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ratified and made valid so far as the same may appear record and conform to the purposes of said company as defined in its charter.

SECT. 4. All acts or parts of acts inconsistent herewith, are hereby repealed.

SECT. 5. This act shall take effect when approved.

Approved February 5, 1891.

CHAP. 25

Inconsistent acts, repealed.

Chapter 25.

An Act to annex Ragged Island in Casco bay, to the county of Cumberland and town of
Harpswell.

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

SECT. 1. Ragged Island in Casco bay, is hereby made and declared to be part of the county of Cumberland and of the town of Harpswell therein.

SECT. 2. This act shall take effect when approved.

Approved February 5, 1891.

Ragged Island of Harpswell.

annexed to town

Chapter 26.

An Act to amend chapter one hundred and sixty eight of the Private and Special Laws of eighteen hundred and eighty-three, entitled "An Act to incorporate the North East Harbor Water Company."

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

Section seven of said act is hereby amended by adding to said section the following words, but said capital stock may at any regular or special meeting of said company called for the purpose, by a vote of the majority of the stockholders, be increased to a sum not exceeding fifty thousand dollars,' so that said section when amended, shall read as follows:

Ch. 168, Private amended.

laws of 1883,

'SECT. 7. The capital stock of said company shall be the Capital stock. amount fixed by said company at its first meeting, not exceeding fifty thousand dollars; but said capital stock may at any regular or special meeting of said company called for the purpose, by a vote of the majority of the stockholders, be increased to a sum not exceeding fifty thousand dollars.'

Approved February 5, 1891.

CHAP. 27

Company, authorized to

Chapter 27.

An Act to amend the charter of the Bartlett Land and Lumber Company.

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

SECT. 1. The Bartlett Land and Lumber Company, a acquire stock of corporation organized under special act of the legislature

B. & A.

Railroad.

approved February fourteen, eighteen hundred and seventythree, is hereby authorized and empowered to acquire by purchase, subscription, or otherwise, shares of the capital stock of the Bartlett and Albany Railroad, a corporation existing under the laws of the state of New Hampshire, and to hold, sell and dispose of the same upon terms satisfactory to the stockholders of said Bartlett Land and Lumber Company.

SECT. 2. This act shall take effect when approved.

Approved February 5, 1891.

Capital stock.

Preferred stock.

Common stock.

Chapter 28.

An Act additional to and in amendment of the Private and Special Laws of eighteen hundred and thirty-one, chapter one hundred and seventy, being An Act to incorporate the Portsmouth Company.

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

SECT. 1. The Portsmouth Company may, at any meeting duly called for that purpose, increase the number of its shares and diminish the par value thereof, so that the number of shares of said company shall be not exceeding five thousand, and the par value thereof shall be one hundred dollars per share.

SECT. 2. Said corporation is authorized to issue preferred stock to an amount not exceeding four thousand five hundred and forty-two shares of said capital stock, the par value of each share to be one hundred dollars, said preferred stock to be issued in such amounts and at such times as may be determined at any meeting of the corporation duly called for that purpose. The stock of said corporation now issued consisting of four hundred and fifty-eight shares, reduced to one

hundred dollars per share in pursuance of this act, shall continue to be common stock of the corporation.

СНАР. 28

preferred stock,

SECT. 3. A dividend of six per cent per annum, payable Dividends upon annually or semi-annually as the directors may determine, how paid. shall be paid on said preferred stock before any dividend. shall be paid on the common stock, provided, the net earnings of the corporation, after paying the interest upon any debts which the corporation may owe, shall be sufficient for that purpose, and in case said net earnings for one year shall be insufficient to pay the dividend for that year, the surplus earnings of any year following, after paying said dividend of six per cent shall be applied to make up arrears of back dividends and interest thereon, so that a dividend of six per cent shall be paid for each year on the preferred stock. If the net earnings, after paying the interest as aforesaid, shall be sufficient to pay more than six per cent upon the whole of the capital stock, common and preferred, and a dividend. exceeding six per cent shall be declared, the same dividend shall be paid on both the common and preferred stock.

Rights of preferred stock,

holders of

to vote.

preferred stock'

SECT. 4. Holders of preferred stock shall have the same right as holders of common stock to vote thereon at all meetings of the corporation. SECT. 5. Said corporation may, out of its surplus earnings Redemption of or the proceeds of any additional issue of its common stock, redeem said preferred stock and cause the same to be made common stock, at any time after ten years from the date of its issue, by paying the par value thereof and annual interest thereon at the rate of six per cent from the date of issue to the date of redemption, after crediting the dividends paid towards the payment of said interest; but if said dividends. should exceed said interest they shall not be applied to reduce said par value.

