CHAP. 142 --questions of title, how determined. Property becomes vested in Passadum. keag Log Driving Co. on payment or tender of of title to property valued by him shall be determined by such single justice. Upon the confirmation of said report such single justice, after hearing, may make final decree upon the entire matter, including the application of the purchase money, discharge of liens and other incumbrances and transfer of the property, jurisdiction over which is hereby conferred with the same power to enforce said decree as in equity cases. The findings of such single justice shall be final. Section 3. Upon payment or tender by said Passadumkeag Log Driving Company to said Grand Falls Dam Company of the amount fixed in the report of said appraiser said property and franchises shall become vested in said Passadumkeag Log amount fixed. Driving Company, and shall be free from all liens and other encumbrances theretofore created by said Grand Falls Dam Company. In fixing the value of the property to be taken only the property which said Grand Falls Dam Company legally owns by virtue of said chapter four hundred and seventy-three of the private and special laws of eighteen hundred and sixty shall be valued by said appraisers. The costs and expenses arising under the provisions of this act shall be borne and paid as directed by the justice making the final decree. -costs and expenses. May vote money and issue bonds or notes, for purposes of this act. May repair property and improve streams. Tolls for driving. --lien established. Section 4. Said Passadumkeag Log Driving Company, for the purpose of carrying into effect the purposes of this act, is hereby authorized and empowered to grant and vote money, to issue its bonds or negotiable notes in such form and amounts and on such time and rates as it may deem expedient, and to secure such bonds or notes by mortgage of its property and franchises. Section 5. From and after the time said Passadumkeag Log Driving Company shall take possession of said property, said company is hereby authorized to maintain and keep in repair the property acquired from said Grand Falls Dam Company and to improve the streams within the limits of its charter for driving purposes by the removal of rocks and other obstructions therefrom. Section 6. Said company shall have the right to assess and collect a toll of six cents per thousand feet, board measure, woods scale, for all logs and other lumber which may pass over its dams and other improvements, and not driven by said Passadumkeag Log Driving Company and said company shall have a lien upon all logs and other lumber passing over said dams and other improvements as aforesaid and not driven by said company until the full amount of toll is paid, but logs of each particular mark shall only be holden to pay the toll of such mark. Said lien shall take precedence of all other claims except CHAP. 143 --precedence --duration laborers' liens, and shall continue for ninety days after such Approved March 8, 1905. Chapter 143. An Act to amend Section one of Chapter eighty-nine of the Private and Special Laws of nineteen hundred and three, entitled "An Act to authorize the Penobscot Chemical Fibre Company to make, generate, use, transmit and sell electricity." Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section one of chapter eighty-nine of the private and special laws of nineteen hundred and three entitled "An Act to authorize the Penobscot Chemical Fiber Company to make, generate, use, transmit and sell electricity,' is hereby amended by striking out the word "county" in the eleventh line and in place thereof inserting the word 'counties,' and by adding after the word "Penobscot" in the eleventh line the words 'and Waldo except in the city of Belfast,' and by striking out the words "in units. of not less than twenty-five horse power and also for heating purposes but not for electric lighting or street railway purposes," and inserting in place thereof the words 'except that in the county of Penobscot it shall not be sold in units of less than twenty-five horse power; and also may sell the same to any railroad operated by steam, to be used in propelling cars or trains upon the railroad, and also for heating purposes but not for electric lighting or for street railway purposes in the county of Penobscot except to the Public Works Company or its successors, nor in the town of Searsport, except to the Searsport Electric Light Company or its successors. But nothing herein contained shall prevent any corporation which may hereafter be organized under the general law from generating, selling, distributing or supplying electricity in any of the towns or cities in the county of Waldo,' so that said section as amended, shall read as follows: 'Section 1. The Penobscot Chemical Fibre Company is hereby specially authorized and empowered to make and generate electricity upon its property situated upon the Penobscot CHAP. 144 -may conduct electricity into certain towns. river between the towns of Old Town and Bradley, and also on any dam or dams which it may erect on its property situated on said Penobscot river as aforesaid, and to use said electricity as a motive power in the use and development of its property, and also to sell the same for manufacturing and heating purposes and also to carry and conduct electricity made and generated upon its property between the towns of Old Town and Bradley to and into any towns or cities in the counties of Penobscot and Waldo except in the city of Belfast, state of Maine, and to use the same in all ways for its own purposes, and to sell the same exceptions. for manufacturing purposes, except that in the county of Penobscot it shall not be sold in units of less than twenty-five horse power; and also may sell the same to any railroad operated by steam, to be used in propelling cars or trains upon the railroad and also for heating purposes but not for electric lighting or for street railway purposes in the county of Penobscot except to the Public Works Company or its successors, nor in the town of Searsport except to the Searsport Electric Light Company or its successors. But nothing herein contained shall prevent any corporation which may hereafter be organized under the general law from generating, selling, distributing or supplying electricity in any of the towns or cities in the county of Waldo.' Approved March 8, 1905. . Corporators. -corporate name. Location. Purposes. -to receive deposits, etc. Chapter 144. An Act to incorporate the Belfast Banking Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section I. Edward Johnson, James H. Howes, Arthur I. Brown, Robert F. Dunton, Fred G. White, William H. Quimby and Wilmer J. Dorman, 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 Belfast Banking 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 Belfast, Waldo 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, CHAP. 144 money, etc. safe deposit investments. allowing interest thereon, if agreed, or as the by-laws of said corporation may provide; second, to borrow money, to loan to borrow money on credits, or real estate, or personal security, and to negotiate loans and sales for others; third, to own and maintain to maintain safe deposit vaults, with boxes, safes and other facilities therein, vaults. 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 --to hold 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- to act as cates, bonds, stocks, and all evidences of debt or ownership in property; sixth, to hold by grant, assignment, transfer, devise trusts, etc. or bequest, any real or personal property or trusts duly created, and to execute trusts of every description; seventh, to act as assignee, etc. 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 all the business that may lawfully be done by trust and banking companies. agents etc. -to execute -to act as --shall not Section 4. The capital stock of said corporation shall not be Capital stock. less than twenty-five 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 twenty-five thousand dollars shall have been subscribed and paid in, in cash. commence business till $25,000 has been paid in. make loans on its own capital stock. Section 5. Said corporation shall not make any loan or dis- Shall not 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. Section 6. All the corporate powers of this corporation shall Board of 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 stockholders at the first meeting held by the incorporators and at each annual meeting thereafter. The executive affairs and powers of the corporation may, at the option of the stockholders, be entrusted to an executive board of not less than trustees. board. CHAP. 144 Board of investment. -shall keep -loans shall not be made to officers without approval in writing. Trustee shall hold ten shares of stock. Reserve fund. Special deposits. 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. Section 7. The board of trustees or the executive 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. 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 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 |