CHAP. 52 Time for organization of company, extended. Chapter 52. An Act to extend an act to incorporate the Isle au Haut Water Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: The time during which the Isle au Haut Water Company has for its organization, under chapter two hundred and eighty-eight of the private and special laws of eighteen hundred and eighty-three, is hereby further extended for four years from the passage of this act. Approved February 13, 1891. Company may issue bonds and mortgage property. -purpose of loan. Sinking fund. Ch. 468, Private repealed. Chapter 53. An Act to authorize the Lewiston and Auburn Horse Railroad Company to make a loan. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. The Lewiston and Auburn Horse Railroad Company is hereby authorized to issue its bonds, payable at such times and at such rate of interest as its directors may deem expedient, to an amount not exceeding eighty-five thousand dollars, in addition to those already issued. The said loan to be made for the purpose of improving its road and equipment, and making a further extension of its line of track in Lewiston and Auburn, and for other purposes; and the said corporation is hereby authorized to mortgage its road, franchise and other property to secure the payment of said additional bonds. SECT. 2. The said corporation shall place in the hands of some approved trust company or other fiduciary institution, twenty-five thousand dollars of said bonds hereby authorized to be issued, which shall be held by such trust company or fiduciary institution in trust as a sinking fund for the purpose of redeeming and paying the bonds of said Lewiston and Auburn Horse Railroad Company, now outstanding. SECT. 3. Chapter four hundred and sixty-eight of the private and special laws of the year one thousand eight hundred and eighty-nine, is hereby repealed. SECT. 4. This act shall take effect when approved. Approved February 13, 1991. CHAP. 54 Chapter 54. An Act to amend Chapter fifty-two of the private and special laws of eighteen hundred and eighty-seven, entitled "An Act to supply the town of Bucksport with water." Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: Section three of said chapter is hereby amended by inserting the words, 'or from Williams' pond and Williams' pond stream,' in the third line of said section after the word "stream" so that the said section shall read as follows: 'SECT. 3. Said company, for said purposes, inay flow, detain, collect, take, stow, use and distribute water from Great pond and Great pond stream, or Williams' pond and Willliams' pond stream, in said Bucksport and may locate, construct and maintain dams, cribs, reservoirs, locks, gates, sluices, aqueducts, pipes, hydrants, and all other necessary structures therefor.' Approved February 13, 1891. Sec. 3, ch. 52, 1887, amended. Private Laws of Company may take water from and stream. Chapter 55. An Act to amend Sections three, ten and thirteen of the city charter of Rockland. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. Section three of the city charter of Rockland is hereby amended, so that the same, as amended, shall read as follows: 'SECT. 3. The mayor of said city shall be the chief executive officer thereof; it shall be his duty to be vigilant and active in causing the laws and regulations of the city to be be executed and enforced; to exercise a general supervision over the conduct of all subordinate officers, and cause violations or neglect of duty to be punished. He may call special meetings of the board of aldermen and common council, or either of them, when in his opinion, the interests of the city require it, by a notice in one or more of the city papers, or by causing a summons or notification to be given in hand or left at the last and usual place of abode of each member of the board or boards to be convened, at least six hours before the time fixed for such meeting. He shall, from time to Sec. 3, of city Rockland, charter of amended. Mayor shall be officer. awers and chief executive -powers CHAP. 55 time, communicate to the city council such information and recommend such measures as the interests of the city may require. He shall preside in the board of aldermen and in the joint meetings of the two boards, but shall have -compensation. Only a casting vote. The mayor shall receive for his service, such compensation as the city council may allow, which shall not be less than three hundred or more than five hundred dollars per year, payable quarterly, and he shall not receive. from the city any other compensation for any service by him rendered in any other capacity or agency. The aldermen -aldermen and and common councilmen shall not be entitled to receive any salary or other compensation during the year for which they are elected, nor be eligible to any office of profit or emolument, the salary of which is payable by the city.' common coun cilmen, not entitled to salary. Sec. 10, amended. Election of a permanent chairman. -powers and duties. -president pro tem., how chosen. Sec. 13, amended. Council may provide for election and removal of officers. -compensation of. SECT. 2. Section ten of the city charter of Rockland, is hereby amended, so that the same, as amended, shall read as follows: 'SECT. 10. After the organization of