CHAP. 56 Company authorized to increase capital stock. Chapter 56. An Act relating to the powers of the Lewiston Gas Light Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section 1. The Lewiston Gas Light Company, a corporation existing under the laws of the state of Maine, is hereby authorized to increase its capital stock to an amount not exceeding the amount originally provided in its charter, and may issue its bonds, secured by mortgage upon its property and franchises, in a sum not exceeding in the aggregate the above authorized capital stock, and may sell its property and franchises to any corporation authorized to purchase the same. Section 2. This act shall take effect when approved. Approved March 1, 1899. Section 7, chapter 194, repealed. Chapter 57. An Act to repeal Section seven of Chapter one hundred and ninety-four of the Private and Special Laws of eighteen hundred and ninety-five, so far as it applies to the town of South Portland. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section I. Section seven of chapter one hundred and ninetyfour of the private and special laws of eighteen hundred and ninety-five is hereby repealed so far as it applies to the town. of South Portland. Section 2. This act shall take effect when approved. Approved March 1, 1899. Chapter 58. An Act granting additional powers to the proprietors of Forest Grove Cemetery in Augusta, Maine. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section 1. The proprietors of Forest Grove Cemetery are hereby empowered to hold a further amount of land, not exceeding thirty acres, for the purposes of their cemetery in the manner provided in the act of incorporation approved February eleven, eighteen hundred and thirty-five, and to hold additional personal estate to the amount not exceeding thirty thousand dollars for the purposes provided in said act, an act additional thereto, approved January twenty-eight, eighteen hundred and fifty-six. Section 2. This act shall take effect when approved. CHAP. 58 Proprietors Grove Cem- Chapter 59. An Act to incorporate the Citizens' Trust Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section I. Robert McArthur of Biddeford; Elmer E. Page, Corporators. Fred C. Bradbury, Harry A. McNeally, Phineas Kelly, Melville H. Kelly, William J. Maybury, James B. Gregory, James H. Miles and James O. Bradbury, all of Saco; Frank H. Hargraves of Buxton, and B. Frank Milliken of Old Orchard, 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 Citizens' Trust Company, and as such name. shall be possessed of all the powers, privileges and immunities and subject to all the duties and obligations conferred on corporations by law. -corporate Section 2. The corporation hereby created shall be located Location. at Biddeford, in the county of York and state of 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 may provide; second, to borrow money, to loan money on credits, or real estate, or personal security, and to CHAP. 59 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 or 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 until $50,000 has been paid in. Shall not make loans on its own capital stock. Board of trustees. -executive board. -vacancies in board 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 CHAP. 59 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. investment. record of loans. Section 7. The board of trustees or directors of said corpo- Board of ration shall constitute the board of investment of said corporation. Said trustees or directors shall keep in a separate book, shall keep 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 investments 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. loans shall not be made officer of to any company. of directors. 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. fund. Section 9. Said corporation, after beginning to receive Reserve 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. Trust funds shall constitute deposit. a special 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 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. -trust de 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 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 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 pre serve 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 |