The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1897-03-30

other necessary and lawful purposes, from
time to time, with the approval of the railroad
commissioners as hereinafter provided, may
increase it, capital stock beyond the amount
now liked by law, provided such increase
shall FIRST be authorized by vote Of majority
OF STOCK present or represented, at a legal
meeting Of the corporation duly called for that
purpose.
SECT 8. Upon petition Of the directors Of
the railroad corporation to the board of rail-
road commissioners, the amount of such in
crease after such notice by publication as the
commissioners shall order, and after hearing
shall be determined BY said commissioners,
who shall within thirty days after final hear
ing OF said petition, file in the Office of the Sec
rotary of state certificate showing the
amount Of increase authorized and the pur-
poses for which the proceeds Of said new stock
may be used; and the company shall not ap-
ply such increase or the proceeds thereof to
any purpose not specified in said certificate,
and may be enjoined from so doing by any
Justice Of the supreme court upon application
Of the board or of any Interested party.
6nOT. Q. All shares Of stock issued under
the provisions OF this act shall be sold by pub
Lie auction and to the highest bidder in the
city OF Boston, In the commonwealth of Massa-
chusetts, or in such city or town as may be
prescribed by the railroad commissioners. and
notice Of the time and place Of such sale
shall be published ut least i've times during
tho ten Gays 1mmeolateiy preceoins the time
n1eo for the sale, In sucn oa1Iy newspapers
nos less taaan three In number as may De pre-
scribed by the commissioners.
SECT. !. Any member ct the board of ddrec-
NJ .ux railroad aomnanv who knowingly
votes tn sythor;ze tbe issue of. or knowingly
SIGNS. oert,f,as or is.ues. stock authorized by
the provisions of this act. contrary to its pro
visions. ar who knowingly vot ca to authorize the
application Of. or knowingly applies the pro-
ceeds Of sucb stock CONTRARY to the provisions
of this act. or who knowingly votes to assume
or incur. or who knowingly assumes or incurs,
IN tho mama or behalf Of snoh eo,poration. any
debt or liability except for the legitimate pur
noses Of the corporation. shall be punishable
nv fine not exceedinp one Thousand dollars.
or NV imn,,sonnent not exceeding one year.
or hv both sna and imnrisonment.
1'u 90 Aopo", y. ",' -
anv existing nrovision of law.
rAnnroyed Feb 18.1
ap'or
AN ACT to amend Section eight, Chapter forty
nine of the Revised Statutes, providing for
investments OF the capital and other assets OF
eSrcT 1. Said section eight ia hereby amended
by striking out all of said section after the
words shall be invested in," In the third line
thereof. and substituting therefor the follow
ing: such manner and in such funds, stocks
and bonds, as 1t Is provided savings banks OF
this state may invest in, as provided in chap
ter forty-seven, section one hundred, OF the
revised statutes of this state and acts addi-
tional and amendatory thereto, and said insur-
ance companies shall be restricted In their
investments in the same manner as are the
savings banks of this state So that said Sec
ton, as amended, shall read as follows
Section 8. The capital and other assets or
stock insurance companies, incorporated IN
this state, except such as may be needed for
fofo Oh, ha in