May lease -may} consolidate with certain other rights, powers and privileges of ownership, including the right to vote thereon. Section 8. The Bangor Railway and Electric Company is hereby authorized and empowered to lease all or any part of its property, rights, privileges and franchises on such terms as it may determine; also to consolidate with or acquire by lease, purchase or otherwise, the property, rights, privileges and franchises of any water power company, or of any company making, corporations generating or distributing gas, or electricity or both, or the lines, property, rights, privileges and franchises of any street railroad whose lines as constructed or chartered would form connecting or continuing lines with the lines of said Bangor Railway and Electric Company. May acquire and dispose of real and personal property. Location confirmed. Pending suits or actions not affected. Section 9. The Bangor Railway and Electric Company may lease, purchase, receive, let, dispose of and hold such real and personal estate as may be necessary or convenient for the purposes of its business. Section 10. The location of rails, posts, wires and fixtures within the limits of any street, road or way as now established or maintained by any and all the companies named in this act are hereby confirmed and made valid. Section II. The rights hereinbefore granted are not to affect any suits or actions now pending against any of the corporations named in section three of this act, and the Bangor Railway and Electric Company. shall pay any and all judgments which may be recovered in any such suit or action. Section 12. This act shall take effect when approved. Approved February 16, 1905. Corporators. -corporate name. Chapter 47. An Act to incorporate the Hamilton Trust Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section 1. Edwin C. Dudley, Charles A. Milliken, Edward E. Davis, Walter H. Davis, Reuel W. Soule, Henry N. Whitman and Anson M. Goddard, or such of them as may by vote accept this charter, with their associates, successors or assigns, are hereby made a body corporate and politic to be known as the Hamilton 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. 47 Section 2. The corporation hereby created shall be located at Location. Augusta, Kennebec county, Maine. money, etc. to maintain vaults. safe deposit Section 3. The purposes of said corporation and the busi- Purposes. ness which it may perform, are; first, to receive on deposit, -to receive money, coin, bank notes, evidences of debt, accounts of indi- deposits. viduals, 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 to borrow 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 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 to act as act as agent for issuing, registering and countersigning certificates, bonds, stocks, and all evidences of debt or ownership in property; sixth, to hold by grant, assignment, transfer, devise or trusts, etc. 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 all the business that may lawfully be done by trust and banking companies. investments agents, etc. -to execute -to act as assignee, etc. Section 4. The capital stock of said corporation shall not Capital stock 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 shall not commence business as a trust or banking company, business till until stock to the amount of at least fifty thousand dollars shall have been subscribed and paid in, in cash. commence $50,000 has been paid in. Section 5. Said corporation shall not make any loan or dis- Shall not make loans count on the security of the shares of its own capital stock, nor on security of its capital be the purchaser or holder of any such shares unless necessary stock. 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. 47 Board of trustees. --executive board. -vacancies, how filled. Board of investment. -record of loans shall be kept. -loans to officers, shall be approved in writing. Trustees 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 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 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 of 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 shall hold ten trustee of said corporation who is not the actual owner of ten shares of the stock. shares of stock. Reserve fund. 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, pro 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. CHAP. 47 deposits. Section 10. All the property or money held in trust by this Special 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. 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. Taxation of Section 14. The shares of said corporation shall be subject shares. to taxation in the same manner and rate as are the shares of national banks. every by bank examiner. Section 15. Said corporation shall be subject to examination Examination by the bank examiner, who shall visit it at least once in 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 in case of etc. injunction, -proceedings CHAP. 48 First meeting, how called. said corporation is insolvent, or its condition is such as to render 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 16, 1905. South Portland Trust and Banking Company, charter extended. Chapter 48. An Act to extend the charter of the South Portland Trust and Banking Be it enacted by the Senate and House of Representatives in Section I. The rights, powers and privileges of the South Portland Trust and Banking Company, which were granted by chapter four hundred and one, and extended by chapter eighty of the private and special laws of nineteen hundred and three. are hereby extended for the future period of two years from the approval of this act; and the persons named in said act, their associates and successors, shall have all the rights, powers and privileges that were granted them by said act to be exercised in the same manner and for the same purposes as specified in said act. Section 2. This act shall take effect when approved. Approved February 16, 1905. |