The Providence news. (Providence [R.I.]) 1891-1906, 1895-02-12
B. AND |. TRUST.
Charter Of Anglo-American
Guarantee Company.
Full Text Of the Bill Now in Maine
Legislature.

The Anglo-Amerlcan Guarantee Com-
pany, the newest building and loan asso-
citation to begin business in Rhode Island,
is soon TO secure its charter from the
Maine Legislature, thu bill for the same
being in accordance with all the require
ments of the laws and having been ap'
proved by the most competent authori-
ties as en- bodying all the best features for
conserving the interests OF stockholders,
investors and all who have dealings with
inititutions OF its kind.
That the general public may be fully
informed OF the exact nature and status OF
OF It's methods Of doing business, and the
restrictions and obligation that they are
subject to, the following full text of the
charter is published:
An act to incorporate the Anglo American
Guarantee Company.
Be it enacted by the Senate and House OF
Representatives, in Legislature assem-
bled, as follows:
SECTION /. Samuel q. Ginner, Henry A.
Houghton, Samuel Edwin Tobey, Thomas
Briggs, Melvin Gardner, q. Anson Brown,
Conrad A. Clarke, Albert A. Sam
mis-, Lorenzo Traver, j. Fred Parker
their associates, successors and assigns
are hereby constituted body polite and
corporate by the name OF the "Anglo
American Guarantee Company" for the
purposes hereinafter set forth; to have
its location in the city OF Portland; and
the said corporation may sue and be sued,
defend and be defended, have all bylaws
and regulations which may be necessary
to carry out the purposes of this act, and
shall be vested with all the powers and
privileges, and be subject to all the liza
bilities by law incident to corporations OF
a similar nature.
SEC. 2. The said company is hereby au--
thorized and empowered to act as surety
upon the official bond OF any person to the
United States; to any county, city or
town; to any Judge of probate or other
court or magistrate; to any corporation or
association, public or private; and upon
bond 10 any person or persons condi-
toned upon the performance Of any trust,
also upon bonds to indemnify against
loss any person or persons who are re-
sponsible as surety or sureties, upon
written instrument or otherwise, for the
faithful performance by Others, OF any
trust, office or duty; and in any case
where, by law or otherwise two sureties
afe required upon any Obligation which
this company is hereby authorized to as
sure, this company may act as sole surety,
II so accepted and approved by the court
of magistrate named as>the obligee in the
bond; also TO guarantee the payment OF
stock and certificates of accumlative in
debtedness OF corporations, excepting
those doing purely mutusl association
business under the laws of this State, and
for the transaction and adjustment of
such other business incident thereto as
may be provided for in the bylaws of said
corporation and said corporation may
charge and receive such lawful commits
sions as is customary In the business and
in cases where there rs no established
custom or law such commission or fee as
may be agreed upon.
SEC. 3. Said corporation may purchase
take and hold by deed, gift, bequest, de-
wise or otherwise, real and personal estate
in this State or elsewhere for the purposes
OF said corporation, and it shall be the
duty of the board OF directors To invest
the capital of said corporation, and to
keep the same invested in good securities
and it shall be lawful to make such in
vestments of its capital, md of the
funds accumulated by its business
or any part thereof in bonds and
mortgages upon unencum bered real
the amount loaned thereon, and upon
stocks or bonds or personal property
worth at the time of loaning at least one
fourth more than the amount loaned
thereon.
Investments may be made in the name
of trustees, whenever the directors deem
it necessary to do SO, in order to preserve
and protect the interests OF the associa-
tion, and to secure a perfect title to prop
erty held as investments or as security for
investments.
SEC. 4. At time of organization the
stock holders shall elect by ballot board
of nine directors, three for the term OF
one year, three for the term of two years
and three for the term of three years, and
thereafter three directors shall be elected
annually, which board shall have entire
charge'o of the affairs OF the corporation,
and shall continue in office until their
successors are elected. In case of failure
TO elect directors at any meeting called
for that purpose the same may be ad-
journed from time TO time until such
election shall be effected or COM
pleted. Qualification for director OF
tho corporation shall be suDscrip-
tion for not less than 20 shares of common
stock at time of organization, and there
after shall be the holder OF 20 shares OF
common stock.
Said directors shall have power to fill
any vacancy in the board which may hap
pen by death or otherwise until the next
annual election of directors; and may
adopt such rules, not inconsistent with
this act and the bylaws OF tho associa-
tion. for discharging the various func-
tions and conducting and transacting the
business and affairs of the corporation as
they shall deem necessary.
The directors shall elect one of their
number president of the board who shall
also be president of the corporation,
vice president, clerk and assistant clerk,
treasurer, manager and such other officers
and agents as they may deem necessary
for the prosecution of the business OF the
corporation, who may or may not be MEM
bers of the board OF directors; they shall
prescribe he term of Office, the duties and
compensation of all officers and agents,
and take such security from them as they
may think proper for tho faithful dis
charge of their respective duties; and the
said directors shall AT all times superin-
tend he affairs and manage the funds,
property and estate OF said corporation,
ana five OF them shall constitute quo
rum.
SEC. B. The capital stock OF this COR
poration shall be Two Hundred and Fifty
Thousand Dollars tn be divided into rre-
ferred stock aud common stock in shares
81 one huudredldolisrs each, the amount
and provisions - To prricrrcd stock 90 be
urterpfned a n prveufgafl ion. aud lr rCr-