CHAP. 91 deposit. a reserve, not less than fifteen per cent of the aggregate amount 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 stockholder of this corporation shall be individually responsible, equally and ratably, and not one for the other, for all contracts, debts and engagements of such corporation, to a sum equal to the amount of the par value of the shares owned by each in addition to the amount invested in said shares. Adminis trators, etc., may deposit in. Individual responsibility of stock holders. Section 13. Such corporation shall set apart as a surplus Surplus fund. 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. by bank examiner. 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. Section 15. Said corporation shall be subject to examination 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. CHAP. 92 in case of injunction. First meeting, how called. 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-eight 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 three 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 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. Section 2, chapter 500, private and special laws 1901, as amended by chapter 274, private and special laws 1903, further amended. Branch authorized at Castine. Section 3, chapter 500, amended. Chapter 92. An Act to amend the charter of the Waldo Trust Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section 1. Section two of chapter five hundred of the private and special laws of nineteen hundred and one as amended by chapter two hundred and seventy-four of the private and special laws of nineteen hundred and three, is hereby further amended by adding thereto the following: "The corporation shall have a right to establish a branch in the town of Castine in the county of Hancock.' Section 2. Section three of said chapter five hundred is hereby amended by adding thereto the words 'except as hereinbefore provided,' so that said section as amended, shall read as follows: CHAP. 93 Purposes. deposits, etc. --to borrow --to maintain vaults. safe deposit '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 indi- to receive viduals, 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 money, etc. negotiate loans and sales for others; third, to own and maintain safe deposit vaults, with boxes, safes and other securities 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, agent, etc. 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 to execute 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 except as hereinbefore provided.' Section 3. This act shall take effect when approved. Approved February 24, 1905. --to act as trusts, etc. to do a general banking business. Chapter 93. An Act to incorporate the Deering Trust Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: -corporate Section 1. John J. Frye, Hanson S. Clay, Daniel W. Hoegg, Corporators. Adam W. Wilson, Albion L. Chapman, Llewellyn M. Leighton, Moses M. Bailey, Edward C. Reynolds, Robert B. Low, J. Putnam Stevens, or such of them as may by vote accept this charter, with their associates, successors or assigns, are hereby name. made a body corporate and politic to be known as the Deering 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. CHAP. 93 Location. Purposes. --to receive deposits, etc. -to borrow money, etc. safe deposit vaults. Section 2. The corporation hereby created shall be located in the Deering District, Portland, Cumberland 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, or real estate, or personal security, and to -to maintain 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 hold and enjoy all such estate, real, personal and mixed as may be obtained by the investment of its capital stock or any other moneys and funds that may come into its possession in the course of its business and dealings, and the same sell, grant, and dispose of; fifth, to act as agent for issuing, registering and countersigning certifi cates, bonds, stocks, and all evidences of debt or ownership in property; sixth, 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; seventh, 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; eighth, to do in general ali the business that may lawfully be done by trust and banking companies. -to hold investments. -to act as agent, etc. -to execute trusts, etc. -to act as assignee, etc. Capital stock. --shall not commence business until $50,000 has been paid in. Shall not make loans its own capital stock. Section 4. The capital stock of said corporation shali 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 stockholders, to any amount not exceeding two 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 dison security of count 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. CHAP. 93 Board of trustees. tenure of. board. 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 --number and by a vote of the stockholders 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 stockholders, be entrusted to an executive board of not less than --executive five members to be, by vote of the stockholders, 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 dies, resigns, or becomes disqualified for any cause, the remaining trustees may elect a person to fill the vacancy until the next annual meeting of the corporation. The oath of office of such trustee 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 of their election and within thirty days shall publish the list of all persons who have taken the oath of office as trustees. investment. -shall keep loans. record of Section 7. The board of trustees or the executive board of Board of said corporation shall constitute the board of investment of said corporation. Said directors or executive board 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 board 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, stockholders, 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 trustee of said banking or trust company except by the approval of a majority of the trustees or 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 trustee of said corporation who is not the actual owner of ten shares of the stock. --loans shall not be made unless to officers approved in writing. Trustee shall shares of own ten stock. Section 9. Said corporation, after beginning to receive Reserve fund. 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, pro |