The Portland daily press., 1893-04-03

vendor lessor or baor his or its assignee and re-
tary of state shall be entitled to fee of five dollars
for recording each of said contracts and eacn o.
declaration the margin of the record SAD Iees 70
be retained by the secretary OF state TO DIS own per
SECT The provisions Of section five Of chapter
one hundred and eleven OF the revised statutes anu
specified in section of this act nor shall any con-
strued mortgage instrument under section sew
en- nneo a Of the revised 6oe n
hereunder to an equity of redemption, but any per
der Section one Of this act shall be subject to trustee
process as provided in section fifty of chapter eighty
SECT 4 This act shall not be held to invalidate
affect in way any contract heretofore made OF the
kind referred to in the first section hereof and any
such contract heretofore made may, upon compliance
with the provisions OF this act be recorded as herein
provided [Approyed March l6l
Chapter 9IA.
AN ACT to amend Chapter two hundred thirty-seVen
of the Public Laws ofeighteen hundred eighty nine.
relating Life and Casualty Insurance on the As
SECTION i. Section six of chapter two hundred
thiryseven of the public laws Of eighteen hundred
SECT. g. ANY corporation organized under this act
or any Maine corporation doing assessment insurance
business under this act or its charter shall keep on de-
psge a fund n for the benefit and projection Of e
cate holders in said e9rporaon 5ne p az b ~
cember of each year, deposit with said treasurer IN
the case Of life companies not less than flee per
cent and case casualty companies, not less imam
ten per cent total receipts assessments made to
pay death benefits Indemnity claims dnrlg t ne
wear then ended until the reserve fund so accuuee
shall amount together with the fInout IheIe
prior the passage of this act in the case Of l
companies than fifty thousand dollars; and
in the of casualty companies to not less than
twenty five thousand dollars. These amounts may be
deposited in such interest bearing securities as the
governor and council may approve or in SUCH secufl-
from time to time, be by law authorized to inyesS
their funds in These securities shall be held N trns
by the treasurer of state, but the corporation sna
have at all times the right TO exchange any part q
said securities for others of like amount ana chaacte
ors, such part the fund may be considered nee
ment of claims under contracts and the ex
pense necessarily incident thereto and for no othef
at any time be reduced below an amoant equal TO one
upon a OF S 81 ne ceTv to
the treasurer of state the minimum amount 81
ury by each corporation doing business under this
act said corporation shall neglect Tor SHY Gays -
state then the said treasurer shall convert into money
any of said securities and forthwith satisfy sucn 2uas-
ment said corporation shall not transact any Iur-
ther business until said DEPOSIT is "ae8 9
any such corporation shall @ nnint e
ceiver agent to adnlinister any unexhaastea poa
ton not to exceed per cent such court or JUS
tee may allow the receiver or agent hfs N tne pay
certicates or policies or if insufficient to pay such
claims in full, they shall be paid pro rata second
such balance be distributed to the holders OF cer-
casei nsn a az cunt named therein after first paying
EXPENSES incident to such distribution. If, upon the
fund Of any such corporation found to be less than
the amount of one assessment upon an the hlenlpeas
after collect from its members sum sufficient 10 prng
reserve fund up to one 1 t 9n a
of state to the credit of said fund.-
SECT. 2. Section eight of said chapter shan Do
amended, SO as to read as follows:
SECT s. No corporations doing business as a NE IN
cate policy upon the life of any person more tnhn
sixty years of age and every call Tor ~ e
purpose of the same, whether for mortuary or lnue
nifty claims or tor aa actually paid
for collecting the not exceeding three per cent
noe9 conrcts for Investigating and contestng
policy claims believed to be fraudulent ana iof 0spes
it with the treasurer OF state Oh reserve luiu anu m
sEoT 5. Nothing in this act shall in any way con
fie with special provisions OF the charters OF compa
MES heretofore granted lApproVea mafcn io'l
Chapter as.
| AN ACT to amend Chapter two hundred and thirty
seven of the Public Laws OF elgnteen hunsreu esl
ty-nne, relating to Lire ana Casualty INSURANCE oi
SECTION T. That section two of chapter two hundred
taIbsaTsn eo at Act rsa Lie
ualty Insurance on the assessment pan' oe aenoeu'
~ ssFcr D. seven or more persons citizens Of this
state may form or or boh on the assess
ment nlan. Such corporations snail be organl1eu, t
one two AID three of chapter tftyve of the revised
statutes; but such corporation snail pegia 70 ~
scribed in writing to be insured therein, and have
each Maid one full InortuaTy or disability assessments
which shall be deposited in the state treasury on ensr.
gency or reserve fund account to be held N rust ZOE
fhe benefit beneciarie5, as provided IN sectlon
sy Of ts act until said corporation has fe Win
the insurance commissioner certlned copy OF tne reg
ord of its organization and bylaws, which mas been
o1,nroved nv bn; nor until the insurance commas
soner has certified that it has complied with the pro
visions of this act ana Is autloIizeu W AZ;
ness No Organization under the provision, o. TINS ms
act shall continue valid more than one year ulss tie
organization has been completed anu BUSINESS ooeun
| hereunder. .u,,o,, o,rroyod
| [Approved March l6'J
Chapter 2l6.
AN ACTt to Abolish School Districts and to provide
| for more Efficient Supervision of Publc Scnoois.
SECTION The school districts IN al towns ~ il
state are hereby abolished. Provided however, lhaG
school districts organized with specla powers ny cs
Of tle legislature may retain such organization ana
snecal mowers; said districts shall annually on OF
hefore the first day of june by their agents. trustees
or directors submit to the school 81 lhem
several towns estimates of the amount required LOT
the noantenance of the schools therein othef tl2n
free high schools for the ensuing schooI year, anu
shall be entitled to such portion OF tne
which sum shall be less than is necessary ior lne
maintenance of their schools 1or period equal 10
that of the other schools OF the town. L. ,.u ,, No
SECT O. Immediately after inns acb snitil iitVS DC
come law towns shall take possession OF an scnooi,
houses lands, apparatus and other properly owned
and used by the school ois.IicS cir S coneu ,s
nronet SO taken shall forthwith be appraised by the
of said towns, and at the first annual assess
ment thereafter tax shala De ieViea upo4 i h1e
abolished equal the whole OF said APPRAISAL
and there shall renitted to the tax payers OF each
of said districts the said appraised value OF us prop
t9 or more towns, the of said towns shall
Jointly appraise the school property belonging TO said
istrcts and shall determine the part thereof belong
noft thu