the city government, and the qualification of a mayor, and when a quorum of the board of aldermen shall be present, said board, the mayor presiding, shall proceed to choose a permanent chairman, who, in the absence of the mayor, shall preside at all meetings of the board, and at conventions of the two boards, and in case of any vacancy in the office of mayor, he shall exercise all the powers, and perform all the duties of the office, so long as such vacancy shall remain, and when the mayor shall be absent from the city, or is prevented by sickness, or other cause from attending to the duties of his office, shall possess all rights and powers of the mayor, during such absence or disability. The board of aldermen, in the absence of the mayor and permanent chairman, shall choose a president, pro tempore, who shall exercise all the powers of a permanent chairman.' SECT. 3. Section thirteen of the city charter of Rockland, is hereby amended, so that the same, as amended, shall read as follows: 'SECT. 13. The city council may provide by ordinance for the election and removal of all other necessary officers. All officers elected by the city council in joint convention may be removed by concurrent vote of a majority of all the members of each board of the city council. The compensation of all officers shall be fixed by the city council. All СНАР. 56 -vacancies, vacancies may be filled by the board or boards having the power to elect or appoint. The term of all officers, except how filled. as otherwise specially provided, shall be for one year and until others are qualified in their places.' Approved February 13, 1891 Chapter 56. An Act to incorporate the Merchant's Bank and Trust Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. David Dennis, Joseph S. Bradstreet, Harvey Corporators. Scribner, Frederic Danforth, Jason Collins and Henry Farrington, or such of them as may vote to accept this charter, with their associates, successors and assigns, are hereby made a body corporate and politic to be known as the Merchant's Bank and Trust Company, and as such, shall be possessed of corporate all the powers, privileges and immunities, and subject to all the duties and obligations conferred on corporations by law, except as otherwise provided herein. name. SECT. 2. The corporation hereby created shall be located Location. at Gardiner, in the county of Kennebec and state of Maine. SECT. 3. The purposes of said corporation and the business Purposes. which it may perform are: first, to receive on deposit, money, coin, bank notes, evidences of debt, accounts of individuals, companies, corporations and municipalities, ållowing interest thereon if so 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 negotiate loans and sale. for others, to guarantee the payment of the principal and interest of all obligations secured by mortgages of real estate running to said Merchant's Bank and Trust Company, to issue its own bonds or obligations based upon real or personal property conveyed to it in trust, to secure the payment of such bonds or obligations and the interest thereon; third, to hold for safe keeping all kinds of personal or mixed property, and to act as agent for the owners thereof, and of real estate, for collection of income on same, and for sale of same, and to act as agent for issuing, registering and countersigning certificates, bonds, stocks, and all evidences of debt or owner CHAP. 56 ship in property; fourth, 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; fifth, 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; sixth, to hold and enjoy all such estates, real, personal and mixed, as may be obtained by the investment of its capital stock or any other moneys and funds that come into its possession in the course of its business and dealings, and the same sell, grant, mortgage and dispose of, except as provided in section ten; seventh, to do in general all the business that may lawfully be done by a trust or banking company. Administrators, etc., may deposit with. Capital stock. Responsibility of shareholders. Reserve fund shall be in lawful money. -proviso. SECT. 4. An administrator, assignee, executor, 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. SECT. 5. The capital stock of said corporation shall be fifty thousand dollars, divided into shares of one hundred dollars each, with the right to increase said capital at any time, by vote of the shareholders, to any amount not exceeding one million of dollars. Said corporation shall not commence business until stock to the amount of fifty thousand dollars shall have been subscribed for and paid in. Said corporation may hold real estate, such as may be necessary for its accommodation in the transaction of its business, not exceeding twenty-five thousand dollars in value. SECT. 6. The shareholders of this corporation shall be individually responsible, equally and ratably, and not one for the other, for all contracts, debts and engagements of said corporation, to a sum equal to the par value of the shares owned by each, in addition to the amount invested in said shares. SECT. 7. Said corporation, after beginning to receive deposits, shall at all times have on hand in lawful money, as a reserve, not less than twenty-five 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 |