Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1878-03-07

the sum so msappied to he recovered IN an action Of
debt in the name and to the use Of the town. by any in
habitant thereof; and shall receive further sup
port from the state for any free high school, until the
amount received but misappied shall be raised and
expended for such free high schools by such town., so
that the same shall read, when amended, follows:
Section 2 Any town may establish and maintain
not exceeding two free high schools and when two such
schools main ained shall be entitled receive the
state aid if the expenditures OF both schools had
been made for school. Two more adjoining towns
may urite in estab! shng and maintaining free high
school, and both receive the same state aid il such
school had been maintained by one town. So long
any town shall decline to avail itself of the provisions
of this act any school dis riot union OF districts in
sush town, may establish and maintain a free hgb
school and receive state aid the the town might
have done; prOvi Ted, that more than such tree
high schools shall he established in town, and that
the amount of state aid extended to the districts in
town shall not exceed the that the town might have
received Two more adjoining school districts in diff
ferent towns may establish and mainta a union free
high school and with the consent Of both towns may
receive proportional part of such state aid to be deter
mined as provided by section eight but in to
exceed the amount that either town might have received
Towns shall receive in trust and faithfully eNpend dona
tons and requests made to aid in the maintenance Of
free high schools, and shall receive aid in such
cases to the same extent and the conditions
if such schools had been established and manta mel by
taxation; furthermore town district shall he enti
tied to receive such state aid any expenditure for
free high school schools, made from the funds pro-
cecds of the real estate of academy Incorporated
institution Of learning surrendered transferred to
such town or district for educational purposes but il all
any part Of the money paid by the for the sup
port of such free hi IN Schools shall he expended for any
other purpose than for the support of said free high
Schools provided by this section then the person
persons misappying said shall forfeit double
the sum msappied to be recovered in action of
inhabtant thereof and town shall receive further
support from the state for any free high school, until the
amount received but msapplied, shall be raised and
expended for such free high schools i.y such town.
SIC. 2. This act shall take effect when approved.
approved February 10, 1889
Chapter So.
AN ACT in addition t, chapter hfty-one of the Revised
Statutes, relating to Mortgages of Corporations
Be IL enacted by the Senate and House If Representa-
tiues in Legislature assembled, as foiiotDs:
SECTION l. The provisions of sections forty to
seventy, each inclusive, of chapter ffy-one Of the
revised statutes, and all acts explanatory amendaory
thereof additional thereto, shall apply to and include
property of any kind whatever, whether heretofore
given hereafter to be given by any corporation to
trustees the payment Of scrip bonds of said
corporation, in all which the principal of said
scrip bonds shall have been due and payable fsi
than three years and shall remain unpaid in whole in
part il the way and to the extert if the
mortgage had been legally foreclosed. subject to all
rights of redemption, as provided in section hysevcn
of said chapter yone; and the holders of said scrip
bonds shall have the benefit of all said provisions and
acts, and shall have all the rights and powers of the
corporation under its charter, and may form
poration in the manner provided in said chapter fifty
one and the acts amendatory thereof and additional
thereto whenever the holders of such scrip bonds
any amount exceeding one half of the same shall
elect, in writing.
shall be equal to the amount of unpaid bonds and cou
secured by such mortgage taken at their face the
time of the organization of the corporation and the
amount required to redeem any prior mortgage, and
shall be divided into shares of hundred dollars each
stock issued under the provisions of this act shall be
taken and considered paid for in full and Shall not be
liable to further assessments and person, taking
holding the same, shall by thereof be Fable for
the debts of such corporation (Approv. Feb 49, 1879
Chapter Sd.
AN ACT in addition chapter fort nine Of the Revised
Statutes, in relation to Life Insurance.
BE ii endcted by the Senate and House Of Representa-
tues in Legislature assembled, as follows:
No bill in equity, other proceedings for the appoint
of of domestic life insurance company,
to wind up its affairs, shall be maintained by any
other person than the insurance commissioner If it
shall appear to the commissioner that the of any
such company less than its liabilities, reckoning the
net value of its policies according to the combined expe
rience acuaries rate of mortality, with interest at
per centum per annum he shall suspend the right of
such company TO do business and apply to justice of
The judicial court to proceed provided in the
forty eighth section of chapter forty nine of the revised
staues but if shall appear that the assets reatsr