The independent-reporter. [volume] (Skowhegan, Me.) 1909-1955, 1917-04-12

applicant for a loan shall select a
bank to receive deposits of the mon
! ey loaned to him by the commission
ers. 2. When the commissioners
grant q loan they shall deposit in
| the bank selected by the applicant
] for the loan sum of money equa,
| to the amount of the loan granted
and shall furnish the bank with the
mortgage and notice necessary to
the proper securing of the loan. pre-
pared ready for the signature of the
| applicant for the loan, and the bank
shall agree to hold the sum of mop-
ey 50 deposited until directed by the
commissioners To pay 1T to the APP
picant for the loan or to dispose OF
| IL in some other manner directed by
! the commissioners the bank shall
further agree to record the mort gage
with the proper register OF deeds
and to return the papers to the COM
missioners without charge to the
| com iss oners or to the borrower.
except that tho bank may require
the borrower to pay the fee charged
| by the register of deeds for record
! ing the mortgage together with any
sums paid for revenue stamps IT'S
may be required by law, and the
amount necessary to reimburse the
commissioners for sums paid for ex-
of tide. 3. Before authorizing the
bank OF deposit selected by the APP
plicant for loan to make payment
to lIirn Of the amount of his loan, the
| COMM ssioners shall cause an exam
| ination OF the land offered as Secur-
! ity by the applicant for the loan TO
be made by some competent person.
| II the commissioners are satisfied,
upon receipt Of the report Of the per
III. I.
curfty, that tho land II of value at
least equal to that accepted as a
| true value by the commissioners in
granting tho loan. they shall direct
| the bank in which they have deposit
ed the amount Of the loan to pay
sum equal 10 this amount to the APP
plicant for the loan. If the commits
sioners are not satisfied that the
! land offered a. security for the loan
| is Of q value equal to that accepted
| by them as a true value In granting
the loan, they may, as justice de-
mands, refuse altoge ther to pay the
loan to the applicant or they may re-
duce the amount of the loan to a sum
| for which the security offered is ad-
| cquatc and may give the bank Sc
Gcted by the applicant appropriate
directions for the disposal OF the
funds deposited with 1t for the pay
ment of the loan in question.
Section 8. The state auditor shall
| act as secretary OF said commission
ers and he shall keep q record OF all,
! bonds. mortgages and notes secur-
ing the same taken under authority
of this act, showing all necessary
| Information relative to the bonds
| taken. the name OF the mortgagor,
the amount of the mortgage, when
executed, when and where payable,
| the rate of interest and any DINER
matters that he may deem essential,
and he is hereby authorized and re-
| qutred in the name OF the state 10
| institute and prosecute proceedings
| by any OF the methods provided by
| law Of foreclosure when any sums
are overdue on notes taken hereun-
! der.
Section 10. The officers constitut-
| Ing the Farm lands Loan Commits
missioners shall receive no addition,
al compensation on account or Salu
services, but shall be paid Their
&C tual and reasonable expenses nee
essarily incurred in the performance
of their duties under this act. 1he
| attorney general and his assistant
Shall serve said board without al
| h monal compensation.
Section H. The Farm Lands Loan
Commissioners are hereby authorized
and directed to pay to plantations
all accrued interest due SUCH plan
| tations so far as may be poSSlple
| under existing provisions or law
| and so much of said fund as may
| be- necessary to pay such interest Is
h eby appropriated for said purpose
They are also authorized ana direct
| ed to ascertain the true standing Oh
tho permanent school fund and OF
| a. a nd
| fund and shall investigate the teaSl-
blllty OF having set aside said Two
Inst named funds, az we'll as the
| Penobscot Indian trust fund, TOT IN
| veatrnent In the Same manner ms IL
herein contemplated relative TO Inc
reserved land fund, and shall report
| their recommendations upon inc
same 10 the next session or the IeS-
| islature.
Section 70. This act shall take ef,
feet on January first, one thouSahu
nlne hundred and eighteen.
(Approved April Z. 1871
CHAPTER 3O4.
AN ACT to Amend Chapter Three
Hundred Nineteen OF the Pubic
Laws of Nineteen Hundred ana
| TMrteen Entitled An Act to Pro
vide for State and County Aid IN
| the Construction OF highway
Bridges"
Be it enacted. etc:
| Section /. Section one, OF chapter
ithree hundred nineteen OF the pubic
laws of nineteen hundred and hrteeh'
Is hereby amended as follows
By inserting after the word city
In the second line OF said section the
words or unorgapized township any
after the word town" in the ntth
line the words city. or unorganized
township and after tho word town
in tho sixth line tho words city or
unorganized township and after the
word town" In the seventh hne the
words city or unorganized town
| ship and after the word town III
the eighth line the words city or I'M
organized township, so that said sec
ton as amended shall read as FOL
lows
Section |. When public conven-
ience and necessity require the build-
ing or rebuilding of any bridge III
any town or city or unorganized
township, said bridge being located
on any main thorofare. and the cost
of said construc Ton. together with
all other moneys raised for the con-
struction and repair Of ways. high
ways and bridges in said town. city
or unorganized township makes a
tax rate in exec IS of five mills on the
valuation Of the town. city or unor-
ganized township last made by the
board OF state assessors. the cost OF
the construction OF said bridge Shall
be borne as follows. FIFTY per cent
um by the town, city or unorgahizeu
township thirty per centum by the
county in which said town. city or
unorga nized township is located and
twenty per ccntum by the state
Section g Section two of said
chapter three hundred nineteen Is