Daily Kennebec journal., 1916-05-05
STATE ACTION AGAINST
FORT KENT TRUST co,

Associate Justice Leslie c. Cornish
Of the supreme judicial court Thurs
day issued a temporary injunction re-
Kent Trust Co. from permitting John
Mullen and Eloi Michaud from acting
as directors of the company as we'll as
restraining Mullen and Michaud from
acting as directors. These proceedings
came in the form Of a bill in equity
brought by Hon. Irving f. Vernon of
Portland, State bank commissioner A
hearing was ordered to be held before
Justice Cornish at Augusta on May
20 at 10 A. M. Hon. Oscar H. Dunbar
of Jonesport, the assistant attorney
general, is the counsel for the plaint-
iff.
The bill in equity alleges that the
petitioner is bank commissioner Of the
State of Maine and the defendant, the
Fort Kent Trust Co., is domestic
banking corporation organized under
the provisions of Chapter SO of the
private and special laws of the State
Of Maine, 1903, and the defendants,
John Mullen and Eloi r. Michaud are
both elected and acting directors OF the
Fort Kent Trust Co.; that at meet
ing of the stockholders Of the Fort
Kent Trust Co., held at Fort Kent
Aug %, 1915. George w. Cunliff, Cy-
rus H. Dickey, William H. Cunliff,
Joseph Archambault, all Of Fort Kent,
Charles E. Jones of St. Francis and
Eloi r. Michaud of Frenchville were
duly elected as directors of the Fort
Kent Trust Co.; that Eloi Mtchaud and
John Mullen as directors are not each
in their own right the owner OF lO
shares of the capital stock OF the Fort
Kent Trust Co. as required by the pro-
visions Of Chapter 96, Section 13 OF the
public laws Of 1907, in order to make
them eligible to the position OF direc-
tors.
The bill further alleged that on Dec.
9. 1915, written notice was given by
the petitioner, Irving E. Vernon, bank
commissioner, to the Fort Kent Trust
Co. and that at meeting Of the dl-
rectors of the company held at Fort
Kent on Dec. q, 1915, the request OF
the petitioner was refused.
The prayer Of the petitioner Is as
follows:
/. That notice may be issued to the
said Fort Kent Trust Co. directing 1t
on day certain to appear and answer
all and singular the premises.
2. That such notice or notices as
the court shall see At, if any, may be
ordered by the court to any and all
parties interested, summoning them to
show cause, if any they have, why in
junction should not be issued by this
court restraining the Fort Kent Trust
Co. from permitting the said John
Mullen and Eloi Michaud to act as
directors Of the said Fort Kent Trust
Co. while each is not in his own right
the owner of 10 shares Of the capital
stock Of said trust company. And fur
ther restraining said John Mullen and
Eloi r. Michaud from acting as direc-
tors Of the Fort Kent Trust Co. while
each is not in his own right the owner
of 10 shares Of, the capital stock Of
said trust company.
3. That a temporary injunction be
issued by this court restraining the
said Fort Kent Trust Co. from permit
ting said John Mullen and Eloi r.
Michaud to act as directors Of said
trust company while each is not in his
own right the owner Of 10 shares Of
the capital stock Of said trust COM
pany. And that temporary injunction
be issued against said John Mullen and
Eloi r. Michaud from acting as direc-
tors Of the Fort Kent Trust Co. while
each is not in his own right the owner
of 10 shares Of the capital stock Of
said trust company.
4. That permanent injunction may
be issued by this court restraining the
Fort Kent Trust Co. from permitting
said John Mullen and Eloi r. Michaud