The Republican journal. [volume] (Belfast, Me.) 1829-current, 1907-04-04


Section G.. Clause ~ subdivision
sixth section twenty-three of sad
GU, the wtoie thereof a' and sS h
therefor the following:
"a In 9he ho S StoekT or n2ts ns
earned and paid an annual dividend
equivalent to five per cent. on q capital
stock. equal to one-third of its funded
debt for a period of ten years iext prior
New York Central and Hudson River,
The Illinois Central, the Lake Shore and
Michigan Southern, and the Pennsylva-
mia Railroad Companies
Section I. Clause b. subdivision sew
erlh, section twrnty-three of said chap
ter is hereby amended. SC as to read as
~ In notes with a pledge as collateral
of any funds, bonds, notes or stocks
which: the bank or institution would, by
this ,, section, ee authorized to purchase,
provided the market value of said COL
loan
Section g. Clause a. subdivision sew
enth,' section twenty three of said chap
follows:
"a In notes with a pledge as collateral
"f such funds. bonds, notes or stocks rs
IN H.. j dgment of TIE trustees il is safe
and for the interest of the bank to ac-
ccpt. t. an amount not exceeding seven
ty-tive per cent of the market value of
such funds, bonds, notes or Stocks
Section o. Section twenty-f five of said
chapter is hereby ame1'l:,l by adding
thereto the words, This section Goes not
apply to bonds enumerated in the first
i've subdivisions of section twenty-thrce
of this chapter SO that said section as
amended, shall read as follows:
Section -. No such bank or institution
shall hold by, way of investment. or as
security for loans, or both, more than
one-iifth of the capital stock of any cor
poration. nor invest more than. ten per
cent. ii its deposits, not exceeding sixty
thousand dcEars. in the capital stock, or
notes notes Of any corporation, FOR have more
mortgages of real estate. This section
and the two preceding do not apply 20
real estate, or other assets acquired by
the foreclosure of a mortgage thereon, or
ncnts to secure debts. This section does
not apply to bonds enumerated in the
1 ih five t IlMhd p of section twenty
Section TO-. Section twenty-eight of
said chapter is hereby amended by strik-
ing cut the word ten in the ninth limo
thereof. and insertdng in its place the
word Eve SO that satd section as
amended. shall read as follows:
section IS. Tie trustees. after passing
to the reserve fund one-auarter of ona
PER cent. OF the average amount OF de-
Iosits for the six months previous to de-
c,ihrinG; diyidend not subject to be
ceetling two and a half per cent sani-
annually, except as hereinafter provided
at such times as are REQUIRED by tha."
months stan.'ing at least before dividend
day The cornora;ion NAV nv IT'S bylaws
inc!rde deposits ol less standing. The
reserve. fund shah be kert constantly on
hand. to secure against losses and con-
tingencies. III til it aTDu2ts to five per
cent. of The deposits. All losses shall be-
passed tC the debit of said account, And
mh"r said reserve fund amounts to ten
per cent. of the average amount of do :.
TGsits for the six months previous to de-
CARING dividend, all net profits not
otherwise divided, thereafter made by
said banks, shall be divided evarv three
years ratahly, among the depositors Of
one. two and three fun years, standing. as
extra dividends. No dividends or inter- st
shall be declared. credited CT paid. OK
cept by a vote of the board of trustees.
entered upon their records. wherein shah
be recorded the yeas and nays nron such
vote. Trustees Of savings hanks and
savings institutions are forbidden to
make any 81 mi-annual dividend Of a rate
amount Of said dividend greater than thu
actual earnings Of the hank or inslitu-
tion actually collected
Section II. This act shall take effect
when approved.
iArprovcd March Is, 1907
Chapter 70.
An Act amending Chapter ore hundred
and siXty-fGur Of the Public LAWS Of
11hnGieen hundred and five. relating to
location and assessment of damages for
property tafcn for public uses.
Section /. The provisions of chapter
one hundred and sixty-four of the public
moi, apply t." steam railroads, and AL acts
and parts of acts relating to or applying
to steam railroads repealed by said chap
ter one hundred and sixty four are here
by revived.
Sccti'n >. This act shall take effect
when approved.
lApprcved March IS, 1861
Chapter n.
An Act to authorize the Issue of Bonds
on the Serial Payment Plan.
Section l. Whenever any county, city
town or water district, or corporation
organized under the laws of this slate
has. occasion to issue bonds they may be
made payable by inStaMments of uniform
or increasing amounts extending over IL
period not exceeding fifty years.
Section >. Provisions shall be made for
the payment of not less than one per
cent of the whole issue per year and in
case the time OF payment extends over a
period Of fifty years the instalments
shall cover the whole issue. In case the
time of payment extends over q period of
Tess than fifty years portion of the is
sue greater than the regular installment
may be made payable at the end of the
period.
Section 8. Limitations upon the time for
which bonds may be issued are modified
in accordance herewith.
lArproved March 10, 1901
Chapter 72.
An Act relating TO sale of land for Taxes
III Incorporated places.
Section !. If any tax assessed on real
estate, or on equitable interests assessed
under section three of chapter nine, re-
mains unpaid on the first Monday in De-
cember in the year succeeding the year
i'll which said tax was assessed. the col
aectnr shall sell at public auction so much
OF such real estate or interest as is necas-
sarN for the payment of said tax, inter-
est and all the charges, at nine o'clock
in the forenoon OF said first Monday in
December, at the office of collector Of
taxes, in cities and at the place where
the last preceding annual town meeting
was held in towns In the case of the
real estate of resident owners, the co..
lector may give notice thereof and of his
intention to sell so much OF said real es-
tate or interest as is necessary for the
payment OF said tax and all charges, by
posting notices thereof in the same man
ner and at the same places that warrants
for town meetings are therein required
to be posted, six weeks before such first
Monday in December, designatin tina
name OF the owner if known, the right,
lot and range. the number of acres as
nearly as may he, the amount of tax due,
anG sPich other short description as is
necessary to render its identification GER
tain ana plain. And in the case OF taxes
asst Sscd on the real estate Of non-reSi-
dent owners. he shall cause said notices
to lie published in some newspaper, il
any, published! in the county where said
, real estate lies, three weeks successfully;
such publication to begin at least six
weeks before Sd id first Monday in De-