CHAP. 93

Special deposit.

Adminis.

trators, etc., may deposit in.

Individual responsibility of stockholders.

Surplus fund.

Taxation of shares.

Examination by bank examiner.

-proceedings in case of injunction.

vided, that in lieu of lawful money, two-thirds of said fifteen per cent may consist of balances, payable on demand, due from any national bank or any bank created under the laws of this state

Section 10. All the property or money held in trust by this corporation, shall constitute a special deposit and the accounts thereof 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 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.

Section 13. Such corporation shall set apart as a surplus 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-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.

Approved February 28, 1905.

CHAP. 94

First

meeting,

how called.

Chapter 94.

An Act to incorporate the Peaks Island Gas Company.

Be it enacted by the Senate and House of Representatives in

Legislature assembled, as follows:

--corporate

name.

Section I. Albert W. Dyer, Charles A. Plummer and Charles Corporators. C. Douglass, their associates, successors and assigns, are hereby constituted a body politic and corporate by the name of the Peaks Island Gas Company, for the purpose of making, generating, selling, distributing and supplying gas for lighting, heating, manufacturing, or mechanical purposes on Peaks island in the --purposes. city of Portland, with all the powers, rights and privileges, and subject to all the duties and liabilities of similar corporations organized under the general laws of the state.

Powers, franchises.

Section 2. Said corporation is hereby authorized and empow- rights and ered to carry on the business of lighting, by gas, streets and ways upon said Peaks island, and such buildings and places thereon, public and private, as may be agreed upon by said

-restrictions.

May take rights in real estate.

corporation and the owners or those having control of said buildings and places to be lighted, and may furnish gas to be used for heating, manufacturing or mechanical purposes upon said Peaks island, and may build and operate upon said Peaks island works for providing and supplying gas for any of said purposes, and may lease, purchase and hold real and personal estate necessary or convenient for the purposes of said corporation, and may construct, lay, maintain, and operate lines of pipe for the transmission of gas underground, over, under and along any and all streets or ways upon said Peaks island, under such reasonable restrictions as may be imposed by the municipal officers of said city of Portland.

Section 3. Said corporation shall, for the purpose of laying its pipes and distributing gas, have authority to take such rights in real estate across private land as may be necessary. A location of the property taken, giving a description thereof, with the names of the owners, shall be filed with the county commissioners for the county of Cumberland, a copy of which location shall also be filed in the registry of deeds of said county, and the damages shall be assessed for the property so taken in the how assessed. manner provided by statute for the assessment of damages for property taken by railroads.

-damages,

Liability for damages occasioned by obstructions, etc.

Shall not impair, but may cross drains or sewers.

May contract for supply of gas.

Capital stock.

Section 4. Said corporation shall be liable in all cases to repay the city of Portland all sums of money that said city may be obliged to pay on any judgment recovered against said city for damages occasioned by any obstruction, digging up, or displacement of any way or street by said corporation, together with counsel fees and expenses necessarily occasioned in defending said city in actions therefor, provided, however, that said corporation, shall have notice of the commencement of any and all suits for such damage, and said corporation shall have the right to defend any such action at its own expense.

Section 5. Said corporation shall not be allowed to obstruct or impair the use of any public or private drain or sewer, but may cross the same, being responsible to the owners or other persons for any injury occasioned thereby in an action on the

case.

Section 6. Said corporation is hereby authorized to make contracts with the city of Portland, and with any corporations or individuals for the supply of gas for any purpose.

Section 7. The capital stock of said corporation shall be ten thousand dollars, and shall be divided into shares of twentyfive dollars each. The capital stock may be increased from time to time in such manner and under such restrictions as are

provided for increasing the capital stock of corporations under

the general law.

CHAP. 95

bonds.

bond issue.

Section 8. Said corporation is hereby authorized to issue its May issue bonds in such amount and on such time, and at such rate of interest as it may from time to time determine, not exceeding amount of the amount of the capital stock subscribed for, in aid of the purposes specified in this act, and to secure the same by mort- its property. gage or pledge of part or all of its property and franchises. It is also hereby authorized to lease any part or all of its property and franchises upon such terms as it may determine.

--may lease

meeting, how

Section 9. The first meeting of said corporation may be First called by a written notice thereof signed by one corporator called. herein named, served upon each corporator by giving him the same in hand or by leaving the same at his last and usual place of abode at least five days before the time of meeting.

Section 10.

This act shall take effect when approved.

Approved February 28, 1905.

Chapter 95.

An Act to enable the Clinton Electric Light and Power Company to issue bonds.

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

or

Section I. The Clinton Electric Light and Power Company is hereby authorized for the purpose of providing means for constructing its line and plant, funding its floating debt, for the payment of money borrowed for any lawful purpose, to issue its bonds for any amount not exceeding fifty thousand dollars, of such date and denomination and payable at such times as said company may determine, and to secure said bonds, both principal and interest, by mortgage upon any part or all its property, both real and personal, and also upon the franchise of the corporation.

Section 2. Said company may acquire by purchase all the property and franchises of any other person or corporation which now is or may hereafter be authorized to make, generate, sell, distribute and supply gas or electricity or both for any purpose within the town of Clinton, and may exercise all the franchises thereof.

Section 3. This act shall take effect when approved.

Approved February 28, 1905.

CHAP. 96

Pollution of

waters of

Aroostook river

prohibited within limits

of Fort Fairfield

Village

Corporation.

--act shall not apply to sewage nor pomace from starch factories.

Penalty for violation of this act.

Chapter 96.

An Act to prevent throwing refuse and garbage into the Aroostook River within the limits of Fort Fairfield Village Corporation.

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

Section I. No person or persons shall deposit in the waters, or upon the banks of the Aroostook river, within the limits of Fort Fairfield Village Corporation as now defined by law, any garbage or refuse or waste matter arising or produced from the cleaning up of yards, streets, grounds, stores, stables, or other buildings; nor shall any person or persons deposit in the waters. or upon the banks of the Aroostook river within the limits of Fort Fairfield Village Corporation as now defined by law any dead animal of any kind. This act shall not apply to sewage nor to pomace from starch factories.

Section 2. Any person who violates the provisions of section. one shall be punished for the first offense by a fine of not less. than five dollars and not more than ten dollars, and upon any subsequent conviction by a fine of not less than ten dollars, or by imprisonment not exceeding thirty days, and in all prosecutions under this chapter trial justices shall have jurisdiction by complaint made and signed by any constable or police officer within said village corporation, or by any taxpayer resident therein.

Approved February 28, 1905.

Section 2. chapter 4, private and

special laws, 1866, amended.

Capital stock may be increased.

Chapter 97.

An Act to increase the capital stock of the Skowhegan Hall Association.

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

Section 1. Section two of chapter four of private and special laws of eighteen hundred sixty-six is hereby amended by inserting after the words "to the amount of" in the second line of said section the words 'one hundred,' so that said section as amended, shall read as follows:

'Section 2. Said corporation may purchase and hold real and personal estate to the amount of one hundred and twentyfive thousand dollars and may erect and maintain a block in Skowhegan village to be used for halls, stores and other purposes, and may improve, rent, lease, sell, convey and transfer the corporate property as may be necessary.'

Section 2. This act shall take effect when approved.

Approved February 28, 1905.