Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-03-29


Section 6. Clause d. Subdivision
chapter. = hereby amended by striking
cut the Whole thereof, and sufst., utinE
therefor the following:
"a In the bonls: stocks or n?tes, OF
any railroad in New England; which has
equivalent to FIVE per cent. on capital
stock equal to one-third Of its funded
deli for period. Of ten years rext prior
thercto. ano in the stool: or notes OF the
the linois central. ihe a LAKE, Ress shore s snd
Michigan Southern. and the Pennsylva-
mia Railrcnd Companies
Section l. Clause b., subdivi zion sew
ter Is hereby amended. SC as t., read as
follr,9s:
~ In notes With a pledge az collateral
which the bank or institution would. by
this section, be authorized 70 rurchass.
provided the market value OF said c,l-
lateral Is cQuai to the amount Of the
loan.
Section g. Clause d. subdivision sew
enth. section twenty-thrce of said chap
TT; is hereby amen'ic,! 81 as 70 read IA
ID In notes With n pledge as collateral
# such funds. bonds. ties or stocks ss
in ~. j Ggnent of IT,. trustees II is safe
and for the interest OF the bank to ac-
ty-fve per cant of the market value Of
such funds. bonds. notes or Stocks.
Section 9. Section twenty-five of sad
chapter is hereby nnlc1'iel ny. :id'i,ns
thereto tbs words, This section docs not
apply to bonds enumerated in the fist
five subdivisions Uf section twenty-three
OF this chapter so that said section as
amcnded. shall read a. follows:
section -. No such bank or Institution
shall .nold by. way of Investment. or as
secnrity Tor loans. or both. rnorc than
poration. nor invest more than ten per
ctat. IF its der osits. not exceeding sixty
thousand dcl-ars. in the capital .Vock. or
than fifty per ccn;. of its deposits in
mortgages of real estate. This section
and tn two preceding do not apply 10
real estate. or other assets. acquired b.
tie foreclosure o. a mortgage tht re On. OF
ments 10 SECURE debts. THIS section doe Z
i not apply to bonds enumerated in the
three OF this cnanter.'
Section TO-. Section twenty-eisht ut
said chapter is hereby amended by Strik-
ing cut the word ten in the ninth line
er1'f and so se 5Ss4 si il its e pase the
arn.nde'. shall read as follows:
Section Is. The trustees after passing
to the reserve fund one-QuaTtcr OF oirh
PER cent. OF the average amount of de-
ozits for the six months previous to de-
clrrinC dividend. not subject TO be
di:'id"d. shall declare dividends. no. az
c'edinc- t''f' and half Pc cent. uni
L''l'fs'I1H. IN -tI'I . ~ IL 80 " ~.
ii such times g.; arr uurel b. tha..,
by-lavs arnorg dnnos.ta>D cf the .
-;onths ste rd'nr at least before dividend
day. The CORPORATION may by its bylaws;
include deposits of less Standing. The,
resrrvt fund SHAH be lser: constantly on
rar!. to SECURE AGAINST losses and con-
cent. of thc deposits. All Losses shall ba
passed TO the debit Of said account. Aud
rh"n said reserve fund amounts 10 ten
per. cent. Of the average amount OF DE-
fnr- l.,
Caring dividend. all net profits not
otherwise divided. thereaf ter madn bv
said banks. shall be divided evsrv three
years ratably ararngg the denosisors ~
extra dividends. No dividends or interest
shall be declared credited or paid. ex-
cept by a vote OF the board or trustee
entered urcn their records -nc-ccn sha'l
he recorded the yeos and nays upon such
vote. Trustees If savings hanks and
savings institutions are forbidden t.
make any Sc mi-anruai dividend of rate
FER cent. which Will make tie aggregate
amount of said dividend greater than the
actual earnirEs Of the bank or institu-
ton. actually collected
Section II. This act shall take effect
Improved March IS, 1901
Chapter 70.
An Act amending Chapter one hundred
and sixty-fDur &c the Public LAWS Of
riMteer hundred and hvt. relating to
l"ca,"n anG assessment Of damages for
property tafcn for pubic use-.
Section l. Tho provisions OF chapter
one hundred and sixty-four of the public
laws OF nineteen hundred and five shall
and pats OF acts relating TO or applying
to steam railroads repealed by said chap
ter one hundred and sixty four are here
by revived
Sect N ,. This act shall take effect
when approved.
Improved March Is. 1901
Chapter n.
An ACT to authorize the i.s,Ie %, Bonds
on the Serial Payment Plan.
Section l. Whenever any county, city.
town or water district. or corporation
organized under the laws OF this state
has occasion to issue bonds they may be
made payable by instruments of uniform
or increasing amounts extending over \
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 3
period Of fifty years the installments
shall cover the whole issue. In case thu
time OF payment extends over period Of
Cess than fifty years portion of the is
sue greater than the regular instaIlment
period.
Section .. Limitations ur21 the time for
which bonds may be issued are modified
in accordance herewith.
Improved March 10. 1871
Chapter 72.
An Act relJtiEE TO sale Of land for TAKE,
IN Incorporated places.
Section /. Ii any tax assessed on real
estate. or or equitable interests assessed
under section three of chapter nne, re-
mains unpaid on the first Monday In De-
cember in the year succeeding the wear
in which said tax was assessed. inc coll
,ector shall sell At public auction 60 much
of such real estate or interest az Is neces-
sary for toe 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 ut the place wher,
the last preceding aauua, town meeting
was held in towns. In the case of the
real estate Of resident owners the co..
lcctor may give notice thereof and OF his
intention To sell so much Of said real cs-
tate or interest as is necessary for the
payment CT said tax and all charges. by
posting notices thereof in tie same man
nrr ard at the same places that warrants
for town meetings are therein required
to be posted, six weeks before such first
in December. designating thu
name OF the cwuer II known, the right.
lCt and range. the number of acres as
nearly as NAV be, the amount of tax due.
and ercE other short description as il
necessary 10 render its Identification GER
tain ami plain. And in the case OF taxes
a sstsscd on the real estate Of non-resi-
don't owners. he shall cause said no:dces