CHAP. 90 Chapter 90. An Act to incorporate the Madison Loan and Trust Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. C. A. Wilbur, B. P. J. Weston, G. F. Charles, W. Corporators. H. Blackwell, C. O. Small, F. J. Goodspeed, K. C. Gray, James Emery, E. C. Town, C. G. Bovee, and G. A. Hewett of Madison, their associates and successors, are hereby created name. a corporation by the name of the Madison Loan and Trust -corporate Company, to be located at Madison, in the county of Somerset and state of Maine, for the purpose of receiving on deposit, -purposes. money, securities, stocks, bonds, coin, valuable papers, evidences of debt, documents and other property, and of collecting and disbursing the principal, interest and income of said property, and may act as agents for the purpose of registering and countersigning bonds, stocks, certificates, or evidences of debt; and may also hold by grant, assignment, transfer, devise or bequest any real or personal estate or trusts duly created, and execute such trusts on such terms as may be established or agreed upon with reference thereto; and may also receive money on deposit, on such terms and conditions as may be established or agreed upon with reference thereto; and may also hold real estate for its own purposes. SECT. 2. Said corporation shall, at all times have on hand Reserve fund. in lawful money and United States bonds, as a reserve, not less than twenty-five per cent of the aggregate amount of all its deposits which are subject to withdrawal on demand, provided, in lieu of lawful money two-thirds of said twenty-five per cent may consist of balances payable on demand, due from any national or state bank. SECT. 3. Any administrator, assignee, guardian or trustee, Administrators, any court of law or equity, including courts of probate and way deposit insolvency, may deposit or direct any moneys, bonds, stocks, coin, valuable papers, documents and evidences of debt, to be deposited with said corporation. Capital stock. SECT. 4. The capital stock of said corporation shall be fifty thousand dollars, with right to increase the same at any time by vote of a majority of its stockholders to two hundred thousand dollars, to be divided into shares of not exceeding -one hundred dollars each. Said corporation shall not commence business until the sum of fifty thousand dollars shall $50,000 has been -shall not commence business until paid in. CHAP. 90 Board of trustees, tennre and duties. Responsibility of shareholders Shares, how taxed. Shall be subject to examination by bank examiner. have been paid in, in cash, and no certificate of shares shall be issued until the par value of the same has been fully paid. SECT. 5. All the corporate powers of said corporation. shall be exercised by a board of five or seven trustees and such officers and agents as they shall appoint. Said trustees shall be sworn to the faithful performance of the duties of their office. They shall be elected annually, and shall hold their offices until others are chosen and qualified in their stead, and shall see to the proper investment of the deposits. and funds of the corporation, and may invest or loan the same in notes, bonds, mortgages, or in any other manner not inconsistent with the by-laws of said corporation, and a majority of said trustees shall be residents of this state. 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 the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such shares. SECT. 7. The shares in said corporation shall be subject to taxation in the same manner and amount as are the shares of national banks. SECT. 8. 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. 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 said statement shall be published by said corporation immediately after the examination of the same, in some newspaper published in Madison. SECT. 9. This act shall take effect when approved. Approved February 20, 1891. CHAP. 91 Chapter 91. An Act to incorporate the Higgins Classical Institute. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. That there be and hereby is established in the Purposes. town of Charleston in the county of Penobscot, an institution of learning by the name of the Higgins Classical Institute, for the promotion of christian education, and the instruction of youth in such languages, arts and sciences as the trustees hereinafter named shall direct. SECT. 2. That John H. Higgins, Henry Hudson, Joseph Corporators. B. Peaks, Stephen C. Fletcher, Sewall Brown, George B. Ilsley, J. E. Locke, Howard R. Mitchell, Will Eaton, David Knights, Daniel Humphrey, David Fletcher, Prentiss Kittridge, Elmer Cole and Francis Harvey, be and are hereby appointed trustees of said institute, and they are hereby incorporated into a body politic and corporate by the name corporate of the Higgins Classical Institute. The number of trustees shall not at any time be more than fifteen nor less than eleven, five of whom shall constitute a quorum for the transaction of business. name. -trustees. immunities. SECT. 