The Republican journal., 1907-04-04

make and attest a record of the proceed
1rgs until the clerk has been chosen and
sworn. including a record of such choice
and qualification.
Section 5. The president. and a majority
of the directors who are elected at such
first meeting, shall make, sign and make
oath to, in duplicate, articles seuting
forth:
a. A true copy of the ag reement of
scribers thereto. and the name. residence
and post office address of each of the
officers of the company;
b. The date of the first meeting and
the successive adjournments thereof, il
any.
One of such certificates shall be sub
mlttcd to the bank examiner and tina
other, together with the records of the
proposed corporation, to the attorney
general, who shall examine the same, and
who may require such amendment therc-
OF or such additional information as he
may consider necessary. II he finds thai
the articles conform TO the provisions of
the preceding sections relative to the or
ghnlZatlon OF the corporation and that
the provisions of section three have been
complied with, he sn2ll SO certify and
endorse his approval thereon. Thereupon
the articles shall be filed in the Office of
the secretary CT state, who shall cause
the same, with the endorsement thereon
a certificate of Incorporation in THE fol-
lowing form:
STATE OF MAINE.
Be. it known that whereas (the names
Of the subscribers to the agreement Of
association lave associated themselves
with the intention of forming a corpora
ton under the name of Cthe name of the
corporation), for the purpose Uhe pur-
pose declared in the agreement of asso-
c'atlon). with capital stock of (tho
amount fixed in the agreement of asso-
cfation), and have complied with the pro-
visions Of the statutes of this state i'm such
case made and provided, as appears from
the articles CT organization of said cor
pora1lon, duly approved by the attorney
general, and recorded in this office; now,
therefore therefore, l. tthe name of the secretaryJ
by, certify that said, the names of the
subscribers to the agreement of associa-
lon,) their associates and successors arc
legally organized and established as, and
under the name OF, name of the corpora
ton, With The powers, rights and privi-
leges. and subject TO the limitations.
duties and restrictions, which by law APP
pertain thereto.
Witness my official signature hereunto
subscribed, and the great seal of the
state state of Maine hereunto affixed this DAY
the date of the filing Of the articles of
organization
The secretary shall sign the certificate
of incorporation and cause tcc great seal
of the state TO he thereto affixed, and
such certificate shall have the force and
effect of a special charter The existence
OF every corporation which is not created
by SPECIAL law shall begin upon the. filing
of the articles of organization in the
office If the secretary of state The sec
rotary of state shah also cause Il record
of the certificate of Incorporation to be
ord, or certified copy thereof, shall be
conclusive evidence of the existence of
such corporation.
Section g., Such corporation shall not
N ia of CT no
value OF such shares shall have been
actually paid in in cash. When the who'll.
capital stock has been issued complete
list of the stockholders with the name,
and the number of shares held by each,
shall be filed with the bank examiner
which list shall he verified by the presi-
dent and treasurer of the corporation.
Upon receipt OF such statement said ex-
anliner shall cause an nomination to be
made, and if, after such examination, it
appears that the whole capital stock has
been paid in in cash. and that all re-
quirements of law have been complied
with, said examiner shall issue a certfi-
cate authorizing such corporation to be-
be unlawful for any such corporation to
begin the transaction of business until
such certificate has been granted.
Section Z. The written articles of as
ISOLATION mentioned i'm section one shall
not be regarded as sufficient unless they
show that at least one-third of the pro-
posed amount of capital stock has been
subscribed s'1 Es5 for And when filed with the
MED by satisfactory evidence that the
sum of fifty dollars has been paid to tho
state treasurer, to be credited to an ac-
count for expense of organizing trust
companies 50 much thereof TO be paid
ont for expenses of the several depart
ments as the governor aid executive
council shall find to have been actually
incurred.
Section s.. The minimum, amount OF
paid-in capital stock on which trust
company may be authorized to begin
business shall be twenty-five. thousand
dollars for a town or city. of not more
than five thousand inhabitants, fifty
thousand dollars for from five thousand
to ter thousand inhabitants. seventy
sand to twenty thousand inhabitants, ono
hundred thousand dollars for from TWEEN
ty thousand to thirty thousand inhahi-
tants, and one hundred and fifty thou
sand dollars for a town or city of mora
than thirty thousand inhabitants 1t shall
be lawful for the bank examiner in as
pertaining the number of inhabitants of
such town or CITY for the purpose of de-
termining the sufficiency of the capital
stock, to require such proof in addition
to the last preceding United States CEN
sus as he may deem necessary; but no
charter once. granted shall ever be
deemed void for any error in computing
the population. The par value Of the
shares of stock shall be one hundred
tdCu.
Section 9. Every such company shall
forfeit its charter unless it shall actually
commence to do business as a trust COM
pany within one year from the date
thereof
: Section 10. Any company organized I'M
der TINS act may increase its capital stock
IRON time to time to an amount not eX-
ceedlng In the aggregate, one million dol
lars, at any stockholders meeting at
which a majority of shares issued and
is represented raotice of the
intention so to do having been given in
the call therefor. A certified copy of every
such vote shall be filed with the bank
examiner within ten days after its pas
sage.
Section II. All the corporate powers of
any such company shall be exercised by
a board of not less than five directors,
tWo-tairds of whom shall be residents of
office shall be determined, and who shall
be elected by a vote of the stockholders
at the first meeting held by the incor-
Dorators and at each annual meeting
thereafter. The affairs and powers of the
company may, at the option of the stock
holders be entrusted to an executive
beard of not less than five members two
thirds of whom shall be residents of this
state. to be, by vote of the Stockholders,
The directors of such company shall b.,
sworn to the proper discharge of their
dlMifs. and they shall hold office until
others are elected and qualified in their
stead. If director dies resigns, or b.
comes disqualified for anv cause the re-
naming directors may elect a. person to
ill the vacancy until the next annual
meeting OF the corporation. The oath of
)fflce of any director shall be taken with
r thirtV GaVS of b6s a1oot;n, or I, ;r, "a co.