SECT. 6. Holders of the common stock of said corporation shall be entitled to subscribe for said preferred stock, pro rata, in proportion to the number of shares of the common stock held by them respectively, provided they subscribe for, and are ready to pay for, the same within thirty days after the vote of the corporation to issue said stock.

SECT. 7. This act shall take effect when approved.

Approved February 6, 1891.

Holders of may subscribe stock.

common stock,

for preferred

CHAP. 29

City of Water

ville, authorized

property of

Waterville
Water Com-

pany.

Chapter 29.

An Act to authorize the inhabitants of the city of Waterville to purchase the franchise and property of the Waterville Water Company.

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

SECT. 1. The inhabitants of the city of Waterville are to purchase the hereby authorized to purchase the franchise and property of the Waterville Water Company, and to issue bonds to be known as Waterville water bonds, not exceeding three hundred thousand dollars at not exceeding four per cent interest, to pay for the same upon such time as said inhabitants shall vote as hereinafter provided.

-may issue bonds.

Company authorized to sell property.

City shall not purchase till

voters so vote.

SECT. 2. The Waterville Water Company is hereby authorized to sell, transfer and convey its franchise and property to the inhabitants of the city of Waterville.

SECT. 3. Said inhabitants of the city of Waterville shall two-thirds legal not purchase said franchise and property of said Waterville Water Company until two-thirds of the legal voters of said city, present and voting at any meeting of said inhabitants, duly called for that purpose shall vote to purchase said franchise and property of said Waterville Water Company.

City of Waterville, authorized to purchase property.

Value, how determined.

City shall succeed to all rights of company.

SECT. 4. At any such meeting of said inhabitants of said city of Waterville, they may by two-thirds vote instruct the municipal officers of said city of Waterville to purchase said franchise and property of said Waterville Water Company,. at such price and upon such conditions as shall be voted by said inhabitants at any such meeting.

SECT. 5. Said inhabitants may by its vote as aforesaid, at any meeting duly called for said purpose, vote to purchase the franchise and property of said Waterville Water Company, at an appraised value to be determined by a commission of as many as said inhabitants shall so vote, and to be selected in such manner as said inhabitants shall so vote, provided, the same be agreed to by said Waterville Water Company.

SECT. 6. Said inhabitants of said city of Waterville, in case it shall so purchase the property of said Waterville Water Company, shall succeed to all the rights and privileges. of said company, and be subject to all its duties, to provide the inhabitants of the city of Waterville and the inhabitants of Fairfield with pure water for domestic and municipal. purposes as said company is now authorized by law to do.

Approved February 6, 1891.

CHAP. 30

Chapter 30.

An Act to increase the salary of the Judge of the Municipal Court for the city of Lewiston.

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

SECT. 1. Section one of chapter six hundred and thirtysix of the private and special laws of eighteen hundred and seventy-one, as since amended, entitled "An Act to establish a Municipal Court in the city of Lewiston," is hereby further amended by striking out the words "twelve hundred" in the eighth line of said section as amended, and inserting instead the words fifteen hundred,' so that said section as hereby amended, shall read as follows:

Sec. 1, ch. 636,

Laws of 1870,

amended.

municipal,

'SECT. 1. A municipal court is hereby established for the Court, city of Lewiston, which shall be a court of record, and have a established. seal, and shall consist of one judge, who shall be a member of —judge. the bar in Androscoggin county, who shall be appointed, elected, qualified, and hold his office as provided in the con- tenure. stitution, who shall reside during his continuance in office in said city of Lewiston, and who shall receive from said city, —salary. in monthly payments, an annual salary of fifteen hundred dollars, which shall be in full for all fees pertaining to his office.'

SECT. 2. This act shall take effect when approved.

Approved February 6, 1891.

Chapter 31.

An Act to prevent the use of narrow rimmed wheels for the hauling of hides, leather, silica, lumber or timber over the roads or streets of Cherryfield, Milbridge, Deblois or Beddington.

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

SECT. 1. No person or persons shall haul or cart hides, leather, silica, lumber or timber over the roads or streets of the towns of Cherryfield, Milbridge, Deblois or Beddington, with a team of three or more horses, mules or oxen, upon wheels of less than five inches tread or breadth of rim; nor with a team of two horses, mules or oxen upon wheels of less than four inches tread or breadth of rim.

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