3. Said corporation is hereby vested with all the Rights and rights, privileges and immunities usually granted to similar corporations. It may have and hold in fee simple or otherwise by gift, grant, devise or bequest real and personal estate to an amount whose net annual income shall not exceed twenty thousand dollars, and may sell and dispose of the same and may apply the proceeds and the rents, profits and interest therefrom in such manner as the design of the institution may in the judgment of the trustees require. and tenure. SECT. 4. The said trustees shall have power from time to Officers, election time to elect such officers of the institute as they shall deem necessary, to fix their own tenure and that of other officers, to remove any trustee from the corporation when in their opinion he has become disqualified by reason of age or other incapacity to perform the duties of his position, to fill vacancies in the corporation, to determine the time and place of the meetings of the corporation, the manner of notifying and the method of electing and removing trustees, to elect and to prescribe the duties of the principal, the teachers and all other officers of the institute, to arrange the course of studies, CHAP. 92 First meeting, how called. to give rewards of merit for proficiency therein and diplomas for completion thereof, and to make and ordain rules and by-laws for their own government and for the well ordering of the institute in conformity with the laws of the state. SECT. 5. John H. Higgins, or Joseph B. Peaks or Henry Hudson may call the first meeting of the corporation, at such time and place and on giving such notice to his associate trustees as he may deem reasonable and proper. SECT. 6. This act shall take effect when approved. Corporators. -corporate name. Location. Purposes. Chapter 92. An Act to incorporate the Somerset Trust Company. Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows: SECT. 1. Mark Emery, Benjamin Hilton, John Tinkham, Ben Moore, W. T. Haines, W. C. Simmons, Thomas T. Abbott, W. W. Pease, Edwin Collins, E. F. Collins, J. P. Spooner, J. A. Fletcher and B. S. Collins, 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 Somerset 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, except as otherwise provided herein. SFCT. 2. The corporation hereby created shall be located at North Anson in the town of Anson, Somerset county, Maine, and may establish agencies in any part of this state. SECT. 3. The purposes of said corporation and the business which it may perform, are to receive on deposit, money, coin, bank notes, evidences of debt, accounts of individuals, companies, corporations, municipalities and states, allowing interest thereon, if agreed, or as the by-laws of said corporation may provide; to borrow money, to loan money on credits or real estate or personal security, and to negotiate loans and sales for others; to guarantee the payment of the principal and interest of all obligations secured by mortgages or real estate running to said Somerset 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; to hold for safe keeping all kinds of personal and mixed property, and to act as agents for the owners thereof, and to collect bonds, notes, accounts or other indebtedness and of real estate for the collection of income on the same, and for the sale of the same; and to act as agent for issuing, registering and sale and countersigning certificates, bonds, stocks and all evidences of debt or ownership in property; 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; to act as assignee, receiver and executor, and no surety shall be necessary upon the bond of the corporation, unless the court or officer approving such bond shall require it; 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 may 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; and may re-discount any acceptances and notes actually owned by said corporation and guarantee the payment of the same, provided, that no loan shall be made upon property on which there is any prior mortgage, encumbrance or lien, or to an amount exceeding one-half the cash value of the security when secured by mortgage or deed of trust of real estate, except when the real estate is situated in this state, and the loan, principal and interest, is to be paid in monthly installments; also to build or lease suitable buildings and vaults in the same, for the purpose of making safe deposit for the keeping of valuables of any and all kinds, whether money, bonds, mortgages, notes or other securities, or other valuable things, and to lease or let said vaults or safe deposit room for the keeping of said valuable things, to any person, firm or corporation, and to do in general, all business that may be done by a trust and banking company and a safe deposit company. CHAP. 92 may deposit SECT. 4. An administrator, assignee, guardian or trustee, Administrators, any court of law or equity, including courts of probate and with. 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 |