Liable for 64 all damages. Section 3. Said corporation shall be held liable to pay all CHAP. damages that shall be sustained by any person or persons by the taking and holding of any lands for the purpose of constructing, maintaining or repairing of said dam and canals, or by the taking and holding of any lands for flowage; and if any person or persons sustaining damage as aforesaid shall not agree with said corporation upon the sum to be paid therefor, either party, upon petition to the county commissioners of Aroostook county within twelve months after such damage is sustained as aforesaid, may have said damage assessed by said commissioners, and subsequent proceedings and right of appeal thereon shall be had in the same manner and under the same conditions, restrictions and limitations as are prescribed by law in the case of damages by the laying out of highways, and failure to petition for said damage within twelve months after the same is sustained, shall be held to be a waiver of same. Approved March 1, 1899. -how ascertained in case of ment. disagree Chapter 64. An Act to incorporate the Wilson Stream Dam Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: -corporate Section 1. Samuel Sterns, E. T. Spencer, N. M. Jones, Corporators. their associates and assigns, be and they are hereby created a body politic and corporate by the name of the Wilson Stream name. Dam Company, with all the powers, rights and privileges of similar corporations. May erect dams, etc., on Wilson stream. -may make improvements. Section 2. Said corporation may erect and maintain a dam. or dams, with side booms and sluices, on Wilson stream, flowing into Sebec lake in Piscataquis county, to facilitate the driving of logs and lumber down said stream; and said corporation may remove rocks, excavate ledges, build dams and side dams, and make other improvements for said purpose, except that it shall not blast out or excavate at lower Greely falls, but shall have the right to smooth up and deepen the channels at the upper Greely falls, and make such improvements at said falls as may be necessary to facilitate the driving of logs as aforesaid, said improvements to be made under the direction of Frank H. Drummond of Bangor, and may take land and materials for and mabuilding said dams and making said improvements, and flow contiguous lands so far as necessary to raise suitable heads of -take land terial. CHAP. 64 water. -damages, how estimated. Tolls. -shall have -when tolls shall cease. Shall not hold water back, except as provided for. And if the parties owning said lands and materials cannot agree upon the damages therefor, then said damages shall be estimated by the county commissioners for the county of Piscataquis, as provided by law in case of taking lands for public highways, and for the damage occasioned by flowing land, the said corporation shall not be liable to an action at common law, but the person injured may have a remedy, by complaint for flowing, in the manner provided by chapter ninety-two of the revised statutes. Section 3. The said corporation may demand and receive a toll for the passage of logs cut and hauled above the present south line of the town of Greenville and driven over their said dams and improvements, of twenty-five cents for each thousand feet, board measure, woods scale, and fifteen cents for each thousand feet as aforesaid, of pulp wood and logs intended for pulp wood, and said corporation shall have a lien upon all logs which may pass over any of its dams and improvements for the payment of said tolls, but the logs of each particular mark shall be holden only for the tolls of such mark, and unless such toll is paid within twenty days after such logs, or a major part of them shall arrive at the Penobscot boom, or place of manufacture, said corporation may seize said logs and sell at public sale, so many thereof as shall be necessary to pay such toll and costs and charges, notice of the time and place of such sale ten days before such sale being first given in newspapers printed at Bangor and Dover, and when said corporation shall from tolls be reimbursed for its expenditures, and eight per cent interest thereon, the tolls shall cease. Section 4. Said corporation shall not hold back and retain any of the water of said Wilson stream, except during such times as may be necessary for driving logs and lumber, as proIvided for in this act. Section 5. This act shall take effect when approved. Approved March 1, 1899. CHAP. 65 Chapter 65. An Act to incorporate the Bath Trust Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section I. Albert H. Shaw, D. E. Pierce, W. W. Pendexter, E. W. Hyde, E. H. Kimball, J. S. Hyde, C. A. Coombs, F. H. Kimball, S. L. Fogg, F. B. Nichols and F. E. Southard, 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 Bath Trust 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 at Bath, Sagadahoc County, Maine, and may establish and maintain a branch at Bowdoinham, in said county. Corporators. -corporate name. Location. 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 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. stock. Section 4. The capital stock of said corporation shall not be capital less than fifty thousand dollars, divided into shares of one hundred dollars each, with the right to increase the said capital CHAP. 65 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. -shall not Shall not make loans on its own stock. Board of trustees. -executive board. -vacancies in board of trustees, how filled. Board of investment. -shall keep Loans shall not be made to 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, 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 any officer unless ap proved by board. banking or trust company except by the unanimous approval of CHAP. 65 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. 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. of directors. Reserve fund. Trust funds stitute shall con special de posit. trators, etc., may deposit with. Section II. An administrator, executor, assignee, guardian Adminisor 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. bility of sharehold ers. Section 12. Each shareholder of this corporation shall be Responsiindividually 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. fund. Section 13. Such corporation shall set apart as a guaranty 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. of shares. Section 14. The shares of said corporation shall be subject Taxation to taxation in the same manner and rate as are the shares of national banks. |