The Somerset reporter. [volume] (Skowhegan, Me.) 1868-1909, 1907-04-04
Chapter &c.

OnapteT 30.
An Act additional to and amenlatory of
Chapter Iorty.disht OF the Revised
Statutes of the State OF Maine, as
amended relating to IN" organization
and management of Trust Companies.
Section !, Five or more persons, Il ma
j0Iity Of whom snail he residents Of the
state, who associate themselves by Al
agreement in writing for the purposes or
forming II trust company, may. upon
compliance with the PROVISIONS Of this act
become n ulDOrat iOn, subject to all the
duties, restrictions and liabilities SET
forth in an general laws now or here
after in force relating 10 such corpora
tons, with power; tr~t, to r. cetvc on de-
of debt, accounts of individuals, compa-
nieS. colpprati"hs, municipalities and
states. allowing interest thereon, IL
agreed, or rs the bylaws Of said corpora
ton may provide; second, to borrow
money, TO loan money on credits. or real
estate, or personal security, and 10 ne
Eotiate loans and sales for others; third,
10 Dwn ana maintain safe deposit vaults.
with boxes. safes and other facilities
therein, to he rented to other parties for
the safe Keeping of moneys securities,
stock. icWclTY, plate. valuable papers
and documents, and other property sus-
ceptihlo OF being deposited therein, and
may receive on deposit for safe keeping,
property of any kind entrusted to It for
that purpose; fourth. TO hold and enjoy
all such estate, real, personal and mixed
as may be obtained by the investment of
aus capital STOCK or any Olncf moneys and
funds that may come into its possession
in the course of its business and dealings.
and the same sell. grant, ana dispose III
iifth. 10 act as agent for issuing, regis
terinE ana counters gning certificates.
bonds, stocks, ard all evidences OF d"bt
or ownership in property; sixth. To hold
by grant. assignment, transfer, devise,
or b"qucSt, any real or personal property
or trusts duly created, ana to execute
trusts of every description; seventh, TO
act as assignee, receiver, executor, ana no
surety shall be necessary upon the bond
of the corporation. unless the court at
officer approving such bond shall require
it; eighth to do in general all the bust
ness that may lawfully be done by trust
and banking companies.
Section .. Said agreements shall set
forth that tho subscribers thereto aSS0-
Ciate themselves with the intention OF
forming corporation, and shall specid-
First the name by which the corpora
tion shall be known.
second, the purpose for which 1t Is
lhird, the city or town. which she'll be
within this state, where lis business Is 10
be transacted.
stock, ana the rmmhrr If shares SUI into Il,
which the same T. to be divided.
Zach associate shall subscribe To the
articles his name, residence. pest office
stock which he agrees ITO take.
Section > A notice Of the intention of
the Subscribers. TO form such trnse
company shan he given to the bank *
amiuCr a notice i'm such form as said
e%am.ncr shall approve shall be pub-
lishcd nt least once week, for three
successive weeks. in one or morr news.
papers designated by Sald examined and
published IN the county in which il Is
proposed to establish the company Such
notice snail specify the names OF the
proposed incorporators, the name Of the
corporation ard the locat on of IN" s1m@,
as set forth in the above mentioned
days after the first publication of said
notice the subscribers to aid agreement
shail 2pnlY To Sald examiner Tor n Ger
thicat" that public converl"nc" and adj
vantage viii b." promoted by the estdb-
lishmort o. such trust company II the
examiner refuses to Issue ich "ertlncate,
no further proceedings shall he mad, bur
the application may be renewed after ono
year tr m the date of such refusal. with