "year" in the forty-eighth line the words 'before the first day of February;' also by adding after the word "property" in the fiftieth line the words 'for said year;' also by striking out all of said section after the word "drawn" |